reading "the wall street journal" on the kitchen counter to how beautiful. happy birthday to him. i love it. >> democratic candidates will have to rethink their ideas about banning fracking in this country given this attack in saudi arabia. this is our strength, oil. maria: "varney & co." begins now. david asman is in for stuart today. take it away. >> thank you and good morning. big news to begin the work week with. we start with oil. price surging following that attack on the saudi oil field president trump says the u.s. is quote, locked and loaded and ready to respond. is also ready to tap into the strategic oil reserve if necessary stock futures are down in response to the oil surge with a lot of angles to the story and news continues to break out and we have it all covered right for you. other big story today united auto workers on strike at

general motors negotiations resuming next hour. the strike coming as gm faces declining sales and is closing plants with uaw leadership while facing an fbi corruption probe. have news on vaping, opioids and china's economy as well but i'm david asman in for stuart today. good monday morning with "varney & co." start right now. ♪ david: let's get right to oil. studies have shut down 5% of the production after two drone attacks. west texas crude and brent crude surging on that news over 10%. here are dow components exxon and chevron free markets. they are unchanged but those situations could change dramatically when you have the opening bell. stocks are a big along with the entire energy sector of the orbit here is president trump's latest tweet on the subject -

because we have done so well with energy over the last few years, thank you mr. president, we are a net energy exporter and now the number one energy producer in the world and we don't need middle eastern oil and gas and in fact, we have very few tankers but we will help our allies. joining me now is analyst carl larry. should we be concerned with the oil supply? >> we should be concerned with were not just talking saudi arabia supply but a lengthy supply from iran and venezuela so there's a lot going on here but president trump is right. we do have a lot of supply and we can out to make up for that market share. david: over the past year we are seeing the premarket activity when the bell opens things could change dramatically but it's already over 10% rise because of what happened on the weekend. treating over $60.50 a barrel we been in a range between about $50 and $65 a barrel for the

past year so could we go about that 65-dollar range? >> absolutely. the point here is that we have to start making it a risk premium but there's a tax on the saudi's and they have - be seen as a couple months ago and we could see it again. that makes the difference here but we have to start worrying about that and if it escalates we have to start thinking about that also because there is a big push going forward that we need to figure out something soon and start putting . david: what makes a difference is something that the president alluded to, our oil production because of the re- energization of our fossil fuels energy industry at large is really buffering the effects of what's happening overseas like i've never seen it. >> yeah, absolutely. two great things here about american oil. it's one the best qualities are there for all the refiners and number two, biggest and most important, safest and most accurate if we say we will deliver it it will get

delivered. that makes the difference here it makes our oil the premium right now. david: carl, thank you. look at stock futures. we open lower but this is a muted reaction into what's going on in the oil market. joining us is jack with behrens. jack, when you heard about these attacks over the weekend you thought maybe 200-300 points down but 100 points is not a lot right now. >> yeah, study say they can bring a third of both capacity online in a day and that they have 30 days worth of supply to make up for what's been interrupted, as you rightly point out, the u.s. is a major force in oil production so it's this is not the 1970s anymore. were in a resilient position. david: could western oil production get a boost? it will be a temporary rise as you suggested, but i'm wondering but not only u.s. production but canada. >> yeah, higher prices with think there be an increase in

production, especially if some of it with us, with this price increase. maybe some of this will be a risk premium on top of the price of oil and people think the text and this might become more likely going forward but i would not expect all this increased to stick with us but maybe some of the will and it might boost production. david: just imagine what happened at the democrat green plans came online to rule out fossil energy production in this country within the next ten years. imagine what would happen with an oil shock from the middle east? >> i don't want to come between the president and giving himself a pat on the back roads going on but i will credit oil companies and technology. a couple decades of tracking technology that was part of - [inaudible conversations] no one would put a stop to that. david: jack, stay with us. other big story we are watching. gm workers on strike, were at the gm hamtramck detroit

assembly plant. grady. reporter: relatively small group out here this morning but seems like this are plane out across the country as a 49,000 uaw workers for gm are on strike for the first time since the recession and what they are fighting for they say is better wages, job security and better benefits, specifically healthcare but we are at this specific plan because it's in the heart of the auto industry but also because this is set to close in january of 2020 so many workers will be leaving their jobs if they don't get a deal that includes keeping this specific facility open. the unit is remaining tightlipped about what they are negotiating but it sounds like there's an ocean between general motors and union officials when it comes to this contract which is a failure to present tentatively agreed on a dm, for its part, in an unprecedented

move but out what it offered to the union over the weekend and said it $7 billion worth of investments for employees, adding 5,000 jobs more than 5,000 jobs and this comes as there are record profits for gm, almost $12 billion in 2018. talks are starting at 10:00 o'clock this morning, a few miles from here, this negotiation is that the tone for the two other fca and ford in the detroit three because this will be likely used as a template going forward. we will be sure to keep you posted that the morning and throughout the day as long as this goes on for david. david: very busy morning rady, thank you. let's stay on gm and get back to jack. jack, precisely at a time when auto sales are not doing spectacularly well you have the union meeting for more money so how will that work? >> it's not just the normal cyclicality of auto sales but at the gradual long-term shift we look at the future of the electric vehicles and you have to be prepared for that. it's also changing tapered

overnight america decided no one wants to drive city and everyone wants to drive pickup trucks and suvs so automakers have had to respond to those changing in pace. i think management gm is about the best it has ever been. they done a lot to preserve jobs and put it in a prosperous place. the workers here will get support and these are voters in the swing states and get support from the public the politicians but . david: by the way, one figure and operate gm pays $63 per hour in wages and benefits compared with $50 an hour at the foreign owned factories. they want to think that the viper will they be able to do it connect. >> i think gm but offers on the table and my understanding is put them on for better wages but they also paper the well but with the closures they're talking about plans to keep them open in some fashion in the future so again i hope this is short lived. with the competitive state of

auto you cannot afford to have a long interruption. david: i don't want to disparage the auto workers in any way but they got a pretty good deal with insurance and paid 4% out-of-pocket for their very good insurance programs and compare that with 34% which is what the average worker pays out of pocket for their insurance. now we want to go to china, latest numbers so china's economy is losing steam. >> latest example of that is production coming in at 4.4% in august year over year. that's the slowest pace of growth since february 2002 and slowest in more than 17 years but we also found out the value of industrial exports are down 4.3% which shows the tariffs are having an impact. we've already been a swamp and auto in retail soils, industrial investment has continued to slump but all in all it's a broad-based slowdown in the chinese economy. question becomes what do they do

with more stimulus and maybe as soon as tomorrow they may try to cut the rates of the medium term loan facility but the problem with that for china is the rising debts. all in all this is the economy that certainly is hurting. david: let's check the features. to put this in perspective, imagine how times have changed things would've been different for the problems in china and the problem we have with mideast oil, gm's general strike in the futures are down just a fraction of a percent. 100 points out of a 27,000 dow jones industrial future but purdue pharma filing for bankruptcy as part of a major settlement over its role in the opioid crisis but we are on that but also trump economy is going strong with thousands of jobs added each month and african-american on the planet at its lowest level ever but a new survey showing for small business owners 18 democrat to win the white house in 2020. what is up with that? bernie sanders unveiling another trillion dollar plan with a $2.5 trillion affordable,

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♪ david: opioid maker, purdue pharma, filing for bankruptcy as part of the billion-dollar element with the state and local governments. susan lee has the details. >> this is a person deal, $10 million contract into three halfling dollars in settlements of purdue pharma going to bankruptcy. this was expected because they were excited to file on sunday but the purdue pharma will continue to operate and be under trustees so the fact that there is no longer [inaudible] but we

still have over two dozen states that have not settled in this so you can expect litigation which we have over 2,000 cases still whether it's civil or federal with the doj looking into criminal complaints as well against purdue pharma and even the family members have been listed as well. this is oxycontin playing blame for sparking the opioid epidemic which has killed over 400,000 lives. david: but a multibillion-dollar loss for the company. here's a number. if you think 1 billion is a lot what about two and half trillion dollars. that's the price tag for bernie sanders housing plan for turning us is former reagan economist art flapper. art, he began to add up this trillion dollar and you get into real money here. i just put together a list where we will get to 5 trillion for housing and 3540 trillion for socialized medicine and in 16 trillion for his green plan and then there's a student loan forgiveness et cetera. you are talking doubling or at

least doubling of our federal budget but what does that do to the private sector in this country human. >> it will mean we raise tax rates to well over one 100% on everyone who works sorry time you go into the office instead of getting a check you get a bill and then will be able to pay twice the gdp in these silly people don't realize by raising tax rates they will reduce revenues, not increase revenues, cause a depression. they will get low housing prices because everyone will be on unemployed, no income and housing price will be really affordable for the one guy who works. david: to talk about these silly people. they are running for the president of the united states and it's not simply bernie sanders the socialist but liz warren has signed off on almost all of these programs and even joe biden is for killing off fossil fuels so it's not just anybody. these people have a shot at the presidency of the united states. what happens if they went? >> i don't think that's true.

harold ran seven times, george mcgovern and ray - well, john george mcgovern was and - [inaudible conversations] he got one state, massachusetts. that's what will happen here. [inaudible conversations] he may have gotten puerto rico, too. i didn't look at that or the virgin islands or guam but he did not - he only got one state, massachusetts because of the silliness. bernie sanders is running and is the nominee i think trump will win 54 states out of 50. david: again, it's not just bernie sanders but if in fact liz warren with all her programs are saying this could happen to this country are you saying there's a 0% of the democrat nominee will become the president? >> zero is probably a little

high. no, i'm kidding. i'm not saying that your plan but trump would do something horrible to let the wind with these types of policies. unless you don't believe in economics and if you think it something else than maybe they can win but it's not and is john james carlson with clinton if the economy whatever, stupid. david: so quickly, why then if there's a 0% possibility of a democratic went with a new poll so that small business owners say they prefer democrat over president trump? >> i read that article, too. their poll was of three businesses but no, 700 businesses in 50 states and the other pole larger poll showed just the opposite. these polls are silly. they extrapolate to get new story running on this and small businesses think trump will do very well and especially when it comes to for them to vote. you can do all the polls and hypotheticals you want and there's one folder matters and that is on the second tuesday or

first tuesday after the second monday of november. when that happened that is the poll that matters right now i think trump has got a huge lead on that poll. david: art laffer, wonderful to see if it have a great week, art. >> hey, you too. thank you. david: president trump just tweeting out in here it is remember when i ran shut down a drone saying knowingly that it was in their quote, airspace, when in fact it was number clo close? they stuck strongly to that story knowing it was a very big lie and now they say they had nothing to do with the attack on saudi arabia. we will see. here's a look at futures they are down a little more than they were in nothing like a lot of people thought they were after that attack in saudi arabia but we will see what happens when the opening bell rings and we'll be right back. imagine a world where

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call, click, or visit a store today. ♪ david: keeping track of hong kong, 15 straight weakens of antigovernment protest. >> thousands took to the street once again and it's another sign there is a continued broad-based opposition to their growing influence over the former british colony. chief executive of the city to give back it was time that

highly controversial and extradition bill that as you see for the 15th weekend with tear gas once again and violence shows that the people of hong kong are resolute and they are demanding their freedom. david: unbelievable. needed tobacco, new york governor cuomo pursuing an emergency regulation to ban flavored e cigarettes. we do all of them except for those besides tobacco and menthol following the lead of michigan which has already gone ahead and banned these flavored e cigarettes. massachusetts, california already have bills in place to do exactly the same thing. governor saying it's a federal health emergency and he will take action as quickly as possible the irony is used about anywhere on the street in manhattan and marijuana smoke overwhelms you so wild marijuana is becoming ever present they will be in e cigarettes. ashley: ban of a skunk everywhere. david: let's take a look at futures. they are down not as much as one would expect but more than they

were five minutes ago but they are down over 100 now down over 112 on the dow. we'll be right back with the opening. oh, wow. you two are going to have such a great trip. thanks to you, we will. this is why voya helps reach today's goals... ...all while helping you to and through retirement. can you help with these? we're more of the plan, invest and protect kind of help... voya. helping you to and through retirement.

it also has the highest growth in manufacturing jobs in the us. it's a competition for the talent. employees need more than just a paycheck. you definitely want to take advantage of all the benefits you can get. 2/3 of employees said that the workplace is an important source for personal savings and protection solutions. the workplace should be a source of financial security. keeping your people happy is what keeps your people. that's financial wellness. put your employees on a path to financial wellness with prudential. david: we may have missed us

with the news of the weekend but dozens of people were arrested after big protest outside a microsoft store in new york city. susan, why were they protesting the mac. susan: they were processing the fact that microsoft was in business with the u.s. immigration and customs enforcement agency, ice. they staged this sitting in manhattan store that had to close the store early on saturday. 76 were arrested and they have demanded calling the company to cancel data processing contracts with ice but microsoft last year that they don't work with ice and they're not working with ice on any projects related to separating children or families at the border. using similar protests with amazon and their services has the event here in new york as well and called on aws so amazon cloud company to stop working with ice as well so. david: let's get down to serious business.

laughing is the opening bell begins on wall street with dough in these with the attacks on saudi arabia with a major strike at gm so the largest u.s. auto manufacturer here, 50,000 people out on the strike. 115 points does not seem like a lot but that could change in right off the bat we are in triple digits, 112 down now and you see a lot of red on the screen only for stocks in the green right now. it's holding steady right now at about 108, 109 to the downside to s&p if we could switch to that is also down a little under half a percentage point, 1212.23. the nasdaq, biggest loser right now, down .62. the getty check on oil because, of course, that's expected to rise up based on what is happening overseas in saudi arabia and it was scheduled to

be up ten points, $10 and it is actually up $9.75. still - excuse me, 9.72% that's up $5.27. still up over $60 a barrel right now. let's check mgm. the strikes are happening there today, 50,000 workers are on strike and that's down significantly over 2.5%, down 1 dollar-$37.76. joel, jack and susan and ashley are with us. we have to start with the dollar oil price after the saudi drone attack. our today's moves a one day blip? >> i think we'll see the blood through the week but we have a five-month oversupply in oil according to analysts at j.p. morgan. i think also we will see other producers, particularly in iraq and other major groups step up

their production to help offset this. i think this week were looking at the fed announcements in the china trade deal which may offset the effects in the market. david: long-term, unless we have some green new deal that comes and goes off fossil fuel, we have a lot more oil and gas in this country the same is true in canada and we think of the oil that venezuela has that they been waiting to go online and all the oil the ratings have and eventually traders think this thing will settle down. joel. >> i think what it speaks to the larger issue in terms of what will happen with geopolitical unrest with conflict with iran and to the extent that smart drones now can invade almost anyplace, anytime is a larger issue. the fact the market is only down a little reflects the broader issues and bigger concerns

besides the jump in oil prices. susan: i think waiting has an impact giving that oil prices have been down for the last two years and waiting on the oil companies is only around 10% so it does not have that big of an impact as it may be with exxon mobil being bigger. david: look at oiled drillers. they're not too unhappy about the price of oil going up in some of those drills that have been tried may reopen. >> yeah, i think so. as you say, there's tremendous resilience like there has been in the past in the energy sector today. looking at a down market right now but the bias for this market is higher. stocks remain a great deal relative to anything else in the financial universe right now certainly relative to bonds so we could see this market up by the end of the day today. david: doesn't the term deal or possibility of interim trump china deal trump the whole notion of what's happening overseas with oil? >> i think that would give the market a leg up and if we saw some kind of deal talks are

continuing and they like that and they don't want to see a total breakdown for both sides walk away and this is hanging over our heads until after the election so where things are i think you'll get a bit of a boost in market. ashley: this comes at a terrible time for economies around the world, china and india in fact they may have to pay more for their oil over the extended period of time to have a negative impact on the economy and hot economy is coming along and we have resources we can ramp up so from a global perspective i think this is bigger for the rest but it depends on how bigger problem this is. susan: the rotation of money into mutual funds was over 14 and a half billion dollars last week and that's biggest inflow since march 2,018th so that shows you investors are willing to fight as we have an impending

interest rate cut in the next two days in a small company they have outperformed the major industries by most of 2016 over the past week, right, joel? >> to that point we looked at no caps have not caught up to the september october high so there about 1450% off whereas the dow and s&p are closer. david: look at the big board. the market is still down for down 64-point 460 points are now on the dow jones industrial down triple digits but the other big story we are watching this morning gm workers on strike with christina is that the gm plant in arlington, texas. christina, what is the latest? reporter: this focuses on large-scale suvs and we have 4,000 workers striking here and they are asking for their wages. they don't want their health care cost to climb higher and there are four idle plants set to close according to gm so they want to demand union workers and

it's where the new items to be added to those four factories. you have workers here rotating in and out because there's 11 gates around this massive building and i met people the work done the line and drivers and a retired worker to that came out to help and they are pushing to get negotiations on board. you have that starting at 10:00 a.m. eastern time. gm has responded saying they've already invested $7 billion back into workers and given 5,400 extra jobs so these negotiations are set to continue in detroit and they will see possibly up to 46, 49,000 people across the united states protesting, striking we not in a strike like this in the past 12 years. however there's one man is very optimistic and he was here during that last strike and that

it was over in one shift. overall, hopefully they don't have to be out here for long because if they do fill only get to a $50 u.s. a week according to the union it back to you with christina, thank you. joel, one thing people are worrying about right now a lot of folks that aren't experts in the auto industry is whether it will have another situation where the companies are squeezed and have been losing sales where the companies are squeezed exactly at the wrong time by the unions whether this can lead to another bailout. >> when you look at gm they dropped from 152,000,000,003 years ago to about $130 billion in sales today. the profits are down to about four or 5 billion but they're still making 8 billion a year. they got 20 billion in cash so they can withstand this for a while but what people don't know is the last fears gm has dropped from 225,000 employees to 175. we don't have the most recent data but these 48,000 workers have to remember this is a company that dropped its margins from 13% to 10% and the wages

for gm is about 58-$59 all in for cost employee cost half that for volkswagen and bmw and much less in mexico. this is a company which is trying to remain competitive in the 250 that was just mentioned is about the cost per automobile the excess cost the gm now pays, $250 extra. labor is only about ten-50% of the automobile. david: a lot of people wondering why gm and ford are gm's profit margin is over 6%. fords is under 2%. you go where the money is in gm has the money. >> exactly it's been 20 people in cash people are looking at that building 8 billion in profits and they say they want a piece. susan: it was 6% for gm is the highest one of the biggest three in detroit and according to the center for automotive research for every hour that workers are off the job these carmakers lose $1.3 million. this could extend longer than excited that the hit so for

general motors but we not brought up the fact that the og doj is investing the uaw top ranks for . david: might this be eye diversion from that? susan: a call to questions some of their motives. david: timing. it take that story off their front-page. susan: especially when workers are being paid quite well in comparison to other industries. deduct 40 or $50 an hour. david: $53 an hour is why gm pays wages and benefits, all in. let's take a look at the big board. we are down triple digits but just barely. dow jones industrial over 100 points to the downtown right now and it's playing with that number came down to double digits in a while back but it could be a lot worse on the date when you have negative stories take a look at big tech. we can see they are all except for facebook in the red and not terribly in the red but the biggest hit going against amazon which is down one and a quarter

percent. let's look at gold because with all the concerns overseas usually gold gets a bump or i'm sorry that's bitcoin. that's down 26 in gold is up $9, little over half a% and $508.50. look at gold mine. they are doing quite well as you would expect with gold up check real caribbean and carnival cruises. they are down on the oil price hurt surge as well. royal caribbean is down over 2% and carnival is down 2.5%, $49.23. in the ten year rates let's 1.86%. ashley: can i just say last year we thought this incredible rotation into value stocks out

of momentum stocks the first three days a week with the biggest move like that in 30 years but everyone is wondering will i continue? david: we will continue right here in "varney & co.". thank you for all this great stuff. canada wants the world to know it is open for business and ready to make a deal. the premier of alberta joining us in studio at the 11:00 a.m. hour to talk about what his province has to offer and how they are dealing with their own green new deals. americans are going out to eat more than ever but restaurant stocks have not benefit from the increased customer counts. what will ask former mcdonald's usa ceo and one of the largest mall in the nation can relate to open in new jersey but with shoppers increasingly going online is there still a need for a new spectacular mall in 2019? we will ask a top retail

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david: checking the big board, down 107-point pretty steady where was it with premarket activity as we see a lot of negative news of their but not as negative as one might expect with stocks. disney chief bob geiger designing from the apple board. deidra bolton is that the stock exchange all about streaming. >> that's right while bob geiger did not give a reason for stepping out of the board of apple he did announce that resignation on the same day that apple plus announced its streaming product which will compete directly with i met with bob iger in may and asked him about this relationship and here's what he told me. >> we spent more time worrying about the focus on what were making and how we are delivering

to the consumer and less about the competition. >> you don't feel like a weird friend enemy and you should - >> , i do recuse myself. when the subject of apple television or apple plus movie is discussed, i step out. >> yes, that my coffee break. reporter: he told me the e-mail break was done on an apple ipad though there are many layers here at the end of the day both with disney and apple have outperformed the broader markets year to date. david, back to. david: i need a break from an e-mail not a e-mail break. deidra, thank you. reporting to a newer port some big-name retailers are on the verge of bankruptcy. among them are jcpenney, pier one, bed bath and beyond in joining us is brick-and-mortar retail watcher j scott shield scott, are these big names that are been around forever really going down the tubes? >> there's no doubt about it. many of them are expanding trouble and their strategies do not keep up with the times and click and mortar did not work so

they are finding themselves a losing battle and it will continue with a lot of sectors with regional catalysts. apparel will still hit it will still take it but we are seen wrote in a sectors so . david: but when we look at these names, jcpenney, pier one, bed bath and beyond, will they go the way of sears aerobic? >> they are been jcpenney is in trouble and there's no doubt about it. the best and beyond the just got leverage and the debt they carry so it does not work for them and they are downsizing stores because they just don't need the amount of space they have. the overhead inventory is too much. david: they can't make the transition to the retail? >> they can but they are in peril but i think jcpenney is a matter of time but with respect to bed bath and beyond they've got a shot at pier one missed the market. there are other ways their core shopper on ways to set aside their needs. david: what about kohl's? it found a way to stay alive

longer. >> they on the way to advertise their customer base. they come in because they know they can get quality product at discounts and they have a unique vertical channel market for the product they have is not available everywhere. david: before you go i want to ask you about this new dream small opening up in new jersey that is supposed to have spectacular - it's an experiential thing that provides much more than retail shopping. you have roller coasters and stuff like that are most likely to deliberate is that way to deal with this? >> they got a shot at making it better but this is the outgrowth of project that was born before this turmoil hit. they had no choice but to fight. the getting entertainment, experiential, service industry and dealing with dining but at the end of the day the amount of space they have will be a challenge for them, no doubt about it. david: we see a hint of this with xanadu but there was a mall called xanadu that had the spectacular stuff but did not

work out too well. >> they relied too much on that but traffic which will come but just doesn't come the way it used to. we are seeing weakness in other categories as well. were more concerned about industrial and warehouse and manufacturing space because those have experienced a massive run-up over the course of last six or seven years with the trump economy and occupancy rates going from the mid- 70s across the board to up into the '90s. i think you'll see challenges in the market as we get closer to election time because people will be nervous about what could happen in the event we don't do the trump economy was nice tie, by the way what did you buy one of these resellers connect. >> and it. david: very good. the dow down 160 points now and pretty much where was in premarket activity. you see a lot of red but not spectacularly down red marks. dow stocks are in the green. some of the top 2020 democrats continuing to push for medicare

for all, really socialized medicine. a new survey showing a lot of democrats would rather with obamacare with what we have. that's right coming next. this is the age of expression. but shouldn't somebody be listening? 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.

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♪ david: as stuart would say i like to call this a moderate

loss in the dow. were down less than triple digits, down 84-point on the doubt and you can't emphasize this enough. the tremendous problems were having overseas, not only with trade but with saudi arabia strike, possibly by iran and a strike here in the united states with gm 50,000 auto workers out on the strike but the dow is down just a fraction of a percentage point. 79 points down on the doubt right now. oil is up as you would expect but saudi arabia just under 2% rise on the opioid maker, purdue pharma, finally for bankruptcy is a part of the billion dollars of mental states and local governments. during us now is william solomon with the council for medical affairs. your job, william, if we choose to do it and i guess you have chosen is to rebrand pharma. give pharma a new face and a kinder, gentler face. how do you do that? >> exactly. the opioid crisis hit the tip of

the iceberg where the entire industry in terms of thinking how we do business differently and what the accreditation council of medical affairs credits and certifies credentials pharma industry professionals that work and educate talk to positions. if you think about it, today everything from hairdressers but the hairdresser needs to be credentialed and licensed. why is it that people that are educating physicians don't have credentialing or licensing? >> you want to change every how would that affect the industry? >> anyone that does not have a credential cannot go and educate or talk to a physician about a product. think about therapeutics,ly bece of the opioid crisis they had one bad after of another company involving kickbacks and involved in doctor kickbacks but if there was accreditation process in

place that would not have happened. david: will that be enough? a lot of the problems with your. problem is will address that at least somewhat but the question of pricing, drug pricing is that the key, not only democrats but this includes the republicans and the president and how you rebrand pharma? >> if i'm a pharmacy ceo i need to bring trust to the american people and transparency and credibility. the comes to drug pricing thinking about ways to streamline system. the system today has inefficiencies that lead to increases in pricing using. david: there's also the question about what healthcare system we will be under after the next election. interestingly, a new survey says 55% of democrats are against medicare for all, but 5% of democrats would rather keep us on obamacare some form of obamacare whether the form we have now but is that encouraging to you or what? >> look, first to the fact that you have democrats debating medicare for all to me is evidence of the fact that obamacare is failing to some

degree and i also think that one of the things were not seen were taking into account is what happened to medicaid and those 180 americans under private insurance that are happy with their insurance. we need to think about that and what the ramifications are. david: william, thank you. big job and good luck the new york times walking back its report on an accusation of sexual misconduct against supreme court justice brett kavanaugh but that is not stopping prominent dems from calling for his impeachment. he is best known as the former head coach of the auburn football team but now tommy two per bill is running for the alabama senate seat currently held by a democrat, doug jones. big supporter of president trump and joined us next hour. you don't want to miss that. up next, more varney right after this.

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david: good morning, everybody. i'm david asman in for stuart.

we're watching negotiations between gm and uaw this hour. we're looking at assembly plant. 48 how are reportedly on strike. we'll update you on the story throughout the hour. the big store of the morning, oil up about 10% after that attack on a saudi oil facility over the weekend. president trump authorized the use of oil reserves. says the u.s. is quote, locked and loaded for a potential showdown with the iranians. get straight to it. former chief speechwriter for defense secretary jim mattis. guy, first of all, do you think iran is responsible? >> there is more information that needs to be sought out. the information has more intelligence than shared with the public. secretary pompeo attributed the attack to "new york times." david: "new york times," had to say the photos attack drones coming from the northwest which

is where iran is, as opposed to the south where yemen is. >> that's right. that is what they shared with us so far. we wait to hear more information. if you look what happened over the course of last two months. first seizing of oil tankers and putting mines on tanksers. damaging two of them. you have significant strike on oil refinery in saudi arabia. that is significant up tick. david: it is an uptick. i'm wondering if there is any connection with the up tick and resignation or firing of john bolton, what do you think? you know, attack like this takes some time to actually execute. it is hard to say if it was tied directly to bolton's resignation. you have to believe you have two stronger iranian hawks in the administration, former secretary of defense, james mattis, john bolton, both left the administration you have to think iran will exploit that. david: let me read the president's tweet right here. get it straight too him. quote, saudi arabia oil supply was attacked there is reason to

believe we know the culprit and are locked and loaded, depending on verification. but we are it withing to hear from the kingdom as who they believe was the cause of this attack. under what terms we would proud. how should we proceed? you. >> i like what the president and the administration has done, focused on the attack. president said oil reserves would be made available to handle any shocks in the system. as you know, saudi arabia has 30 days of reserve on supply, ready to meet demands of the global economy. you with that being said i really like what the administration has done. they have spoken forcefully but exercised restraint. last thing you need to do in the global security environment is rush headlong into another conflict with iran. instead keep your eye on the prize. looks like now it is russia and china. david: at the same time you have to be careful about painting a red line doing nothing when somebody steps over it? >> i don't think the president

or administration has established a red line. they have phone forcefully. -- david: what would you say is a red line. what would you consider to be a red line for iran? >> i think any kind of significant attack that you can attribute directly to iran against u.s. forces in a region would be a red line. david: further attack on a saudi oil facility would not be that red line? >> i think in this case you don't certainly want to box the administration into a position which it doesn't want to find itself. no doubt we already heard from the president himself he is working closely with the kingdom to establish who was behind this attack and what kind of support we can offer them as they move forward. you better believe we'll hear more about it. david: guy snodgrass, i met your former boss, jim mattis. what a terrific guy. you work for a good marine. >> you bet. david: gm stock is down as united auto workers go on strike. this is the first strike in 12

years. grady trimble is in detroit with more on this. grady? reporter: talks are underway a few miles from here as we speak. the strike started midnight last night. 49,000 gm employees are on strike today. they say they're fighting for higher wages, better benefits, health care and job security. this specific plant in detroit, outside of detroit is one set to go idle in just a few months at the beginning of next year. so these people here in particular say they have a lot to fight for because their jobs are potentially on the line. you hear cars honking by to show their support as they go by. the union says there is a huge gap between what they're asking for and what the company is willing to put forward. the company is willing to invest billions of dollars. it also is willing to add jobs, and improve wages. there is a lot going on as they sit down to talk. in addition to ending this

strike which costs gm millions of dollars a day, up to 50 million according to industry analysts it could set the tone for future contracts with fda and ford. there you go a car honking as it goes by. it could set a template for future negotiations with those countries. david? david: thank you, grady. jeff sica, circle squared alternative investments. jeff, we put the question to other guests. whether this could be beginning of another auto bailout. could this be possible? are they squeezing auto companies at exactly the wrong time? >> you have to keep in mind you have the tariffs. tariffs concern auto-makers,. david: good point. >> they have always been slim. they have trouble making profit. gm constantly complained about the cost of health benefits and benefits package they give to the uaw workers. yes, they are very concerned

about this. i think one main goal here is, now that the tear riffs are come -- tariffs are coming into effect the workers justify fly do not want to lose their jobs as a result of the tariffs but the union itself, union officials asking for high every wages at this time puts this with a very, this stand still at a very strong indication that there will be an extended period of negotiations which could be a problem. david: you know who empowers the union? this is irony of all ironies is president donald trump. because he created a job situation in this country. he said many times there are more jobs than job-seekers. that empowers workers with more power than they had before does it not? because now workers have a better bargaining position because the job situation is so good right now? >> president trump has made the case, correctly so, these can't be moving plants to mexico to

expect to get incentives from the government. the union is coattailing that saying we need to keep the plants open and get better wages. whether or not they come to an agreement remains to be seen in the short period of time but it is justifiable that president trump is giving them, strangely as this may sound, is giving them a strong hold in this argument. david: just one fact alone that we mentioned before today is that gm pays 63 bucks an hour for the worker all in, when you include benefits and salaries. it is $50 an hour at for ren-owned factories. that is the that is the lure that formed many companies to lure factories overseas. that is hard lure to deal with in a free market economy. >> it is. gm made the case they're bringing in good workers. the workers are loyal. they're staying loyal to the company. that is a factor.

wages constantly are negotiated in terms of moving forward. they're constantly going to look at what is the government giving gm. how much is funneling down to workers? it's a tough, it is very easy to sit on the fence with this one. i think from my sake i'm always thinking of the workers. gm is making a case for some of the newer workers coming in at lower wages and the amount of time it takes them to get to a higher wage. they want it to be more like five years than eight years. they're pushing for that. that might be a justifiable fight. that might be a fight that is worth taking on. david: sounds like you think it will be resolve relatively soon? >> i think it will be resolved relatively soon primarily because i don't think gm wants these plants to close. i don't think the ia -- aw wants them to say closed. i think they want an agreement

and they want president trump to be on their side to the extent he can be and i think that is going to mean they have to come to a solution. david: i think you're right. gm still owes the american taxpayer for the money we lost selling our stock at a down point in the market, over $10 billion as i remember. >> right. david: they have some thanking to do to the u.s. taxpayer as well. jeff, thank you very much. the market is down over 100 points right now. the dow jones industrial average has been kind of tickling that 100 point line for the past hour since the opening. and it is staying there right now. it is about where it was in premarket activity. we want to bring back, jeff, because you, we were just talking about the retail sector before, kind of a grim view what is happening to several retail stocks but brick-and-mortars are not dead, right? >> they're not. here you have the shape -- the sheep and the wolves. the 7,000 stores are the sheep. they got devoured.

they failed to execute on a business model where they could have a online presence yet not alienate their customers. david: i'm looking at tjx companies. i assume that is the wolf? >> that is the wolf. that is ultimate wolf. they own marshals and home sense. we've been in the development of tj maxx. that is what the millenials like. they like big bargains. they like treasure hunting. there is cult following in companies like tj maxx. some retailers that survive and thrive like tj maxx will get stronger and stronger as time goes on while a lot of companies that went out are going to continue to go out. david: we have to go, jcpenney will go the way of sears & roebuck, do you agree? >> you bring up jcpenney, that was, jcpenney was a bad call on my part. i thought they would survive it. every time i'm feeling good about myself, that one comes up. david: we all have one.

peoples express from the past. i saw that one go to see row. >> exactly. david: "the new york times" issued a major correction on piece about justice kavanaugh. the person does not recall the alleged assault. an interesting detail to leave out of the report. we have those details and mike huckabee coming up next. veteran coach tommy tuberville is running for senate in alabama. he led the auburn tigers for 10 seasons. will this work for him or against him in a state bitterly divided by college football. remember the big rival is the university of alabama. could they ever vote for a guy from auburn? we're asking him later this hour. we're speaking to a lawyer suing juul for marketing its vaping products to teenagers. as new york state announces an emergency ban on most flavored

e-cigarettes, following reports of vaping related illnesses even deaths. the second hour of "varney" just getting started. ♪ ♪ ♪ ♪ why accept it frompt an incompyour allergy pills?e else. flonase sensimist. nothing stronger. nothing gentler. nothing lasts longer. flonase sensimist. 24 hour non-drowsy allergy relief

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say yes to getting the right health care coverage without having to wait for it. david: check the big board. it is down 113 points right now. when you consider everything going on in the world including right here at home including the gm strike this is not a huge down. down triple digits. less than half a percentage point down on the dow. now this. "the new york times" issuing a correction over a smear piece on a supreme court justice brett kavanaugh. ashley, you have the details. ashley: that piece brought back another sexual allegation brought against justice kavanaugh. it is taken from a piece coming out on this issue.

but they fail to mention one key element that they ran in the piece. the alleged victim had no recollection of the alleged assault at all. she has refused to be interviewed. she has made no comment about the episode. all of her friends to a t says she has no recollection of this. so "the times," it was only caught because someone actually read the book, found in the notes, wait a minute, this was never corroborated by anyone other than a attorney with links to the clinton campaign. david: leaving out the key components that makes story a scoop. ashley: let me say quickly, david, a lot of presidential candidates jumped on the bandwagon calling for kavanaugh's impeachment, kamala harris, bernie sanders, elizabeth warren, beto o'rourke, julian castro. nothing heard from them after the correction came out. but that is the interesting part. david: let's bring in mike huckabee, former arkansas governor. what do you make of this, governor?

>> i don't know where to start, david. "the new york times" has become "the new york times." this is one of those discredited stories. i do have it on good authority "the times" will soon be a tabloid. they will be in supermarket racks next to the newspapers that think mayor pete is actually the love child of bette midler and a foreign alien. this is nutty stuff. this is just insane. david: just journal is i cannily speaking how do you write a correction that knee gates the whole import of the story? >> you only do it when you acknowledge you're no longer practicing journalism. you're an advocacy piece. you might as well say at the top of the masthead, all the news that helps the democratic party against donald trump. that is who they are. this was really a shame and an embraer wasment. nor, it embarasses anybody

attempts to be a journalist. let's add things democrats are running on, open borders, late-term abortion, they're running on higher taxes, a "green new deal," to get rid of cows and cars in 10 years, a lot of other crazy stuff. now they added one. let's get rid of due process and the presumption of innocence, the two fundamental lynchpins of our criminal justice system. that is really a defining issue for the democrats. david: senator ted cruz was talking about what they're running on, particularly economic issues over the weekend. i want to play that, get your reaction. go ahead. >> what the democrats told the american people is they want to raise your taxes, they want to triple the price you pay for a gallon of gas at the tax, at the pump. that they want open borders. they want to take away your health insurance. show me one steelworker, show me one truck driver, show me one person in america who works for a living is interested in that

radical agenda? david: now governor, i know whoever is the nominee will try to turn hard right after the nomination but they have gone so far left already, put out these proposals, multitrillion dollar proposals out there, how are they going be to i believe -- able to take them back? >> they can't, david. there is no credibility, to pretend if they get the nomination they didn't mean it. their wheels are locked in a strong left turn and they cannot be reversed. they have gone to such a radical position. this is not like left of center. this is so far left of left, we never seen anything like it. they're leaving a lot of their own, what i call middle america, sane and rational democrat constituency behind. not all democrats believe this nonsense. they just don't. they're decent good people. they are hard-working. they may see life a little differently than me a republican. they don't see it like that. they honestly don't.

they may not like trump -- david: joe biden, he said he is for eliminating fossil fuels during his administration. what would happen with the situation in overseas in saudi arabia if we had no fossil fuel industry. >> energy freedom is equal to freed come tore the united states. that. that is why it is so important these guys don't get that. david: governor huckabee, always a pleasure. appreciate it. >> thank you, david. david: mr. new york himself, carl icahn announced last week he is leaving new york for florida. reports attribute his move to new york's high taxes. a lot has to do with the capping of the s.a.l.t. deduction which the house ways and means committee is set to revisit. can we expect any change on that? we'll be asking a tax expert right here. also protests in hong kong entered their 15th straight

week. they turned violent over the weekend again. what i want to know, is there any end in sight here? more "varney" after this. ♪ 300 miles an hour, that's where i feel normal. having an annuity tells me my retirement is protected. learn more at retire your risk dot org.

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walmart has its first help center in dallas, georgia. lauren simonetti i was going to say dallas, texas. >> why is this a big deal? you go into a walmart, there is super health center literally with up front, transparent pricing. i give you an example what they're charging. eye exam is 45 bucks. a checkup is 30 of course without insurance. so you can afford it. you know what it costs you. you get personalized care. something for instance, amazon cannot do. as we see, cvs, walgreen, amazon, apple get deeper into health. walmart is using retail presence in a bigger way. analysts like this. jefferies said it stole the show. the stock is down but up more than the broader market on the year. david: very interesting. i would like to go to walmarts for a lot of little things to be checked up. we'll see how it works out.

lauren, thank you very much. check apple's stock. it is basically flat today. it is going against the european union in one of the largest tax case this is week. we have that coming up. the national music association is upping the lawsuit against peloton, the maker of the popular exercise bikes. the music is a big part of the online workout classes. it is alleging they are using hits without a license. uh-oh. ♪ managing type 2 diabetes?

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♪ david: i thought we would get the first line. ashley: twist, twist. david: come on, come on, come on, baby now. five come ons, then twist and shout. that british invasion. now this peloton is being sued for 300 millions dollars over claims it stole songs. susan, i don't know if one was "twist and shout." susan: beatles are part of this, taylor swift, adele. this is according to the national music association publishers association. the peloton bikes work you get a class on the tv screen, mounted on exercise screens and they use music. they're saying basically, the national music publishers association filed a suit back in march alleging that peloton didn't have the rights that you use over 1000 songs back then. it expanded that by another

1200. so the of course the settlement they're seeking doubled as well. they're looking for $300 million for the illegal use of some of these songs. david: oh. susan: peloton filed a countersuit saying this is anti-competitive conduct for the national music publishers association. why can't they use it too? don't forget peloton is expected to ipo in coming weeks. looking valuation of a billion. looking to raise 1.3 billion in cash. david: they're already burning cash. this doesn't help the burn, does it? >> they lost half a billion last year. david: for peloton. britain's prime minister, boris johnson was booed as he was leaving a meeting in luxembourg. to be booed in luxembourg you have to do a lot, right? ashley: bad enough in parliament, but here we are in luxembourg. boris johnson meeting with the luxembourg prime minister. he there with jean-claude juncker.

they have, are they bet getting more and more fed up, they should be fed are up. the deal we gave you is one we will have to accept. he is getting booed by some people, clearly do not agree with boris johnson. who says we're leaving. do-or-die, october the 31st. in fact getting it from all sides now. he needs a win. ashley: any win. david: check the big board. we're at session lows right about now. 137 to the downside. a full half a percentage point to the downside on the dow. we were trading at right about 100 point level loss. now we are extending those losses to 136 points on the dow. back to the big story on the day. oil is up significantly. over 10% right now, over 5.50 cents a barrel, after saudi arabia oil fields were attacked over the weekend. jackie deangelis joining us with more. reporter: we're waiting to see

how quickly saudis get five million barrels up online. the gains we're seeing are pretty much capped. he would tap into the spr, the strategic petroleum reserves, add supply to the market to ease tensions. what is really interesting here. that may be a little bit premature. opec on one hand said we'll not add supply to the market. they don't necessarily mind that the price is little bit higher right now but they don't necessarily want to flood the market. it will be interesting to see how the events move along the next week or so to see if president trump actually does do that what is more interesting here what i think is iran's motive if they are in fact behind this attack. they took five million barrels down from the saudis. they have been crippled by sanctions, now producing a little more than 2 million barrels a day. this is an opportunity for them to continue selling oil on the black market. probably to get more for it. david: we do have breaking news and that is that we can confirm,

u.s. officials can confirm and fox news confirmed this from u.s. officials that the attacks against saudi arabia did come from iranian soil. as i mentioned before, they have photos showing the drones coming from the north. yemen is in the south. therefore it was impossible unless it took a big u-turn. that is very unlikely. the drones came from iran itself, possibly iraq as well. there are part the of iraq that iran is in big time. more than likely came from iran itself as you can see where the oil fields are, see yemen down at the bottom. the suggestion made by people sympathetic to the iranians came from yemen. the rebels to yemen. doesn't look that is clear. jackie, the administration is now saying it came from iran. >> this is huge. attacking saudi arabia not only disrupts global markets, remember they want to go public with saudi aramco. how can they do that and sell

themselves to investors when they can't even secure their oil fields? this is larger than what err looking at. david: ominous tweet by the president saying the u.s. is locked and loaded waiting for more information from saudi arabia. we'll see if there is a red line over which the iranians have already overstepped. now this, apple will fight 13 billion-dollar euro order to pay for back taxes. ash, give us the details. ashley: 14.4 billion according to the european competition commission. what is interesting about this case, not only does apple disagree but ireland itself disagrees. says go away, eu. you're impinging on our national could have vicinity. the eu claims ireland artificially reduced apple's tax billion to the tune of $14 billion which is in effect illegal state aid which is against the rules in the eu. the eu says in 2014 apple paid effective tax rate in ireland of

0.005% tax. david: maybe ireland might want to pull out of the eu? >> probably not. this is the kind of issue that led to brexit. david: bureaucrat in brussels telling what your tax policy is. ashley: they will send a six person team. the argument begins in eu court. david: apple may have a very interesting ally which is the government of ireland. ashley: correct. david: we'll see how that turns out. the ways and means committee is considering rolling back the state and local cap deduction cap. as of january 19th, the treasury department is keeping $323 billion of salt deductions. that is how much the federal government has taken in tax revenue of changing the s.a.l.t. deduction rule. come in jonathan williams. alex chief economist. what would happen with the budget deficit already ballooning if we put back those salt deductions? >> hi, david. this would be something that

would absolutely bust the deficit wide open. in the next 10 years we would look at something like 6 to 700 billion extra added to national debt because of the repeal of the salt caps. this has been very good public policy. this is kind of one of these strange things around washington, all all of sudden liberal democrats are trying to protect a benefit that protects wealthy individuals. david: exactly. who is standing for the 1%? liberal democrats. the whole point not only get more revenue from the federal government. frankly less concern to me but putting pressure on state governments from state governments boosted up tax revenue to the point where you have people like carl icahn leaving every day. that reduces their overall tax revenue. it is crazy. they're shooting themselves in the foot. maybe it will pressure them to lower their own taxes state and local. >> let's hope so. from your lips to god's ears.

we've been tracking it a decade in our rich state, poor state report. florida is up a million. now they have gotten really new taxpayer carl icahn bringing his business. if anything these huge migration trends of people voting with their feet away from high-taxed states are going to intensify now that the subsidy of high-taxed states has been eliminated. it is a great thing in tax competition where states compete on equal playing field. let's end a subsidy to the high-taxed states. david: if i would be paying a lot less taxes unfortunately fox business is here in new york. we love new york. it is just we don't love the high taxes here. good to see you, jonathan. thank you very much for being here. coming up next we talk to veteran college football college coach tommy tuberville running for senate in alabama.

remember coached at auburn. he had a terrific record there. will he have problems supporting him if they're from the university of alabama. renter protections, affordable housing that only costs $2.5 trillion. we have details on that coming up. ♪ 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.

during the fall, everyone who has medicare may be eligible to choose a new medicare health plan. but you may be able to choose a new plan right now. if you answer 'yes' to any of these questions: are you turning 65? do you have both medicare and medicaid? do you have medicare? and are you losing employer health coverage? if you answered yes just once, you may be able to choose a new medicare health plan right now. call humana at the number on your screen to see if you qualify. and we'll send you this helpful medicare decision guide. the call is free, and there's no obligation. humana has over 30 years of medicare experience and offers a wide range of all-in-one medicare advantage health plans that include medical and prescription drug coverage and valuable extras like: a 24-hour nurse advice line. the silver sneakers fitness program. and mail order prescription coverage. all for an affordable monthly plan premium. and, in

some areas, no plan premium. with humana, you'll get more than original medicare alone and have the peace of mind of knowing you're covered for doctor visits and hospital stays. plus, routine physicals and preventive screenings. and when it comes to prescriptions, in 2017, humana's medicare advantage prescription drug plan members saved an estimated $6900 on average on their prescription costs. so call a licensed humana sales agent today at the number on your screen, to see if you're eligible to enroll today. and say yes to getting the right health care coverage without having to wait for it. david: slight downturn on the dow. we're down 135 points. only one stock can make a difference because there are only 30 stocks on the dow. boeing is down a.

it may be because of this. the company, boeing, is looking in making changes in the engineering and safety department in the wake of 737 max crashes. that is pulling the stock down almost a percentage point that might be why the market itself took a slight downward movement from where it had been trading. it is now down about 127 points on the dow. now to the hong kong protests. they are continuing for the 15th straight week. susan you have more details. susan: thousands taking to the streets. another show of broad-based opposition to beijing and hong kong government. they thought the protest was dissipate and maybe dissolve over the coming weeks, because, a, the school year has started, and b, we have the chief executive pulling controversial extradition bill which sparked the 15 weeks of rallies. but after tear-soaked streets and confrontations and also vandalism on the, in subway stations and also the airport,

looks like there is still resolve to fight against beijing and hong kong. we have joshua wong protest leaders. they are in d.c., lobbying congress to push through the hong kong human rights and democracy act which would give the u.s. further authority to defend hong kong's territories and freedom, and to protect the people and if you look at the twitter sphere, joshua wong says he has marco rubio on board. he says that president trump has not pushed back against this notion. they're hoping for more help from d.c. david: i have to gush for a second, susan. you did magnificent job in hong kong. some of those interviews gave me goosebumps. terrific job. susan: thank you. david: he is running for the seat currently held by democrat doug jones. tommy it tuberville, former football coach.

we saw a poll that 55% of democrats don't like "medicare for all." they see it as socialism they want to stick to obamacare. why are top tier democrats gloming on to it so tightly like liz warren? >> the american taxpayer, david, can't afford "medicare for all." they are the ones need to be asked. they're tired of paying for all the expenses. the american public, we need accessible, affordable health care, not being run by government or government bureaucrats or politicians. we can't keep doing this to the american taxpayer. we can't afford to do it. we need accessible health care that is good quality. it needs to be run through free trade. that is what this country was built on, free trade. free trade, competition, give everybody the ability to get into the game to make it a better health care system. david: by free trade, trading insurance policies across

straight lines, right? we're not talking about international free trade here? >> just any competition with health care, any competition with insurance. anything that we can do to make it affordable but also quality. you know, quality is so important in health care. there is a lot of people millions of people every day are turning to medicare. 160 million people are 65 years old and older. that is a lot of people. david: it is. >> our health care system needs to be better and better every day let me ask you about your run for the senate. you still have to go through a primary. judge roy moore will be in the primary race. you're solid with the president's support. we saw south carolina. his support can mean a lot? >> president trump has saved his country. i don't know who he will support or whatever. it goes a big way in the state of alabama. i'm a true conservative, christian conservative. i want this country to survive. i want this state to survive.

we're in trouble, david. we have to get away from the career politicians. i'm not establishment. i don't know anybody anything. i'm not taking a salary. i want to do it for the right reasons. david: you were a great extraordinary coach of you a burn. the state of alabama has go teams. they have got auburn and the university of alabama. i'm asking because you were one of those people, the rivals, supporters of university of alabama be able to jump over the sports line and vote for you? >> you know before i decided to run i did my due diligence, david. i went across the state talking to people about this you know at the end of the day, the people of alabama they trust too the ball coaches a heck of a lot more than they trust politicians. i will get as many alabama votes i will get you a burn votes. we need something strong. we we need people to -- david: 90% of the americans would trust a great football

coach over a career politician any day of the week. you guys have to make very important decisions and snap judgment. you do a pretty good job at it. coach, great to see you. thank you very much for being here. >> thank you, david. david: a chicago law firm going up against e-cigarette giant juul. they filed a nationwide lawsuit alleging juul targeting vaping projects to teenagers. we're speaking to a lawyer in the case coming next. ♪ fact is, every insurance company hopes you drive safely. but allstate actually helps you drive safely... with drivewise. it lets you know when you go too fast... ...and brake too hard. with feedback to help you drive safer.

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more, another round of democratic votes to make it so there couldn't be a challenge to usmca in the future. they have enough votes to pass but they needed a little bit more. to get to the more votes there are two or three big issues with usmca that need to be tweaked there. he says u.s. trade representative robert lighthizer is working with democrats and the chamber to try to tweak these issues. one of the big issues, according to the issues is enforcement in the bill. u.s. trade representative robert lighthizer met with the chamber and told them that he is working with the house speaker nancy pelosi about the enforcement part of the bill. now quickly moving on to the china part, the tom donahue, the president of the u.s. chamber says that u.s. trade representative robert lighthizer towed him, on friday the deputy level meetings will happen between the two trade delegations moving forward. robert lighthizer would not talk about a interim deal. this is one step at a time.

lighthizer, the u.s. trade representative, told the chamber they would like to have a real deal. the chamber of commerce president goes on to say, basically if they don't have intellectual protection in an agreement, it would be hard to come to trade deal with china. david: thank you, edward. new york may ban sale of flavored e-cigarettes. ash, you have the story. ashley: new york governor andrew cuomo will push for a ban on all flavored e-cigarettes except for tobacco and menthol. you know, the president is also weighed in on this on the federal level as we no. while i like vaping alternative to cigarettes we need to make sure this alternative is safe for all. let's get counterfeits off the market which is a big problem by the way and keep young children from vaping. but those counterfeits are everywhere. david: all right. to a chicago law firm which filed a nationwide lawsuit

against juul e-cigarettes for targeting teens. come on in the law group president. ken, are you trying to essentially put juul out of business or are you going after their teenage sales? >> well look, we're going after the maker of the most potent e-cigarette on market. it has more than triple the amount of nicotine than any of its competitors but more importantly we're going after the biggest culprit of illegal marketing to children. they're going into our schools and telling children that juuling is safe and it is not. we have a kid in the hospital right now on a lung machine fighting for his life because of juuling. david: i have to ask you, ken, you didn't specifically answer the question, would you like to see juul go out of business as a result of this lawsuit? >> well, juul products should not be on the market because they haven't met requirements the fda put out for them. no manufacture put in premarket

approval application. i think juuling is more dangerous than traditional cigarettes. yes, i think it should be put off the market. we're seeing kids coming down with problems after two years rather than smokers. david: i want to put in juul's response to the lawsuit. they came out with a statement, quote, our product has always only been intended to be viable alternative for current one billion adult smokers in the world. we negative marketed to youth and do not want any non-nicotine users to try our products. this suit copies and pastes unfounded allegations in other lawsuits which we have been actively contesting for over a year. it is without merit. we will defend our mission throughout this process. fair and balanced we had both sides. thank you very much, ken. appreciate you being here. >> no problem. david: a big jump in oil. a mild drop in stocks. 136 points. a lot of people thought it would be much worse than based on what happened oversees. based on a gm strike u.s. officials confirming to

fox news, the attack on saudi oil supply did indeed from iranian soil, not from the folks in the south of saudi arabia. more on that. we're all over it. ♪♪ ♪♪ tv aas many safety features powas the rx, the new...... the lexus rx has met its match. if they're talking about you... you must be doing something right. experience the style, craftsmanship, and technology that have made the rx

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and another way aag is working to make your retirement... better. call it's 11:00 a.m. here in new york, 8:00 a.m. in california. it's a big week for your money. let's start with oil. the saudi arabia causing the price of crude to go up. a little over 11% right now. tom said the u.s. is locked and loaded and ready to respond. he's ready to tap into our strategic oil reserve if need be. the other big story, the auto workers strike at general motors, gm faces declining sales and closing some plant. the leadership facing fbi corruption probe are the two things connected. let's start with your money.

the board is down 142 points right now, near the lows of the day. a lot of that has to do with a couple of stocks on they're down, bowing which is having trouble with the engineering department. let's check amazon, shares turning negative. >> apparently amazon changed the search algorithms and ways to boost its own products. overcame internal dissent ferments own employees. amazon says and i was just reading in response to this, it's an interesting accusation when you're looking at antitrust, amazon designs to feature products customers want. regardless of whether they are own brands or products from

selling partners. thus the strategy or response from amazon thank week face this on demand. if our products are on demand, they'll be ahead of others. >> we are just complaining about these little things, sponges that you used to clean dishes, outsourced to china and they only last like a week, they used to last a month. you have to check where it's from. the oil skyrocketing after the strikes on saudi plant, scott, you say hysteria over the price is a little overdone, right? >> i believe so. certainly when the news hits like it did in the last 24 hours, the first reaction is for crude to get boosted. if you step back and realize, look at the progress we've made

here, look at the things saudi arabia has parked about about when they will get this under control. it looks like an isolated incident so far. >> the rebirth of the energy industry in the u.s., you cannot discount the importance of this. if any of this happened 15 years ago, when we are far more dependent, the price of oil would stay up where it is right now for weeks. >> and we'd be at the whim of whatever is going on in the middle east. think about recent democrat debate, the green new deal and regulations, we talked about this last week, no gas drilling or fracking, the world largest oil producer, we don't need the

middle east anymore. this is an isolated incident as far as we are concerned. gas is not going to $5 because we should be happy where we are. >> if we are basing fossil fuels as they say we should, this would be hurting much more than it is. it's not a happy situation when it's up 11% one day but it could be a lost lot worse. you a doubly officially on strike, tens of thousands of plant workers walking off the job. i guess there are about 40000 workers there on strike. >> yes, over 4000 workers. you can see it starting to get a little more crowded. it's extremely hot here. some work on door latches, some have been here 20 -- 30 years

and for major complaints, the demands they are asking for, fair wages, healthcare cost not to be passed on to them so they have to pay more and the third item from the issue of temporary workers. workers behind me were talking about temporary workers have been looking for six years and are looking for the permanent spot. they're looking across the country to reopen factories. they talked about closing down for manufacturers across the country, there's a lot on the table. a lot of demands coming from the ufw. those here are going to be here no matter what until this is negotiated. should they be out for at least a week? they won't get their full pay. they will get $250 from the union to cover for the time here. they seem energized at the moment but there's a lot on the table give not gm hasn't been

pulling back. we are starting to see auto sales going down as we shift to electric. that's a heavy investment. one is very optimistic. he was here in 2007, 12 years ago, he said he only missed one shift. so he's optimistic they can turn things around. >> that led to bailout which nobody wants. scott, it seems like this is a rough time for both parties. >> it does. tariff wars alone, there going up, it's an interesting situation because both sides probably have different decent points. the reality is, both sides will have to give something up. it's coming at a time when auto makers are struggling. the industry is being hard and

for the auto workers, we got 7 million jobs open in this country. they can technically fill all the stops, maybe not apply to some of the things they can do, but there are other alternatives if they do want to walk away if they don't get the demands they receive. >> donald trump has improved the bargaining position of the ua w. they have to thank trump for the jobs situation which increases their power in negotiations. >> very true. that's something both sides have to keep in mind and it's probably going to help resolve this sooner rather than later with getting to a deal. >> great to see you. thank you for being here. opioid purdue farm filing for bankruptcy with state and local government. >> they reach with some but not all of the state attorney generals around the country.

they filed bankruptcy last night. once this is over, purdue, which has claimed no responsibility, they say they have done nothing wrong. they will provide more than $10 billion in funding to address the opioid crisis. this helps settle cases with 24 state attorneys general and five u.s. territories but there are many others hanging on saint this is not right. they're not going to accept those sorts far from over. one of the big complaints of the family, who runs the company, they are still billionaires and they say it's not right. it's been kind of resolved in some cases but not totally. >> let's look at big check. big tech is a mixed bag today.

it's basically flat, all other stocks are down but not significantly. with the exception of amazon which is down 34. gold is going the opposite direction, cold is often against risk, a lot of risk out there. it's trading up $13, $14.34. $1513, you can see all of the miners are up as well. royal caribbean incredible crews, they rely on heavily oil surges. their stocks go down in accordance with that. other stories we are watching, hong kong more violent protests overseas as the violent protests resume for the 15th straight weekend. no signs of stopping. full details in a moment. here at home, 2020 democrats has specifically elizabeth warren continuing on the war.

we are asking steve what he thinks about that. third our roles on. ♪

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hong kong, 15th straight weekends of antigovernment protests in this weekend was no different. >> police responding with cannons and tear gas. protesters during -- >> american flags, the violence is you love to see the american flags and the symbol for liberty in the world. >> they break out into the anthem which is quite striking but as you say, the 15th we can and rope, is protesters even though they don't have a permit,

they are out there every weekend and they won't stop until they get their demands met. five of them, one of the withdrawal of the expedition, but there is still four left to go. elections with candidates of their choice. >> they want to be free, simple as that. check the big fast food names, most doubling down on delivery, customer base is exploding. but the stocks and profits, different story. to finish national chairman, ed, what's going on? you add more customers but less profit, why? >> i think there's a number of things, labor costs are going up dramatically because there's a shortage of skilled labor's and shortage of entry-level workers and any time that happens, wages will go up automatically. additionally, a much more competitive set than we've ever

had before. we see the kind of strides everybody is making. their reintroduction of best, they will have to spend a lot of money to support it to be successful. there's just a lot of activity in the marketplace, i don't think the tariffs will have any impact is mostly commodity but they worry about. we've got a lot of abundance in the country. >> i think it's just every line item, utilities, labor, taxes, what have you, just a lot of pressure on the small businesses. >> you did talk about china tariffs. the american amusement machine association, they represent companies like arcades an and.operating games and they are worrying about tariffs costing big money. fast food industries, you have a lot of steel in the kitchen, countertops could be affected

either tariffs, no? >> yes. they are worried about all the cabinets in the electronics in those games. it's a great group of people, they are doing great work but that's a scary thing when you own a small business and the costs are going through the roof because of tariffs. the restaurant industry, you look at mcdonald's and companies, that a huge number of restaurants, a lot of local sourcing for construction material. the one thing i do see, mcdonald's purchased another company, they are ramping up technology within the personal app. their customizing deals and offers directly to an individual based on what they eat every d day, it's going to be significant game changer for the restaurant industry. there's a lot of good stuff in

front of everybody but also a drag from costs. >> we can't forget about the minimum wage routines being played out all over the country. a jump in new york that's about doubling. it's the fast food industry being hit hardest, isn't it? >> absolutely. there's no tipping in the fast food restaurant industry. you've got a situation where cities and states are raising minimum wage and huge jumps. it's going to be difficult, you can see new york city right now, the number of small restaurants, they can't afford that labor cost. >> also the local taxes killing them as well. great to see her. new york's governor, regulation to ban flavored e cigarettes. >> 's if this goes through, it could begin as early as october

4. it's a crisis and he says 60% of those people who trained to use flavored products. they want to ban them all except mental. he says it's geared toward younger smokers. there's such flavors as bubblegum and cap'n crunch, clearly the aim here is out to attract younger users and he wants to ban that wants to put in an emerging order, it can grow as early as october 4. >> you can have a playbook like cap'n crunch and claim that it's not targeted at the younger generation. san francisco, his original stopping ground, can you imagine stuart in san francisco? the least expensive home in san francisco just got a price cut. even after that, you're not going to believe how much the

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we are usually all about the money but today we've got san francisco's least expensive property. >> this property is now $600,00e city, they believe. 570 square feet. it has one bedroom, one bath. it's in the glen park neighborhood of san francisco. it was originally listed back i. you don't have to mow. seventeen lady street in the glen park neighborhood of san francisco. originally 675. >> new orleans quarterback, drew

is reportedly going to miss up to six weeks with a torn ligament in his thumb. he hurt himself in the first quarter yesterday. he's going to need surgery on that thumb. he missed only one game in his entire career. we wish him the very best. 2020 dumped specifically elizabeth warren continuing the war on the wealthy. they want to take money from the top 1%, redistributed out to everybody else. how has that worked in the past? will ask to you steve what he thinks about it. ♪

this market does not want to go down. it's down 95 points right now but before it looked like it was going down to the 150-point loss level but it's recovered from that. down 95-point, about a third of a percentage. when you think all the trouble in the world, in this country along with the gm strike, one might think the market traders would sell off a bit more, not so today. i want to talk headlines with steve, oil, we've seen spikes in oil in the past but we've never

seen an energy industry in the u.s. like we have now partly because of deregulation and partly what's happening with breaking and that i think is temporary concerns about the future of oil here. >> it is in the long term, we should do even better. we should be able to move this and natural gas overseas. we are in a good position. i think the markets are finally waking up to the severity that armenian underscores iranian attack on saudi arabia field. >> indeed, it was from iran about the drone attack did not come from the south which is where yemen and, it came from up north where iran is. >> we have to take appropriate action, striking either of their facilities, especially the refining facilities, that would help the general move to put

economic pressure on iran. oracle after the republican guards, the terrorist organization plan. >> let's talk about general motors. the interesting thing, the strike comes at a moment because of donald trump's policies, his tax policies deregulatory policies, where the worker is king in the market. more jobs than job seekers in the market. that helps a position, are they in a better position than management? >> they are temporarily but we offer very competitive industry out there. we get a very rich deal, the competitors are going to do well. many of the plants in the u.s. are in non- union states, especially in the south. so that's going to change the dynamic. in the past, gm was on strike.

today the markets just roll with it. >> we know about her spending programs, they are through the roof. close to where bernie sanders is. basically socialists but i think there's nothing more socialist in the way she wants to deal with corporate america. she essentially wants to take the profit and turn it into a nonprofit, turn all of her corporations into a nonprofit organization or if there's any profit, it goes off to the workers automatically, public interest groups. she wants to take the capital out of capitalism. >> what she doesn't understand is, you don't have investment, she's a modern socialists. you know how to nationalize industries to control them. you just have to make their existence dependent on your win. she also tell companies what to do with her assets and by doing that, you destroy assets. if you don't have investment,

you don't have wage growth, innovation and the like. if you want stagnation, this is the way to go and is going to hurt the people she confesses to love. >> her wealth tax, it takes away property from people who already paid for that property and paid taxes on that property. it's like the soviet union. >> the problem with that is, it leads to tyranny. they have an excuse to look at everything you buy to make sure they can't tax that. it destroys capital, to pay the tax. they confuse assets with cash. cash you can take away right away. asset you have to sell and liquidate. it reduces wealth in the country and it means a more poor economy. >> john delaney for the

nomination, doesn't seem to have a chance. he pulls about 1% but he says her confiscation wealth tax is unconstitutional. do you agree? >> it could very well. they throughout the income tax in the 90s because of it was unconstitutional. yes, i think it is right, it hasn't worked in other countries. it gets to the fact, they don't realize you have to create wealth and to create wealth, you have to have an environment, low taxes, less regulation for people can create it and spend it. you have to create it first. government does not create wealth, people do. >> let's bring in nathan, millennial capitalist. it's clear there are a lot of socialist policies out there. are they winning or losing right now? >> i don't think they can win because we all know you understand that the only way the

government does anything, it costs money. there's only two ways, take it from your wallet or they print money. that makes the money in your wallet less valuable. it can only make money by taking it from us. >> you just described that so clearly. why doesn't that clear talk get through to a lot of millennial's who are going on bernie sanders? >> they are making a mistake. what they don't understand, they'd want to tax the wealthy but the wealthy are not trying to take healthcare plans from the poor. elizabeth warren as. the wealthy are not taking taxes trying to make it bigger. last, they are not trying to take over. they don't make money from student debt.

they fund the loss. elizabeth warren and bernie sanders are bad for our wallet. >> do you feel young people need to have this explained? they act like s-uppercase-letter. they want to make their own choices. >> we are basically the same age so -- [laughter] most millennial's are very ambitious, hard-working people. feels good to earn things. >> they don't understand the freedom that they love and pay for is in danger, threatened by the socialist party. >> i think warren and bernie, they underestimate the intelligence of folks in my generation. they understand what these handout means that money out of our pockets. i think when push comes to shove, when you go to the voting booths, the economy is doing well, folks are getting jobs and being unemployed, i think folks for my generation don't want government or socialism, free

markets. >> from millennial's to the older folks, warren has a new social security plan that increase in benefits for everybody, sounds nice but to pay for, she wants to tax the top 2% of earners even more. is there enough to go around? i think if you took one 100%, it wouldn't be enough. >> no, it wouldn't. the economy by destroying capital, you make it impossible to move ahead. those with social security promises are worthless. you have them print the money which is a form of inflation which is a form of taxation. so she, it's nonsense. it sounds good, i will give you stuff free. >> the next step in terms of retirement plans is to take away 401ks. there's talk about bernie sanders and others talked about that should be in the hands of the government because they

don't know how to spend it all. >> anytime you have a source of assets, it's like bears with honey. politicians will go after it, find a way to do it better. i'll trust him more than elizabeth warren. >> it's going to be a while before you worry about retirement but do you think this is something that again millennial's could understand that their freedom to invest the way they want to would be taken over by the government? 1% return on these long-term -- >> i think my generation which means to understand, the upside of wanting to your own company and creating your own wealth, if you do work hard and succeed, you will have a big nest in the form of equity and cash. i think they want that incentive. yes 4o1k are part of that but ultimately, wealth creation is

critical. capitalism drives that. >> your own personal accounts to social security, so we have more retirement. >> signed me up, i'm in. >> free-market bridges the generation. thank you both very much. good to see her. bob resigning from the apple board, the new york stock exchange is all about streaming. >> it is. while bob didn't say that himself, let's say an extraordinary thing that barb, the same day that apple released all of its streaming plan. the company's, disney plus and apple plus, they are going to be competing with each other as of november. apple, you may remember downplayed bob's frenemy status.

i asked him about it directly. >> no sound. he told me during these board meetings, he did use the time when the apple conversations came up to step out to have a coffee break and an e-mail break as well. i asked him on which device and he checked his e-mail on an ipad. so many layers here. look at both stocks, they are outperforming the broader market. you have disney, up like 26%. apple up 38%. s&p 500 up about 20%, so not really hurting either one. bob saying he admires tim cook and apple and the team. >> thank you. a quick check on right shares. uber and lyft in a down market day, a very nice game today. they upgraded their stocks to buy rating.

lyft is up over 5%. uber is getting there. up 3% moments ago, now up over 4%. canada wants the world to know it's open for business and ready to make a deal. they haven't given up on fossil fuel. alberta joining us next to tell us what his promise has to offer. first, here's a number. two and a half trillion dollars, price tag for any sanders housing plan. details coming next. ♪ ♪ we are a 97-year-old firm built for right now. edward jones. it's time for investing to feel individual.

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>> bernie acknowledges it's kind of expensive, which is unusual for bernie sanders. he says four american households, housing proposals 199.sent, the rich will pay for all of this. it's going to invest more money in public housing and attacking the homelessness problem. bottom line, tended half trillion over ten years. >> than socialized medicine and so much more. back to gm workers, gm's detroit assembly plant, what's the latest? >> where coming up on the 12th hour of this strike and only about two hours since negotiations resume this morning, you can see there's still a small group of people out here at the facility. to be honest, there's no end in sight. i spoke with vice president for the union this money was as we don't know if it's going to end today, tomorrow or after that.

neither side can afford this to go on indefinitely. some analysts say gm stands to lose $50 million every day the strike is going on and for the union workers, the only get $250 a week while they are striking. that comes from the union itself. this plan is important because they stand to lose their jobs here, people worked here for decades. if they don't find a way to keep the facility open, we heard behind the scenes that it's a possibility but it's among the many differences they need to sort out today. >> thank you, canada specifically the province of alberta, canada is open for business. he's here trying to take investors. jason premier of alberta, great to see her. among other things, fossil fuel plays a huge role in what it has

to offer. when you look at the situation in saudi arabia, can you imagine if it wasn't for alberta or the rebirth of the fossil fuel industry of the u.s., this would be killing us. >> you're right. we started just think energy security was an meaningless platitude. we've been reminded how important it is to our economy. the u.s. is very fortunate to have just north of your border, the third largest oil reserves on earth, the most stable and can secure source of energy in the world. but as for the first, saudi arabia and canada. >> it's only begun to be tapped. >> we have huge untapped reserves but a campaign large by u.s. interest groups to landmark energy, the u.s. has doubled production in the past decade. we want to get more energy, we need to get that pipeline built,

line three going to minnesota to get new line three run by ambridge, one of our pipeline companies. we are facing a threat from the governor and attorney general of michigan, shut down line five that delivers half a million barrels a day spike energy prices. i hope american policy makers and investors understand they should be supporting and investing in the industry. >> but a lot are not. the u.s. fossil fuel, i'm sure you've been watching the debates, he saw them last week, he relies every democrat running for the office of president, wants to eliminate fossil fuels in the u.s. during third term. >> even joe biden says that. how do you respond? >> according to every expert, there's going to be growing global demand for energy to at

least 2040. where should the energy come from? i say it's better to come from canada and the u.s. than vladimir putin's russia. it's not only right for the economy to have diversified source of energy but for human rights. why would we want more canadian energy supply global markets away less dependent on russian oil? >> at least in russia, a dirty fashion, oil production we have is a much cleaner oil production and fossil fuel -- >> canada highest environmental and labor standards, and any of the largest energy sources, when you talk about politicians here posing pipelines, the current president has given a second permit, over all the legal almost. we have a number think they

would advocate that permit. i would think u.s. not want access to nearly 1 million a day coming from your stable democratic neighbor -- >> i can't answer that. the answer is so clear to us but not everybody. the premier of the great province of alberta, thank you very much. you gave an offer to tucker, i may drink. thank you very much. next guess, a trainer for the stars, they pay him to whip them into shape. without the craze about paladin, is he feeling pressure? with he get pushed out? who wins? that's next.

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our next guess as a personal trainer for the stars we pink them into shape the most demanding roles and he's used that as a jumping off business,

it's called rice nation. jason, good to see her. i have to ask about paladin first. the idea of a virtual training, the privacy of your own home, maybe you could wear your underwear, whatever you want but you can't do that with a personal trainer. maybe you can with this. his paladin hurting your business? >> absolutely not. furthest thing from the truth. when we are in this greater good of healthy individuals, this is really turning people on in a big way to engaging more people into fitness and health. >> so you think not only can you do both but they may actually be increasing the desire for something -- >> one 100%. i have clients who do this and i advocate it. i think it's fantastic. i do find it's much more of a

broad base, kind of a supplementary workout. i think it's great. overall, anything that's going to engage people on a broader base and bring the interest up in the business district, it's good for everybody. >> some of the trainers get six figures drink ten to 15 classes a week. they've become kind of celebrities in their own right. you're a celebrity but they, t too, because there in hundreds of thousands of homes. >> yes. it's engaging, a great form. i like what they are doing. >> could this be a clue for you? could this be your next stage going into the virtual in-home training process? without the advisable's you do. >> i wouldn't rule it out, i think there's a lot of room for additions. i think this is the beginning of

something fantastic. i'm very busy, i've got a lot going on. i'm expanding my own business but i would think it's something that could bear well with it. you could work together and form a new experience. it is the face-to-face, you can't beat that. >> there's a human element. what we are seeing is a broad-based if not specific when you get in touch with a personal trainer, we are able to kind of hack the body and find issues and guide people through something, you're just not going to get that streaming device. that's not to say that someday it doesn't become much more interactive. i don't know how that's going to work but -- >> great this year. you've been doing great.

to the college admissions scandal, felicity huffman handed a 14 day sentence. lori gluckman is worried. details coming up next. ♪ ♪ ♪ . .

david: to the college admissions scandal. felicity huffman was handed a 14-day sentence. now lori love lynn is worried. what is the latest arb ashe after seeing felicity huffman get 14 days in jail. maybe i should have taken the plea deal. her and her husband claimed they didn't know paying $500,000 to some sort of charity was used the way it was. she is using ignorance as a strategy. experts say that will not fly. she is facing prison time.

she is starting to worry about how much prison time. david: 14 days is getting off pretty easy. saying i want a piece of that sentence. ashley: paid 500,000 for two daughters to get on usc crew. david: thank you, ashley. neil cavuto is here. neil: thank you very much, david. you know by now we're up a little north of 11%. but in historical terms that ain't nothing. oil surging not nearly as much as you would think. we'll go back in history to explore this anomaly here. crude is at levels we essentially saw back in july. by point of comparison, when we've seen the middle east implode all of sudden, we've seen bigger surges in past crises when oil popped more than 400%, for example, during the 1973 arab oil embargo. when it more than doubled during the 1979 iranian revolution. back in 1980, when iraq invaded kuwait. we saw bear