people in 401(k) plans and pension plans. this is the bread and butter and the grease for our entire economy. you are basically praying for the u.s. economy to stink. maria: you're right. good point. great show. have a great weekend. have a great weekend. "varney & company" begins right now. stuart: you have a great weekend, too. good morning, maria. good morning, everyone. beware the toxic workplace. okay. i understand that is rather strange way to open our show but on this day three of the impeachment drive, the society of human resource management warns that the divisive political climate at work is going to get worse. the h.r. people say worker turnover is rising, in part because of political fights at work. the h.r. people have a problem. how do you manage an office when people are at each other's political throats? 60,000 inquiries this year on how to handle politics at work. now, i will say this. beware impeachment talk around

your thanksgiving table. which is only a few weeks away. great way to start the show. i will definitely say there is a toxic atmosphere developing for ipos. news this morning that endeavor is delaying going public. that's an entertainment and sports company and this is the second time it's delayed. wework's ipo also clearly in trouble. more on that in a moment. peloton's debut yesterday was not good. the offering price, $29. it closed the day at $25. there are a lot of new companies that people might like to buy into. but it seems that the valuation of many is just too high. may i use the toxic word again? try this. a toxic environment for vaping. the cdc reports that 52% jump in vaping related lung illnesses. this is now a hot button issue with a legal industry under sharp attack. vaping came in as an aid to

quitting smoking. it's not looked at in the same way now. let's change the subject. wait until we see -- wait until we tell you how much jerry seinfeld is getting from netflix. wait until we tell you about the exploding market for hard seltzer and the food channel wants your money from a subscription service and home delivery of food. doesn't it feel like a friday? it is. this is the friday edition of "varney & company" and it's about to begin. ♪ susan: brittany spears "toxic." stuart: of course. it's a strange way to begin the

show, isn't it. i thought that word toxic was apropo today. the markets, however, anything but toxic. we are going to be up when the opening bell rings in about 30 minutes, 50 for the dow, 17 for the nasdaq, maybe 8 for the s&p. on the upside, though, nothing toxic about that. however, look at peloton. weak out of the gate yesterday and it closed below its ipo price of $29 and this morning, that's premarket, right now it's only up 14 cents, $25.90. in response to the peloton performance, endeavor, hollywood's biggest talent agency owner, it has delayed for a second time its ipo. market watcher jonathan hoenig joins us now. is this a danger signal for the future for the whole market here, the ipo mess? >> yeah. it's more than any economic indicator we've gotten as of late. this is a canary in the coal mine. the ipo market is a leading indicator of investors'

willingness to take on risk, aggressive companies, and i tell you, to give you a bit of historical precedent, it was only in the fourth quarter of 1999 and the first quarter of 2000 you started to see exactly this, those ipos start to flop. like pets.com, et cetera, those started to flop and as you said, whether it be uber or lyft now trading below their ipo prices or endeavor or weworks not even able to come public, this is just a sign those valuations are starting to come in. that doesn't bode well for the market writ large, in my opinion. stuart: for our viewers, we were showing pictures of endeavor's clients. they are a hollywood talent agency. we put them on the screen. but again, their ipo, michael moore, their ipo delayed for the second time. toxic environment for ipos, canary in the coal mine, according to jonathan. stay there, jonathan. i will get back to you in a second. i have to talk to you about door dash. another big data breach. millions affected. all right, susan. i know you've got all the

details. but i don't see the significance of this. everybody's been hacked. everybody's personal information is out there already. isn't it? susan: i wouldn't say everybody, but when you have 4.9 million part of this data breach, that number keeps growing, right? we are talking about workers, customers and merchants involved in this. what was stolen were addresses, order history, phone numbers and even hashed passwords as well. they also got the last four digits of the credit card but the credit card companies say they can't make an order off the last four digits, you need the security code and the full number in order to do that. but 100,000 delivery workers also had their data breached as well. this adds to it that your data, whatever you put on the internet and wherever you order from, it's just not safe. you have to accept that. stuart: absolutely right. you are not safe. you put that data out there, anywhere you like -- susan: anywhere. stuart: it's gone. ashley: i just don't think there's any expectation of privacy. if you have expectation of privacy, good luck.

lauren: i do. very little on the internet. stuart: deliberately? lauren: um-hum. stuart: you want to order food, your information is going to go to that app and it's out there. >> i'll tell you something. these type of data breaches, listen, since the old days when you used to swipe a credit card by hand, these types of data breaches have been going on. to me the only risk here seems now that hackers know your affinity for thai food or mexican delivery or something like that. there's something peculiar about this data here but this type of breach has been going on since the early days of the internet and will always be with us. security is the only answer. stuart: i agree. hold on. this question is for you, ashley. we've got two new items on vaping. a second vaping death reported in oregon and officials there say stop vaping immediately. then the cdc reports that vaping-related lung illnesses have risen 52% since last week. jonathan, come back in. put your libertarian hat on. here we have a perfectly -- >> i never take it off.

stuart: a perfectly legal industry that's under very sharp attack. what do you think? >> well, it's all about regulation now. it is up to the regulators, in their hands. vaping is a healthier by all stretches, a healthier alternative to tobacco. that's why altria and all these companies have bought into vaping, to try to popularize it. it's healthier than tobacco. ultimately, in my opinion, it's up to each individual adult to make his or her own choice. officials have made a lot about sales to minors. i think that is a legitimate issue. but this is a healthier alternative that has helped millions and millions of adults wean themselves from tobacco. it's all about the government right now and i tell you, the stocks were punished long before this news came out which is why we always say watch the market, not the news. the stocks have been killed for months before this terrible news and the news isn't over just yet. the bad news. stuart: i agree but what i want to know is this. if i vape anything, i don't care what it is, if i use that vaping

device and put vape in my lungs, what risk do i face? at the moment, we don't know. we simply don't know. >> we don't know but i think even the libertarians, hopefully the americans among us would say you know, smoking, you could make arguments it's bad for you, drinking alcohol in excess is bad for you. each adult makes his or her own decision about what to put in his or her own body, vaping included, in my opinion. but that mentality is out the window. that's why these tobacco stocks are under fire. stuart: we are all americans here, jonathan. don't you dare forget it. okay? breaking news on iran. reuters reports that iran's president says the u.s. has offered to remove all sanctions in exchange for talks. what? ashley: that's the claim from the iranian president rouhani who is back in tehran now. he said that during the u.n. sessions earlier this week, britain, france and germany all were trying to insist that the u.s. and iran get together.

rouhani says guess what, the u.s. said look, we will lift all sanctions if we can get together and talk. he turned it down, he said, because the atmosphere, there was toxic maximum pressure atmosphere, decided not to go forward with those talks. come on. this is the rouhani claiming this was the offer. i'm waiting to see as this news is out there what we get from the administration in response. it will be interesting. stuart: the response is important. i will say that the oil market shows a $1 per barrel drop. which will be in line with what rouhani is saying, i guess. okay. wells fargo, that bank has named charles scharf as its new president and ceo. he had been the chief there at bank new york mellon. any way you slice it, the new guy at wells fargo will be under sharp attack from any and all politicians. got that? not so rosy forecast from micron. they make chips. they blame uncertainty over trade. listen to this. revenue fell 42% from a year earlier and the stock premarket,

down 5%. content is king. two items for you on that. apple plans to bring feature length movies to theaters. lauren simonetti, making her second appearance on the show this morning. why are they doing that? lauren: because they want the best content for their streaming service, which debuts in november. they have a very limited library now so they are doing what netflix is not doing. they are playing nice with hollywood. let's team up with the best producers, get the best content, tell them we'll put it in the theater first, maybe get an award in the process, then in a few months, we will put it on our streaming device. stuart: you can't get an oscar if you stream it. you can get an oscar if it's in the theaters. so put it in the theaters, get an oscar, and get your streaming rates up. susan: you want the big stars to work with you and they won't unless they get some credit, some oscar or some award season credit for their work. lauren: apple also has hired some hollywood executive types to help them do this.

susan: carrot, not a stick. stuart: here's a story i really like. this is for you. netflix brings "seinfeld" to its streaming service. how much are they paying? lauren: so in 2021, all 180 "seinfeld" episodes go to netflix exclusively for, well the report is $500 million but as part of that, jerry seinfeld and larry david, the creator, get at least $100 million each, making jerry a billionaire. stuart: he will not be voting for mr. sanders. susan: this show is 20 years old, folks. he hasn't had to come up with new content to make $100 million. ashley: show about nothing. lauren: built-in following. they lost "the office" and "friends" so they will get "seinfeld" and people kind of flock to the staples that were classics. ashley: love it. worth every penny. stuart: anybody who can make a billion dollars, gets it. keep it, for heaven's sakes.

wework cleaning house after the resignation of ceo adam neumann. the company is trying to remove high level employees and sell neumann's private jet. hard seltzer, the biggest trend in the alcohol business now. the company behind the nation's first craft beer is cashing in on it. that story is coming up. speaker pelosi says president trump has betrayed his oath of office and violated the constitution. so why isn't she putting impeachment up for a vote in the house. we will deal with that next as "varney" gets rolling. what do you look for when you trade? i want free access to research. yep, td ameritrade's got that. free access to every platform. yeah, that too. i don't want any trade minimums. yeah, i totally agree, they don't have any of those. i want to know what i'm paying upfront. yes, absolutely. do you just say yes to everything? hm. well i say no to kale. mm. yeah, they say if you blanch it it's better, but that seems like a lot of work. no hidden fees. no platform fees. no trade minimums. and yes, it's all at one low price.

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stuart: senators sanders and warren target the wealthy. we know that. now listen to this. joe biden considers a new wall street tax. ashley: according to his aides and the "wall street journal" yes indeed, mr. biden, let's not forget he has not come out, as has senators warren and sanders, with a wealth tax on the millionaires and billionaires, so what is joe biden

considering? his aides say yes, a wall street transaction or tax of financial transactions such as the sale of stocks and bonds, they say that that could generate, according to some estimates, about $800 billion over ten years. what we don't know, by the way, he's already called for the corporation tax rate to be lifted from 21% to 28%. you remember the republicans brought it from 35% down to 21%. he wants to do that. he would like to raise capital gains taxes. but what does joe biden think about the ultra-wealthy? what does he say? we don't know that yet. we know he's being pushed further and further and further left, or this way on the screen, but does that mean a wealth tax like sanders and warren? we'll have to see. he's not there yet. he says he will release these details soon. stuart: i can't wait. thank you, ashley. a majority of house members are calling for some sort of impeachment action. speaker pelosi has not put it to a vote and has not scheduled a vote either. jason chaffetz with us now.

sir, if the president is so bad, betrayed the country, why can't democrats stand up and go on record, yes, he betrayed the country, impeach him. why not vote? >> well, nancy pelosi thinks it's so bad and such a problem that they are going on a two-week recess. i mean, there's no urgency. she is trying to appease the radical left side of the party, the socialist wing, the aocs of the world. i don't believe she has the votes. three times previously this came up for a vote in the house and was tabled, in essence defeated. the other thing you've got to remember is they don't want to have a vote because then the trump team actually gets subpoena power. you get the ability to defend yourself so she may go in front of the camera and say there's a formal impeachment inquiry, that's not true. that is absolutely not true. but it appeases the left. if there was a formal impeachment inquiry with a vote, then trump gets the subpoena power.

stuart: he would go after joe biden and what hunter biden was doing in ukraine and the ukrainian connection and the chinese connection. that's why no vote, no -- do you think a vote will ever be scheduled? >> perhaps. look, nancy pelosi, my experience with her, she doesn't do anything until she goes out and does some polling on it. so they are going to spend this two weeks, go back to their districts, poll on it, see if they have something, but when adam schiff had that hearing yesterday and couldn't read verbatim the printout of the trump transcription, you know, when he has to actually embellish it and do a parody, they don't have the goods to impeach the president. there's nothing there there. stuart: can you say that if it ever got to the senate, the senate is rock-solid against giving a two-thirds majority to vote yes on impeachment? can you say that for sure? >> yeah. to get to the two-thirds threshold is an incredibly high

bar. there would have to be a lot of people on both sides of the aisle. but there is actually no evidence of this yet. you are not going to have these republican senators, the majority of the republican senators actually go out and do this. one other thing that is happening. you hear nancy pelosi and her rhetoric trying to disparage attorney general barr and the department of justice. i think they are trying to inoculate themselves because you still have the horowitz report and you still have mr. durham and that is on the horizon. she knows it and that really is going to be damning to what happened in 2016. stuart: you left the best stuff until last. jason chaffetz, thank you very much for joining us. see you again real soon, promise. futures, nice gain. not that huge but a 50-point runup for the dow industrials. we will be just shy of 27,000. now then, back to toxicity. if you think your workplace is difficult and toxic now, wait. h.r. people warn that talk of impeachment will make political discussion at work even more

dangerous. just wait until thanksgiving. that's what i've got to say. we will deal with it next, promise. ♪

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for the workplace. so let me address my colleagues here. ashley and susan. what do we do about this? do we all restrain ourselves? okay, wait a minute. let's talk thanksgiving. are we going to restrain ourselves from discussing politics and expressing our opinions around the turkey table? ashley: no. susan: no. as i said to you, people are expressing their free opinion. that's fine. but don't get upset about it and try to make your opinion my opinion. i'm allowed to have certain thoughts. you are allowed to have certain thoughts as well. we shouldn't get into a heated argument over it because it's not the same. stuart: yes, but people feel this stuff really strongly. ashley: they do. you should be able to -- you shouldn't ban it because that's ridiculous. it's what a lot of people are talking about today. just respect the other person's point of view. if you can all agree to that before the discussion begins, that is fine. but let's face it, long before this impeachment thing, this has been a dividing issue in this country. people have lost friends, you know, neighbors that were

friendly, not friendly anymore. that's just the way the politics are right now. very divisive. susan: h.r. is having a big nightmare over this, because turnover is up 24% over the past three years compared to 2008-2012. you know that it's divisive. stuart: it surely is. that's for sure. hold on. here we go. president trump tweeting on iran. we were waiting for the response. here it is. iran wanted me to lift the sanctions imposed on them in order to meet. i said of course no. okay. ashley: there's the response we have been waiting for. stuart: little context here. earlier this morning we heard from mr. rouhani of iran. he said that he offered to -- or that america had offered to lift all of the sanctions. that's what rouhani said. the president now says not so. not so. susan: that makes more sense. stuart: it does. check futures, please. friday morning, where are we going? we're going up. not much but a nice little gain, 50 up for the dow, 17 for the nasdaq. we'll be back with the opening on wall street after this.

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impeachment was launched 5:00 eastern time on tuesday afternoon. they're just about to take a two-week vacation by any other name. they are walking away from it. they are going back to their constituents to see how they all feel about impeachment. real news follows two weeks from now. the market has opened on the upside very nicely, thank you. an 80-point gain for the dow. 26,968. we are up about one-third of 1%. one-quarter of 1%, roughly. s&p up a quarter of 1%. the nasdaq composite is up a fraction. .19%. so the big gains here, s&p and the dow. now, this is peloton, day two. 29% -- $29 the offering price, $25 the closing price. we are up a fraction in the early going on friday morning, day two. david dietze is with us, susan li, ashley webster, of course. i will stay with peloton.

that weak debut, what does that mean for other ipos? >> it's certainly not a positive. we have seen a change here in the public market, where they actually believe it or not are demanding profits, profitability, because -- ashley: outrageous. >> uber, lyft, others dropped drastically from their ipo price because there's no profitability. here, there is also confusion, is it an exercise company, a gym company, or a tech company. you have financial statements which actually people are calling into question. there's some accounting statements and internal controls that are not right there and on top of that, people are realizing you don't need to go to peloton to buy an elliptical. you can just tie up your smartphone to what you're using. of course, some of the top tvs and some of the stars on peloton are opening their own channels so you don't have to use peloton to cycle. susan: i still think it's a case by case for the ipo market. look at what happened with crowdstrike. you're up 70%. beyond meat up 450%. beyond meat is still not making money either, but you have to prove to the market that you have control over a certain

market and that you have basically barriers to entry. ashley: this was supposed to be a banner year for ipos. a lot have come to market. we were all very excited but if you don't show profits, it's not great. if it's priced too high, as the old saying goes trngs n, it's nd investment. compared to what their -- they are losing money. >> i agree, totally. the problem with peloton is people understood exactly what it was. remember, do not forget the ghost of nautilus. that stock is now $1.82. stuart: the market is doing its job. investors are looking hard, making their judgments and doing the right thing, according to their sense of value. peloton this morning, no big recovery. i do want to talk about wework. that was another proposed ipo that doesn't appear to be going anywhere. the latest news there is wework is cleaning house. what are they doing? susan: approaching nearly 20 friends and family members of

the ousted ceo, adam neumann, including his wife and brother-in-law who had a position within the company. also, they are selling off assets because there is intense cash burn. they might run out of cash in 13 months' time since they had to halt this ipo at least for now. so that includes selling off that $60 million g650 gulfstream that was being flown around the country by adam neumann. stuart: adam neumann had sold $700 million worth of wework stock this year. susan: and borrowed $600 million against his shares as well. there were corporate governance issues and what he was doing with company funds, right? that was one of the big headaches and risks. stuart: investors did their job. now, airbnb. there's an ipo that's supposed to be coming maybe next year, i don't know the timing of this. i certainly don't know the valuation on this thing. but i like the company. i want an opportunity to get into these new industries. i hope the climate is not so

toxic that i can't buy this thing. >> full disclosure, i'm a big airbnb user. i think they are opening up brand new markets for people who would not otherwise have access to potential customers to rent their homes, now have access. having said that, of course, as we have seen from some of these other ipos like uber, pricing is everything. of course, they don't have a patent in doing what they're doing. there is competition, vrbo and others and of course, regulations are coming. state and local governments want some taxes on that and of course, other neighborhoods want them out of there entirely. susan: barriers to entry, they don't have it in this specific market, right? airbnb is kind of like uber. regulatory hurdles to get over, the government trying to clamp down on their business and other competitors like hotel chains getting into the same business. stuart: i'm fascinated by these new industries. uber in particular. i now hear, i think you know more about this than i do, are they going to looking at bikes or scooters? susan: they bought into jump bike in april 2018 for a few

hundred million dollars. they didn't actually give the exact amount. but look, if you are having a clamp-down when it comes to drivers and also your car business, they are looking at bikes and scooters to pick up the slack for growth. you need to prove to the market, given we are still below the ipo price of $45, they are saying they are looking at double digit growth for their bikes and scooters each and every month. that's what they're leaning towards. stuart: okay. i'm just breaking in for a second, do excuse me. president trump just tweeting about congressman adam schiff. i'm going to read it to you straight off here. representative adam schiff totally made up my conversation with ukraine president and read it to congress and millions. he must resign and be investigated. he's been doing this for two years. he is a sick man. another tweet. the democrats are now to be known as the do nothing party. okay. we have infused these two tweets right in the middle of the opening of the market coverage. they are germane to the market.

the president talking there about impeachment and also talking about what congress might do. namely, the usmca. it's germane to trading. dow industrials up 63 points, 26,954. you better take a look at micron. yes, it is a chip maker. not so rosy forecast. it blames uncertainty over trade. micron is down 6%. change at the top at wells fargo. the stock is up. charles scharf taking over as the new ceo. i guarantee the man's attacked by the politicians. beyond meat teaming up with mcdonald's. we brought you this yesterday but it's worth repeating. they've got plans for a plant-based burger. mcdonald's moving up to $212 this morning. beyond meat down three bucks. still at $151. bitcoin barely holding to $8,000 a coin. the price of gold right around $1500 an ounce. i do declare, yes, oh, dropped below $1500, down 20 bucks at

$1495. what's the yield on the ten-year treasury? i will tell you, it is 1.70%. the price of oil, president trump says iran asked for sanctions to be lifted in order to meet, he says, he told them no. so rouhani said the united states asked him to -- ashley: we lift all sanctions, can we negotiate on the nuclear deal. stuart: president trump tweeted this morning didn't do it. ashley: didn't happen. stuart: thank you. the price of gasoline, national average is $2.65 per gallon for a gallon of regular. unchanged, actually, from yesterday. the parent of sam adams, i should say, samuel adams, making money with hard seltzer. they are a beer maker going into the hard seltzer market. is this what millenials are drinking these days? >> i can attest from my children, the spiked seltzer market is skyrocketing.

people want their alcohol but less calories. more taste, less filling, that kind of stuff. although the market leader is the white claw privately held boston beer has pioneered this truly brand that has 30% market share and the stock price is moving up. stuart: susan? susan: hard seltzer has 200% sales growth over the past five years because of reduced calories. you get the alcohol content of 5% to 7% and it's making up for the falling beer sales at boston beer. and other places like samuel adams as well. this is the new trend. ashley: for women only? susan: for men as well. males and females. stuart: ashley and i are kind of laughing because we remember something called scrumpy. ashley: very, very potent cider. used to have a two-pint limit. stuart: two pints? ashley: yeah.

stuart: you are a wall street guy. are you worried about elizabeth warren? >> i mean, you know, well, she's only going to tax all of our money, she's going to turn health care industry upside down, she's going to completely tie up the banks. what's there to worry about? stuart: a lot. but let's get serious. we understand today that joe biden is considering and looking at a wall street tax. pay a tax if you buy a stock or bond, you pay a tax if you sell a stock or bond. ashley: financial transaction. stuart: financial transaction. what in your opinion, because it's a tiny fraction, what's the impact? >> well, any time you tax something, you have less of it. certainly the health and strength and success of the u.s. economy has been in large part due to the ability to raise money in the public markets. if you're going to squelch that it's not going to be good. susan: you are hurting the average person. the largest traders on the markets are your retirement funds like fidelitys of the world and institutionals like

pension funds of police forces and firemen across the country. you are hurting the average person if you are going to tax every transaction. stuart: joe biden is trying to catch up with warren and sanders just in taxing the rich. ashley: but how far does he go. that's the question. stuart: we don't know about the wealth tax from him yet. susan: he has proposed raising the capital gains tax, right? but if you don't do anything else with taxes, how effective is that? stuart: he wants to raise the corporate tax as well. what was it? ashley: from 21% back to 28%. stuart: tax, tax, tax. that's all we ever hear. nobody ever thinks about what effect would that have on the economy. you tax heavily, you slow down the economy. don't you? isn't that classic? >> absolutely. a real leader would show us where we can cut spending because if we can cut spending we can cut that deficit, this economy will take off. ashley: dream on, baby. stuart: that's the third rail of american politics. cut spending? you kidding? 9:40 eastern time. thank you, sir. appreciate you being with us. check that market, please. it's friday morning, ten minutes in and we are up 70 points on

the dow industrials. facebook considering major changes to its site. it may start hiding the number of likes from users to cut down on envy and hurt feelings. ashley: aww. stuart: aren't likes why a lot of people post in the first place? i don't know this. ashley: desperate. stuart: lara trump in the studio this morning. i want to know if she takes the left's push to impeach the president personally. we will ask her. speaking of impeachment, as all of this drama in d.c., does it give china leverage in the ongoing trade talks? china watcher michael pillsbury up next on that very question. orlando isn't just the theme park capital of the world, 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

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one-third of 1%. you are getting awfully close to 27,000 again. better take a look at boeing. its ceo will testify before congress in october and of course, that's going to be about the 737 max jet but look at that level. boeing's back to $389. not bad. i want to talk china trade. i want to talk china trade with michael pillsbury because he knows a lot about this. he knows what's going on. here's my question. welcome to the show, by the way. >> thank you very much. stuart: first off, the president, our president, is under obviously a great deal of political pressure with this impeachment talk. does that give china leverage in these talks, and does it make president trump more likely to accept some kind of limited deal soon? >> i don't think so. i think the chinese are a little puzzled why president trump doesn't just arrest and execute. stuart: they understand our democracy. they know they've got leverage because of our democracy. >> i think if you read "the art of the deal" which i have two or three times, he stresses timing

and the details of an agreement. i think from his comments at the u.n., i think president trump is focusing on the timing of a deal. he wants a really big one. he doesn't want the stuart varney plan of the partial deal. he said that several times now. but he does want the whole deal and the timing now is beginning to become more favorable, after october 1st. as susan li has reported, this could be this huge anniversary in beijing, october 1st. it's a really big deal for them. they are talking about their independence, their autonomy, they are not humiliated by the foreigners anymore. but the day after all that's done, that's the day they begin to assess the damage that president trump has been talking about. three million lost jobs, the de-coupling that will be hard to reverse. i think he's focusing on this is the time when the delegation comes here for what insiders call the 13th round. that's the time when we're looking for a major shift on the chinese side. stuart: do you think it will come? i ask that because we're asking them to stop the theft of

intellectual property, change their -- >> which they deny they ever did. stuart: change their laws. >> that's easy for them to say yes, we will stop the theft we never engaged in. that's easy. it's enforcement. stuart: extremely difficult for them to comply with these demands from our side. >> in the real world, yes. stuart: handicap it for us. what do you think are the chances of a major deal, a real big deal with china? at any time? >> ever? stuart: well, before -- >> 100%. stuart: before the election. >> 50%. stuart: yeah? >> yeah. stuart: that's a comprehensive deal? >> you want to make a side bet right now on the terms? stuart: no. but go ahead. >> everyone knows the main issue is enforcement. the chinese could give us tomorrow an in-principle agreement on all points, but wink, wink, no enforcement. if enforcement is built in, and punishment has to be accepted, if the judgment is against you, that's much harder for the chinese to take. i think that's the sticking point. stuart: you think they can get

over that? there's a 50/50 chance they get over that sticking point? >> yes. i'm an optimist. i think the president has grounds for optimism. china wants a deal more than he does, actually. he's even said he likes to count the money coming in from the tariffs as much as $60 billion. it's hard to get an exact number. he feels he's in a very good position for the long term. it's the chinese who are feeling the pain. that's what gives me optimism. stuart: thank you very much for joining us. we appreciate it. stop saying the stuart varney plan. you're killing me. you're killing me. thank you, michael. see you later. another tweet from the president. here it is. sounding more and more like the so-called whistleblower isn't a whistleblower at all. in addition, all secondhand information that proved to be so inaccurate that there may not have been somebody else, a leaker or spy, feeding it to him or her. a partisan operative, question mark. okay. the tweets are coming thick and fast this morning. you are getting them firsthand.

check the dow 30. we are up 81 for the dow. left-hand side of your screen, lot of green. lot of stocks in the dow 30 on the upside. the food network with a new streaming service, $7 a month. not only can you get live cooking lessons, you can also get the food shown on the service delivered to your door. next, we have the guys who help launch that service. thank you. it's an honor to tell you that liberty mutual customizes your car insurance so you only pay for what you need. i love you! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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stuart: discovery's food network launching a streaming service and with it, you get not only access to the shows, but you also get live cooking classes on demand classes and wait for it, grocery and economic delivery to boot. here is peter faircy, he's the guy actually putting this whole system into place. >> that's right. thank you for having me. stuart: you're welcome, son. you're welcome. i will give you a commercial. here's how it works. you are going to get an income stream from at least two different sources, the streaming, $7 a month, and the delivery of food and equipment. two income streams you got. >> that's true. yeah. actually, we're thinking about even a third, which is the very front of the product will be a prelayer where you get access to over 80,000 recipes and these

recipes are recipes that people trust, they are from our food network chefs so you know that they are going to deliver great meals when you follow them, so people can use that part of the product for free. if they subscribe, they get access to what you're describing which is all these live classes with our most famous chefs. they also get these on-demand classes and one of the reasons people love the on-demand classes is you can filter them. you can do easy, medium, difficult. you can choose your chef. you can choose your cuisine. you can choose your meal. stuart: is it interactive? can i be sitting there in my little apartment cooking away and have a chef comment on how i'm cooking away here? >> yeah. now, they can't see what you're cooking in your house, but the cool part of the live classes is we have this live question feature so let's pretend you are cooking along with bobby flay and you want to know how much salt do i need in this meal, you can submit a question. our goal is to get as many of those questions answered live as possible. stuart: he would say stuart, you're using far too much salt.

he can do that? >> he could do that, yeah. cooking is different than, you know, taking a cycling class. i was inspired by peloton for this product, when you think about the live and on-demand classes. but cycling class, you are trying to focus on your exercise. cooking is more social. it's meant to bring joy to the kitchen. one of the things consumers tell us is, you know, and i'm representative of this, we all lack a little bit of confidence in the kitchen, you know? we're not martha stewart or bobby flay. one of the things we try to do with these classes is make you more confident in the kitchen and we think for the consumer feedback we have gotten so far, we think people are going to love this. stuart: have you signed up all of those very well-known chefs on the food channel? >> yeah, we have. all of those well-known chefs, ina, reed drummond, bobby flay, martha stuart, they are all on this service from the get-go. you know, we kick off in october and one of the reasons we're really excited is the super bowl of cooking is halloween,

thanksgiving, the holidays, the beginning of the year, and we're offering a three-month free trial so it's kind of a no-brainer. it's like jump in, try this thing out, use the classes. stuart: what on earth is halloween cooking? what does one cook on halloween? >> come on, stuart. i saw halloween over in london this summer when i was there. you make treats. you make cupcakes. ashley: yum. >> it's fantastic. you would love it. stuart: is this your idea? >> no. it's not my idea. stuart: this whole interchange thing. you came up with this? >> i think we are all trying to pivot from customer feedback. they have always loved our tv shows. but the one thing they have told us over the years is i actually want to be able to make these meals. i want to bring these meals into my own house. so you can watch our tv network and get inspired and come back that evening in your own kitchen and make this. we can't wait to launch this. people will be excited. the ingredient delivery you

mentioned before, it's kind of a game changer because every recipe on the site in every class, we map out all the ingredients, we map them out to people like amazon fresh and instacart and you tell us which ingredients you need and we get them to your house before the class starts. it's a big deal. this is meant to be really fun, really convenient and very joyful for the holiday season. stuart: time's up. i have just given you a three and a half minute commercial. susan: oh, my. stuart: every single person watching this program signs up, you're dead. thank you very much. >> thank you guys very much. stuart: thank you. the owner of a michigan vape shop fighting the state's ban on flavored e-cigarettes. he's going to court and he's going to join us on the show in the 11:00 hour this morning. a college professor getting called out after saying tom brady is a symbol of white male omnipotence. we will tackle that in our next

hour. nancy pelosi says president trump violated the constitution, betrayed the oath of office. if she really feels that strongly about it, she should put impeachment up for a vote in the house. surely. my take on that, next. i get it all the time. . . . and i don't wait when i return, thanks to drop & go.

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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. stuart: 10:00 eastern time here in new york city. we are just getting the latest numbers on consumer confidence. ashley: coming in at 93.2 which beat the estimate. we hit a near three-year low at end of august. people saying, ah-ha, uncertainty over trade is having an affect on the consumer. since that number we've had a nice little modest rebound if you like. better than expected on the consumer sentiment number. historically still pretty high. stuart: another indicator we got at 8:30 this morning is durable goods orders. heavy, big ticket items. orders were up unexpectedly. a couple of pieces of economic

news probably good for the economy, a good indicate are tore. joel schulman joins us now. you're more inchina to go with entrepreneurial companies. >> right. stuart: give me the big picture here. >> on the 93? stuart: is the economy back up a bit? >> is consistent what we've seen throughout the year. the markets are very strong in terms of interest rates and consumer discretionary is good in the us. the number is right in there, 92, 93. it has been as high as 98, 99. there are a few big drivers. i think this is modest news. stuart: the big driver to you is consumer spending. >> consumer spend is big. it is driven by market and interest rates and dominated by news on ipos. that is what is driving the market. the market is sensitive to various things. stuart: at this moment there is no reason to get out there and start selling and selling?

>> not based on that news. stuart: look at the big board. we're up 34 points holding up to a very modest gain. all right, everyone, now this, the impeachment effort has been launched and launched in very strong terms. speaker pelosi says the president has betrayed his oath of office, betrayed national security and betrayed the integrity of elections. he has, she says, seriously violated the constitution. if the speaker thinks president trump is so bad why no vote among house democrats? when will the speaker schedule a vote? answer? do not hold your breath. the last thing many democrats want is to go on record. of course in the far left precincts of new york and california they're very eager to bang the impeachment drum in public but the moderates, not so much. for them accountability may mean liability. vote for impeachment now, and they could lose in 2020.

the speaker also has the senate in mind. the constitution requires a 2/3 majority to convict and remove the senate from office. with 53 republicans in the senate, impeachment is extremely unlikely. knowing that, democrats don't want to go on record supporting something they know will lose. that is another reason why there is not likely to be a house vote anytime soon. now look back at the impeachment challenges to presidents nixon and clinton. in both cases it was a bipartisan effort. some republicans voted against republican richard nixon. some democrats voted against democrat bill clinton. it is not like that now. the impeachment of donald trump is almost entirely partisan and that does not look good. if you really think he betrayed america you surely have to have both sides of the american aisle on board to get him out. well america has seen the transcript of the ukraine call. we've seen the whistleblower

allegations and the testimony of joe maguire. the evidence is out there. so let's see a vote in the house. but again, don't hold your breath. one last point if i may, if the speaker won't schedule an impeachment vote, surely the speaker could do us all a great favor and let the house vote on usmca or prescription drug prices or infrastructure. isn't that what congress is supposed to be doing? you know, making all americans better off? let's get straight into it, shall we. alan dershowitz with us, harvard law professor emeritus, the author of this book, "defending israel." welcome to the program. >> thank you. >> i'm sure you heard what i had to say. what do you make of it? >> i generally agree with everything you said. the framers of our constitution had two choices when it came to the impeachment provision. one would have made our government much like the british government, giving congress the power to get rid of the chief executive based on a partisan no confidence vote the way prime

ministers are ended their 10 your in england and israel and other places. we rejected that we said we want a strong president that serves for four years. that is why the framers rejected the criteria maladministration or malfeasance in office as criteria for impeachment and removal. that would have turned us into the british system we were revolting against. we prefer a system of certainty, predictability, which means the president serves four years unless he has committed a high crime, misdemeanor, treason sore bribery. that case has not been made with regard to president trump. so when speaker pelosi says no one is above the law, she's right but congress is not above the law. they shouldn't be allowed to impeach or try to impeach a president in a lawless way. that is precisely i believe what they're doing right now. stuart: professor, at the end of the day do you think this whole impeachment effort is going

anywhere, or is it a political effort designed to slime our president in advance of the next election? >> unless dramatic evidence of impeachable offenses turns up, and i don't believe that is going to happen this is going to where. the framers also required that the impeachment be bipartisan. you can impeach on a partisan basis but you can't remove unless you get 2/3 generally requires people from both parties as you pointed out in your commentary. richard nixon is the only president who was properly subject to impeachment. he committed high crimes and misdemeanors. there would have been a 2/3 majority to get rid of him because many republicans joined the campaign but i do not believe that andrew johnson or bill clinton was properly impeached. bill clinton may have committed crimes but they were not high crimes. they were low crimes. a high crime is a crime that affects the administration of the office. great example of that is when

alexander hamilton committed a crime of adultery, paid extortion money but was accused paying extortion money from treasury funds. he wrote an essay disproving the treasury funds. he knew adultery was a crime, low crime, paying a extortion money was a high crime. he proved he did not do that. he was not impeach. we have to follow the constitution that is absolutely clear. many democrats are not following constitution, weaponizing the constitution for partisan purposes. stuart: professor dershowitz, a pleasure to have you on the program again. we appreciate it. >> thank you. stuart: better take a look at the big board because it is not quite such a clean cut gain. the dow is up 25 points but we also have a downside move for the s&p and a downside move for the nasdaq, okay? a little bit of backwards and forwards here. we don't have quite such a clear-cut gain as we had at the opening bell. you better take a look at micron. that is a chipmaker of course.

it is down big time today. that looks like a 9% drop. they gave a not so rosy forecast. they're concerned about uncertainty over trade. their revenue in the last year down 42%! the stock's down, there you have it, 9% as we speak. we have real trouble on the ipo front. peloton dropped in the debut day. wework, doesn't look like we'll get that ipo this year or maybe next year. endeavor, that is another company, that is kind of a talent agency sort of, that is a company which now delayed its ipo twice. back to joel shulman. you invest in entrepreneurial companies. >> right. stuart: this is a really pretty bad ipo climate and entrepreneur climate. >> you're absolutely right. we invest in publicly-traded entrepreneurial companies. when you look at companies like uber and lyft and wework and

peloton, these are entrepreneurial companies. so is pinterest and so is beyond meat. there are a lot of entrepreneurial companies that came out maybe as ipos. what we look at, we have overlays to our models. we don't get into ipos for variety of reasons. secondarily we like to look at entrepreneurial companies that exhibit good behave are i don't remember. now the last few weeks we've seen a lot of examples of companies where there has been, you know, behavior, particularly in wework, that may have appeared to be self-dealing. when you look at situations when you've got an entrepreneur who also has control, right? they have high ownership, high control, they have a very tight team, we need to make sure is this entrepreneur good? when the entrepreneur is good. there is nothing better for the shareholders. jeff bezos, exhibit a. bill gates, exhibit b. when you look at sam walton. these are good entrepreneurs.

they lead the organization. they have got integrity. we've seen last few months rush to ipo, interest rates are low, a lot of people think the game is about to end. in the case of peloton, one of the things interesting not discussed they went from 427 million to over 900 million in revenue. big revenue growth. everybody knows a lot of new subscribers. what is interesting they're doing 100% financing of machines. these are 2 or 3,000-dollar machines. 100% financed. no bad debts. no accounts receivable. they're booking revenues immediately. harkens back, i hate to do this in some respects there is already enough analogies to the dot-com bubble but a harkens back to the days of lucent technologies. in 2000, lucent was booking revenue before they recognized them. they were recognizing them before they realized them. what the sec fined them. lucent for some who may not remember was the research and development arm of at&t and they

were 200 billion-dollar company, fourth biggest company on the new york stock exchange and they plummeted to nothing. i'm worried about this behavior booking revenue with no bad debts no receivables. we don't know who the -- stuart: i have to break in with this news. ambassador lighthizer is meeting right now with democrats in an effort to refine the usmca. if we get any news out of that meeting we'll bring it to you pronto. this is the new nafta. it has been negotiated. some small changes are required. the democrats would like some small changes. they're discussing that right now. we would like to see that usmca up for a vote in congress. we'll see if that transpires. the big board shows 23 points up for the dow industrials. 26,900 is where we are. democrat congressman adam schiff taking criticism for

admittedly parodying a conversation between president trump and his ukrainian counterpart. this happened at a congressional hearing. president trump says schiff lied to the american people and should resign. we'll dewith that one. a college professor taking heat for for comments he made about patriots quarterback tom brady. he is accused brady buttressing american white supremacy. we'll have the story. this happened to you. you get on a long flight, find your seat, only realizing you're sitting next to a crying baby for a long time. one airline has an answer. we'll tell you what they're doing. more "varney" after this. ♪ not gonna be around... i'm worried about my parents' retirement. oh, don't worry. voya helps them to and through retirement... ...dealing with today's expenses...

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i'm working to treat every car like i treat mine. adp helps airtech automotive streamline payroll and hr, so welby torres can achieve what he's working for. peyton, what are you doing? (alexa) added to band shopping list. nationwide's teamed up with amazon to bring you the all-new echo auto. alexa, add "xylophone" to band shopping list. (alexa) okay. we don't need a band shopping list. join nationwide now and get a free amazon echo auto. stuart: house intelligence committee chair adam schiff parodied the famous call between

president trump and ukraine's president. listen to this. roll tape, please. >> this is the essence of what the president communicates. we've been very good to your country, very good. no other country has done as much as we have but you know what? i don't see much reciprocity here. i hear what you want. i have a favor i want from you, though. i'm going to say this only seven-times so you better listen good. i want you to make up dirt on my political opponent. my summary of the president's call was meant to be in part of parody. my point that is the message the president of ukraine was receiving not so many words. stuart: the point is that is not what the president said but this is what the president is saying in a tweet. adam schiff made up conversation between the my conversation between the ukraine president and read it to millions. he must resign and be

investigated. he has been this for two years. he is a sick man. that was a strong response from the president schiff did and what do you say. >> he was lying into the congressional record. it is microcosm what is going on since the president ran for office, things mate up out of whole cloth to further their preferred narrative. what they want reality to be versus what it really is. the fact he does it in a committee meeting. this is a serious action. this is the house of the united states. and for this, it's a reality show. it is completely scripted. it is completely false. and so we talk about the legitimacy of government, how can the american people trust what the house of representatives is doing when they watch them fabricate things on television? stuart: those words from adam schiff now go into the congressional record. >> that is correct. that is correct. stuart: people who read that record don't necessarily know

that those are not the president's words? >> well, correct. then you've got snippets that show up on the internet. you have it out of context. you don't hear the apology. there was a lot of pushback. this was meant to provide elements for television and for print, with statements and then, people hear also very often what they want to hear anyway. this clearly is part of a framework of pushing something that is false from the beginning. very similar, i have to say to the russia dossier hoax where you have got completely false frameworks moved by elements of society, political and cultural society in an effort to frame the president for something that did not occur. stuart: the consequences of the 2018 election are still with us i do declare. >> they are indeed. stuart: tammy, thank you very much indeed. thank you for being with us. >> thank you. stuart: we've still got a very minor gain for the dow industrials. you're 17 points up, what you're looking at is, the moon. nasa is all-in with a plan to send humans back to the moon but

what about this? congressional gridlock because of impeachment, could that tie up funding and keep astronauts grounded? it could. we'll ask the top guy at nasa all about it. he is in our next hour. new warning on vaping from the cdc. they say that vaping-related illnesses are rapidly rising. they are urging people to stop using e-cigarettes. dr. marc siegel joins us. he says vape something a good way of getting off smoking tobacco, as is cigarettes. are the latest safety concerns changing his mind? we'll ask him next. ♪ ♪ ♪

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stuart: the death toll from vaping illnesses has risen to 14. dr. marc siegel is with us, fox news medical correspondent. i know you're an advocate of vaping getting off smoking tobacco but can you tell me that vaping in off itself is safe? >> no. it is never been really fully studied but here is what i can tell you, the 805 injuries that the cdc is reporting most of them are associated with vaping oil products. oil, when would you use that? tbd, thc, marijuana type products cannabis. none of this is regulated at all that. is illicit. it is called lipioid injury to the lungs, vast majority of cases. juul, the cigarettes you get are water based but the flavors have chemicals in it toxic to the lungs that haven't been studied

what is my message here? we need to figure out what's in all e-cigarettes. we need to stop people from vaping cbd oil or thc. stuart: not easy to do that? >> we have to try. we have to police them more and more. that is where most the injuries are coming from. in terms of flavored e-cigs, most my snokers, they say i got off smoking from flavored e-cigs. i don't want to lose that option. i don't want to lose that but i don't like what is happening here either. in other words i want to have that tool. here is the bottom line juul deliberately in my opinion targeted youth with flavored e-cigarettes. most older smokers using e-cigs to quit, don't use cotton candy flavor. they don't use maining go. they use tobacco flavor or menthol. we to the into this problem because we created an epidemic of vaping among teens. vapeing because of nicotine but

then vaping because of thc as well. stuart: the solution here, or partial solution, not a full solution but partial solution would be no more flavored stuff, that's it, no more flavors? >> definitely not to teens. stuart: to anybody? >> well if we have -- i wish we could allow -- i'm not, by the way i'm closer to being your side of free enterprise you think. i like the market. i would like adults have access to flavored e-cigs with more understanding what they are scientifically. i want more science. the fda demanded that. by may 2020 the fda has to have evidence how harmful these are. it is illegal in all 50 states, for anyone to vape under 18. that should be enforced. stuart: i am a former tobacco smoker. i got off smoking the stuff going to a vaping device. now the vaping device is taken away from me. what do i do? i go back to smoking. >> i hate that idea. stuart: that is what is

happening. >> i hate that idea. i as a physician continue to have option using e-cigs. a study came out that says e-cigs help smokers quit. i need that as an option. i need to get it away from teens. i need the cannabis oil away from teens but i want recalcitrant smokers to have e-cigs. stuart: michigan banned all vaping products. they are concerned about. we talk to a michigan vape shop owner fighting back with a lawsuit against the state. he will tell us his story. stay tuned. a lot more good stuff coming up for you. ♪ at fidelity, we believe your money

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♪ stuart: in an octopus's garden. ashley: yes indeed. stuart: that is not one of my favorite songs. there is a reason why we're playing it. it was on the "abbey road" album which is 50 years old today. ashley: today. september 26th, 1969. it was last time they came together for a studio album. this was put together by giles martin. does that ring a bell? stuart: george martin? ashley: he launched the fab four all those years ago. classic stuff. susan: 50 years. back in the heyday for stu, right? wow. stuart: that was cruel but justified. very true. "abbey road," 50 years old as of today. good stuff. the hr people, they say that

impeachment talk and the election next year will create an even more toxic work place, a toxic political environment in the work place. lawrence jones, this is right up your street, lawrence, i know it is. fox news contributor and by the way, campus reform executive editor. you've been promoted lawrence. that is pretty good. well-don young man. well-done. i will fast forward to thanksgiving because i can see a very toxic political environment around the turkey table this year. i don't see any way around it. what will you do at your thanksgiving dinner? >> my mom has this rule, once i come home and the family gets together that we kind of like leave the politics at the door. they don't want all the bickering. frankly, stuart i do this for a living. i don't want to do this stuff at home but what i can tell you, having the majority of my family are liberals, majority of my friend i grew up with are

liberals we've been in this feud via text-messaging back and forth yesterday. what has become very clear, we do this for a living, the facts about impeachment what is going on capitol hill is totally different what is happening in reality. this is an inquiry, right? nobody has taken a vote because they don't have the votes. nancy pelosi can spin this all she wants, she is winning from one perspective this is pr battle. she want to appear to the base she is doing something but they really aren't doing anything because they simply don't have the vote. stuart: i agree but look in the work place this is a real problem. you know, if you say something which is a little harsh maybe, you clash with a coworker, you could be taken to hr and you could have a report filed on you, and you could go and lose your job. it could come to that. i suspect it will come to that in many cases because, this is, this is a really contentious

environment we're in now. >> well, especially when we are in a political climate like no other. it is not a difference of ideology. we're being told that, right now, stuart, that one side is racist and hateful group of people, right? so if you wear a hat, a red hat, then you're a racist. if you decide to support this president, then you're a racist. this is not the typical political protection that one may got under free speech. if you get to call your colleague a racist, the employer is likely to fire you or suspend you. i think we should take this seriously. we should caution both political sides, when you start suppressing free speech and political speech you go down a slippery slope. one side has protections but the other doesn't. stuart: that is very true. where is free speech in all of this? you're too young to remember, lawrence, in 1963 in berkeley,

california there was a free speech movement which really galvanized american society and spread throughout the 1960s. what was his name -- ashley: mario savio, mario savio, the late mario savio led the free speech movement. we need a movement again. >> we need a free speech movement. i had a little more, i was living when they decided to burn berkeley almost down because they didn't like the conservative speakers point of view coming on college campuses. that happened about five years ago. to see where this country is going right now, i don't think we're going positive way, democratic socialism, they want to change, if i don't like what the person is saying it is considered hate speech and it should be suppressed. we know only violence speech, inciting violence is not backed by the constitution. liberals redefined the way we look at speech. if we don't stand up to them, we're going to lose our society

here. stuart: i like that. you're fired up this morning, lawrence. >> yes, sir. stuart: welcome sign. come see us in new york, soon. thank you, lawrence. see you soon. >> thanks, brother. stuart: check out the big board. it is not a huge rally. we're 40 points up. we're down 27,000 on the dow. the trump administration just announced it has, let me get this right, they proposed a refugee ceiling for 2020. the citizenship and immigration service acting director ken cuccinelli joins us now. welcome to the program. thanks for being here. what is the cap on refugees and why are you putting a cap on? >> congress put in statute the president has to set a ceiling every year. it is that time of year. we begun our conversations with congress, proposed cap of 18,000 refugees to be resettled here in the united states.

that is down from 30,000 this year. this is part of a much bigger humanitarian picture, stuart and we are putting enormous apartments of effort into the southern border but also into asylum which is very similar to the refugees. you're looking for people who are persecuted. protecting them from that. so in the entire humanitarian umbrella, you have asylum, refugee, crime victims, other things, trafficking victims. all together america is providing more support in settling more people in the humanitarian arena than any other country in the world. on a long-term basis. stuart: are you placing these limits because you feel that the refugee system or the asylum system is being gamed? >> well not the refugee system. the asylum system is certainly in part being gamed but it is also, stuart, a huge backlog that my agency is responsible for resolving. over 335,000 cases still

outstanding. we don't have a backlog on the refugee side. we have a backlog on the asylum side of humanitarian responsibilities. the same people attack both of those cases or can be used to attack both those work loads. that is what we're going to do, we're hiring up in the asylum space so we can do more and more resolving of these asylum cases been backlogged really too long. stuart: let me get this straight. the president can do this without going to congress to ask if he can do this? >> congress assigned the task to the president on an annual basis. so yesterday we transmitted to congress the draft report that's indicated 18,000 person cap for refugees. we're going to have some congressional communications here in the next number of days and weeks i'm sure, before that's finalized. but that is the target we have right now. of course the asylum side is much bigger, much bigger numbers. we're getting tens and tens of

thousands of cases filed and processed. we'll get a lot more of them done this year and next year because we're finally getting controlled on border. the same people who work a refugees and and and a aisle east will have a lot more capacity to get asylum cases done. stuart: it was important we explain this and you did. ken, see you soon. thank you. let's get to the college admissions scandal, a businessman in los angeles was sentenced to pay a lot of money to get his son into georgetown. lauren semiconductor -- lauren simonetti. what is the sentence. >> one got four months, another got four months. felicity huffman who is probably most innocent here. paid $15,000. she was remorseful. she got 14 days but she got

something. stuart: everyone is asking what about lori loughlin? >> she is this trouble. she pleaded not guilty. paid $500,000 for getting her daughters into usc as crew recruits. the judge is coming down hard saying you cannot be part of a scheme that your kid getting into a school they don't deserve to be in because you have a lot of money and a lot of connections? a lot of parents who did plead not guilty might be switching their pleas to guilty. i think lori loughlin and her husband are in trouble here. stuart: so far there is prison time. >> three so far. stuart: people found guilty in the admissions scandal. three so far and maybe more to come? >> lori loughlin faces up to 40 years in prison. will she get that? no. stuart: no. but -- >> she will get something. stuart: lauren, thank you very much indeed. got a question for you. could the democrats call for impeachment actually help president trump? next we're going to be talking to the republican chair of

new york state. he says there are four democrat controlled districts that could flip republican because of the impeachment push. he is on the show shortly. next hour lara trump, the president's daughter-in-law, what does she make of the calls for impeachment? is she taking it personally? we'll ask here. she will be on the show about 11:15 eastern this morning. ♪ i don't know what's going on. i've done all sorts of research, read earnings reports, looked at chart patterns. i've even built my own historic trading model. and you're still not sure if you want to make the trade? exactly. sounds like a case of analysis paralysis. is there a cure? td ameritrade's trade desk. they can help gut check your strategies and answer all your toughest questions. sounds perfect. see, your stress level was here and i got you down to here, i've done my job. call for a strategy gut check with td ameritrade.

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peyton, what are you doing? (alexa) added to band shopping list. nationwide's teamed up with amazon to bring you the all-new echo auto. alexa, add "xylophone" to band shopping list. (alexa) okay. we don't need a band shopping list. join nationwide now and get a free amazon echo auto. stuart: now we're up about 60. that is quarter of 1%. let's talk boeing. show me the stock for a start. boeing's stock is up just a little today but it is at 388. susan come into this, as i understand it the government

wants going to do certain things about wants going to do certain thing. >> they think there have been erroneous assumptions in terms of the development of jet, they want changes in how the jets arer ised in the future -- certified in the future. stuart: would i term that as a positive. what does the government want? the government wants this of boeing. if boeing does it presumably they comply with the government. susan: the mcas system and the software system still needs to be certified as well. how do you prove to the government that it's safe? you can use average pilots. yes, you can talk about, i guess the changes in how it is certified but in the end does that still make it safe for people to fly in? stuart: i'm not asking that.

i'm saying when the government tells you what you got to do, then you got to do that, that gives you something to go at, right? susan: i don't think anyone will get on one of the jets in the future. if you're seeing a 737 max would you feel safe? stuart: i would. in a heartbeat. i never worry about that kind of thing. i would jump on board. i'm sorry but i would. ashley: in the first clays. susan: a lot of people don't feel the same way. stuart: i would. ashley: he would be carried into first class. stuart: i would go on in a thunderstorm if i have to. i want to get there. i'm not a prisoner of my fears. call me crazy. ashley: you're crazy. stuart: now this, there are four new york congressional seats currently held by democrats which president trump and the republicans won back in 2016. our next guest thinks impeachment and the inquiry about impeachment would flip the seats back to republican

districts. nick langworthy, the new york state gop chair. gentleman, thanks for coming back to us. >> thanks so much for having me back. stuart: are all these seats in upstate new york? >> no. one is right here in new york city. staten island, a seat our party lost in the 2016 midterm elections. mack rose is the incumbent. we have a strong candidate challenging max rose at this point. he won't make it clear where he stands on impeachment. his constituents are not really informed. he is trying to have it both ways. this is a district donald trump won by 11 points in the 2016 election. max rose deserves an answer where does he stand on impeachment. stuart: tell me why you think that the impeachment drive will bring out the republicans and bring out the trump base. why? >> every single one of these districts are districts that president trump won in the 2016 elections. three of the four in upstate new york. we have a lot of enthusiasm that we're seeing online. the president obviously has raised a ton of money in the

last 48 hours. new york republican party we seen uptick of people wanting to get involved, donating money online, looking to stop members of congress fighting to derail our economy and stop the president's progress. stuart: these four seats you're talking about are four of many across the country would be democrat in the house right now who got their seats in previously republican districts that went for president trump. i know that you have got four in new york state. how many numbers are we talking about? 50? >> 50 seats in the country n dark blue new york we have four. we feel strongly we can take the seats back. we have vibrant candidates out there running, building resources to get their message out. they have the a number one issue voters will be deciding this election on. stuart: have you got any polls, have you seen any polls since the impeachment drive was launched at 5:00 on tuesday afternoon, any polls to say yes, they're swarming back to

republicans is. >> i have nothing on the local level yet in these congressional districts but you definitely see an uptick in enthusiasm, registrations on our side in these seats. we know the candidates we have out there, their democratic opponents are in congress now, they have now kowtowed to the squad and the radical left running the house of representatives. there is a reason nancy pelosi didn't push for impeachment despite all the calls for it for the last two years but it is that radical left, the squad that is now taken captive of that house and so many, you know, formerly mainstream democrats are prisoners to that squad. stuart: okay. we'll see how it all turns out. nick langworthy, thanks for joining us. appreciate it. thank you. the patriots tom brady, i think most people would say he is truly great athlete and a pretty good guy too. one college professor accuses brady of white male omnipotence. we'll have the story after this.

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stuart: ever so gradually picking up steam here. we're up 90. a third of 1%, do you like that ash? ashley: climbing slowly but surely, towards 27,000. we'll take it. ashley has a good story here drafting as its exclusive fantasy sports partner. tell me the details. ashley: i would love to but we don't know unfortunately. big deal for draftkings that have exclusive partnership with the nfl. fantasy sports with the nfl is huge. last number we saw 60 million people involved in this the last number we have in 2017. we know it has broken from there. the nfl has been very leery to partnership with gaming and gambling because of fears of questions of integrity of the game. they have another deal with caesars and australian bookmaker called tab. they're loosening their grip and

draftkings is taking advantage. stuart: one of these days i will understand it. vaguely on the football theme, a university of rhode island professor slammed new england patriots quarterback tom brady that brady owes his success to white supremacy and white rage. cabot phillips, campus reform editor-in-chief. give me the whole story. please go. >> i want to acknowledge and thank you for talking about the real football and not your version. it is encouraging to see you embracing american culture. stuart: yeah, yeah. >> this was, this claim was made in a book as part of a larger book. it was a chapter how white supremacy is playing a role in america. they lift donald trump as the main example but they also say tom brady is an example of white male omnipotence in america. he directly benefited because of white rage in america that happened once president obama was elected. they list some ridiculous examples. one is mattress commercial where

camera is looking up on him, because brady looking down on the camera, that he looks down on rest of america. i think he is looking down because he has six super bowl rings. other examples his life-style contributes to white supremacy because he takes trips with guys and he likes golfing and. you might be on the professor's hit list because i imagine that is what your weekends look like. stuart: that is not. i spend my weekend on a farm chopping down trees. that is extraordinary story on a man who is the best quarterback in american history. isn't that the outstanding point? the man is really good. >> that is exactly the point. at a time where there are so few good male role models, we should teach students to emulate tom brady, his hard work, his success, his meritocracy he rose

what he put into the system. not because of the fact he was white and a male. this is a larger trend. goes beyond tom brady. this idea of identity politics in academia. that is the inevitable result. when you reduce people to race and gender. we have seen universities remove distinguished alumni from the wall because there are too many white men. english authors and books were removed from reading list because they were white men. this is the result when you reduce everything to identity politics. stuart: it does. we appreciate you being with us as as you. that is extraordinary story. >> thank you, stuart. stuart: a side-effect of the democrat dem impeachment push, i'm calling it a negative. joe biden the moderate could get caught up in the mess. that could give elizabeth warren a leg up that is bad news for wall street. i have my take on that coming up for you. the dallas fed president says if we need to keep our economy growing we need more

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automatically goes into a money market fund when you open a new account. just another reminder of the value you'll find at fidelity. open an account today. stuart: we are now in day three of impeachment and so far, the firestorm in d.c. has failed to hurt wall street. investors have shrugged. stocks still very close to record highs. okay. let's think this through for a minute. first of all, a couple of good things for investors. president trump's political difficulties give china leverage in the trade talks. the door may be opening to a small scale trade deal. investors would like that. another one. impeachment rallies mr. trump's base like nothing else. he raised $5 million in the first 24 hours after the impeachment launched. investors want growth and more tax cuts and a second trump term

would give them just that. now, here's the big negative. moderate joe biden is swept up in this mess. he's already fading and an investigation of his son's activities in ukraine and china will not help. that leaves elizabeth warren as the likely democrat candidate in 2020. now, senator warren really scares wall street and rightly so. a massive wealth tax, higher income taxes, big corporations have to get permission to do business, profits distributed to the community, the fantasy land green new deal, all of that from warren. here's the story. if there is the slightest chance that senator warren sits in the oval office, your 401(k) is going to take a hit. she will confiscate your money. it is time to worry. let me throw this in, too. "the washington post" says joe biden is considering a wall street tax. buy or sell a stock or a bond and pay up. he's clearly being dragged to

the left as senator warren rises in the polls by bashing the rich. think of it this way. as the impeachment drive gets rolling, it's early days and investors shrug looks legit but down the road, impeachment may allow the far left to mount a credible challenge for the presidency. i don't think a socialist can win but if it even looks remotely possible, investors will be right to start worrying. big time. the third hour of "varney & company" is about to begin. stuart: well, look at that. all of a sudden literally the past few minutes, i guess, we've got the dow industrials shooting ahead. now we're up 120 points. that's close, closing in on a half percentage point gain. the dow is well above 27,000 again. by the way, i think that's about

340 points away from the record all-time closing high for the dow industrials. with impeachment in the background. how about that. let's get right back to my editorial. joining us is daniel garza, president of the libre initiative. what does a warren candidacy mean to the hispanic vote? >> well, at this point, if we believe what she's saying, she is talking about more imposition of government centralizing more and more power, more control and more capital in washington, d.c. and in the hands of politicians which is the worst thing you can do actually to unleash the private sector. what you actually need to do is actually diminish the role of government, lessen the burden on the backs of americans who need their capital, who need their assets to leverage them and of course, create wealth and opportunity for themselves and others. stuart: well, daniel, is the hispanic community firmly on the side of capitalism, free markets

and individual liberty and freedom and starting businesses? is that where the hispanic vote lies, or is it on the other side of the fence, wanting help from the government? >> well, mr. varney, i can tell you, i will lay out some of the facts and the fact is that right now, the latino community itself actually has contributed to the gdp to the tune of $2.3 trillion, up from $1.7 in the last few years. the gdp that we are actually creating is outpacing the rest of the gdp of the rest of america so labor participation is up, wages are up, unemployment is at a record low, house ownership is up for latinos so we are doing quite well in this economy. stuart: the dallas fed president says america needs more immigrants to grow the economy. how do we get more immigrants in in a responsible fashion? how do we get more immigrants in that we want to fill jobs that we have available?

>> mr. varney, you would think that if you listen to the media and some voices that there is so much disagreement on immigration, but there's actually consensus. there is common ground between americans on this. 85% of americans believe that we should advance a legalization program for the folks that are here currently undocumented. in fact, 65% of them believe that citizenship should be part of the solution. only 24% of americans believe that we should actually consider reducing legal immigration and this is because our economy actually requires in certain sectors of the economy to be sustained by a flow of immigrants that meets market demand. low skilled and high skilled. so we need to have that realtime adaptability to meet market demand. stuart: look, i know where you're coming from and i agree with you. i think america does want and need immigrants. but i think you put -- job one is stopping the flow of illegals. you can't sort of open up and

make everybody citizens unless you have stopped the flow of illegals. you agree with that? >> there is consensus among americans on security for our borders. i have said in the past we are the most generous, most compassionate country in the world but we also like order. we get to decide who comes into the country and under what conditions. security is an elemental component of our immigration plan. but if we can't agree on that, if we can't come to an agreement, we can't bring both parties on that, we can't address the other components of immigration demand and our dynamic economy requires it as the dallas fed has said so. stuart: you got it. thank you, sir. see you again. okay. we've still got a dow rally, up 117, well above 27,000. but look at that, no bounce-back for peloton. in fact, it had a rough debut yesterday, down another buck today. we have with us deirdre bolton. what's this about users cheating the system? deirdre: they are cheating the system in two ways. you see from that image there where there is actually a tablet

attached to the bike. that's supposed to be your instructor yelling at you, pushing you to do better, maybe showing you a little bit of a trail. some people are actually just putting in netflix or some other apps which peloton is aware and just says okay, well, that's not covered in our 12-month warranty. if you do that and you complain to us the tablet's broken, that's a little bit on you. more to the point, other people, this is the part i really don't understand, they are actually hacking into the system to put themselves at the top of the leaderboard. one of the fun things about this is you can be racing with someone who is in australia in realtime with the instructor kind of guiding you both. but some people have twice as fast times than the tour de france so peloton began to realize a little statistic anomaly. what's the point, honestly? if you're going to compete, compete with your own score. stuart: that may be contributing to another 4% loss for peloton. look at it go down. deirdre: i think it's to the

point the ceo says we won't be profitable until 2023 and for an investor, that's not fabulous. stuart: $24.75, down a buck. that's nearly 4%. the senate will now take up legislation to help the marijuana industry. how's that? ashley: yes, this is a banking story, because the house has approved a bill that basically does not penalize banks on the federal level of being in trouble if they take the proceeds from marijuana sales. which as it stands, would be a federal problem. it's gotten through the house. the question is, can it get through the senate. the republicans in the senate are a little split and those that are in favor of getting this through are saying this is ridiculous, 33 states have now approved marijuana in some shape or form. they've got to be able to put the proceeds somewhere. the banking system needs to be updated. it's going to be interesting to see whether they can get through the senate. but minds are changing on this. maybe it can. stuart: they are. yet -- ashley: it's a big deal for the cannabis industry. this is one of the major

holdbacks. stuart: it's got to get through the senate. then only time will tell if it gets through. check the big board. still a healthy rally. by the way, that means this rally, up 112, that means the dow is now positive for the week. positive for the week in which impeachment began at 5:00 on tuesday afternoon. how about that. 26,999. the trump family obviously used to the president getting attacked by the left and the media as well. does the latest impeachment push hit them especially hard? the president's daughter-in-law lara trump joins us in just a moment. a meeting on the hill right now between ambassador lighthizer and democrats. they are working on usmca, the new nafta. our farmers need it. are we going to get it? later, a vape shop owner who is suing the state of michigan over its ban on e-cigarettes. he's got his story for us. the third hour of "varney" just getting started. ♪ the new sporty glc.

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stuart: happening now, on the hill, the house has voted to scrap the president's national emergency declaration. this is about border wall funding. this means the president can no longer go over congress's head to get his funding for the wall. however, the president can still veto the measure. this initial move looks like a blow to the administration. all right. change of subject. here's lara trump, senior adviser to the trump 2020 campaign. lara, welcome to the program. always good to see you back. >> thank you. stuart: now, this is a really toxic political environment and -- >> to say the least. stuart: as far as coming at you personally, how do you take it? have you got a thick enough skin to take what's coming at you? >> well, i think we have all over certainly the past three

years or so developed a much thicker skin but i'll tell you as an american, just in general, forget my last name, forget my association with the president, to see what has been done, what they're trying to do to this president, who was elected by the people of this country, who is doing an incredible job, it's very very frightening to me and it's really sad. i think it's a really sad moment for our country when you see how desperate the democrats are and they know that that's their only chance, by the way, of getting any one of their lackluster candidates in the white house is to try and impeach this president but unfortunately, i don't think it's going to work out. stuart: can you brush it off? some of it comes at me. nothing like comes at mr. trump and your family. nothing like that at all. but some of it comes at me and i can brush it off. doesn't really bother me. can you? >> i think you have to. i think for all of us, we are laser focused on making sure the president gets re-elected. i always say i don't think he'll have a problem but that doesn't mean any of us will rest until

november 4th, 2020 when he's officially elected for his second term in office. stuart: very confident. >> we're very confident. look at the other side. come on. they are doing everything they can to impeach him because they know none of these candidates will be able to beat donald trump but i think that for all of us in this family, we look to the future. we look at how this presidency will be reflected back on. i think for all of us it's about that and it's about doing what's right for the country. stuart: speaking of attacks on the president, hold on for a second. let me go through this. congresswoman rashida tlaib, headlines again and it's related to this clip of her talking about the president. this is from some time ago. roll that tape, please. >> when your son looks at you and says bullies don't win, i say baby, they don't. because we're going to go on there and [ bleep ]. stuart: that was infamous profanity. now, rashida tlaib is selling teeshirts with that profane phrase on it asking supporters to lean in with me to hold this

lawless president accountable. all right. what do you make of that? >> first of all, i think it's disgusting, the language, what she's suggesting there. could you imagine if the trump campaign had done something similar to this, the kind of attacks that we would be getting from all of the mainstream media, yet actually this is the first time i have heard of this on your show here so thank you for bringing light to it. stuart: sorry. i do apologize. >> but i mean, it's disgusting but i think this is what we have come to expect. there is no low that is too low for the democrats out there and they are so crazed and wild with their hatred for this president that they are willing to sell a teeshirt like this. that's crazy. i can't think of something -- that's ridiculous. stuart: i'm going to bring up another element in this toxic political environment. wait for it. >> there's more. stuart: what's it like around the thanksgiving table in the trump household? i would imagine you don't get that much political contention going on. >> no.

stuart: elsewhere in the country you do. >> it might be a lot easier at our thanksgiving table because we're all on the same page. i know that's not the case for all families. it's actually nice, it's one of the few times we all get to come together again as a family. we are all so busy, we don't live in the same place anymore. the president obviously and ivanka and jared are in d.c., the rest of us are here in new york. we always look forward to that. we have no -- actually, i don't even think we talk that much about politics when we all get together. stuart: no? >> we hear enough about it. stuart: before he was the president, did politics come up? did contentious stuff come up? >> not really. no. you know what, what i generally looked forward to with every dinner that we have, whether it's thanksgiving or just a family meal, is to hear the president and his jokes and stories because he's one of the funniest people i have ever met. many people don't know that about him but it's such a treat to get to hear stories from the old days and really to make it feel like old times again. it's the best. stuart: lost any friends from way back who now your name is trump and you have lost them?

>> if they are no longer around they were never really friends. stuart: there you go. >> we will go with that. stuart: thank you very much for being on the show. as always, great to have you. >> thank you. stuart: check that big board. we have not lost the rally by any means but we have come back a bit. we were up 110, now we're up 90. we'll take it. check vail resorts. they own ski resorts around the country. their stock up big today. they posted better revenues and just struck a deal to buy up 17 more ski resorts. the stock is up about 4%. have you ever had your flight ruined by a crying baby? not ruined but made more difficult? i have, because i've got six kids. japan airlines says it has a solution for that. we will tell you all about it momentarily. and much more on speaker pelosi's impeachment push. steve hilton says the real coverup involves one of the democrats. he's going to join us very shortly. ♪ ♪

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stuart: we are showing you the airline stocks but we're really talking now about japan airlines, as they've got a new

feature for anyone troubled by a crying baby next to you. what is it? ashley: it may help you beat the odds of being close to the crying baby. when you book on japan airlines, you can then go on and book your seat and you will have a little child icon on seats that have been booked by parents for their child. you can look at the plane, say okay, we have a child here, we have one here, go ahead. stuart: is it babies or children? ashley: it says children although i think the focus has been on babies. it doesn't say the actual age of the child. but you know, other asian airlines offer like what they call silent zones, you know, which is a veiled way of saying no one under the age of 10 or 12. but would this fly in america? someone on trip adviser, someone who writes for trip adviser says you are probably never going to see something like this in the u.s. for fear of backlash. stuart: it would be age discrimination. ashley: yes. yes. stuart: you will be able to discriminate against young children so you can't do that. ashley: when this article came out there were all sorts of

tweets coming in, the poor guy said i had three screaming babies next to me in my jfk to dohar in the middle east. absolute hell. we have all been there. stuart: we have. we have. i have been the parent sometimes. deirdre: i was going to say, in both worlds i've been there. stuart: let's get to boeing. look at the stock, please. it's going up recently. it's close to 400 bucks a share again. they've got some new safety recommendations. hold on. what is the government telling boeing to do about safety on the max jet? deirdre: when you test with your planes, please use average pilots, not your most amazing experienced weather-tested pilots. please use a range, range of experience, range of training, because they say part of what happened with those 737 max crashes is the pilots may have been too green, they weren't battle-tested for real life experiences and apparently the software is so advanced, it just was putting out all of these warnings, simultaneous warnings about various contradicting

messages so you can understand, it's almost like having seven people screaming at you to do something at once when you are already in a crisis situation. i think those poor pilots did actually freeze. they're not saying that in the report but that's heavily the implication. they are saying could you please just use normal average pilots, some of whom are extremely green, then see if the testing goes better. stuart: fair enough. by the way, boeing's chief is going to testify before congress about the max jets. no doubt about safety, too. that comes up next month, october, for boeing before congress. now, there are some more negative headlines on vaping. first off, a second death in oregon. secondly, the cdc reports a 52% spike in vaping related illnesses. and related to all of that, we are going to be talking to a vape shop owner in michigan. he is suing the state to stop its ban on e-cigarettes. i will ask him about the impact that's having on his business. and speak to an early juul

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stuart: we made it back. we are back above 27,000, back to a triple digit gain as of now. we've got, let's see, 25 of the dow 30 in the green. they are up. pretty broad-based rally at this moment. now, a vape shop in michigan is suing to stop that state's ban on flavored e-cigarettes. joining us now is the owner. just a moment ago we saw you vaping, sir. welcome to the show. good to see you. now, why are you suing? >> thank you for having me, sir. stuart: sure thing. look, why are you suing to stop the state's ban on flavored cigarettes? because that was designed to keep flavored cigarettes, e-cigarettes, out of the hands of juniors. why are you suing to stop the ban? >> first and foremost, for the lives of my customers that are on the line that are using

electronic cigarettes to quit smoking. that's the first thing. the second thing is the lives of all the people around the state and the other states that have followed suit with this. their lives are on the line. stuart: okay. how has this affected your business? >> and of course, my business as well. stuart: how has it affected it so far, your business? >> there's been a lot of press. it's driven the sales of my business down. it's driven the sales of all of our businesses down. and as of next week, we'll be forced out of business and most of us into bankruptcy, myself included. stuart: it's that bad? you are forced into bankruptcy? it's only a ban on flavored cigarettes, isn't it, not a ban on all vaping devices? >> yeah, exactly. flavored e-liquids are about 90% of our business. flavors are the key to quitting smoking. without the flavors, there's no

hope for any of us to stay in business. stuart: okay. look, we've got a response from michigan's attorney general and i'm going to quote it for you. we received a complaint late wednesday and as with all litigation, we will review with our clients before we determine our response. that's the state of michigan attorney general, his response or her response, not sure, the response of the attorney general in michigan to your lawsuit. sir, thanks very much for joining us. i'm going to turn to bring in an early juul investor who has been on the program many times. his name is gregg smith. he did indeed put money into juul way back when. here's my concern. we don't know whether vaping itself is safe. we don't know the risks involved in vaping. we don't know that. you don't know that and our audience does not know that. we know there's some risk but we don't know how much. in my opinion, the big risk here is that someone who's gotten off smoking tobacco, literally

smoking it in cigarettes, is now facing a ban on vaping devices which they have turned to. if you ban them, you go back to smoking tobacco, don't you? >> that's correct. i think a lot of these recent decisions and first off, you know i hate smoking. i hate cigarette smoking. a lot of the decisions that are being made by some of these states are actually going to do the opposite. they are going to push smokers back into the black market, or they are going to push them to combustible cigarettes, both of which are not going to be good. we see these spate of recent illnesses which we really now believe are coming from black market thc cartridges, so pushing people on to the black market is exactly what we don't want to do. but as you look at the e-cigarette category, it's really a balancing act of public health. the fda has to weigh the impact on this category of looking at two things. one, creating a bona fide off-ramp for combustible cigarette smokers, giving them an off-ramp to get off cigarettes to a product that i believe science and time will show is much safer for the users

and has a much higher quit rate than any other pharmaceutical or non-pharmaceutical solution on the market today. and two, they have to weigh against not creating an on-ramp for kids that are not users of nicotine to come on to the product. stuart: why is it that the fda and/or juul, did not do the testing beforehand to see whether vaping of any substance, whether it's nicotine or cannabis or thc or whatever, was safe, or what risks were involved? why wasn't testing done before? >> well, under the fda guidelines, what happened in august of 2016 with what was called the deeming regulation, the products had been on the market at that point in time were grandfathered in to stay on the market and they had until a certain date to prepare their studies and file for fda approval. that pmta date is coming up in may of 2020, at which time all the e-cigarette companies will file their data and they need to demonstrate to the fda that their products are better for you or less harmful than combustible cigarettes.

the fda has one year to review those. i think a lot of people triangulate or key off of the uk market. as you know, we talked about the uk before. it's a very well adopted practice in the uk, lots of people vape there, the government pushes their citizens that smoke to get on to vaping, and they have been a forefront in the leader of this technology and actually tell people that it's 95% better for you or less harmful than combustible cigarettes. stuart: your biggest worry, it would be a one or two-year ban on vaping once they figure out the risks. that would be a disaster. >> look, i think some of the things that have happened. look what walmart did. if walmart wanted to be a responsible actor they could have temporarily suspended the sales of e-cigarettes until we had clarity from the cdc and fda. i think it's clearly coming out now, it would be like them saying people are getting sick from hypodermic needles and banning needles when we knew it was from heroin. walmart should have taken combustible cigarettes off the shelves which we know kill people. states are making bad decisions

and pushing people back into cigarettes. stuart: i have to break in for a second because i have breaking news. this is coming to us from capitol hill. fox news is told that democrats offered some new proposals to u.s. trade representative robert lighthizer this morning and this is all about usmca, that is the new nafta. sources tell fox that things are moving in a positive direction and the staff will continue to meet over the recess. fox is told progress was made in all four key areas, labor standards, environment, pharmaceuticals and enforcement. maybe that's why the dow is now up over 100 points. maybe that's the case. but joining us is the lieutenant governor of ohio. sir, this sounds like good news. this sounds like real progress on usmca, which is very important in your state. are you with me on this? >> absolutely. it's great news to hear. 51% of ohio's exports go to

canada and mexico. farmers, manufacturers, workers, it's important to all of them that this get passed. stuart: i'm surprised because i did not think that the democrats in the house would want to give any kind of win to president trump, and this passage of usmca if it gets through, would be something of a win for the president. i'm a little surprised the democrats are prepared to put out some positive news on this. >> well, i have to say that i welcome it. i share your surprise but i can tell you i think democrats in ohio are feeling the pressure from businesses who are saying look, this is holding up progress. we have instability in europe over brexit, we have instability with china/u.s. trade issues, even japan and south korea have instability. we have an opportunity in north

america to create stability with our trade agreement that will mean jobs and new investment and i think that the pressure is beginning to mount on them and speaker pelosi to get -- to act. stuart: mr. lieutenant governor, i'm going to interrupt for a second because there is just an extraordinary development on the market literally in the last few seconds. when we introduced you, the dow was up 110, about 90 seconds ago. now we are down 20 points. i don't know what happened. i was assuming that the triple digit gain was the result of pretty good progress here for the nasdaq -- for the usmca. i was assuming that any kind of good news on trade and that was good news, would push the dow up. that's why we went up 120 points. i do not know at this point why all of a sudden, we have got 150 point swing. okay. hold on. bloomberg is reporting that the

administration is considering limits on portfolio flows, that would be money, capital flows, into china. i will repeat it. bloomberg has reported that the administration is looking at limiting the flow of our money, our capital, or anybody's capital, i guess, from america into china. that is a clear negative for china/america relationships. that's why you've got this sudden 150-point turnaround. more than that now. it's almost a 200-point turnaround for the dow industrials. literally, one moment we had something positive on trade, on usmca, and literally within seconds, i'm sure this is the algorithms reading headlines, this headline coming from bloomberg, we are going to limit or thinking about limiting capital flows into china. that's a fairly aggressive move on america's part, if that is the case, and that's why we've got now a 46-point loss for the dow industrials. you are on your computer? ashley: i'm looking for the headlines.

this apparently comes from bloomberg. interesting to see what we get. again, as we said earlier, with the iran talks issue, whether we are going to get a quick response from the administration on the validity of this headline. stuart: look at that chart on the left-hand side of the screen. that's how you can get whipsawed by the headlines. ashley: those algorithms keep selling. stuart: all the algorithm does is read the headlines from news organizations, bloomberg included. when you see any kind of headline, limit, capital inflows to china, boom, you sell. deirdre: any kind of isolation, we have done it on a much more severe case, of course, with iran, but any time we use our dollar muscle and our investment muscle, which is one of the strongest that we have at our disposal, obviously this bodes extremely poorly for any u.s./china trade resolution or any kind of conversation. it's a very aggressive move if it's true on our part. stuart: what i'm waiting for is the response from the

administration to say yes, no, we are considering this. ashley: they may come out and say it's simply not true. stuart: i'm sure our d.c. people are working on this, putting in calls already. let's see what response they get. because a response, if it was more positive, to say it was just a suggestion and we're not ready to, if that was the case, we expect it to go back up again. here it is. now we're up 17 points. deirdre: in the algorithms, they are reading these and executing very quickly. so we could bounce up again if there is a clarification on that comment. but for the moment, of course, this idea of really putting this huge block between the u.s. and china and obviously that will affect all of asia. stuart: do we have steve hilton with us now? we do. come into this, because you followed the president's speech before the united nations earlier this week, i think it was tuesday. you followed that speech and i think we are in tune here that it was a pretty hard line speech

against china. am i right? >> yes, exactly. it wasn't just china. what he was doing there was really signaling from a policy point of view and a philosophical point of view, his clear intent to overturn the ideology, the orthodoxy, the consensus, really, you've had for around 50 years now which is in favor of globalization unconstrained in favor of getting closer and closer economically to china. he's saying that's all gone. we are turning around all of that. so that news you have just been reporting, we've got to get used to this because really, what we are embarking on now is a new phase for the global economy where the usa is going to be progressively disengaging economically from china. you are going to see more like this. in the short term, you might see a trade deal in a limited sense before the election but long term, this is a really big change. i don't think the markets have understood that this is not some

temporary thing where the president's going to try to do a deal, get the trade better in balance. no, this is a long-term disengagement from china. it's going to have huge effects. stuart: that word is very important. disengagement. because you are talking about the world's two largest economies, america and china. if they disengage, they are no longer mingled as they used to be. there is no longer that give and take on both sides and that is a profound change for the global economy. now, the market always thought, i think always thought there would be some kind of deal. some kind of rapprochement, getting back together again somehow or other, but that presidential speech may have suggested that that's not going to happen. so what about the idea of a short-term trade deal because the president's in political trouble with impeachment and the chinese now have leverage over us? what about that argument? >> well, look, i'm going to answer that question politically, stuart. as far as i'm concerned, in

terms of this particular issue, and many others but let's just focus on this one, i'm 100% with the president on this. in terms of the overall approach to issues like globalization and immigration and so on, and on china. so for me, the most important thing is that we continue with this, in other words, he has a successful election campaign and gets re-elected next year. what's the most important thing there? a good strong growing economy, to keep the good trump economy moving forward. a trade deal with china, even a limited one, a short-term one, will help with that because it will boost business confidence. we might get a bit of an uptick again in investment. that leads to jobs and so on, as we have seen the last couple of years. i'm all in favor of a limited short-term deal, win the election, then come back and really go for it again. stuart: you are such a politician. i know exactly where you're coming from. hold on for a second. i want to bring in our market guest, keith fitz gerald, frequently joins us on the market, especially on issues related to asia.

keith, welcome back to the show. here's what we've got. we've got this tentative report from bloomberg suggesting that the administration might want to consider limiting capital flows, money, from america going to china. and that took the market down about 150, 160 points. i'm getting some clicking in my ear but keith, do you hear me, and does it sound like the bloomberg report is valid? >> you know, i tell you what, it's great to be back and thank you for having me. the bloomberg report is probably got some element of truth there. there's a lot we obviously don't know, but it's clearly enough to spook traders today and that is significant. this one is not a good development, if there are seriously going to be limitations. if it's just posturing, part of the negotiating process, not a big deal, it will blow over in 24 hours. stuart: our guest, steve hilton, moments ago suggested that what we are seeing really is the long-term disengagement between the two -- the world's two

largest economies. would you agree with that? because disengagement is quite a split. >> well, that's a huge term, with very significant ramifications. i think this disengagement is possible, not probable. so i would split hairs on that one because the businesses, the countries need each other, whether we like each other or not is immaterial. stuart: do you think we can ever have a serious market rally for our stock market here in america if we don't get any kind of deal with china? >> it's going to be very hard to get it started, stuart, but once the discussion and the illumination focuses from fear to hope and optimism which america excels at, the markets will come back as our companies figure out a way around this. stuart: let me get to steve hilton again, please. i want to bring up this idea that the impeachment drive actually gives china leverage. i think it does, because the president really has some

political problems here, when you impeached. that's a political problem. i think that does give china some leverage and that to me is another reason why we might get a limited short-term deal. i think that backs up your argument. >> yeah, i do, because i think two ways that's right. first of all, just in terms of, you know, focus and bandwidth in the white house. they have so much to do and focus on, and actually the idea of just sort of getting something done on china quickly while all this is going on i think is very appealing when you are completely overstretched. the second part is the political one, which is with all this -- stuart: steve, forgive me. i have to break in for a second. bloomberg is also reporting that the trump administration is considering de-listing chinese companies from american exchanges. now, the chinese companies are on your screen right now. they are all down big-time.

alibaba is a big loser, 4.5% drop. same with jd.com. baidu, china mobile, all of them down. this is a report from bloomberg that the administration might force, suggest at least, that de-listing of chinese companies. ashley: they are quoting people familiar with internal deliberations. maybe an element of truth in here. but the capital flow issue would be a much bigger disruption clearly than tariffs. deirdre: just two dates to keep in mind. we were supposed to restart trade talks october 10th and 11th. we have to presume these muscular, aggressive actions are before that. then also october 1st. we talked about this, the 70th anniversary of the peoples republic of china. this is an event we know that hong kong, they wanted hong kong to be calm ahead of that. they want their markets to be calm, have a win, and here i think the trump administration is saying okay, the tariffs haven't worked, you're not engaging as we like on trade, okay, we are going to up the ante. here we go. stuart: let me recap. a few minutes ago, literally 10,

15 minutes ago, the dow was up 120 points. then it dropped to a minus 45. why the sudden move? well, the algorithms have been reading, that's the computers, they have been reading an announcement from bloomberg, a report, which suggested that american capital flows going to china would be restricted. a further report suggested that the administration would consider de-listing chinese companies from american exchanges. highly negative for the china/u.s. relationship. we've got to make some money so we are going to take a break, but boy, we will be back after this. ♪ ♪

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stuart: ladies and gentlemen, if you are just joining us and looking at your screens, you may wonder what on earth is going on. the chart on the screen shows a precipitous drop for the dow industrials in a matter of seconds. briefly, at the risk of repeating myself, let me recap what just happened. we were up 120, maybe even 130, on some positive news about usmca. then suddenly, two headlines came at us from bloomberg. headline number one, america might restrict the capital flows from america to china.

by the way, last year, $13 billion just in venture capital went from america to china. according to bloomberg, we, our administration, is thinking of restricting that capital flow. item number two, the administration is supposedly, reportedly thinking of de-listing chinese companies from american stock exchanges. that too is a negative for the china/u.s. relationship and down went the market. at one stage we dropped nearly 200 points. now we have dropped about 116 and the latest state of play is this, we are down eight points. let me change the subject completely. nasa ordering up new orion rockets from lockheed martin for future moon missions. nasa's administrator is with us. sorry you're coming on a fast-flowing news day but we are intrigued about this moon mission. take us inside it, will you? what's these new rockets going to be like and when and where are they going? >> so the orion crew capsule,

that's the vehicle that sits at the top of the rocket, where our astronauts will actually fly to the moon. we are doing things differently this time. fu go ba if you go back to the 1960s and 1970s, all of our vehicles got thrown away during the course of the mission. i would say the capsules came back but they ended up in museums. we are looking at reusing the crew capsules and reusing elements of the crew capsules, for example, the electronics that are inside, the avionics, the switching panels and the seats. we are taking as much of the crew capsule as possible and we are going to reuse it to drive down costs and increase access to the lunar surface but we have to keep in mind this is not just about the moon. this is about having an ability to get to mars. ultimately, what we are building is the mission to mars. the moon is the proving ground. mars is the destination. stuart: okay. you have to have humans doing it. i think that's very important

for public relations purposes. jim, forgive me for throwing this at you, but i think you know this. an asteroid traveling at 55,000 miles an hour, as big as one and a half football fields, just missed the earth. i think it was back in july. >> yes. stuart: you guys at nasa didn't catch it until 24 hours after this thing had gone by. what went wrong? >> so that's exactly right. we are really good at characterizing and cataloging and tracking objects that are one kilometer or bigger. toes are t those are the type of objects that could damage the earth permanently. in fact, it's the type of object that made certain dinosaurs aren't here today. the difference between us and the dinosaurs is that we have a space program and we are tracking these objects and we are investing in capabilities to discover more. the objects you're talking about was much smaller. we are talking about -- i don't remember exactly what the size was, but we are talking about meters instead of a kilometer or bigger. it could do serious damage.

it could, you know, damage a city. you remember back in 2013, we had one of these objects hit russia. it damaged russia, but it hit in a rural area so it didn't -- nobody died. a lot of broken windows. stuart: jim, just keep a lookout for us, will you? >> we are. we are making the right investments right now. stuart: thanks always for joining us. we do appreciate it. quickly, the market has started a modest rebound. we are back up with a 56-point gain. fox business has confirmed what? okay. fox business has confirmed that the white house is considering limiting capital flows from america to china. okay. you got it? more "varney" after this. 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.

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headlines from bloomberg suggesting a restriction on capitol flows from america to china and a delisting maybe of chinese companies on american exchanges. the computers read the headlines. took the market way, way down. now god bless it, we're up 40 points. neil it is yours. neil: it is confusing. thank you very much, stuart. we're following up on that they want to make it easier for chinese investors to do the same, we respond indicating in the future we're looking to limit investments in china enterprises or limits on foreign investments in their financial markets. now what whether caused by an algorithm see those words or people in general see those words, it comes ahead with the pow-wow with leaders from china, led by the vice premier, meeting with the u.s. delegational