maria: oh, my goodness. thank you. it is such an honor to have dick grasso on the show today, especially. >> thank you. maria: for this pin you gave me 18 years ago. thank you. >> my pleasure. maria: have a good day, everybody. stuart varney is up next with "varney & company." stuart: let me second that to dick grasso. good man. good morning, maria. good morning, everyone. here we go. republican dan bishop won the north carolina special election. president trump had campaigned for him monday night and even the democrats admit that helped. more than that, the election was seen as a referendum on the president. the republican win is a plus for his 2020 campaign. that's not the only one, either. on the show today, we are following the census bureau report that shows poverty in retreat, incomes rising sharply, and big wins for women in the work force. the trump economy is looking good. we are also checking senator

warren's socialist policies. highly destructive to your retirement plan so just watch out, on the show today. we will say the same thing about gamestop. the video game retailer down and almost out. you stream games these days, don't you? dave & buster's, watch out. they predict a sales decline. ouch, not good when we are spending more and more on eating out. the stock's way down. as for apple, the big news there is cheap streaming, $4.99 a month and a cheaper phone, $700 for the new mass market iphone. investors just shrugging it off. yes, it is september 11th. 18 years on. we all remember. "varney & company" is about to begin. stuart: let's start with money. we are going to go up at the

opening bell today. futures are flat to slightly higher. look, 44 up for the dow, 14 for the nasdaq. do pay attention to the dow's level, 26,938. that means it's about, what, 400 points from the all-time high. flat to slightly higher this morning. north carolina republican dan bishop wins the special house election. it was widely viewed as a referendum on the president's re-election chances. liz peek is with us this morning. liz, it was a two-point win. that's it. is that grounds to celebrate? >> absolutely, because it was a squeaker and everyone knew it and the "new york times" a couple days ago said this is going to be a test of president trump's clout. today of course, they're saying it's an indication that his sinking popularity in the suburbs is still with us. the answer is he did win by a greater margin in fact than the november election which this was a do-over of that. interestingly, in cumberland county, part of this district where 35% of the voters are black, actually president

trump -- i mean, not president trump, bishop and trump won that county which they had lost, he had lost in 2016. so i do think it raises a question, are black voters beginning to get a little interested in president trump's appeal after all the good economic news for black voters. i think they should be but the question is, is this sort of a benning gn that maybe they at least will not come out in opposition to him which is kind of what you have to hope for in 2020. stuart: that is a fascinating nugget. >> interesting, right? stuart: let me get you on this one. president trump tweeting on the fed this morning. look at this. the federal reserve should get our interest rates down to zero or less and we should then start to refinance our debt. interest costs could be brought way down while at the same time substantially lengthening the term. we have the great currency, power and balance sheet. the usa should always be paying the lowest rate. no inflation. it is only the naivete of jay powell and the federal reserve

that doesn't allow us to do what other countries are already doing. a once in a lifetime opportunity that we are missing because of boneheads. have at it. >> one of my favorite words, boneheads. look, i totally agree we should be lengthening the average maturity of u.s. debt. that is an incredible opportunity before us right now. i wrote several times during the obama administration that they should have started to do that. we should certainly do it now with interest rates at this level. i think we should not go to 0% interest rates or below because after all, our economy is doing better than that. we are, you know, the only economy amongst the developed world that has positive interest rates as even these low levels where we are and that's a very good sign. i think also, by the way, it is such a distortion to markets. we don't know how this $17 trillion of negative interest rates is going to impact world bond markets going forward, or currency markets. i think there's a lot here that is very fragile. i think it's a good thing that the u.s. is the rock that it is

with 2% interest rates. jamie dimon is really worried about negative rates. he's saying bank fees will likely go up if we go to negative rates. by the way, i don't think you can refinance existing treasury debt. it's contractual. can't do that. that's what germany did. stuart: without getting buried in the eds,we think the president is making a political play. if anything goes wrong with the economy, he blames the fed. >> interesting. stuart: built-in excuse right there. it's not me, it's the fed. you know? >> does he so irritate jay powell that he doesn't lower rates next week? that would be quite a risk. stuart: let's move on to gamestop. falling sales, and the stock will open way, way down. joining us, retail watch er, [ inaudible ]. we have a thing on this program when we think a stock is going down and maybe out, we play death march music on the thing. is this justified to put gamestop on death watch?

>> absolutely. stuart: it is? >> yeah, they have failed to adapt to a changing gamin market. the majority of games today are downloaded through the devices and consoles, they are streamed and they haven't updated their stores in 15 years. a gamestop looks exactly the same as it did 15 years ago. where are the video screens and the interactivity? stuart: is that important? >> it is, especially as we talk about often, the key is experience in the physical environment today and linking your online and offline, that completeintegration. gamestop has failed to do that. they failed to create a -- they are a game company. it should be fun. there's no fun in this store. stuart: okay. dave & buster's. now, they are going to be down, the stock is way down this morning premarket, 15% down there. look, they forecast lower sales in the future. i thought we were spending more and more in restaurants. what's going on? >> it's certainly counter to where the food and beverage industry and the restaurant industry has been over the last couple of years.

spending again is coming back to experience, people are going out to dinner more, buying more expensive dinners. i think, though, again, they have failed to adapt, dave & buster's looks like they did ten years ago and i think there's less of an appeal for younger kids to play in that environment. stuart: if i'm right, i think gamestop and dave & buster's are both primarily mall locations, aren't they? >> yeah, mall location. stuart: which is not great, because mall traffic is way down. >> yeah. that's another factor. yeah. stuart: there you have it. our retail guy says down and out on gamestop. michael, thanks for joining us. next case. the latest read on china trade. china has removed 16 u.s. products from additional tariffs. we got that. the other side of the coin is this. american companies are canceling investment in china at a pretty rapid pace. ash, it's an important point. retreating from china investment. ashley: terrible news for china. the chamber of commerce in

shanghai did a big survey and found 26% of its members have indeed taken money out of china and redirected it to other regions, especially in technology, hardware, software and the services industry. not a good thing for china, no doubt, because of the ongoing trade dispute. now the next question is how long do you think this will last. a staggering 17% said it will never end. it will go on indefinitely. stuart: that's a survey of american companies? ashley: in china. the biggest complaint is lack of access to the chinese market. it's been a chronic problem and continues to be. they just can't break into it. liz: which is why they're there. ashley: it's not working. stuart: got it. next one, attention fitness fans. the peloton ipo is coming soon. we are talking about the price of stationary bikes. look, pricey bikes, they are going public. what have we got on this? liz: it has lost -- so it is better than -- looks better than a wework, looks like wework is

full speed ahead, they will kick off at a road show on monday even though softbank says wework, don't do it, accusations of self-dealing. 8.1 billion valuation for peloton, they have treadmills, bikes that are connected to the internet. so 1.4 million members but their loss has quadrupled since last year. it's a decent valuation for a loss making company. >> people love it. because it's like soul cycle brought into their home. it's more than just watching vio. it's really cool. stuart: plenty of peloton bicyclists watch "varney" on their little screen. liz: i tried. ashley: you can't watch it. stuart: i'm just told by the producer you can't watch it. >> it's streaming classes. you get involved in classes. there are live instructors. really, honestly, it's very fun. unless you are teaching a class, stuart. stuart: got to go. got to go. futures show a modest uptick on

all three exchanges. that would be dow, s&p, nasdaq. all up slightly. now, we are remembering 9/11. 18 years since the attack. president trump speaking at a memorial service at the pentagon later this hour. you will hear his remarks. we are going to check apple for you. they announced this new product lineup, new line of iphones, new apple watch and low price for the streaming service. question, should netflix and disney be worried? investors are pushing up apple by $1.42 this morning. taco bell launching their own vegetarian menu. they will not include fake meat. got that? taco bell people? "varney & company" just getting started. at fidelity, we believe your money should always be working harder. that's why, your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today.

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♪ stuart: left-hand side of your screen, everyone, those are firefighters walking through the new york stock exchange. this is september the 11th, 2019. those brave people or their

colleagues were on duty 18 years ago. many of them died. they now take a round of applause as they walk the floor of the new york stock exchange. we'll have more on that very soon. that's a poignant moment in our history. we will remember it. house democrats considering tax increases to pay for social security. tell me more. liz: they want to lift the threshold for which the payroll tax hits from 132.9 up to 40,000 and raise the payroll tax rate to 7.4% from 6.2%. stuart, that would hit more middle class taxpayers. it's the powerful house ways and means tax writing committee saying they want to do this, get it through the house by thanksgiving. the republican-led senate probably will reject it but you know, happy thanksgiving. this is a middle class tax hike coming. stuart: they would raise taxes rather than extend the

retirement age. that was your point? liz: yeah. that's what should be going on. but they're not going to do that. stuart: no, they will raise taxes or try to, at the very least. look at the share price of chipotle, up 82%. i can't believe this. up 82% this calendar year, we are nine months in, up 82%. in the background, there's a labor lawsuit in new york city. our next guest still likes the stock despite what's going on in new york. first of all, what's the problem with new york city? >> new york city is new york city. ultimately, respect to chipotle, you know, this actually doesn't have much of a financial impact. if we think about what would happen in case of any kind of settlement, whether it's a year from now or three years from now, we just pro forma it out. it doesn't actually impact estimates. in my opinion, at least, clearly

the pressure on the stock yesterday was overdone. stuart: what about from here on out? you still like it? you think it's going up from here? >> absolutely. what we think is happening in the restaurant industry is there's an ongoing battle that's intensifying around what we call digital real estate. so every restaurant wants to be on your hand-held device now, in addition to the grub hubs of the world, uber eats of the world. so if we look out five years from now, seven years from now, we think a lot of that is going to be chipotle. today, starbucks, dominoes, maybe a couple third party delivery aggregators. there's one more app that will be on your phone, chipotle. what that means is we will ha have -- stuart: i'm real short on time. what's your target price for chipotle? >> $980. stuart: whoa! it will go up another $200. what's the time frame? >> 12 months. stuart: okay. we hear you loud and clear.

up 200 bucks on chipotle within 12 months. nick, thanks for joining us. always appreciate it. want to get back to apple. big announcement yesterday. they revealed this new streaming service. they didn't reveal it, they priced it. $4.99 per month. that undercuts netflix and certainly undercuts disney. plus with a $5 per month, that's the price, $4.99. come in, kirk knudsen, our cyber guy. i like the price, $4.99 a month. is that going to be a problem for disney and netflix? >> you bet it is. there was a gasp in the audience yesterday when that price tag came out. then they further went on to say if you buy an apple product, more or less an iphone, ipad or mac product, over the next year, you are going to get a year of the service included for free. immediately you saw netflix and disney take a quick hit and clearly so. apple, we're not sure whether

people are really going to jump to it. they certainly have a chance, but content is so fickle. do you have something that is a huge hit, or do you have something that people glance at for a second and turn away? they showed a very compelling trailer yesterday, stuart, you could tell it's a huge budget and i don't know if that's a big hit. it certainly was compelling. i want to see it. but do i want to see the second and third and fourth episode? stuart: they will start with a couple shows on november 1st but they will add new shows each and every month. let me ask about another price point and that is the new phone. the iphone 11, i guess you call it that, they are going to offer it at $699. that's the mass market version. you think that works for them, $699? >> i think it's still high. i think especially if you look outside of the u.s., they are not responding to the economy of china. they are still pricing way off

market in china again, against all the competition there, where there's far more competition. but it's still back to the u.s. consumer. do i have enough story from yesterday or for the 20th of september when this comes to market, that's going to take me away from these phones. i've got an iphone 6s that i love. i don't want to give it up. i've got the latest iphone right here. i live on this one also. is it enough to bring us here. they came out with a three-camera system, calling it a pro camera system. yay, okay, that's great. fantastic. but is it enough to jump into a phone that starts on the larger size, the pro max, starting at $1099, it will get you up as high as in the $1300 something if you really go for the big memory on it. stuart: so price was the big issue yesterday and this morning, investors are basically shrugging at apple's stock. it is up about a buck, i think, this morning, right around $217 per share. we are coming up on 9:20 a.m. eastern time here in new

york city. in a moment, we are going to observe a moment of silence which is going to take place on the floor of the new york stock exchange in memory of 9/11, 18 years ago. we have already seen the firefighters walk through. now we will pause for the moment of silence.

stuart: today we remember the 9/11 attacks, 18 years ago. we have brad blakeman with us, who normally comments on politics but today, very different. brad was working with the president, i believe you were in the white house, not with the president, but you were in the white house on 9/11. take me through it, please. >> well, i was in my office in the west wing, and we had just had our 7:00 a.m. typical senior staff meeting in the roosevelt room. then i went back to my office to begin what should have been a typical day, the president in florida speaking to school children and returning to the

white house that evening on the south lawn was to be the congressional picnic. of course, it was canceled. picnic tables had to be removed so the president could return to the white house. i kept my television on and was listening to the news because i knew as the person in charge of the president's schedule that any news would affect the president's schedule. as soon as i heard that the first plane had hit the trade center, i'm from new york, it was a beautiful day, i thought it was odd. then when the second plane hit, i said to my assistant, kara, america is under attack. i left my desk, i went into the situation room right down the hall. i thought that they would have information. they were getting information in realtime as to what was going on, and then the secret service announced that a plane was coming for the white house. the plane that was downed in shanksville, pennsylvania. we were evacuated. i had 150 people i was responsible for in an off-site location. we continued to work and finally, there came a call from josh bolton, our deputy chief of

staff, who was actually in the president's evacuation center in the east wing and said send your people home, return to the white house. when i told people to go home before it was dark, they asked to stay. that's the type of patriots that we worked with. stuart: you realized that we were under attack when the second plane hit the trade center. >> yeah. there was no doubt. stuart: then you went straight to the situation room. >> correct. stuart: full of people? >> yes. full of people, but no answers. because they were watching it in realtime. there was a lag between what you know and what you're seeing. stuart: then wasn't there a command from the secret service, out of the white house? >> correct. stuart: they almost picked up vice president cheney i think and pulled him out? >> right. they took him to the president's evacuation center. then we left the grounds and went to another location. then my sister was calling me because her boy was missing, he was an officer in lower manhattan. we found out he commandeered a

jury van and with 20 court officers and went to the scene. he was killed rescuing people. his last transmission in his radio was i can't leave, people need my help. and you know, it was just -- what i saw as somebody, the only person who lost a family member in the white house, i saw a government come together and work as it was intended to and for the right reasons. stuart: earlier this morning we saw i think it was new york city firefighters, maybe it was firefighters from across the country, it was firefighters, they marched and walked through the new york stock exchange to rounds of applause. elizabeth macdonald is with us. you come from a family of firefighters. i don't know whether you lost anybody in 9/11 but the memory obviously lingers on. liz: yeah, my sister married a fireman two days before 9/11. a number of those men are gone. their brother-in-law's gone. he was a firefighter, too. my great grandfather ran the fire department. this day is about, you know, it doesn't mean we are special, who

we are as a family. my family gets mad i'm even talking about this because they're not sentimental about it. it's our duty, that's how they see it. this day is about the ability to grieve for people you never met, and about how ordinary people going about their lives, they are heroes inside, right? stuart: i think it's being remembered in just the right way. it is solemn. we understand what happened, we remember what happened, we don't use that video of what happened, we just remember what happened 18 years ago. i hope we do the same thing year after year after year. we should never forget this. all right. the opening bell is coming up. we are going to take you there after this. liberty mutual customizes your car insurance, so you only pay for what you need. i wish i could shake your hand. granted. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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stuart: mexico's president says the meeting with u.s. officials on migration was quote, successful, and that the u.s.'s threat of imposing tariffs on mexican goods has diminished. okay. that's the news on trade. look at the share price of taco bell, the parent there, yum brands. taco bell's rolling out a vegetarian menu but there's no fake meat involved. tell me more. liz: they are dealing the same vegetarian menu we have been ordering from for the last 25 years. they are just reshuffling the menu, introducing some new items. it's more vegetarian, catching a trend -- by the way, they're not

using beyond meat or any possible burger meat. not anything like that. they are just highlighting what they have already been selling. i love that kroger's is seeing how customers react to plant-based meat in their meat aisles. they are tracking this. they are monitoring it. everybody is trying to catch a hot trend right now. it is hot. stuart: whatever you say. we open the market, wednesday morning and we open as we said up to slightly higher, flat to slightly higher. the dow up 26 points. look at that level again, 26,938. that's 400 points from the all-time high. the s&p 500 also ever so slightly higher. that's just a fractional gain. as for the nasdaq, pretty much the same story. flat to ever so slightly higher. the price of gold this morning right around $1500 an ounce. all right. let's go to apple. why not. apple at $217 the day after the big reveal. gamestop, earlier today we were thinking about putting them on death watch. no surprises there.

it's down 17%, back at $4 a share. as for dave & buster's, pretty much similar story. they forecast a decline in sales and they are down 13%. let's get on with it. shah gilani is with us, liz peek staying over, ashley webster, liz macdonald. apple, let's start there. the share price, let me tell you this, the share price of apple is already up 40% this calendar year. shah, is a cheap phone and cheap streaming service enough to make you want to go out and buy some more apple? >> listen, we already own it. i would like to own some more. they are doing everything right. the announcements yesterday, the product line, lowering prices exactly where they wanted to go, they are expanding their services business and that's where the high margin business is for them. bringing people in with lower price phones i think is a brilliant way to go. i liked everything i heard yesterday. i think the stock has a long way to go on the upside. stuart: okay. we have had predictions that it goes straight up. at the moment it's at $218're share. china has removed 16 u.s.

products from additional tariffs. no tariffs on these 16 products. however, more importantly, american companies are canceling their investments in china at a pretty rapid pace. what does that mean? >> my take on that is this is really a problem for china. in their five-year plan, one of the two critical pillars to growth beyond this debt-fueled expansion that we have seen in china was foreign direct investment. where is that going to come from? largely from the united states. so i think this is a real negative for that economy. stuart: a negative for china. >> yeah. absolutely. stuart: is it a plus for president trump? >> well, look, i think companies we know are diversifying their supply streams. they should have done it ten years ago but they are doing it very aggressively right now. i think 70% of american companies are in china, are trying to basically take their production elsewhere, not necessarily in toto but at least in part. i think that's brilliant on their part. as i say, they should have done it years ago. stuart: we had a tweet from the president this morning right after the fed again.

couple of tweets, actually. he says he wtso have rates much lower, down to zero and below. so shah, does this make any difference you think to the fed's meeting next week? we are going to put the tweet on the screen. as you can see, he wants interest rates way, way down, then refinance the debt. you think that makes any difference for the fed at all? >> i don't believe so. first of all, the fed doesn't want to be pushed around by the president and they will make that clear. i don't think they will make a statement to that effect but i think, my guess is they will reduce rates by 25 basis points come this meeting and the consensus seems to be that they are going to reduce another 75 basis over the next couple quarters. i'm not sure we need to. i think the economy is doing well. in terms of the president's tweets, taking interest rates down to zero in order to refinance the debt is the wrong way to go. we need to cut spending, get the deficit and debt under control. that's more likely the path to help america, not cutting the debt -- excuse me, cutting interest rates in order to refinance the debt.

that's an extend and pretend problem. we will never solve anything doing that. stuart: okay. let me pick up on that point. i don't think there's any way you are going to get congress to cut spending. i can't see it. ashley: never. stuart: you want to cut the deficit, yeah, you can cut the sfeng all rig spending but you can't cut -- liz: you would have a better chance getting a cat to bark. >> it's not even talked about. you have 25 democrats running, no one has ever mentioned cutting spending. it's not in anyone's playbook. stuart: no one wants to cut spending. liz: we are still spending like it's an emergency, 2008. that's how we're spending. stuart: shah, finish it up. >> spending is allowed because the fed is monetizing the u.s. debt. if we didn't have the fed picking up the slack here, we wouldn't be able to spend as much, we would have greater discipline in washington. the fed is part of the problem. stuart: okay. let me move on, because we are now four and a half minutes into the day and we are down eight points on the dow. just seven or eight points.

that's it. look, we are at 26,900. that's where we are. keep saying it, 400 odd points away from the all-time high. general electric giving up majority control of baker hughes. this was a day or two ago. the stock is back up to $9 a share. if you are an older person, you can't imagine saying ge's back up to $9. how about that. >> they are divesting assets they can divest. baker hughes is a good company. the oil business is doing well. that's a good deal for them. stuart: that's what happened. the brokerage house charles schwab and company cutting 600 jobs. the stock down a tiny fraction. general motors recalling more than 3.4 million pickup trucks and suvs in america to fix a brake problem. how many of those cars and trucks are actually brought back is another story entirely. that's a pet peeve of mine. nonetheless, general motors is at $39 a share this morning.

restoration hardware raised its forecast but the stock price is still up just a little, $1.47 there on restoration hardware. sorry, look, restoration -- i'm getting lost here. let's move on. show me the next stock. thank you. gamestop. taking a big hit today. we are putting it on death watch. it's down a bit more now, $4.08. we are 19% down on gamestop. okay, stop. look at shares of lyft and uber. very interesting. there is the president. he's on his way i believe to the pentagon, where he will make remarks. this is 9/11, 2019. the president just arriving there, i believe. he will be making remarks shortly and you will hear what he has to say. this is 9/11, 2019, 18 years on. we are observing it throughout our program today. back to the markets. while we wait for the president

to make his remarks shortly, uber and lyft, look at them, we are down 15 on the dow. uber and lyft, now look at uber, it's at $33 a share now. lyft has gone to $45. what's the story on uber. ashley: they are cutting jobs. 400 technical jobs, 170 in the product division, 265 engineering employees. it's about 8% of those divisions combined work force. they have 27,000 full-time employees around the world but as we know, they can't make money and are desperately trying to cut costs in order to, you know, improve margins. the problem is that the company itself, once you get too big, you just can't move, you can't -- your strategy slows down. so in fact, i think they laid off a third of their marketing department in july as well. they are cutting at the edges. stuart: the president laying a wreath at the pentagon right now. i'm just going to pause for this for a moment.

in just a few moments, the president will be making remarks. he is at the pentagon there. he will make remarks because this is the 18 years on from

9/11, and you will hear what the president has to say. i'm going to take you back to wall street for a moment. we are dealing with the opening of the market. we have now a slight change of direction. we are now up ever so slightly for the dow jones industrial average. we are actually up about 11 points as we speak. as we watch the president exit his wreath laying ceremony and move towards where he is going to make remarks. as we are watching that video, let me again bring you back to the market. we are now up 19 points. i'm going to deal with a couple of individual stocks and some news stories as we watch the president. let me just start off with amazon. there is an ftc antitrust probe in the works. this is a constant story. shah gilani, will anything come of this at all, do you think? >> i think something will come of it. i don't think it's going to affect the company in the broad, big picture. i think the stock will continue to do well. happy that we own it. i think what's going to happen is some of the resellers on

amazon in terms of amazon as a platform, they will look at amazon vis a vis the likes of ebay and say who's paying more to be on which platform. i think we will see some changes in amazon there. in the long run, i don't think it's going to affect the stock one bit. stuart: got one more story on amazon. they are trying out a three-story warehouse design. it will cut delivery times, i guess, in big cities and congested areas. ashley: they are trying to cut delivery from two days to two hours. best way to do that is to have a big warehouse, vertical waree in major urban areas like new york city, maybe brooklyn, where they can get it to the customer. liz: trucks can enter the building at different ramps, levels and do more deliveries. >> this is all in anticipation of drones. let's face it, we are going to drones at some point. that will really help in cities. stuart: you convinced of that? >> absolutely. absolutely. i will rent out my terrace for drone landings. i can't wait. liz: imagine christmastime with drones? oh, my god.

stuart: in rural areas, you know. i've got a place out in the country. drone delivery makes a lot of sense. liz: not in new york city. ashley: it could land on your estate. stuart: okay. price of oil, please. the price of oil, it was down after the announcement that john bolton was out as national security adviser. i guess now it's back up just a fraction, $57 a barrel. liz peek, why did the price of oil go down when john bolton walked away from national security? >> historically confrontation, war, et cetera, always drove the price of oil up. i think the general consensus is that with john bolton out of the white house, there's less chance for conflict in the middle east, conflict with iran, et cetera. i think it's probably kind of a bogus story, frankly. anyway, that's what drives that. stuart: that was a headline-driven thing, wasn't it? >> yeah. that's right. stuart: bolton out, boom.

sell oil. down it goes. you see the word peace, oil goes down. you don't want that. well, i do. but there you are. now, we have the state of new jersey, it already has some of the strictest gun control laws in the country, and the governor there, phil murphy, is getting tougher. he is telling the gun industry and banks to back gun control or lose the state's business. is that another threat to the gun people, shah? have you got an opinion on this? >> oh, yes, it certainly is a threat. i think it's going to be a problem that will go to the highest court in the land because i don't know that states have the authority, the ability, to make federal law, basically, in terms of interstate commerce. this is going to be a problem. i think it's going to go to the highest court. i am for gun control but smart gun control. i'm also a gun advocate. we need to have responsible gun ownership, et cetera. that all makes perfect sense. this isn't the right way to do it. stuart: okay. got it. it's that time, everyone. got to say good-bye to shah and

liz. ladies and gentlemen, thanks for being with us. we appreciate it. now, we do have a turnaround on the market. look at this. we were down to start with, down just a few minutes ago, now up 37 points, 26,946. a fractional gain on the big board. what have we got next? i will tell you right now. let's check -- again, check the big board. we are up 38 points. the hong kong stock exchange makes a $37 billion bid for the london stock exchange. i don't care about the details on this, but i wonder, what on earth -- ashley: it's an interesting timing. because you have of course the big protests going on in hong kong and you have london which is paralyzed by, you know, the problems with brexit. but according to the hong kong stock exchange, you don't choose timing, they say you choose what is the right thing to do. stuart: wait, wait. ashley: they believe this is what they need to do. stuart: okay. the significance of the story surely is that china runs hong

kong. if china runs the hong kong exchange, which then buys the london exchange, then china runs and owns the london exchange. ashley: which makes it interesting to see whether it would go through at all. a lot of attempts have been made to buy london's exchange. germany tried twice. this is just an unsolicited offer of $36 billion. i don't know if it's going to go anywhere. of course, by inference, beijing would then have a massive foothold in the uk's trading. stuart: the whole world financial system. right in the middle of it. london is a major financial center. the london stock exchange is a big deal. ashley: yes, it is. stuart: i can't believe people would put their money into london if it was run by the communist chinese. am i going crazy here or what? >> it's a terrible idea. the london stock exchange would be completely insane to let this happen. i don't think the financial regulators in the uk, they will

shut it down. we are losing in hong kong because of china and its oversight of it, they want to extend that to london. makes no sense at all. stuart: i said good-bye to you. >> yeah, i know. stuart: we brought you back for the voice of reason and we got it. all right, next one. new york's governor andrew cuomo ramps up an investigation into e-cigarettes. i'm sorry, i have to interrupt this. the president is taking the stage. we are just going to watch this for a moment. i believe he will be speaking very shortly. listen in. ♪ oh, say can you see by the dawn's early light what so proudly we hailed at the twilight's last gleaming ♪ ♪ whose broad stripes and

bright stars through the perilous fight ♪ ♪ o'er the ramparts we watched were so gallantly streaming ♪ ♪ and the rockets' red glare the bombs bursting in air ♪ ♪ gave proof through the night that our flag was still there ♪ ♪ oh, say does that star spangled banner yet wave ♪ ♪ o'er the land of the free and the home of the brave ♪ stuart: we will take you back to this scene when the president

begins to speak. we're not quite sure of the program as it's laid out. when the president speaks, you will definitely hear it. want to go back to our regular financial programming now, and political programming, too. let's go with this. governor cuomo of new york is indeed ramping up his investigation into e-cigarettes. this follows a rash of illnesses and deaths. joining us now, betsy mccoy, former lieutenant governor of the state of new york. do you think it's possible, given all this negative publicity for vaping in all kinds of ways, do you think it's possible that we will ban all vaping devices, period? >> it is possible, and it's a shame because this thing started out as a highly effective harm reduction product, according to the new england journal of medicine, twice as effective as gum or patches at helping people to stop smoking. but first you had the problem of teens who weren't hooked on cigarettes, vaping, and juul and the fda addressed that.

now you have this rash of illnesses that so far as we know, stuart, are connected to bootleg products, cannabis associated additives, vitamin e, thickeners for these devices, all of which have caused many illnesses, hundreds now, and several deaths. most of them, all of them so far, as we know, are from china. these are the same people killing our kids with fentanyl, by the way. but the problem is we already have five states introducing bills to ban flavored cigarettes. it passed in michigan. it's very likely to pass in new york. they have tried it three years in a row but now, the momentum is to ban flavored e-cigarettes. and that probably will be a very good thing. i'm also concerned, however, about losing the harm reduction availability of vaping for those who are chronically hooked on

cigarettes. even the harvard medical blog suggested vaping as a way to get off cigarettes. stuart: there's another -- we keep saying oh, the problem is. i always worry when people say the problem is. consider this. youngsters, teenagers, who have not smoked cigarettes in the classic way, they do get into nicotine, become addicted to nicotine through vaping devices. >> oh, yes. stuart: as teenagers, even though they are not supposed to get these things. >> frankly, being a teenager is dangerous to your health. they are also reckless drivers. i'm not belittling this. this is a very very serious concern, one that stuart gottleib started to really hone in on and the fda is continuing to be very very tough on this. the first thing is to get all of these bootleg and flavored devices off the market. but teenagers seem to know how to get them even online. the question is, will we be able to preserve vaping as a harm

reduction product even, i would suggest, if you have to get a prescription to get it. stuart: okay. that would work. >> right? so that we know only chronic cigarette smokers, because lung cancer deaths are so huge in this country and we've got to help peop stuart: iee yr usage of vaping devices to the point where you could only get it with a prescription, that would really -- >> for adults. stuart: that would really cut down on things. >> right. stuart: but it does not cut down on those vaping devices out there in which you can put bogus products. >> yes, plus one, a very good medical journal, just had an article showing the device itself made in china emits nanoparticles of metal that are airo airosolized and long-term hurt your lungs. there's a lot we don't know. stuart: supposing you introduce liability. if you make a vaping device which harms people -- >> the ag is already calling.

stuart: that's what will happen. >> the lawyers will love it. will it save lives, i'm not sure. stuart: got it. there is news on vaping. this time it's about thc vaping, okay? what have we got on this one, please? yeah. thc vaping, that's the stuff that gets you high. the stuff in cannabis gets you high, thc. got it. an arrest in wisconsin, a man was running a bootleg vaping operation, filling up literally thousands of cartridges with oil every day, reselling them on the black market. all the details on this will be coming up in our 11:00 hour this morning. obviously that is a very serious problem. >> the bootleg gers are killing the kids. stuart: that's true. check that market. we have gone off a little bit more. 21 minutes in, we are up 53 points on the dow industrials. remember that jewel heist? we showed it to you, happened a few weeks ago, right across the street from this studio. police say they have identified the suspects. we have the latest for you on that one for you.

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stuart: as we check the markets, we will show you gamestop. not doing well this morning. it's taking a very big hit. it's down 16%. people don't buy games any longer in malls. they tend to download them, do

they not. i believe that the president is about to speak. he's at the pentagon. let's listen in. >> today our nation honors and mourns the nearly 3,000 lives that were stolen from us on september 11th, 2001. on these grounds, 184 people were murdered when al qaeda terrorists overtook american airlines flight 77 and crashed it into the pentagon. for every american who lived through that day, the september 11th attack is seared into our soul. it was a day filled with shock, horror, sorrow and righteous fury. i vividly remember when i first heard the news. i was sitting at home watching a major business television show early that morning, jack welch, the legendary head of general

electric was about to be interviewed when all of a sudden, they cut away. at first, there were different reports. it was a boiler fire. but i knew that boilers aren't at the top of a building. it was a kitchen explosion in windows on the world. nobody really knew what happened. there was great confusion. i was looking out of a window from a building in midtown manhattan directly at the world trade center when i saw a second plane at a tremendous speed go into the second tower. it was then that i realized the world was going to change. i was no longer going to be and it could never, ever be that innocent place that soon after i went down to ground

zero with men who worked for me to try to help in any little way that we could. we were not alone. so many others were scattered around, tried to do the same. they were all trying to help but for the families who join us this is your anniversary of personal and permanent loss. it's the day that has replayed in your memory 1000 times over, the last kiss, the last phone call, the last time hearing those precious words, i love you. then the attack. the anguish of knowing your family member had boarded one of these flights, or was working in the world trade center or serving right here at the pentagon. you waited, you prayed, you answered that most dreaded call.

and your life changed forever. to each of you, the first lady and i are united with you in grief. we come here in the knowledge that we cannot erase the pain or reverse the el of that dark and wretched day, but we offer you all that we have, our unwavering loyalty, our undying devotion, and our eternal pledge that your loved ones will never, ever be forgotten. 18 years ago the terrorists struck. this citadel of power and american strength but the enemy soon learned they could not weaken the spirit of our people. in times of distress the heart of the american patriot only

grows stronger and more determined. even in the midst of the attack the world witnessed the awesome power of american defiance. 40 passengers and crew on flight 93 rose up, fought back, and thwarted the enemy's wicked plans n their final moments these american heroes hundred russly declared -- thunder russly declared we alone decide our fate. we saw american perseverance in the valiant new york firefighters, police officers, first-responders, military, and everyday citizens who raced into the crashing towers to rescue innocent people. one such american was retired army colonel rick rescorla, who

gave his life on 9/11. rick earned the silver star and the purple heart for his service in vietnam. he later became the vice president for security at morgan stanley in the world trade center. on the day of the attack rick died while leading countless others to safety. his selfless actions saved approximately 2700 lives. today i'm honored to announce that we will soon be awarding the late rick rescorla presidential citizens medal for his extraordinary sacrifice. though risk has left this earth we i will insure that the memory of his deeds will never ever be forgotten, his memory will forever endure.

thank you, rick. thank you, rick. thank you, rick. [applause] here on this side of the pentagon saw men and women race into the fire and race into the scorching flames to rescue their colleagues. when evil seeks to do us harm, the incredible men and women of the united states military answer with unyielding valor and unstoppable resolve. navy admiral david thomas crawled through live wires, helped lift a wall of debris to help save a life of a colleague. as admiral thomas remembers, it was the worst day of my life but heroism and selfless disregard i saw on that horrible morning forever burned on my heart.

admiral thomas, america salutes, you every patriot that defied evil that day. thank you very much, admiral. thank you. thank you very much. [applause] army ranger chris braman repeatedly went inside the burning building rescuing one person after another. before he entered he said a prayer, asked god to give him strength, he dove into the suffocating smoke and fumes and flames. at the same time sheila moody had just prayed that someone would find her. then she heard chris's voice. as sheila says, god sent chris as her guardian angel. to sheila and chris, america is strengthened by your goodness, your grace, your bravery.

thank you very much. thank you. [applause] thank you very much. to fulfill our unbreakable promise to every survivor and family of 9/11, earlier this year we fully reauthorized the victims compensation fund to the tune of billions and billions of dollars. since september 11th, nearly 6 million men and women joined the united states armed forces. they have crossed seas, climbed mountains, trekked through deserts, rushed into enemy compound to face down the threat of radical islamic terrorism. nearly 7,000 servicemembers have laid down their lives to protect our home, our flag, and our american way of life. american freedom survives only because there are patriots willing to sacrifice everything

in its defense. no tribute is sufficient to convey the infinite death of our nation's gratitude. on the solemn day of remembrance, our thoughts turn to the 200,000 valiant soldiers, sailors, airmen, coast guardsmen, marines who are now at this very moment stationed overseas. we do not seek conflict but if anyone dares to strike our land, we will respond with the full measure of american power and the iron will of the american spirit and that spirit is unbreakable. we had peace talks scheduled a few days ago. i called them off when i learned that they had killed a great american soldier from puerto rico and 11 other innocent people.

they thought they would use this attack to show strength but actually what they showed is unrelenting weakness. the last four-days we have hit our enemy harder than they have ever been hit before. and that will continue. [applause] if for any reason they come back to our country, we will go wherever they are and use power the likes of which the united states has never used before, and i'm not even talking about nuclear power. they will never have seen anything like what will happen to them. no enemy on earth can match the overwhelming strength, skill and might of the american armed forces. and we have rebuilt and extentenned in the last 2 1/2

years, spending $700 billion, $716 billion, and now just approved, $738 billion, more money by far than ever spent on our armed forces. you are the fearless sentinels who stand watch over all that we cherish and everything we hold sacred, priceless and dear. this morning we also give thanks to the dedicated men and women at the department of homeland security. their department was created after 9/11 to help secure our immigration system and insure that those who threaten our people are denied entry to our shores. we're indebted to every law enforcement official, state, local, and federal, who devotes

their life to keeping america safe. as we gather at this moment, and at this incredible memorial, we are reminded that there is no greater testament to our fallen heroes than the presence of their families who knew and loved them so much. among the family members, hear today is stephanie dunne. her husband, navy commander patrick dunn was one of the patriots who gave his life right here 18 years ago. before he left that morning, patrick gave stephanie a big beautiful kiss. then for the first time he leaned down and kissed her pregnant stomach. stephanie was just two months along with their first child.

earlier this year their daughter ally grew up to be a strong, wonderful woman. she mentors children of our nation's wounded warriors. i was honored to give ally the president's volunteer service award for her hundreds of hours of community service. we are blessed to have ally here with us at today's ceremony. thank you, ally. thank you. [applause] ally, i know your dad is watching over you, he is right up there, watching from heaven, looking down right now with love and pride. he is so proud of you. thank you very much. incredible. [applause] also joining us is the vigiano

family. for generations they have served in our military and in new york city fire and police departments. these are two great departments. i grew up with them. i know. on september 11th, nypd detective, joseph vigiano rushed into the world trade center and died rescuing his fellow citizens. his brother john was a new york firefighter. he also gave his life that day at ground zero. at the time joseph's three sons were young boys, ages eight, three, and six months old. this morning they are with us. the youngest, john, started his freshman year of college at cuny maritime college. he plans to join the military. joseph, jr., is a marine reservist. just like his father he is a proud member of the nypd.

and james is a corporal in the marines. on his last deployment, james was stationed on the uss new york, a ship made using 24 tons of steel from the world trade center. every time he left the mess hall on his way to his bunk he passed a picture of his dad. to john, joseph, james, to the vigiano family, you have sacrificed beyond measure. and you will never, ever, stop giving back to this country. thank you very mucuch. thank you. [applause] thank you. very proud of you. thank you. thank you very much. the heros present today remind us of an immortal truth. the future of our nation is secured you arethrough the

vigilance of our people. the brave men and women who tore through the gates of hell to save the hurt and the wounded. to servicemembers who honored the friends who perished by continuing their exceptional life of service. the moms and dads who endured the loss of their soulmates and fill their childrens lives with all the adoration in the world. the sons and daughters who suffered grave loss and yet, through it all, persevered to care for our neighbors, defend our homeland and safeguard our nation. each of your lives tells the story of courage and character, virtue and valor, resilience and resolve, loyalty and love. this morning we make a sacred vow to carry on this noble legacy. today and every day we pledge to honor our history, to treasure

our liberty, to up lift our communities, to live up to our values, to prove worthy of our heroes and above all, stronger than ever, to never, ever, forget. we are now and will forever be one american family, united by patriotism, bound by destiny, and sustained by the faith of almighty god. thank you, god bless you, god bless our military, and god bless the united states of america. thank you all. thank you very much. [applause] stuart: on this solemn day, the president gave a solemn presentation, bearing in mind

his own personal experience and the personal experiences of those who responded to 9/11. he told us what he was doing when the planes struck the world trade center. and what first-responders were saying to their loved ones as they went into the attack zone, so to speak. he concluded by saying, if anyone dares to attack again we will respond. he said, no enemy can match the skill and might of america's armed forces. that is 9/11, the present, 2019. playing of "taps" ]

♪ god bless america, land that i love ♪ ♪ stand beside her and guide her, through the light from above ♪ stuart: we'll fade that down. we'll move on from this solemn scene on 9/11. there you have it. the market is up 34 points. not a lot of stock price movement on this day. we're up 36 at the moment, 26,942. and now this -- if there is good news on the economy the media will not report it but it is there if you dig for it. the census bureau reports very

good news, especially for those at the bottom of the income ladder. how about that? take note, socialists. capitalism works. in the trump era the poverty rate is falling fast. 1.4 million people came out of poverty. it is now at the lowest level since before the financial crisis. single moms now have the lowest poverty rate ever recorded. in the trump era, household income keeps going up. in the obama years it was stagnant. in 2018 household income reached $63,179. that is above the highs of 2007 and 1999. we are better off. this is because in the trump era millions of people are going back into the labor force and earning good money. just last year, 700,000 men and 1.4 million women found full-time work. it is amazing what economic growth does for all-americans.

one more. as employment and incomes rose, inequality declined. the top income earners took a smaller slice of the income pie. this confirms the success of mr. trump's tax and red tape cuts. he went for growth. we got growth, we all did better. this bursts the socialist bubble. the democrat presidential candidates pound on the same theme, create an economy that works for all of us. well it is working for all of us. it is trump, not socialism that has delivered the goods. the second hour of "varney & company" just getting started. ♪ stuart: let's get straight at it. tammy bruce with us, independent women's voice president. you heard my editorial. i think it is terrific news on the trump economy. what say you? >> it is. stuart: you're not hearing it

from anybody else. >> you're not because it is good news. the state of a very small section of our political world. today very solemn. i thought the president's remarks were amazing. the nature of this program, what you're reporting today but what we report every day about the market, about capitalism, about, you know, people being able to live their lives economically, make choices that best suit them. comes from the strength of the american people. who we were on september 11th, who we become. the fact that donald trump is the president. that we've elected a businessman, that we understand that it is the economy that sets us free and that there are people politically who want us to be depressed. well, we're not. we're enthusiastic. we're optimistic. we certainly are sentimental people. we're romantic, we understand that the future matters. we see this with young people today, who weren't even born of course when september 11th happened, remembering the bravery and the heroism but each day it is about a decision to be

optimistic, to know that this is who we are, the strength of who we are, the optimism, that remembering that those who want us to be depressed, who look at negative way of the economy are i think cynical, are political, an and don't have necessarily an understanding who the american people are. stuart: thank you, tammy. hold on one second. jim awad with us. market watcher. clear stead senior managing director. jim you're a market watcher. but you have to be paying attention to the economy. i'm saying we have very good economic news in the trump era. am i right. >> yes, absolutely. it is indisputable, the fears over previous weeks going into recession we're finding are unfounded. we do have issues in front of us. we have to get through the china trade negotiation. the tariffs are suppressant on the economy. our next data check will be in october when companies report second-quarter earnings and third quarter outlook and the

effect of the tariffs having on them. we'll have this meeting with the chinese but the u.s. economy is strong. wages are growing. unemployment is down. profits are growing. interest rates are low. and we should be in pretty good shape, not without challenges but we're in pretty good shape. stuart: yet for the last three or four weeks we heard the word recession used constantly. i think it was deliberate, a deliberate talking down the state of the economy for political purpose. >> we are in an election season. this will go on f the next 13 months. you will have, the people on the republican and trump side talking about the strength of the economy, people running against him, pointing at the inevitable weak spots because nothing is perfect. no economy is perfect. but the nice thing about it as tammy said, nice thing about the country, we're strong, we'll have an election. the american people will have a choice. stuart: suppose we get close to the election, the democrat candidate is a socialist, that socialist looks like they're going to win. i would sell stock. >> absolutely.

but i don't think that is going to happen. i think the american people are more down the middle, not ready for a socialist. if there were a set of circumstances where you were going to get a socialist agenda, you would say the bull market would be over. stuart: it would kill it stone dead. that is another story. jim awad. thank you very much indeed. >> pleasure. stuart: tammy, thank you very much indeed. north carolina, the gop candidate, dan bishop won the special house election. he praised president trump for his win. watch this. i think it is coming. maybe it's not. bottom line is, that dan bishop won. he credits president trump with helping him win because the president was there on monday night with a big rally right before the election. joining us now, ronna romney mcdaniel, republican national committee chair. i think this was a referendum on president trump. i'm sure you're celebrating. >> absolutely, stuart. we actually saw where the president held his rally in the

two counties neighboring, cumberland county and roberson. republicans outperformed in 2018. we actually lost roberson county by 15 points. last night we gained 14 points in that county. it is directly as a result of the president coming in and doing that rally for dan bishop and pulling him across the finish line to victory last night. stuart: so you do give president trump the credit for this, even though it was just a two.victory? >> i do. let's remember, the democrat ran in the general. he came in with a huge cash advantage. he had 100% name i.d. bishop had to win a primary and a runoff. he wasn't well-known. in that short period of time, with a huge cash differential he was outspent seven to one, with the president he was able to win that special election. it was a big win for republicans last night. not just in north carolina 9 but in the third district as well where our candidate actually outperformed where the president did in 2016.

so we had two wins on the board. you're not going to hear the democrats talking about it. if we lost it would be bellwether. when we win they want to sweep it under the rug. stuart: okay. i want to listen to an exchange between, i believe it was jim acosta, cnn, and treasury secretary steve mnuchin. just listen to this for a second, please. i think it is coming. >> national security team a mess. >> absolutely not that is the most ridiculous question i ever heard. the national security team which is what you asked consists of the national security advisor, the secretary of defense, the secretary of state, myself, the chief of staff, and many others. stuart: i think you heard that rona. what do you make of that question? >> i mean, let's look at secretary mnuchin. he just put that reporter right in his place and rightly so, especially on a day where cnn float ad bogus story about the cia that the cia refuted and i

think secretary mnuchin said let's stop asking ridiculous questions. the president, myself, secretary pompeo, we're running national security for this country, and it is well on track. stuart: we got it. ronna, thank you for joining us this morning. >> thank you. stuart: moving away. let's check amazon real fast. they're facing this antitrust probe over the online marketplace. details on that coming up. the stock is actually up six bucks. senator elizabeth warren, she has got a tax plan, in my opinion that would absolutely devastate capitalism as we know it. we'll hear more about that at the top of the 11:00 hour. we'll be back. hmm. exactly. liberty mutual customizes your car insurance,

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♪ stuart: back home. ashley: that's it. stuart: i don't know the next part. all right. the hong kong stock exchange has made a bid for the london stock exchange. ashley: which raises eyebrows as we discussed earlier. essentially beijing through the hong kong stock exchange would gain a foothold in one of the most important financial centers in the world, the london stock exchange. how far is this going to go? not very far. a lot of people tried to get the london stock exchanges t has inworked up to now. the interesting element, hong kong of all places wants to expand. in other words china wants to expand. beijing wants to expand. interesting story. stuart: not sure how popular an exchange would be run by the

chinese communists. but that is another story entirely. the dow industrials now up 40 odd points. do we have oil? that is coming up. oil inventories coming up in a couple seconds. general electric giving up majority control of bake you are hughes. the stock has gone to $9 a share. general motors, big recall. 3.4 vehicles. there are brake problems. it is down a fraction. boeing, there is not any special news but it has recovered to $374 a share. a week or 10 days ago we were all the way down, we were at 340 i think it was. ashley: yes, we were. look at that. stuart: bouncing around all over the place. still not back where it was before the max jet problem. big tech, have a look at that, please. we like to check them. we have a mixed picture. yes -- no. ashley: nasdaq is up 45 points. microsoft is down. the only one that matters. stuart: look at apple, $220.07 a

share. if it gets to 221.28, it is again worth one trillion dollars. apple is up, google is up, amazon is up, facebook is up. microsoft down just 32 cents. the dow industrials up 42 points. that is modest reversal. 10:30 eastern time, that means we get numbers how much oil we've got in storage, how much we use, what kind of demand. how much have you got? ashley: we're down 9.6 million barrels. we were expecting 2.7 million. the oil got bolton bounce, when bolton left the office, there was theory, listen, listen, when he was let go, that the sanctions may be less tight on iran and venezuela. therefore more oil in the market, therefore, prices -- stuart: so oil went down. ashley: yes. stuart: when bolton left

yesterday? oil went down. ashley: the bolton drop. stuart: now we're back up again. ashley: because the drawdown was bigger than expected. stuart: because we're using more oil, demand was strong. we're using it. so oil goes back up to 57.85. ashley: a big jump. stuart: i think we got that one. house democrats considering tax increases to pay for social security. let me explain this. they want to go from a threshold of $132,000, that is how much you're taxed on now, they want to go up to $400,000. also, they want to raise the tax rate over 25 year period, from what is it, ash, 6.2 to 7.4%. ashley: over a 25 year period. stuart: okay. that is a whopping tax increase for social security. ashley: yes. stuart: now probably won't happen but that is what they propose. brandon arnold with us, national taxpayers union. so the democrats want to raise taxes rather than raise

retirement age. what do you say to that? >> i think this is a bad idea. regardless what you think about the state of the economy right now, certainly there are a lot of democrats in particular said we're headed toward a recession, a tax increase is a bad prescription for economic growth. it will push the economy in the wrong direction. i don't understand why they're coming out with a proposal like this right now. i understand social security has its issues. you talked about reforms could be made, adjusting retirement age. that should be on the table. tax increases on the other hand should not be part of the discussion. stuart: i'm sure i'm right in saying this measure, even if it gets through the house would not get through the senate? >> that's accurate this is absolutely did. oa but it is very convenient for democrats to advocate tax increases on the rich whenever there is public policy problem. that is their go-to strategy. it's a political losers, an economic loser, something hopefully the american people as well as congress reject out of hand. stuart: we have a new study from the imf.

it suggests that 40% of foreign invests, what they kahlfan tom invests, 40%, is being used to avoid paying taxes. what do you make of that? >> it's a little bit concerning. listen everybody wants to attract foreign invest to their country. we want toyota opening factories in alabama and bmw opening factories in south carolina of the concern that trillions of dollars invested from one country to another, a portion of them are in fact just being pumped into shell companies where they're not actually going towards economic growth. they're not being put towards productive means of the that is a little bit concerning but something we've known about for decades and decades. policymakers responded to that here in the united states through things like tax relief. the trump tax cuts of 2017 reduced our tax rate from 35% to 21% for corporations that very much helps ameliorate this problem making it more attractive to invest here, rather than creating a need to offshore your profits into a

lower tax jurisdiction. stuart: do you think anything will come of the move to stop making these offshore invests? i mean there is a lot of talk money should not be flowing to the cayman islands, for example, money should not float to the aisle of mann wherever that is, i know where it is, there is a move to clamp down on that, that you can't move your capital around freely, do you think anything will come of that? >> it is possible. we've seen globally speaking, not just united states, countries reduce their corporate tax rate. ireland got theirs down to 12%. we've seen punitive measures, enact measures making i have did i difficult for companies to relocate their profits. the problem is sometimes they're counterproductive in nature. corporations don't make invests because they don't is safety valve. as long as they exist companies will pursue that unless we

create hospitable economic conditions here, we create a low tax rate and a relatively simple tax code. we've taken big steps in that direction. i hope we continue down that path frankly. stuart: we're in the trump era, the trump era is lower tax rates. we've got that. do you see that changing if the administration changes? >> that is quite possible. i mean, i think you mentioned before, elizabeth warren is certainly talking about raising taxes in a dramatic fashion. many of the other democratic candidates have put forth plans that would repeal the tcja, the trump tax cuts and enact other tax increases. that is a significant threat. the tax cuts in my opinion the best policy this administration put into place, one encourtinged a lot of investment and a lot of growth here in the united states. stuart: that is why we have such an excellent economy. brandon,s thank for joining us sir. i'm sure we will see a lot of. >> you hope so. thank you. stuart: the ftc may be ramping up the investigation into amazon.

i guess it is on antitrust grounds. hillary vaughn joins us. ramping up the investigation, what are they doing? reporter: stuart, we can confirm the ftc is on a fact-finding mission. i got off the phone with a suspended amazon merchant who talked with the ftc on august 23rd for hour 1/2. he tells me there were five investigators on the phone along with an economist, self attorneys. they wanted, it is a fact-finding mission. that is how it was described to him. they wanted more information about his dealings with amazon, the kind of information they request from merchants. he also had been suspended from the online retailer. they wanted more information about that. this of course is reportedly setting up what could possibly turn into a sweeping antitrust probe of the company. there has been additional criticism from lawmakers here on capitol hill of amazon, asking if they do in fact have competition? we have heard from amazon executives testifying here in july that said they think they should be compared to total

retail landscape. they should not be compared to just online competitors but also brick-and-mortar. but we do know that the ftc is contacting merchants that are active on amazon but also may have been kicked off amazon for certain reasons, getting information about the profits that they have, the other type of revenue that they gain from other competitors, whether that's ebay or other online sites. they want this information. they're gathering it. what they do when they have it remains to be seen. stuart? stuart: got it. hillary, thanks for joining us of the appreciate it. here is what we have coming up for you, campus reform cabot phillips. he has been asking college kids what they think about elizabeth warren's plan to forgive student loan debt. he also asked them if they should forgive credit card debt. we have the video. trump administration officials arrived in losses to to assess the homeless crisis

there. plans on what they plan to do next

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and be better protected from mayhem... like me. ♪ stuart: you know this is not a day of extreme stock price movements, far from it. we're up just 40 points on the dow industrials. the other indicators show a similar limited gain or loss. uber and lyft, number one the california bill mandating companies name drivers as employees, that passed. uber has announced that it is cutting 400 jobs. lyft is introducing new security measures. both stocks up. lyft nicely higher. 47 bucks a share on lyft. 34 for uber. college students, they were asked about canceling student loan debt. all right, listen to what they said. loan tape. >> loan forgiveness policies are good. >> student loans are a big problem. a lot of college students facing

a lot of tough issues. i would support it. >> it is so much money, we can't pay it off with some of the jobs we want in the future. >> by forgiving student loans you get bunch of people out of holes they can start living their lives spending money. stuart: all the people in that video clearly wanted to get rid of student debt. got it. now listen to what college students had to say about canceling credit card debt. roll that tape. >> owning a credit card is not necessarily, you don't have to have a credit card. sure it is beneficial in some ways, but it is not essential in the same way that a four-year college education has become. >> the american dream is better than your parents n order to do that you kind of have to go to university. you don't have to own a credit card. you can use a debit card, cash. other means of paying for things. stuart: didn't seem liking the idea of canceling credit card debt. cabot phillips, campus reform media director. first of all i take it there was

some editing there. you didn't get all the interviews into the video. you edited out ones that didn't work for you, isn't that what happened. >> absolutely not. people can watch the full video at campusreform.org. one student said government can't magically snap a finger to make debt disappear. the idea that student loan debt is bad, weighs on people, we ail agree that is true, the solution should make government make it disappear, have taxpayers put the bill. for that logic, why not do that for all other debt, if it weighs on people, government man make it disappear, students interesting to see, reactions you don't have to have a credit card. you have to have a college degree. i think that is indicative of the mentality. that is one of the reasons why there is so much student loan debt in the first place. people think i have to have a college degree to be successful. i will do whatever it takes. i will take out hundreds of thousands of dollars of loans even though i can't pay them

back. stuart: that struck out to me, you don't necessarily have to have a credit card but you really have to have a four-year college degree. >> yeah. i think also one reason we see this growing even more is because for people asking, what is going to happen, when we raise a whole generation to be entitled, this entitlement generation, millenial, generation z, this is what it looks like tangibly when policy comes into play. they feel like they're entitled to the government giving them whatever they want and making all of their problems disappear. when you ask young people, who will not be paying taxes to foot the bill for this, when you ask them are you entitled to a debt-free life even though you're the one signed name on the loan, of course they say yes, they have been raised to say whatever makes their life easier. it would be nice to forgive the debt but not how the real world works. stuart: not how politics works either. if you're a democrat, on the left, you're a can it today, i'm going to give you, i will get rid of your student debt, i will do that for you. i will give you free college. i will give you this, give you

that. that is a powerful vote-getter, especially amongst that age group which is a very large demographic group in the next election? >> yeah, millenials are now the largest voting block in america. if you tell them i will give you all free things without explaining why, often times they get ree pass on that, it will be impactful. i wish we see more politicians especially on the left addressing why there is so much student loan debt in the first place. for perspective $1.5 trillion student loan. a lot of student loan debt. i think true reasons we see so much of it in america, specifically, first off students are convinced they have to get a degree. they take out high-risk loans with no real chance of paying them back in many situations. second of all the government keeps lending to them. the government knows people don't have a chance to pay them back. they keep lending that means universities have no incentives to lower costs. universities can charge more and more money every year. people taking out high-risk

loans. ultimately the universities don't have reasons to keep costs low. if we don't do anything to stem the growth of student loan debt in the first place all forgiveness, plans will not mean anything. it is a temporary bandaid off of a problem that will keep bleeding, cabot on the campuses again. thanks for joining us. >> thank you, stuart. stuart: now this, what is the trump administration planning to do to help homelessness in california. they sent a delegation out there. ashley: they're seeing lots of homeless as they do that. there is no specific plan. we're told president trump taken notice of the homelessness crisis. listen the problem in california, both in l.a., san francisco, by the way, alameda county, includes oakland, seen the homeless problem rise 43% from 2017. there are a lot of people on the street. part of the problem being pointed out there are too many building regulations in california that would enable the building of affordable housing.

so it is ironic, is it not, while we look at the crisis, if you let some of those regulations go, we've had building experts here, said this is the problem with california. you just can't do what you want to do. the amount of money and regulation makes it unaffordable. that is part of the problem. we haven't heard what the trump administration exactly would do, what they can do from the federal left to try to combat this but it's a crisis. there is no doubt about it. stuart: there has been talk, taking them, literally taking them off the streets, putting them into some kind of a government, i hesitate to use the word camps, but government facilities. ashley: yes. stuart: clean and fresh, et cetera. ashley: right, right. stuart: do you have the legal authority to take them off the streets? ashley: that is a question being debated right now. i think we'll see some sort of action from the administration in the near future, clearly it is out of control. stuart: california is doing nothing. not that i know of. nothing. check apple, please. not exactly the stock of the day

but yesterday they had the big reveal. lower prices on, very cheap prices on the streaming service. a lower-priced camera, 700 bucks. did i say camera? i mean iphone. three new iphones. lower prices all around. and they announced the launch of their apple tv plus. now we're going to go through all details in our next hour with apple watcher dan ives. right now the stock is moving up nicely, three bucks higher at 220. also on apple, one of our regular guests, steve hilton, he is taking aim at apple's chief tim cook over manufacturing in china. he want apple to bring production back to america. won't this make apple products more expensive. we'll ask steve hilton about that. he is on the show in the 11:00 hour. ♪ truecar is great for finding new cars.

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stuart: been like this all day. modest gain for the dow industrials. we're up 40 points, 26,957. i'm doing the math here, folks. 400 points from the all-time record high. couple of big rallies and we're there.

not there yet. how about the census data? it shows the economy is strong. we have the poverty rate coming down rapidly. median household income back to the highs, adjusted for inflation of 2007 and 1999. but we don't hear anything about it in the conventional media. let's correct that. martha maccallum is with us, host of "the story." martha. >> good morning, stuart. stuart: how are you doing? >> i'm doing well. i'm doing well. stuart. the conventional media looked at census numbers, a few more people uninsured. they forgot and did not report the wonderful news about the -- >> very interesting. if you google census this morning, you look at the headlines, you can pretty much tell that there is a little something in here for everybody, right? and anyone who wants to grab, depending which headlines you want to grab, when you dig into the numbers, one of the most interesting numbers to me, we have 11% poverty level. for decades that number was

around 19% in america. when you go back to the beginning of the great society and the birth of welfare programs in the united states, it basically stays steady through that whole period, makes you wonder whether or not it worked. however the policies we've seen over the last few years helped that number to drop to 11%. you have more people moving up into the category where they make over $100,000 a year and this idea that we hear a lot from many democrats who are running that people are working three, four, five jobs is also belied by this findings. stuart: that is not true. >> shows more people in fact have full-time jobs than we've seen in recent years. that is the date takes last year, 700,000 men and 1.4 million women found full-time, year-round jobs. that is an extraordinary number. >> yeah. stuart: i mean, part-timers were big in the obama administration, in those years, because of obamacare. >> that's right. stuart: pushing people to part time. >> what is iron ironic so much e

over census, whether or not they would ask the immigration question, the political impact, i couldn't help but think of that, think of these numbers, what is the political impact of these numbers on the election? because these numbers show that regardless of what you might see in the market or even in china trade, the basic premise, the basic issue is that you are seeing a lot more people who are employed now, and a lot more people making a lot more money than they weren the past. stuart: that is the fact. that is the way it is. >> that is what these numbers reveal. stuart: tell me about the leaving of john bolton. >> yeah. stuart: the media coverage is not about so much what this means for our future national security policy. it is how he left. was he pushed, was he shoved, who said what, and when, let's see the emails. i'm not into all of that. >> none of that really matters. i think the biggest question, and i asked this of condoleeza rice when she was on "the story" with me, what does this tell us about where the trump foreign

policy is now leaning? we know the president has a proclivity for wanting to talk, wanting to have dialogue. we know that he was at the g7. that emmanuel macron invited foreign minister zarif and encouraged the president to sit down with rouhani. these ideas would not have sat well at all with john bolton. there is a very persuasive "wall street journal" piece, essentially you are more dangerous as americans with john bolton out of the picture. does the president have to agree with him everything? no. was it helpful to have him in the room with some of these conversations? perhaps. it claims, rouhani, kim jong-un, and maduro feeling a lot easier than they did yesterday. stuart: didn't want to hear that. martha, join you tonight, 7:00, thank you. elizabeth warren is gaining ground among the 2020 democrat hopefuls. if you look closely at her

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stuart: elizabeth warren has been gaining ground in many polls, she is now right behind joe biden and the gap is narrowing. she bashes the rich and she bashes capitalism. to far left activists, that's good. they love her wealth tax. they love the revolution she demands for corporate america. so let's look at those policies. what impact would they really have? okay. her wealth tax would have cut the net worth of the 15 richest americans in half. jeff bezos and bill gates would have had hundreds of billions of dollars confiscated. some people think that's just fine. they don't need all that money. it's not fair. senator warren is playing to the jealousy factor. always present in politics and

always ugly. truth is, accumulated private capital is the engine of growth and innovation for the future. confiscate it and we all suffer. then more importantly, there is her accountable capitalism act. this is a real threat to everybody's money. senator warren would force all big companies to take a lot of their profit away from shareholders. and it would be given to the work force, the community, customers, the local and global environment and community and societal factors, whatever that is. america's great companies forced to dance to a socialist drumbeat. forget about investing in stocks for your retirement. the profits that support stock prices would have been diverted, 73% of the value of all stocks today is held by people over 55. stocks are your retiremen vehicle. warren would ruin your retirement. the bottom line is this.

socialists don't redistribute wealth. they destroy it. "varney & company," we're here and the third hour rolls on. stuart: okay. i've got a little extreme socialist there. let's see if it's matched by steve hilton, who is coming up shortly on this program to answer my editorial. first, though, apple. it is closing in on a $1 trillion value again. if it gets to $221.28 it's worth $1 trillion. we've got news from yesterday, of course. their streaming service, apple tv plus, priced at $4.99 a month, it comes available in november. this is a big deal. joining us now is dan ives, one of the more intelligent and professional and well-known apple watchers in this universe. ain't that right? >> yes, it is right. okay.

stuart: $4.99 a month, i call it cheap. you call it a showstopper. explain. >> fundamentally for apple in streaming, the main weapon they had was pricing. worried they were going to come out $9.99. $7.99. $4.99 is a showstopper because this is really them taking off the gloves, major shot across the bow at netflix, roku, other streaming players. a billion consumer install base, now it's about monetizing it. stuart: wait. when i think about it, they have, what is it, a billion, installed base of a billion, so if you got even a fraction of them to pay five bucks a month, you're looking at an enormous cash flow stream. >> 100 million consumers could be on this platform next three to four years. that could be another, for the stock, an extra $15 that could add to the value. the big question is going to be content. there's lax content today, it's more of a distribution channel. they will significantly step up

the content organically as well as we believe they will continue to acquire a larger studio the next six to 12 months. stuart: tell me about the new iphones. there's three of them. the cheapest, $700. that lowers the price point. these cameras have -- these iphones have got three cameras on the back. what's the significance of three cameras? >> triple lens. the key thing here is from a photography camera technology, that's the main thing consumers need to step up and buy this iphone. i think they significantly changed the features from a camera technology, much more wider lens as well as an a.i. technology they could use on the video side. this is really going to be like professional grade cameras. they stepped it up, kept the price points the same on the premium but importantly, cut it by 50 on the base model. that's significant because that's really them going after china, where they had big pricing last year so this was a

huge event. i view it as a-minus in terms of the presentation yesterday. stuart: apple arcade, that's completely different. >> that's gaming. stuart: five bucks a month. that's gaming? >> gaming. right now the next frontier on gaming, as many gamers know out there, is cloud. cloud, you see google doing it. now what apple is doing, they have this massive ecosystem in terms of iphone install base. now they are monetizing on the services side. that's the fuel in the tank from a growth perspective which is why ultimately we think it's a one-two punch. not just on gaming, on streaming video, on music and ultimately, you put this together, this is a stock that makes new highs over the coming months. stuart: i'm interested in fwhth because we will show a chart of the year, it's had a pretty good 2019 and is now at $220 a share. one year from now, where do you think apple will be? >> i think it's at $245, just to begin with.

you could see $250, $260. they continue to be negative on the meme, yet look what's happening fundamentally. this continues to be one that proves the skeptics wrong and this was another feather in the cap for cook. stuart: you really like it, don't you? >> i continue to view apple up there as obviously fang names, we continue to be bullish on but i view in large cap, apple and microsoft are two sort of rocks of gibraltar. stuart: i'm an old guy, a senior citizen. would an investment in apple for part of the money i've got saved, would it make sense at my age? >> no doubt. i view apple, if you are telling me a name i could put away for the next 15, 20, 25 years, this continues to be a name. you got the growth and it all comes down to what's the crown jewel. it's the install base. a billion consumers on the install base. you continue to monetize that, that's just something others don't have.

stuart: dan, you know your stuff. we appreciate you being with us. thank you very much. good stuff. next one, peloton. the upscale exercise bike people. they are going to launch their ipo road show today. deirdre, what are they telling us? deirdre: they are expected to raise over $1 billion. you have to have $2,000 to spend on one of these bikes on the screen, plus $39 a month for the services. so they seek to raise more than $1 billion. 40 million shares. the trick here is that revenue is growing, loss is also widening. we have seen that formula for uber, for lyft. as you know well, uber down about 25% from its ipo price, lyft down 37%. this is going to be a true test of whether or not investors see this kind of fitness play as a difference kind of company than the other ipos we have seen. stuart: very interesting story. thanks. now, in washington, house

democrats are considering tax increases to shore up social security. ash, you will tell me about it. ashley: democrats on the house ways and means committee instead of cutting spending, want to of course tax more in order to fund social security they say for the next 75 years. payroll tax would go from 6.2% to 7.4% over 25 years. but it is a tax on wealthier and middle income earners. currently people pay 6.2% of their wages, it goes up to above $400,000, you reach that level and those above $400,000 also kick in more taxes. it will generate a trillion dollars over the next decade. chances of this passing with a republican senate, not going to happen. this shows you where their philosophy -- stuart: where they are coming from. ashley: they want to tax more as a way of shoring up social security. stuart: instead of raising the

retirement age down the road. ashley: which they could easily do. stuart: thank you, ash. we will put some gun stocks on the screen. new jersey's governor is stopping the state from doing business with any gun maker, retailer or bank that has anything to do with guns. coming up, dana loesch on that. she has pretty strong words about that for governor murphy of new jersey. breaking news from the white house. here we go. fox business confirms that president trump will have a meeting this afternoon with his staff about e-cigarettes and will hear proposals about possible action. we are told one of the proposals is expected to be having the fda pull flavored vaping products off store shelves. the president has not made a decision on which action to take. stay tuned. maybe this afternoon we will find out. republican dan bishop did win the north carolina special election. president trump had campaigned for him on monday night. even the democrats admit that

that helped. coming up, pete hegseth and elizabeth warren gaining ground. the far left loves it when she bashes the rich but policies like her wealth tax wouldn't just hurt the super wealthy. steve hilton on that as the third hour of "varney" rolls on. ♪ at fidelity, we believe your money should always be working harder. that's why, your cash automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today.

stuart: president trump fired up his twitter account early this morning and once again, he had the fed in his sights. deirdre: yeah. this is the president versus the fed, no other way to say it. we can see his tweets on the screen here. essentially saying negative rates would save the government money on debt. that's essentially his point of view on that. now, what a lot of economists there, one actually even said we are missing a once in a lifetime

opportunity and he referred to the head of the fed, you can see there, and the federal reserve governor as boneheads. stuart: he did indeed. deirdre: you can call to question the vocabulary, but there are some people who say this would be stimulative. you do have an equal voice on the other side saying it hasn't helped japan and there are large concerns about what it is doing in germany. whether or not this is a good idea, we don't know but we do know the fed is in fact meeting on the 17th and 18th of this month. markets show high chance of a 25% or 25 basis point cut. stuart: ten-year yield is 1.74. ashley: four-week high. somewhere in there. stuart: it was 1.43 a couple weeks ago. ashley: i know. stuart: goodness me. that's quite something. my editorial, top of the hour, i said elizabeth warren and her tax plan would be, i used these words, devastating, ruinous, to capitalism, as we know it. let's see what steve hilton has to say about this, the host of the next revolution on the fox news channel.

we usually agree. was i going overboard there? the ruination of capitalism? >> no. you said at the top of the hour you felt you had been a bit extreme. i think that's too harsh. by the way, just before we get to that, i also heard what you said about peloton. i do think you should have lingered longer on your brilliant joke. you said there's a lot riding on peloton. we should have had a bit more milking of that joke. stuart: go on. >> on elizabeth warren, she's the one who is extreme and you are responding correctly to her extreme point of view. i remember way back in the uk before the days of tony blair and new labor, he tried to be more centrist, we used to look with envy at america and say at least in america, where you don't have this looney left like we have in england, you've got a consensus, a pro-business, pro-enterprise, pro-capitalism consensus in between the democrats and republicans. that's completely gone in the last couple of years. the only thing i'd say, though, is in addition to what you said about those specific policies,

remember that the message behind that, her populist message, there's a resonance there. in many ways, the things she's saying are the same sorts of things that donald trump ran on in 2016 with very different solutions. there's one area, however, where i think her policy argument is actually quite compelling, and that's when she's talking about the lack of competition in a lot of industry. she's talking about breaking up big tech. i think there, she's on to something. stuart: now, you've got a bone to pick with tim cook, haven't you? talk about extremism. here's the tweet that you sent out. listen to this, folks. who cares about apple's stupid new phone or whatever. tim cook announced he would stop sucking up to the brutal authoritarian regime in china and bring manufacturing back to america, now, that would be interesting. whoa. talk about extreme. that would wreck the stock and you know it, steve. >> i think that -- no, i don't agree with that. i think bit by bit, okay, let's

give you a specific example. yesterday, i was in alabama and looking at some incredible innovation that's going on there in terms of advanced manufacturing, the training that's going on there into the work force, and i think that actually, there should be ways creative industries and companies to make their products in america and still make the kind of money that they have been making. the costs in china are going up, not down. wages there are going up, not down, but tariffs which the president is quite rightly imposing trying to rebalance our relationship are making it less competitive. that's why supply chains are moving out of china. i just wish more of them would come back to america. some already are. and apple could be really leading the way there. stuart: we are fellow travelers after all. i'm with you on all counts. you're all right. i'm going to catch you on "the next revolution" sundays, 9:00 p.m. eastern on the fox news channel. steve hilton, thank you, sir. see you again soon. couple of individual stocks

we might concentrate on today. first of all, gamestop. we are putting them on death watch. sales are down big-time. they are bleeding cash. they lost $32 million last quarter. they are closing, what, 200 stores nationwide. they are down 8%, back to $4 a share. dave & buster's, revenue went up, but they gave a not so rosy forecast. they say their sales will actually decline. that hurts the stock, down 6%. question, what's the best-paying, calmest, most in-demand job in america? take a guess. the answer for you next. it's definitely not my job. ♪ fact is, every insurance company hopes you drive safely.

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stuart: ah, it's been awhile since we had a good list on this program. we've got one for you. deirdre has a list of the best paying, calmest and most in-demand jobs in america. number one? deirdre: data scientist. stuart: what? deirdre: they rank by earnings potential, overall job satisfaction and the number of

openings. data scientists are pretty happy. stuart: median salary, $108,000. deirdre: yes. yes. if you are coding, you can work from home. don't know who every single data scientist's boss is. but it does have flexibility. ashley: and you get to be called a scientist. stuart: you wear a white lab coat. what's calming about a nursing manager? deirdre: i think you're not actually tending to individual patients. you are managing other nurses who are professional people. so the implication is when you are dealing with other professionals, it's all right. then product managers which i suppose -- stuart: product managers? deirdre: product slash marketing. stuart: it's well paid but heavens above, anything goes wrong, it's on you. calming? i don't believe it. deirdre: there's demand. high demand for all these. stuart: i can see that. ashley: news anchor wasn't on there. deirdre: no. not in the top 100. ashley: i beg your pardon? stuart: i'm very calm. ashley: say that again? stuart: i'm very calm. let's get serious.

coming up next, we will talk about new jersey governor phil murphy. he is stopping the state from doing business with gun makers or retailers or banks that are involved in the gun business. dana loesch is with us. republican dan bishop won the north carolina special election where president trump had just campaigned for him monday night. we are calling this a referendum on the president and he won. what does pete hegseth say? don't know. he's next. ♪ ♪ all right brad, once again i have revolutionized

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but shouldn't somebody this is be listening?pression. so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. stuart: all right. got a gain of 72 points, 73 points for the dow industrials. look at that level. 26,991. as i constantly say, we are only about 400 points away from the all-time record high. couple of rallies and we're there. let's get back to that special election in north carolina. republican dan bishop was on our show yesterday, the day of the election. the night before, president trump had campaigned for him and i think that put him over the top. i'm willing to bet that he is now thanking the president this

morning. look at the results, though. it was close. bishop eked out a win over democrat dan mccready by two points, less than 4,000 votes. pete hegseth is with us, "fox & friends" weekend cohost. i think that's good news for the president because it was a referendum on him. >> it was. he took the risk of making it about himself, going down there, doing a big rally, rallying the base. i think what this shows you is there actually is more of -- there's more of the base still to be captured especially in special elections when you have such a low voter turnout. that was the strategy. bishop was behind big-time in a very red district. which is a reflection of any number of things. stuart: the president went down for the rally and bishop turned around and said i'm a trump guy, i'm with trump, right next to him, all the way, i'm a trump guy. that put him over the top. >> do you have any other option today if you are a republican? stuart: no. >> you don't. republicans who say i'm a sometimes with him, not really,

his supporters see what the president is doing, what he's fighting against, socialism, cultural takeover, open borders, they say either you're with us or against us. this is an us or them moment. not a kind of. the squishes are the ones that end up undercutting real reform or real legislation when you need it. bishop made the right call. hopefully other candidates will follow that. stuart: one last minor point on this. there was one county in north carolina which has a 35% black vote, black voters make up 35% of the electorate. bishop won in the previous election, the republican had lost. but he won that heavily african-american county. maybe there's some significance to that. >> look, look at historic rates of black unemployment. look at it. if your life is better and you had one alternative for a long time and it failed you, then president trump stands up and says what have you got to lose which is what he famously said to minority groups during the campaign, you've got a shot. don't listen, i mean, the

president does this very well, why listen to the pollsters, why listen to the pundits. they're not talking to real people in north carolina. they're cooking the books on their own polls, on their own perspectives, with almost no sense of how real people feel. so -- but they are also spinning this somehow as a loss for the president. have you seen that in some of the coverage? it's so close, it's a red district. suburban people are leaving. don't listen to it. a win is a win. most politicians would shy away from a race like that that was so far behind, say i don't want it to be about me. president trump owns it and he won. stuart: he did. hold on a second. calm down for a second. i've got a story about bitcoin. i know you will love this one. bitcoin, tell me the news. deirdre: so someone just moved $1 billion, "b" like boy, via bitcoin. no one knows who, no one knows why. we are looking at the price right now, more than 95,000 bitcoin has changed hands, has moved. the address is not even known

among the crypto community. maybe it's pete. i don't know. stuart: that is an enormous amount of money. deirdre: it may also be a company. there is some speculation among the crypto community that it is actually a company that is ready to launch, ready to launch. side note, there are only 100 bitcoin users with more than 10,000 coins in the world right now. stuart: there's another one now. deirdre: there's another one. stuart: are you encouraged by this, hegseth? >> i'm encouraged because it was me. no, think about it. if you got a really really -- you bought hundreds or thousands of bitcoins when they were at a dollar, they call them whales. there are people and institutions out there that can move quickly but it's anonymous so you don't know who it is. in this case it was like it was an institution or exchange. stuart: has to be. >> absolutely, that size. listen, any time we talk about

bitcoin, it's good for bitcoin. it raises the identity of it. deirdre: pete's name will pop up on whale alert. stuart: it's entirely possible if this trend continues, you will get back to where you actually bought it at. >> down below $10,000. time to buy again. stuart: whatever you say. whatever you say. thanks for being with us. >> thank you for doing it right. i think on days like this, you have to reflect and you have to remember our generation of guys and gals gave so much in so many far-flung places all in response to that horrific day. god bless this country. stuart: i think it was memorialized very well today. just the right way, the right fashion. thank you. new jersey, the governor, phil murphy, iselling the state to hey, stop doing business with gun manufacturers and retailers or banks that don't comply with gun control policies. doesn't want to have anything to do with them. dana loesch with us now.

this is the perfect opportunity for you to sound off. go for your life. >> well, thank you so much for having me and for talking about this and of course, today never forget, 18 years. i can't believe how fast those years have gone by. with respect to new jersey and what governor phil murphy is doing, i was reading these orders that he issued and i was a little bit mystified as to why he issued these orders because these are things that retailers and federal firearms licensees and manufacturers already do. so i really think the governor needs to learn a little bit about the industry that he's trying to regulate and the other thing to note about this really quickly is that the governor is also targeting insurance policies. these are insurance policies that individuals who are firearm owners and these are the good folks, these are the people who are the law-abiding americans that studies have shown these are the people who present the least amount of problems to law enforcement and don't contribute to the crime rate, these are

people who want to have a insurance policy in case, heaven forbid, they are called upon using their skill set to defend themselves and/or their families or other innocents. what the governor is trying to do by also including this order about these firearm policies, is essentially say that just regular lawful firearm usage is itself irresponsible and i don't think that he understands how insurance works because insurance companies, they make money by getting money in from the premiums that people pay or the insurance policies that people pay. not when they have to pay out. that's not how that works. so i don't think his orders actually make sense and they're not going to have an effect on anything but they do lay the groundwork for prohibition. stuart: i have a prediction, and that is that gun sales go up because i believe that gun sales almost always go up whenever any democrat proposes any restriction on gun ownership. my prediction is they go up again. what say you?

>> i completely agree with you. we have seen that time and time again. every single time you have a lawmaker that wants to go out and restrict people's ability to either carry or to purchase or to access their pro-choice means of self-defense, well, then you see those people running out to make those purchases and it's not just the people who already own firearms, either. i don't think a lot of folks out there realize that they're creating new firearm owners by pushing these restrictions because these are individuals that may have been on the fence. maybe they weren't raised in a gun culture, they didn't go hunting, they never went target shooting with their family but they think you know, i really don't want to be a victim of crime so i want the make sure i have the ability to go and protect myself so they go make these purchases. it always rings true. stuart: i was not brought up in a gun-owning culture. didn't know guns until i came to america. but i respect america because it's the only place in the world which allows an armed citizenry just in case we get a nasty government. i think we are unique in the world. i don't want to see that go away. that's my point.

last 20 seconds to you. >> i completely agree with you, stuart. and law-abiding gun owners, we take our weekends, our time off, to train and make sure we can carry to the best of our ability. we understand this is a responsibility and that's why we take it so seriously. we love life enough to protect it. stuart: dana loesch, thank you for joining us. don't be such a stranger. see you soon. thank you. >> have me back. i would love to be on with you any time. stuart: promise. sure thing. i've got a couple ride share stories for you. first of all, lyft. they are rolling out changes to their safety policy. ash, deal with lyft. ashley: well, it's following a lawsuit by 14 women who say the company didn't do enough to protect them from sexual assault by drivers. so they are beginning to offer sexual harassment prevention training, making it available to their drivers. they will also screen applicants for criminal offenses which they say they already do. they will do an annual criminal background check as well as

measures to provide drivers -- prevent drivers from providing fraudulent i.d. stuart: smart move. the stock has gone up on that. now, uber, other side of the coin, are slashing jobs. deirdre: they are cutting 400 tech jobs. so they're product engineers, 85% of those jobs are in the u.s. we have talked about uber facing this market pressure. they have to turn a profit at some point. they also are facing the possibility, california legislators passing a landmark bill that requires these companies to treat workers as employees, not contractors, and that could really, really hurt the company. we have seen since the ipo, stock is down about 25%. uber also laid off about a third of its marketing department in july. so they are feeling this kind of crunch. they are trying to deal with it. but legislation is going to be against them. stuart: yes, it is. that legislation did pass. however -- deirdre: the governor still needs to sign it. many people consider that a formality. stuart: the threat of that

legislation passing took the stock, uber stock, down to $31. i notice it's bounced up to $35. that's up, what, 10%, 12%. i'm not sure why it's bounced back like that. maybe people thought it's too low. i should have bought it. deirdre: uber and lyft are actually going to spend $90 million to support a ballot initiative that would exempt them from the legislation so i think when that broke as well, that helped support the stock. stuart: that's good. maybe the zcitizenry of califor will realize we don't want this. ashley: they get the right number of signatures, they can get the ballot initiative out there. stuart: it's been quite a week for us with football. we started off the week with emmitt smith. that was monday. then we spoke to the gronk, rob gronkowski. we talked cbd with him. so who do we have next? marques colston, super bowl champ. does he support college athletes getting paid?

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and which car i want and truecar shows the range of prices people in my area actually paid for the same car so i know if i'm getting a great price. this is how car buying was always meant to be. this is truecar. stuart: taco bell rolling out a vegetarian menu without any kind of fake meat. okay. but i thought they were already vegetarian. ashley: they are. you have ground beef in your burritos and tacos but generally not. they were asked why aren't you jumping on board. they say never say never, but at this point we think it's quote, a little better than mediocre, a slam at the fake meat, saying they don't want to go, they aren't quote, leaning into that direction. stuart: i'm not sure it's every food out there -- ashley: that's what they're saying. we have chicken and ground beef but there's vegetarian menu. a lot of their stuff is vegetarian anyway, rice and

beans. lettuce. good stuff. stuart: taco bell's stock is not looking great. it was $119 back in march. no, monday. it's come down this week. not a good week at all. that's yum brands, the parent of taco bell. all right. college athletes, now, senator bernie sanders says they are legitimate workers and colleges should pay them. now, we had nfl legend emmitt smith on the show. he had this to say about paying college athletes. roll tape. >> if they pay these universities $15 million, $20 million a year, coaches are getting paid six, seven, eight, $9 million a year to coach these teams, they can leave whenever they want to, so yes. yes. i do believe that players should get compensated at the collegiate level. stuart: he was a legend of the game and says yes, yes, pay them. that gentleman on the right-hand side is marques colston, former

saints wide receiver and hofstra university alum. marques, weigh in, please. should college athletes be paid? >> i got to say i agree with emmitt. i think, you know, when you have an industry that's driving over a billion dollars in revenue, and the folks on the field and on the courts that are creating all of that value really don't have an opportunity to participate in it, i think there's a real challenge there. stuart: well, most of them don't go on to the nfl. i mean, i think there's a fair case to be made for make some money while you can, you're not going to hit the big-time after college but make some money while you can. now, i don't know how you would pay them or how much you would pay them but do you think it's coming? is the movement sufficiently strong to get some money to them? >> i hope so. like emmitt said, these coaches are making extraordinary amounts of money. the universities are benefiting not only from ticket sales and sponsorship, but benefiting off the likenesses of these players. and i think we're in a time

where this is the perfect time to revisit it and it won't be easy, it will be complicated, but i do believe that within the short window that these players are creating value and have to maximize their value, they should be able to partake in it. stuart: they are creating a lot of value. that's a fact. all right, marques. now, you have left the game. but you are making money even after the game, after football, you are making money because you invested in something called what is it, main squeeze? a juice company? tell me about this. >> yeah. main squeeze juice co is a franchise concept that was born in louisiana and obviously playing ten years down there with the saints, it was a really good opportunity to partner with a young up-and-coming franchise concept that, you know, we pride ourselves on making health easy for our customers. we sell cold-pressed juices, super-fruit smoothies, acai bowls and as a franchisor, it's just a really good opportunity

to give back to the community that supported me throughout my playing career in a way that supports them as small business owners and entrepreneurs. stuart: excellent. main squeeze. we shall remember that. congratulations. you make money after school, after football. that's pretty good. marques colston, thanks for joining us. we will move on. thank you. okay. i've got to report this real fast. apple is once again worth $1 trillion. ashley: there it is. stuart: the price is $221.90. it crossed the trillion dollar valuation when it crossed $221.28. okay. so it is now again, a trillion dollar company along with microsoft which remains a trillion dollar company. okay. you remember that jewel heist? we showed it to you, happened a few weeks ago right across the street from us. there's the video of it in progress. police have an update on the case. we've got the update for you. more big news on vaping. following the sixth death of a vaping-related illness. an arrest in wisconsin, a man

running a bootleg vaping operation, filling up thousands of cartridges with thc oil every day, reselling them on the black market. the full story for you. president trump having a big meeting at the white house this afternoon. he will consider actions on e-cigarettes. one proposal is have the fda pull flavored e-cigs. more on that after this. ♪ in my line of work,

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stuart: i think it's worth pointing out that apple just reached a trillion dollar valuation, right-hand side of your screen, a trillion dollars. on the left-hand side of your screen, the dow industrials are, what, ten points away from 27,000. two landmarks. maybe we'll hit the dow at 27,000 but we have certainly hit the trillion dollar mark for apple. next one. you remember, i'm sure you remember this, the diamond heist, new york city, just a block away from where i'm sitting right now? well, two suspects have been identified. who are they? ashley: two of the three. 39-year-old jayshawn sutton,

that's the guy pointing the gun. another suspect, 27-year-old pedro devea. this was very bold. it was a sunday afternoon. they strolled in, posed as customers and then there were four employees, took them, zip-tied their hands, put them in the back, got away with a swag bag of $4 million worth of goods. stuart: do we know how the cops got their identities? ashley: through putting that video out there, they get tips and say okay, these are the people we believe. there you go. now they are trying to -- stuart: got it. we have news out of wisconsin. ties right into the whole vaping controversy. a man has been arrested for bootlegging thc cartridges, marijuana. picking them like they had been professionally made -- packing them, i should say, like they're professionally made. grady trimble is with us in wisconsin. give me the latest, grady. reporter: hey, stuart. well, investigators arrested a 20-year-old here in the kenosha

county area of wisconsin. they say he manufactured, along with other employees, 3,000 to 5,000 cartridges of illegal vaping products, every single day for about two years. they say that he had ten employees working for him and he ran the operation, according to the district attorney's office, like a business with time cards and everything. when detectives went into his home, they found a million and a half worth of marijuana, cell phones gurns, thc oil and $20,000 worth of cash. now, this arrest, the backdrop of all of this is that there have been six vaping related deaths across the united states in recent months. there have been 450 people who have gotten sick with lung illnesses which are also tied to vaping according to health officials, and there appears to be a link between these illegal thc products like the one we are talking about here and these illnesses in some of the cases. stuart: have you got anything more on the meeting between

president trump and white house staff about the vaping of nicotine, tobacco products? reporter: right. we know this is happening later today, according to sources, and we know that the president is going to hear a variety of options and they are going to present a variety of options. one of those would be to pull from shelves all flavored vaping products which is what has come under major scrutiny because a lot of opponents say it appeals to kids and that's what's gotten young people involved in vaping. we should point out, though, that that's entirely separate from these illegal bootleg thc types of cartridges that we are talking about here. i also wanted to add, stuart, that there's no tie at this point between any of the illnesses and this specific case in wisconsin. stuart: thanks for joining us, grady. appreciate that. by the way, moments ago, in fact, right now, we hit 27,000 on the dow industrials. ashley: six-week high. apple hits the trillion dollar market cap.

stuart: you get it all. 27,005. throughout the program today, you have been hearing some patriotic music. certainly this hour, as we pay tribute to all who lost their lives on this day 18 years ago. ♪

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index fund, whatever you call it, you have a piece of apple. it is going up. 2 1/2%. the company is now worth one trillion dollars. you know, ash, on the program today, dan ives -- >> terrific apple analyst. stuart: he said $4.99 streaming thing, he says that is a showstopper. ashley: it's a cheap price. that is one of the big takeaways from the big event yesterday. cheaper iphones as well. added cameras. all the rest of it. it was a good day for apple yesterday it being reflected stock today. stuart: look at the stock market. a gradual rise up the last 2 1/2 hours. we are up to 27,002. we are 350 point away from all-time high. ashley: almost a sneeze and we're there. stuart: real good rally we're there, home free.

ashley: six-week highs. a nice melt-up. stuart: we like to end the show on positive note. apple is worth a trillion. dow, 27,000. hey, neil cavuto, are you ready for this? it is yours. neil: putting perspective on this day of all days, 18 years after the attack on america but did not change this, the propensity of capitalism always to come back. people forget the stock market never opened this day 18 years ago because of the attacks t would open six days later. it started careening. the dow was north of 9605. it has more than tripled that in the time since. things would get worse in near time before they got better. the reason i mention that, for us to step back, remember what is going on in the moment. not only horrific attacks, the feeling we would go into