impeachment proceedings is and should be a strong economy. it's one thing they need to ensure continues and ensure that they are messaging on that. i'm talking about the republicans and the white house. maria: have a great day. great show today. thanks for joining us. "varney & company" begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. in hong kong, young brave protesters are demanding their freedom. one of them's been shot. it is october 1st, the 70th anniversary of the communist takeover of china's government. it is a day of celebration in beijing. but a day of violent protests in hong kong. the people there have taken to the streets and they have been met with tear gas, riot police and what's described as a point-blank shot at a demonstrator. there's blood on the streets and this has implications for the china trade talks that continue next week and perhaps more importantly, the struggle for freedom and liberty from communist dictatorship. by the way, some demonstrators have flown the american flag.

here's another headline from asia. north korea says u.s. authorities will hold talks on their nuclear program on saturday. we don't know who represents america. the state department confirms, however, that the talks will take place. politics. real trouble for joe biden. he's becoming a casualty of speaker pelosi's impeachment drive. fox has obtained this picture showing the former vice president with his son hunter and on the far left, devin archer, who was also a director of the ukrainian gas company. biden has said he never discussed his son's international business with him, but they went on this golf outing in the hamptons in 2014 when mr. biden was president obama's point man on ukraine. as for the market, well, it looks like a rally on wall street to start the new month. yes, it's october 1st. "varney & company" is about to begin.

stuart: take a look at this. i'm going to say it again. despite it all, we've got the market opening higher this morning. the fourth quarter begins as of today. september, we saw a modest gain for stock prices. worth remembering that september is historically the worst month for stocks but actually, we went up. i'll have more on the market in a moment. look at boeing, please. it's a big part of the dow's gain this morning. it's won a $2.6 billion air force contract. the stock is up $1.83. it's having some impact on the dow but apparently not that much. boeing at $382 this morning. while china marks the 70th anniversary of the communist takeover, violence erupts on the streets of hong kong. again, it is the 17th week of unrest. joining us, the "wall street journal" james freeman. can we get a trade deal with

blood on the streets in hong kong? >> i think we can. i think it adds certainly pressure to the chinese regime and the big question, this is part of that pressure, is how much pain can that regime tolerate before it decides to do a deal and what do they think they're going to get if trump isn't re-elected. stuart: before we go further, i want to warn our viewers we are about to show you a screen shot of the moment before the protester was shot. put it up on the screen. we have warned everybody. it's a little violent. there it is. that's a shot point-blank range and that happened today in hong kong. blood on the streets. it's hard to get a trade deal through, it's hard to go forward with trade talks with china when that is on the screens. >> yeah, it's really an appropriate image to mark the 70th anniversary of this regime. millions and millions of people

killed over the years. fortunately, it is less repressive than it was in the era of mao, but this ongoing series of clashes in hong kong is the continuing struggle for people to get out from under that regime or specifically the hong kong case, to get the regime to honor the promises it made in 1997 that hong kong would be different from the rest of china and keep its democratic tradition. stuart: we will follow the action, so to speak, throughout the program today and we will also follow its impact on the markets. does it have impact or otherwise. as of now, i don't think there's any impact because the market is going up 60, 70 points for the dow, 25 for the nasdaq, nice gain. jack hough from barron's is with us now. jack, the market is going up despite the violence in hong kong. the action just not a factor for the market today? >> we had this wheelbarrow full of ugly political news, then saw

this awful image on the screen, why would the stock market be moving higher. investors must do something with their money. we live in the best performing economy in the developed world and stocks are the most attractive asset class relative to whatever else is out there, namely bonds. we are reaching a point in the year where investors will begin looking forward to next year. we will have difficult comparisons next year, early estimate for 10% growth in earnings. i don't think you will get it but you might get 5%. that's good enough to keep the market moving higher. stuart: jack, stay there, please. i've got to do this. yet another data breach to tell you about. this one is a big one. it's on the screen. words with friends? >> yeah, a very popular mobile game that millions and millions of people play. this hacker believed to be based in pakistan, somewhat infamous around the world, got into this particular game, 218 million

users. stuart: what? 218 million people, they breached their information? ashley: correct. but the company that owns words with friends, they say they do not believe any financial information was involved. do not believe, it's not like there wasn't. but the hacker got names, e-mail addresses, log-ins, passwords, phone numbers, facebook ids, so on and so forth. this hacker is based in pakistan, they believe again, says he will very soon have a billion users' data that he will put up for sale. a billion people. including not just games, under armour, my heritage, all of these things he's managed to hack into. again, it's like the hack du jour we have. it's impossible to stop these people. stuart: ashley, thank you. now, a fox news exclusive. a photograph obtained by tucker carlson tonight shows joe biden and his son hunter golfing with devin archer.

he's on the far left of the shot. he served on the board of the ukrainian natural gas company with hunter biden. james freeman, back to you. i think the democrats will rue the day they went forward with impeachment because joe biden could be the first casualty. >> yeah. hunter biden's business relationships are going to have to be explained and it's hard to see what the explanation could be, because they appear to be the selling of influence. you look at the ukrainian deal, there's no background there on natural gas, he has no background on ukraine, he presented himself as a corporate governance expert. of course, he was best known as a washington lobbyist. so this is the problem. and now we've got the original biden story is i never talked to my family members about their business dealings. okay. i don't think that's a good answer, regardless, but it increasingly is difficult to sustain. you have this picture, you have hunter biden telling the "new yorker" that his father said i

hope you know what you're doing. well, i think they both knew what they were doing and it smells pretty bad. stuart: joe biden is already fading in the polls. he's now behind elizabeth warren, i think in iowa and new hampshire. key states. i've not seen a poll since this ukraine scandal broke. i can only conclude that it doesn't look good for him. >> well, i think even if you believe his story which is now contradicted by the "new yorker" interview with his son and this photo, it's a horrible answer. there's no company in america where you could say our conflict of interest policy is don't tell us what happened which is essentially what he has presented as his case for what is really, cannot be defended. these deals where it seems like hunter biden is selling his name. stuart: it surfaced again. james, thank you very much indeed. let me move on to wework. why not.

first, wework has shelved its ipo at least for now. who knows when it's going to happen. but it desperately needs to save cash. what's it doing to save cash, susan? susan: right now, they are at a cash burn of $700 million per quarter. they are not saving cash. they need to raise cash and that's why they needed this ipo desperately. right now, they have $2.5 billion in cash on hand at the end of june. there was supposed to be a $3 billion offering. they were going to get maybe $1 billion of that from softbank. softbank of course, one of the largest investors in wework so they have now committed $1.5 billion, $1 billion more on top of that. this is a company that's in dire straits, as you know. stuart: are they cutting staff? susan: yes, thousands of staff. stuart: are they reneging on some of their leases over the long term? susan: they are kind of locked into those leases. the largest manhattan leaser, seven million square feet, these are 15-year leases. so in order to i guess save cash right now, they are going to cut thousands of jobs.

>> one of the really dominant themes in the stock market behind the scenes past couple of months, investors have totally lost patience with your story about your path to profitability and how the date keeps slipping when you're going to start to turn positive free cash flow. there's no patience out there for that. susan: they are selling that $60 million jet adam neumann owned. stuart: thanks very much. futures show a pretty good gain at the opening bell. dow, 75 points higher, 28 up for the nasdaq. amazon, facebook, google. now facing yet another house investigation. this time it's over their impact on small businesses. california will let college athletes hire agents and make money from endorsement deals. some call this a disaster for the ncaa and for college sports generally. what does barstool founder david portnoy think of it? he's on the show. the los angeles homeless crisis so bad, some city leaders want a state of emergency declared.

it would allow money to be diverted from natural gas -- sorry, natural disasters, i should say. secretary ben carson next on that. "varney & company," october 1st, rolling along. ♪ ♪ ♪ ♪ ♪ hi, my name is sam davis and i'm going to tell you about exciting

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stuart: bring you up to speed on hong kong. live shots you're looking at from hong kong. things are beginning to heat up. we are going to monitor this constantly. nightfall has fallen in hong kong. they are 12 hours in front of us. things are heating up. we are going to relate the action there to whatever might be happening on our stock market throughout the show. okay. officials in los angeles want a state of emergency declared for the homeless crisis. joining us now, housing secretary ben carson. mr. secretary, they would in los angeles take money from disaster relief to use for the homeless crisis. would you let them do that? do you approve of that? >> well, i certainly approve of

recognizing this as an emergency and as a crisis and i'm encouraged by the fact that they at least recognize that now. that means that we will be able to work with them a little better, i think, in terms of ameliorating it. where the money comes from, that's a whole other discussion. stuart: what would you do, sir, about the homeless crisis there in california? >> well, you know, i have been there, i have looked those people in the face or on the street, it's a total disaster and we are creating an environment where an epidemic of disease may ensue. so i would first of all try to work with the state and local authorities but if they are lacking, then i think we have to move people out of that environment to a safer environment, to a cleaner environment. stuart: then you've got a legal challenge. >> yeah, both acutely and in the long run. well -- stuart: the aclu will come right after you and say you can't do

that. >> well, they can come after us and they may well do that, but the fact of the matter is these are human beings. these are our fellow citizens. we can't just leave them living in skwqualor. they already die several years sooner than everybody else. this is just inhumane. stuart: you are coming to us today from mississippi. can you give me an update on the enterprise zones you are visiting there, please? >> well, it's actually the opportunity zone. stuart: yes, i'm sorry. >> that's all right. we are having a regional summit. many speakers who already experience great things and sharing of ideas that are going on and just a little teaser, today at about 2:00 on my government twitter page, we will be making a major announcement about some new initiatives going on in opportunity zones. stuart: can you give us a hint,

mr. secretary? give us a hint. we can't wait until 2:00. >> see, i'm being like you guys on tv now. but we did just recently announce some major incentives for health care for major hospitals, for clinics coming into opportunity zones and getting some major advantages. and that serves two purposes. it provides health care for the 35 million people who live in the opportunity zones, and it provides a source of good-paying jobs. so killing two birds with one stone. that's what it's really all about. i recently visited some opportunity zones where some young men were just so proud of the fact that through our section three program, they had gained skills about putting in windows and doors. one of them was starting a new company. this is what we're trying to do, you know. you start with an idea and it just blossoms. stuart: maybe you can get the president to go right into the

middle of it and make his point. okay. i know i asked you this before. before we close, sir, as you may know, we celebrate success on this program and you, sir, are a success. i have known you for 25 years. i know that you came from humble beginnings to become probably one of the greatest neurosurgeons in the world. i'm not exaggerating. i'm not flattering you. i just hope you can give us in 30 seconds your success story. go, sir. >> my success story stems from the fact that i had a mother who absolutely refused to be a victim, took all kinds of criticisms but she raised a son who is a brain surgeon and another who is a rocket scientist. obviously she was doing something right. stuart: as i remember, forgive me for jumping in, your mother, i don't think she could read, but she insisted that you bring home a book report every night and she would hold it and look like she could read it, but she

couldn't, and convinced you that she could read. is that true? >> well, she would make us do two book reports a week from books we read at the detroit public library. she knew that that would open up our horizons and that we wouldn't just be confined to detroit and we would start thinking about the whole world as our oyster and it worked. stuart: it's a wonderful thing. ben carson, what a privilege to have you on the show. we appreciate it. thank you very much. back to the market. back to your money. we are going up a lot, actually. 84 points up now for the dow, and 30 for the nasdaq. next one. here we go. remember all those studies telling us to cut back on red meat because it's a health risk? researchers have now reversed that advice because it's not supported by the evidence. tell me, what should i eat? we'll be back. obvious.

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stuart: maybe it's time the food police stop telling us what to eat. advice on diet is so often reversed. case in point, red meat. for years, the authorities have told us to eat less of it because it may be a health risk. however, 14 researchers in seven countries have studied the issue and their conclusion is quote,

the evidence is too weak to justify telling individuals to eat less beef and pork. quite a revelation, huh? so it's now okay to eat a burger just like it's now okay to have salt? it wasn't a few years ago. it's now okay to eat eggs. it wasn't a few years ago. what's with this reversal? susan: fat as well. that was not good in the 1980s. then they found out carbs are worse for you on a weight loss basis. i went home yesterday and had some bacon. i really enjoyed that. but we do have the american health association, they are trying to say don't publish this type of material because it gets people on to red meat which they still think is unhealthy for you. ashley: they also said it will harm the credibility of nutrition science and erode public trust in scientific research. they also called this study fatally flawed. the american heart association and all these folks, not happy at all. but to susan's point, bacon not

so good for you. a few years from now they will say eat lots of bacon, it's good for you. stuart: that's entirely it. it's not whether it's healthy or not. it's this reversal of advice. what are you supposed to eat? ashley: right. right. susan: just listen to your body. stuart: really. okay. let's move on and get back to your money. going up at the opening bell. remind us, please, this is october 1st, it's the start of the fourth quarter of the year. the third quarter, september, not so bad. we are starting out on the upside, october 1st. back in a moment. as a struggling actor,

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stuart: the "wall street journal" says the big drug makers have a novel approach to settling opioid lawsuits. what are they doing? ashley: they may kind of join the purdue pharmaceutical company's bankruptcy process. what they would do is if you remember, purdue went into bankruptcy, has created a trust, the sackler family kick inniing about $3 billion in cash. one of the ideas being kicked around is there are five other major companies facing 2500 lawsuits. they may all kick in a ton of money into that trust in exchange for no more liability.

no dollar amounts being discussed. but that is one option being explored. stuart: that is one way out. got it. thank you, ash. as you can see on the screens, ladies and gentlemen, the bell is ringing. they are all applauding and trading begins in literally three seconds. it is tuesday, october 1st. we are off and running. here we go, sports fans. right from the get-go we're on the upside, not a huge gain. 47 points up as we speak. bottom right-hand corner of the screen, that little gizmo will be up throughout the show. on the left-hand side, plenty of green for the dow 30. way more than half are up this morning. the s&p 500, that is up, a bit better than the dow, almo almost .33%. as for the nasdaq, where's that in the very early going? i'll tell you, it is up better than .33%. all across the board, we have opened higher. mike murphy is with us and of course, susan li, ashley webster on board, too. september historically the worst month for stocks, but this september, it finished with a modest gain.

now we begin october. murph, where we going in october? >> i think we will have more volatility in the fourth quarter but i think with the fed being as accommodative as they have told us they will be, i think that bodes well for the market. the market tells me there are buyers out there. any pullback is still being bought so barring any unforeseen geopolitical events, the market will be higher in q4. stuart: hold on. this is another day where we say despite it all, despite hong kong, despite impeachment, despite whatever it is, the dow is up, look at it go, 31% on the upside in the early going. sorry. susan: that's three quarters in 20 years, you are up double digits so far for the stock market. pretty good positioning heading into the final three months of this year. you are still going to get a rate cut, at least that's what's anticipated by more than half of the market. stuart: what have you got? ashley: we always ask ourselves this question. where else you going to put your money? because the global economy continues to slow down.

i feel like this is the place to be to put your money. we see that with the capital inflow. >> washington is a big part of that. they are trying to make it pro-business. they are trying to make it pro-investor. so as much as we can get something done there, it's good for people to be putting their money in the market even at this level. not trying to pull back. stuart: despite it all. three big tech names which we check all the time. amazon, facebook, google. those three companies face yet another probe from congress. what's the issue this time? susan: all right. so it's the house committee for small business. what they are contending -- stuart: small business. susan: small business. they are contending these large competitors, it's not a level playing field. do they get stamped out by the amazons of the world or google or facebook, and are they silenced on these platforms in the case of amazon, do they prefer bigger players to smaller ones. stuart: i think this takes years and years and years to work out before you get any action. you've got an army of lawyers that will try to keep them out of trouble, keep their money in their own pockets.

susan: big tech is a popular target right now. the house antitrust subcommittee, these federal trade commission and judiciary committee, this goes on and on. >> remember, before there was amazon there was walmart. people wanted to break up walmart because it was bad for business. now it's amazon. eventually there will be someone out there to disrupt them. ashley: so true. stuart: but not you. check the big board. look at this. three minutes in, october 1st, we are already back to 27,000 on the dow industrials. next case. the southwest airlines pilots union says the 737 max jet could be back in the air by february or march. now, that is much later than southwest or boeing projected. southwest is up, boeing is up nearly two bucks. order a big mac on door dash this week, entr a code, you could get your big mac for a penny. mcdonald's giving a million of them away for one penny. ashley: they are good for you, apparently. stuart: red meat.

mcdonald's down sharply, down about 6%. susan: jpmorgan actually cut their price target on mcdonald's. that's interesting given that the stock hit a record high recently. stuart: it has been going really straight up but not today. bitcoin is at $8,300 a coin. the price of gold is $1470 per ounce. boy. that's down sharply. oil is at $54 a barrel. that's been going down, too. as for the ten-year treasury yield, it's up today, up to 1.75%. lots going on with that. let's concentrate on netflix for a minute. it's making headlines. at least a teaser trailer for the fourth season of "stranger things." it's released it months ahead of schedule. netflix, this is all a reaction to the competition from apple and disney, isn't it? >> it has to be. if you step back a little, we have talked about netflix for so

long losing money and spending so much money, yet the stock kept climbing. climbed all the way to almost $400 a share earlier this year. now netflix is fighting apple, they are fighting amazon, they are fighting hulu, they are fighting disney. these are fighting on four different fronts where i think the company will have to do something as far as their price goes, because the competition is coming in cheaper. the problem for the company, been a problem for netflix. stuart: there is surely room for three, maybe four streaming companies, all of which could make a profit. i'm thinking netflix, apple, disney, amazon prime. >> absolutely, there's room for them but is there room for them to be trading at 80 times earnings. susan: right. and is there room for a company like netflix which does $15 billion in content each year, they are outspending, i think apple is only spending $3 billion or so. if you are going to spend that much, you better get the eyeballs to justify the levels. stuart: absolutely. look, we are up 75 points on the dow industrials. let's look at apple for a moment.

not too far from an all-time high. as you know, it got a boost yesterday from jpmorgan but also, they are talking about very healthy iphone sales. are they -- is this all -- what's that all about? are they going to lower the price for the iphone 11? susan: no, no, no. they're not going to. so the base model is $50 cheaper than it was last year, and because there has been so much pent-up demand because last year's refresh cycle was not that enticing. you didn't get that much with the new iphone last year. this year around with the smartphone and the camera system they say is fantastic, a lot of people with 200 million of these iphone 6 and older, i don't know what model you have -- >> i have a x. susan: there you go. >> so you have the facebooks, amazons, googles, fighting the government. you have apple sitting back, it used to be the fangs but now money feels safer going into apple because they are not fighting the government the same

way the other members of the fangs are. that's why more money coming in, still trading at a conservative multiple so i think apple wants to take out its old high. stuart: look at the big techs. apple at $226. google at $1230. that's been doing pretty well, despite all the antitrust attacks, all the bad p.r. susan: doesn't have teeth. stuart: it's not at $2,000 a share where it was. facebook slipping below $180. microsoft has reached $140 per share. >> sure has. stuart: big smile. all right. one of the top executives at credit suisse has resigned over a spying scandal. susan: it's very complicated. when the head of the wealth management business resigned and left for the bigger competitor ubs, they apparently, according to credit suisse and this case, they hired investigators to see if he was stealing talent along with him. that's illegal. it took a really dark turn when one of the security investigators they hired

committed suicide in the past week. the c.o.o. has now fallen on his sword, he's taking the blame for this. the ceo is still in place. he didn't know about it, apparently. but it's interesting that now it's taking i guess a spying scandal -- stuart: that does not apply to spying for the russians or for china. no. it's spying on another -- susan: it's very unusual, by the way, especially in these banking cases. why would you spy on a wealth manager that is moving to your competitor and trying to figure out if they stole any data or any personnel with him? stuart: to seek advantage, i guess. >> absolutely. susan: what about ethics? that doesn't seem very ethical. i don't think so. stuart: if you think he's taking stuff with him, taking clients with him, don't you check him out? susan: there are non-competes for that. you would have to trust the individual. stuart: supposing you thought he was doing it anyway despite the non-compete? can't you have a look at him?

susan: i don't know. >> at the top of the heap, most of these people know each other, they have worked in the same circles for years. trying to get an advantage over someone isn't out of line. i think technology where it is today, i think this may go on more than people actually know about. stuart: as of now, the dow industrials have a triple digit gain. we are up 103, to be precise. bottom right hand of the corner. we are up 106 as we speak. well above 27,000. i'm going to say it again. despite impeachment, despite what's going on in hong kong, despite it all, we are pretty close, where are we, about 350 points away. ashley: nothing to see. move along. stuart: all-time record high. have we got -- oh, we have to go. good-bye. okay. there's a cue for you. thank you, mike murphy. good luck in the marathon which is coming up and you are participating in new york city. >> i don't think i will win. stuart: my mey's on you, son. good stuff. thank you, everyone. as we leave you, the dow is up

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so you can... retire better. stuart: high of the day, we're up 105 points now, well above 27,000 for the dow industrials. now then. the trade war with china poised to hit football fans in the wallets. really? ashley: when you read this, you go we do get a lot of stuff from china, let's be honest. we are talking about team jersey, jackets, that kind of stuff, go up 30% after the october 15th, as the new round of tariffs goes into effect. then you have things like tvs still going up, tailgating, grills, coolers, foldable chairs, all of these things, you could technically associate with going to the game, tailgating outside. you wear the jersey. all of this. anywhere from 15% to 30% maybe. if they go into effect. stuart: those products have not

gone up 15% to 30% already. ashley: some have already gone up. this is another tariff on the ones already in place is what we're saying. october 15th is the next round. if they go into effect. stuart: okay. i know you don't like to tailgate. stuart: i just don't think it really makes that much -- if you don't like the price, don't buy it. susan: $5 doesn't matter that much to you. stuart: it is not an elitist thing. this is it don't really matter that much thing. no? ashley: we're just staring back at you. stuart: i get no response from the crew here today. used to be called the company. now it's the crew. let's bring in market watcher bob doll. he's with nuveen. bob, you say a trade deal is not going to get done. am i right that you are saying that? >> well, a big trade deal, the

one we expected. might we get a little something so we can check the box, i think that's possible. look, stuart, this is the most important trade relationship in the world. we need each other but neither side getting hurt enough to come to the other side on hands and knees and say can we please talk. so we have these dances. let's hope we can come to an agreement, agree to disagree on some things, agree to agree on other things and move on. stuart: okay, but no big-time major deal settling intellectual property, the theft of technology, that's not going to happen, you think. okay. >> i don't think so. stuart: could be a negative for the market. >> the two sides are still pretty far apart. stuart: i keep saying it. despite it all, that would be despite impeachment, despite what's going in hong kong right now, it looks like the market just wants to go up and it is up on this october 1st. can i say that, bob? the market just wants to go up at this point? >> i agree, stuart.

it's been resilient no matter what we throw at it. it just seems to hang in there. it's not going up a lot. 100 points is great today but we have kind of been stuck now for a few months around this level. let's hope third quarter earnings are strong enough that we have a shot at pushing through that and getting rid of this long trading range. stuart: what's your forecast for third quarter earnings? how much are they going to be up compared to last year? >> up a scoche. the consensus is minus 2%. then you put the normal beat factor on top of that and i think we will get mildly positive. as important will be the outlook for the balance of the year and even more important, what's going to happen in 2010 -- 2020. will the 10% increase, the consensus expects, have a chance? i'm hopeful but fearful. stuart: at this point, i don't feel like selling any of the

stocks that i own. i get the same impression from many of our viewers. is that where you are right now? >> generally speaking. we can still find stocks that we like that have good cash flow, decent earnings, selling at reasonable valuation. there are parts of the market that are expensive but other parts where fundamentals are good. we're still playing the game. stuart: we are up 118 on the dow. bob doll, as always, thanks very much for joining us. >> happy fourth quarter. stuart: yes, sir. appreciate you being here. thank you. we've got news on charles schwab. look at the stock. they are going to drop commissions on u.s. stocks, etf and options trades. susan: zero. zero. stuart: trade for free? susan: that's right. trade for free basically. they used to charge $4.95 to zero commission actually for u.s. stock trade, etfs and options, but starting on october 7th, they are going to go to zero. we knew this was happening given that you had silicon startup

robin hood offering free trading since 2013, jpmorgan, their online brokerage is also offering free trades as well. a lot of people have been saying with etfs you don't really do that much trading in and out. you are just mimicking the index. why should i pay you a commission fee? so if you look at charles schwab, we are down 9% or so. td ameritrade is down 20%. don't forget, schwab is also fighting for market share because last time they dropped fees in 2017 they actually doubled the assets under management. now they are overseeing about $3.72 trillion in client funds. this is in the etf, in the managed world, this is where it's going to, 0% commission. ashley: on u.s. listed products. susan: they will also apply for canadian exchanges as well. stuart: free trading. here it is. susan: here it is. because they want to give access to people, everyone should have access to the stock market. if you don't have to pay commission fees it's easier to do.

stuart: i have been covering the american stock market since the early 1970s. in those days, commissions were fixed and they were huge. ashley: really. susan: how much? stuart: i can't remember but it was double digits. susan: wow! stuart: it was. you would pay through the nose to buy a stock or bond. i may be wrong about the double digits but you would pay. you would pay big-time. then along came charles schwab in san francisco, opened it up, you know, you paid a fee but a very very small fee. susan: vanguard. fidelity. anything over 20 basis points is expensive. stuart: take a look at this, please, a tweet from elizabeth warren. i'm going to quote it now. what would really suck is if we don't fix a corrupt system that lets giant companies like facebook engage in illegal anticompetitive practices, stomp on consumer privacy rights and repeatedly fumble their responsibility to protect our democracy. elizabeth warren tweet. i also want to alert our

audience we have brand new leaked audio of facebook chief mark zuckerberg showing just how worried big tech companies are about an elizabeth warren presidency. we have the tape and you'll hear it very soon. look at that. market is up 123 points. that is where we are right now. october 1st. we are going up. a dire warning, though, about brick and mortar retail. moody's says quote, there will be blood on the streets if we have a recession. gerald storch is back. is another big round of major store closures on the horizon? we've got it for you.

stuart: ah, yes, the retail ice age. listen to this. moody's warns that there could be quote, blood on the streets for bricks and mortar retailers if we have a recession. come on in, gerald storch, the man who is at the expert on retailing. do you think that a major chain, bricks and mortar major chain, another one, beyond forever 21, do you think another chain's going to go out of business soon? >> look, first of all, i don't know why we're talking about a recession in terms of the consumer.

the consumer has been very strong and remains strong, above 4% year over year so it's kind of a red herring question. it's almost like somebody wants there to be a recession. but let's talk about it. you know, it doesn't change the fact that sales are shifting from bricks and mortar to e-commerce. and this is a long-term trend. nothing to do with recession. it's just what's happening. the u.s. probably has two to three times, even four times as much retail square footage in terms of bricks and mortar as we need. so a lot of that is going to go away. meanwhile, there will be many winners in bricks and mortar, walmart, target, costco, dollar general, tj maxx, the list goes on. people offer value every day and are good on the internettles. you have to be careful what you're talking about. some bricks and mortar will go away, some won't. certainly some other businesses are going to go under all together and give that share to the winners. there are many people in the retail world in general who have not changed their business models to adapt to today's

reality of the new retail era. it's not because the consumer is weak. the consumer is strong. it's because they are trying to take yesterday's strategy and use them in today's world. stuart: it just seems, gerald, like we are shaping up this holiday period is shaping up to be the huge winner for online selling. it's going to be huge. isn't it? >> well, i think it will be up at least 20% but that's been the pattern forever. that's not even news. it's just that it keeps compounding, that high double digit growth rate year after year after year and now it's off an even bigger base so that growth is more astronomical. most of the growth in retailing is taking place on the internet. it doesn't mean again that all bricks and mortar players can't survive. it just doesn't mean that. department stores, they're bad. stuart: we hear that mall owners want to put money into forever 21 to keep them in the mall and keep their mall in business. does that sound like a good idea

for arresting the demise of the mall? >> they have done that before. they did it with aeropostale. once the vacancy rates fall too low, other anchors can try to pull out or renegotiate the rent and before long you have an economic wasteland in some of these malls. i would say these developers need to be careful because before long, they are going to own the problem literally. they are going to own all the stores on top of the real estate so their problem will simply be multiplied. they will have losses on top of losses if they're not careful. forever 21 is a great brand, a great american story. you know these two people came over from korea in the early 1980s and worked in gas stations and as janitors and started that company? they built a brilliant company but they are still following the strategy from the 1980s and it's not the 1980s anymore. stuart: the dynamic gerald storch always with us, frequently, great guest. we appreciate you being here today. come again soon. thank you, sir. >> my pleasure. stuart: will the democrats impeachment push come back to

bite them? i will tell you why those on the left may regret their investigation into that ukraine call by the president. we will deal with that in an editorial, next. your daily dashboard from fidelity. a visual snapshot of your investments. key portfolio events. all in one place. because when it's decision time... you need decision tech. only from fidelity. 2,000 fence posts. 900 acres. 48 bales. . . we wear our work ethic. we work until the work's done. and when it is, a few hours of shuteye to rest up for tomorrow, the day we'll finally get something done. ( ♪ ) the day we'll finally get something done.

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brian: just turn the 10:00 here on the east coast. brian: getting economic breakin. ashley: manufacturing number, 47 point 8. we were contracting in august also, first contraction in three years. this is not a good sign for the economy when you see that kind of number. 47.8. estimate for 50.1. we're expecting minor expansion. stuart: up side could be federal reserve looks at this, maybe we need to lower rates a little bit

more. next case, new numbers on construction spending. the news please? susan: less than expected. up .1% in august a. economists looking to something closer than .4%. july was unchanged. 3% below what it was a year ago. stuart: could be that the dow sold off a little bit. we were up about 110 at 10:00 this morning. we got the news on what looked like a contraction in manufacturing. the dow dropped. we made the point that maybe the fed will lower interest rates on that bad news. ashley: bad news is good news. stuart: so the dow went up to plus 60. we're down two i should say. a plus 53. there you have it. now this. the fallout from the ukraine call has snagged joe biden. moderate democrats have ever reason to rue the day that speaker pelosi launched the impeachment drive because

moderate joe biden's presidential campaign is in serious trouble. look at this picture, on the right, hunter biden, his father at that time was the vice president. far left, devon archer, director of the ukrainian gas company burisma. the photo was taken august 2014 four months after hunter and archer joined burisma. problem number one, biden told fox news that he had never discussed his business with him. hard to believe when you see a golf outing in the hamptons. he has been tripped up by his own words. problem number two, in 2014 vice president biden was the point man for president obama's handling of ukraine. why didn't somebody warn joe of the obvious conflict of interest? why didn't joe warn his son? all of this would have been forgotten had it not been for the famous phone call when president trump asked what was going on with the bidens in ukraine but now scandal is back

front and center. two polls taken before this all broke showed joe fading in key states, iowa and new hampshire. elizabeth warren is beating him there. so as of this moment, when the impact of the ukraine scandal has yet to appear in the polls the democrats are likely to go into the 2020 election with a socialist leading the party. on this program we celebrate and support economic growth, prosperity and full employment. most of all we celebrate individual freedom. socialism is a freedom killer. socialism means stagnation. i repeat, democrats will rue the day when their hatred of president trump pushed them to impeach. biden and the moderates are the first casualties. let's get straight at it. you heard the editorial there. bring in bill mcgurn, "wall street journal" editorial board guy. where am i going wrong if anywhere? >> not going wrong anywhere. the democrats are learning they

can't get to trump without running over joe biden. some of them probably like this. they think it's a two-fer. they get rid of trump, they get rid of biden. they have mrs. warren. stuart: that is conspiracy theory? >> not a conspiracy that they didn't orchestrate it this way. we're assuming the outcome is not one that democrats like. there is a part of the democratic party that would like this outcome. stuart: is it a large and growing part of the democratic party that want a socialist out there? >> you put rightly joe biden in quotes. the moderate, he seems to be throwing it over board every day. he is better described as a liberal lib opportunist throughout his career. i think that joe biden would not be strong in a debate against donald trump especially on this issue. i don't think he has been strong in the debates against the other candidates. the next debate is going to be really interesting because it is going to be about impeachment. hard to see, you talk about what you were saying, hard to see how

a moderator doesn't bring up hunter biden or one of the other democratic candidates. stuart: it has to come up. >> whether he did anything wrong or not it was a conflict of interest. my guess there is some white house memo or email about that. it was a conflict of interest. they tell you how to behave. also hunter didn't have to do anything. he may have not done anything wrong. like the scene in "the godfather," remember the guy from the mob is about to testify before congress and then al pacino brings in the guy's brother from sicily. doesn't speak english. doesn't quite know. the message was received. that is what they're saying. put him on the board. they probably told him you don't have to do anything. you don't have to ask your dad, you're there, sit there. stuart: okay. by the way everyone, the dow turned negative. we were up about 110 points. then we got news of weakness in manufacturing. now the dow is down 50 odd points. you have seen a swing here of

about 150 points in just a couple minutes because of that manufacturing report. another one for bill, is house speaker nancy pelosi setting a dangerous precedent with this impeachment push? >> absolutely. because what she did is bypass the normal procedures to have the house vote for an impeachment inquiry as they did for president nixon. it was a 410-4 vote. a lot of bipartisan support. with clinton, it was closer but there were still democrats who voted for it. by bypassing it she might do what she wants because the house can make its own rules but there is, it certainly becomes more partisan. committees get a lot more power when they're in impeachment mode because it is considered a judicial proceeding. in other words they're entitled to more documents that in a normal oversight hearing they couldn't get from a president, right? if it just to say, now we'll put on my impeachment hat, we're in official impeachment mode, we're in oversight, is that all it

takes? then the possibility, in other words, for some future speaker, just to set up judiciary committee from day one saying you're in impeachment mode you can get all this stuff. we have permanent impeachment. stuart: permanent impeachment. >> which is a, casual way to, it is just a complete lack of accountability. you know the house is supposed to be the people's house to be governed by democracy. this has been launched by personal fiat of mrs. pelosi a formal impeachment inquiry, not by the fall backing of the american people's elected representatives. stuart: bill mcgurn, thank you, sir. >> you're welcome. stuart: we have another guest for you. he was just appointed chair of the freedom carb discuss. the gentleman on the gentleman on your screen, andy biggs. congratulations on your appointment or win there. what will the freedom caucus did about impeachment. >> one of the things that the freedom caucus, gave birth to

the freedom caucus there are forgotten men and women in this country who are not being represented by the elite in washington, d.c. that was the i impetus about ths five years ago and i think the impeachment effort to overturn the will of the voter, the american voter fits right in that wonderful niche that i just mentioned. this pelosi fiat of impeachment, this is not a formal impeachment. they're trying to basically abuse the rules of the house by ignoring the rules of the house. you know, this really give us a chance to come out say some things. stuart: my premise of my editorial at the top of the hour that the first casualty of this impeachment push is joe biden because it resurrects the ukraine scandal if i can call it that. are you with me on this? >> you're exactly right. i don't know if he is the first casualty but he is certainly is a casualty. i'm not sure, you know, maybe

unintended by some but others are probably cheering that actually as we've seen the democrats, my friends on the other side, they have really lurched left, towards socialism. so, you're right. stuart: hold on a second, andy. this is my personal point of view here. i just can't see america electing a socialist president. now maybe i'm outspoken on this, but, are you with me here? >> well, america is still a center-right country. it is not a leftist country. it is not a socialist country. it's a center-right country. when you talk to people, you talk about less government intervention, fewer taxes, more freedom, you know, deregulation, those types of things, the american people want that. when you're out there talking about socialism, you're going to get the 25 to 35% who really think that socialism is the way. they think america is not great and we can't trust corporations. we can't trust business people to make good decisions. we can't trust individuals to take accountability for themselves.

that is where we are. i agree with you, that america is not going to basically elect a socialist. i can't see it. stuart: andy biggs, new chair of the freedom caucus. thanks for being with us, andy. >> thank you, stuart. stuart: i will move quickly to this. audience alert if i can say that, live shots coming to us from hong kong. things are heating up. susan li has been in more direct contact with what is going on there. tell me more, please. susan: the worst night of violence and chaos in 18 weeks of protests. stuart: the worst? susan: worst evening confrontations between police and protesters. that includes a tragic turn of events with one of the protesters being shot basically at point-blank range in the chest. he is undergoing surgery in critical condition this is nasty turn. you knee this was coming on october the 1st the 70th anniversary of founding of modern china, communist party coming to power. giving hong kong basically freedom of rights and their freedoms are being quickly

dissipated under chinese rule. this was obviously going to be a night of intense confrontations. you're seeing that as well. this is the rural district probably near monkok. stuart: yes. i wonder with the dow industrials down 75 points now i wonder if the action in hong kong, forgive me for using that word, the disturbance in hong kong i wonder if that is hurting our market? ashley: manufacturing the lowest in more than 10 years. stuart: ouch. that's it. that's it. straighten us out, ashley, thank you very much. contraction looks like in manufacturing. that is what is hurting the big board as we speak. i also want to show you this. this is a tweet -- the dow down 65. the tweet from elizabeth warren. i will read it for you. what would really suck if we don't fix a corrupt system that let's giant companies like facebook engage in illegal anti-competitive practices, stomp on consumer privacy

rights, completely fumble their responsibility to protect our democracy. this tweet was in response to mark zuckerberg's leaked audio. showing just how worried big tech companies are about and warren presidency. we have the tape. you are going to hear it real soon. ♪ ♪ ♪ when you're looking for answers,

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stuart: you're looking complete reversal from the dow industrials. a swing of 250 points. at we're up 110. the we're down 112. the reason what looks like a contraction in manufacturing. it was reported right there at 10:00 eastern. the selloff began at that point and right now we're back to 26,800. >> >> want to get back to the

protests in hong kong. truly violent overnight. this is october the 1st. beijing is celebrating the 70th anniversary, the founding of the chinese people's republic. the communist dictatorship. i will warn you here and now what we're about to show you is disturbing. we're going to show you a picture a shot of a protester who is being shot, left-hand side of your screen at point-blank range. okay? the person who was shot is now in the hospital. he is in critical condition. brigadier general robert spaulding, former pentagon china strategist, author of that book, "stealth war," joins us now. do you think china is preparing for a bloody crackdown in hong kong? >> i think if the protesters don't stop what they're doing that is going to happen. stuart: vanely meaning soon? >> only xi xinping can tell you that. i don't think they're happy this is occurring during the anniversary of the people's republic of china. stuart: if there is bloody

crackdown, we've seen people shot point-blank range, how does this affect the military arena. >> a special relationship with hong kong which allows is it to be a conduit for dollars going into the main land. it will be damaging for the economic relationship between u.s. and china. stuart: i don't see how xi xinping can back off on this? >> he can't but they have invested so much in hong kong personally, personal wealth of the leadership of the chinese communist party, they are very concerned about losing that wealth. stuart: i also want to bring up this subject. working level talks, i'm not quite sure what that means, working level talks between the u.s. and north korea, they're going to start up again on october the 5th. i believe that is this saturday. any idea what this is all about? i asked the question because john bolton, former national security advisor, just goes out there, just a couple days ago

and says, there is something not right about our approach to north korea? >> i think it is part of the formal diplomatic process with the u.s. and north korea. more importantly though, it means that the chinese have to react to what we're doing. what happened before, we've always had to react what the chinese are doing with north korea. now they're reacting to us which i think is a good thing. stuart: you think that is a good thing. >> for us, vis-a-vis the chinese absolutely. it puts them on the back feet. stuart: how do you like civilian life? >> i love it. i do. stuart: you don't miss the military at all. >> not at all. stuart: why not? >> i get to talk about what is going on to the american people. what the chinese communist party is doing to our country and destroying our manufacturing base and destroying the jobs that we have. the fact that we haven't done industrial policy or infrastructure in this country since the end of the cold war. how much damage that is doing to the american people. i needed to get out of uniform to so that i could speak that. stuart: you're out of uniform.

you said it right here. we appreciate that, general. >> good to be here. stuart: thank you. how about this one? pie are say, arr. on the rise in the gulf of mexico for heaven's sake. they're targeting the oil industry, stealing oil, a lot of it, equipment, cash from oil rigs. we have that story coming up. you won't believe it. back after this. ♪

stuart: 10:00 eastern time, that would be 22 minutes ago, the dow was up 110 points. now we're down 157. what happened? well we got a report on manufacturing it looks like it

is contracting, a manufacturing recession. now we're down 160. give you the modern day pirate story. they are targeting oil platforms in the gulf of mexico. at risk? oil workers, tourists and money. wait a minute, ash, you told me they're actually stealing a lot of oil. ashley: oil. stuart: how much? ashley: you wouldn't believe it, 1.18 million barrels a day. stuart: a day. ashley: a day. stuart: how does that happen? ashley: because they managed to get into the pipelines. what they will do, they will take out a giant oil tanker and attack a oil tanker in mexican waters and transfer the oil off of that boat into their tanker. this is a huge problem. the government of mexico said we're clamping down. it was up, piracy up 340% in 2018. they can't get a handle on it. where does the money go? it all goes to the cartel who sell the oil and make massive amounts of money. because of that there's a

violence ensued. cartels fighting each other. tourists get caught in the crossfire. stuart: a million barrels a day is extraordinary. ashley: they target state oil company pemex, their oil rigs apparently. stuart: my goodness. >> hard to believe. stuart: what a story. consumers are paying a lot more in interest. jackie deangelis on top of the story. so, okay, if we're paying a lot more providing unnecessary interest? >> new study suggests consumers could save $100 billion in unnecessary business payments. because if you have credit card debt, as you may know, the percentages could be 20%, even greater than that. so blockchain technology is now making it more efficient to get home equity lines of credit. there are some companies out there doing that. they are saying consolidate, and bring those interest payments down. stuart: okay, so, get yourself a heloc, home equity loan, take

the money. pay off your credit card debt which is high interest. and save the interest payment there? >> let me give you numbers here. stuart: but you're paying a lot less on your home equity loan. >> you would be. if you have 15% equity in your house, you have $15,000 in debt, you can refinance almost 90% of that and save $6,000 over the course of five years. remember it is not a one-size-fits-all model. if you are late on the payments or can't make the payments now your house will be attached to it. so that is dangerous territory. people need to think about these. i'm highlighting as an option of a way, as a way of chipping down debt. stuart: so get the home equity loan, pay off the high interest credit card. >> don't get into more debt. stuart: don't get into more debt. left with a low interest home equity loan. i can handle that. >> something to think about. stuart: surely is, if you want to save unnecessary interest, that is the way to go. jackie, good stuff.

>> sure thing. stuart: here is a radical plan, radical idea for the brits. get out of the european union and get into the trade partnership with north america that will be join the new nafta. peter morici is the man with that plan and he will make his case next. by the way california's governor signing a new law that would allow college athletes to get paid. controversy here. mark cuban, he owns the dallas mavericks. he says college sports would implode if athletes start getting paid. we'll talk to barstool sports president dave portnoy. we'll get his take next. more "varney" after this. ♪ of a different kind. adp helps canyon ranch place the right people in the right jobs,

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♪. stuart: all morning long we've been showing you live pictures from hong kong. it's a violent protest developing all over again. as we told you, a shot has been fired point-blank at a demonstrator. that demonstrator is now in critical condition in the hospital. i want to bring in a special guest on this now, commerce secretary wilbur ross joins us. mr. secretary, can we get a china trade deal done with this kind of blood on the streets in hong kong? >> well i think it is a very serious issue in several regards. one it is an economic issue for china. third, second it is a very, very important humanitarian issue for the whole world. so our hope has been throughout this comes to a peaceful resolution as soon as possible. stuart: let me press the issue, mr. secretary, will there be any impact from what we're seeing

now on the streets of hong kong on the trade talks next week? any impact at all? >> well, it probably will have some impact on the chinese side, even just despite whatever it has on ours because this is a sign of domestic dissent within their community and hong kong is quite important to the ininternational trading activities of china. stuart: does the administration offer any support for the protesters? >> i don't know that support is the right word. we certainly don't like the use of violence against peaceful citizens. we really hope that this whole crisis can be resolved and resolved in an amicable way that honors the original treaty that china made with great britain quite some years ago. stuart: will you comment on the

possibility of what some call a medium, short-term minor deal as opposed to a huge comprehensive deal? is that small-time deal possible in the near future? >> well the president is indicated he wants a complete deal. if all he wanted was to sell just a few more products to them we could have had that deal 2 1/2 years ago. president wants that but he most importantly wants to resolve this structural issue, the issues of forced property, intellectual property transfers, the issue of subsidy of soes, disrespect for intellectual property. the whole panoply of equal market access complaints that we've had over the years. without those, it isn't really a very satisfactory arrangement.

now we are happy that they're buying a bit more in the way of agricultural products. whether that's because they need them, especially the pork. as you know something like half of all the hogs in china have had to be exterminated because of this swine infection and so we don't know if that's why, or if it just, that they're loosening up trade. but whatever the reason we're happy for it. we're also happy that we signed a new comprehensive agreement with japan at the u.n. that 7 billion of agriculture offsets about 40% of the losses we have had in sales to china. so it is a very important thing, a very important interim help for our farmers. stuart: mr. secretary, wilbur ross, commerce secretary, thank you very much for appearing with us this morning, sir. we always appreciate it. thank you.

>> thank you, stuart. stuart: meter -- peter morici is with us. he has been listening to secretary ross had to say. i can paraphrase what he said. he is hoping for a peaceful outcome in hong kong. he is holding out, the administration appears to be holding out for a comprehensive deal with china, not a short-term intermediate deal. your response please? >> i think the situation in hong kong indicates just how rigid and insular president xi is or how powerful the forces to the right are on him, more conservative forces in china because if you go, if you go back four or five weeks into these demonstrations it was probably possible, to say you know something? maybe you have some gripes. let's sit down and talk about a peaceful resolution that really reflects the sympathies of the people in hong kong, the fact there is one china. now that escaped him. he is at the point where that

probably is not possible. also with regard to the united states president xi had good reason to bargain with us because the development -- everybody is blaming the tariffs for china's troubles. that is really not true. a lot of china's developmental problems were beginning and coming to a head before mr. trump came along and they need these reforms but yet president xi is very rigid about it. he clings to the notion of state-run enterprises. he is buying up positions in private companies because they're going to fail and so forth. he is dyed-in-the-wool communist when it comes to the economy and when it comes to human rights. so my feeling is it is indyk give he would like small deal with mr. trump to get to the next administration but he will not really compromise with us. stuart: peter, i want to talk about your idea the brits should leave european union, accomplish brexit and then join the u.s. mexico new nafta.

give me 30 seconds why they should do this? >> briefly right now the uk needs to keep manufacturing going. it needs to offer the continent some free trade deal if no deal is made, defacto this is what we offer but longer term britain's economy is built on finance and increasingly high-tech. they have their own silicon valley so to speak and in that regard europe is a disaster. whereas there are ties to north america are going to grow and continue to grow especially with california on our west coast. it makes sense for them in an era when transportation costs are not meaningful, to integrate their economy with ours. this idea was in play in the '60s and it now makes sense. so my feeling is is that they can have access to a very large market, develop their tech sectors with us and honestly, they don't need to have passporting to compete on the continent in finance because after all the american banks are

doing very well on the continent without it, because let's face it, the european banks, you are about as competitive as peugeot was when they left the american market. stuart: that is nasty. really nasty. maybe it is true but it is really nasty but not bad. peter, out of time. thatthat is a very interesting a actually. i wonder if president trump would think about that. interesting stuff, peter. see you soon. get back to your money. we've had quite a turnaround, 10:00, we're up 110. 10:37 now we're down 112. i want to bring in dr barton, money map press guy. is this all about the contraction in manufacturing reported at 10:00 this morning? >> that reverse you're talking about, stuart, is 100% about the ism number. stuart: it is? >> it came in much lower. as you said we were us abouting along just fine. we got that number that came in about 1.3% below where it was last quarter.

so the september number was worse than the august number, showing contraction in manufacturing. stuart: hold on a second. this is a presidential tweet just come in, is that correct? i think it is. i will read it for you. this is germain. this is from the president, as i predicted jay powell and the federal reserve allowed the dollar to get so strong especially relative to all other occur currencies that our manufacturers are being negatively affected. fed rate too high. they're our own worst enemies. they don't have a clue. pathetic. i'm inclined not necessarily echo the president but suggest that. when you see problems in manufacturing, then it is highly likely the federal reserve will lower interest rates aggressively, isn't it? >> if they get any hint of a broader contraction leading to recession that certainly is on the table that they will ease monetary policy some way, more, more rate drops, but you got to understand that it is not just the u.s. that is seeing these

problems. first this week germany had lower manufacturing. then yesterday the eu came out with their broader number. it was lower than expected. i think manufacturing in general, trade around the globe in general is taking a downturn. stuart: one more check of the big board. the market shows a loss of 116 points. thank you very much dr. ups has full approval from the faa for a drone airline. it is called flight forward. it will expand its drone delivery service to support hospitals around the country. ups stock down 2%. a man from iowa held up a sign at a college football game asking for beer money. he ended up pulling in much more than the cost of a case of beer and pledged to donate the extra money to a children's hospital. then some old, questionable tweets emerged and that man became a victim of the can sell culture.

it goes on from there. we have the full story from you after this. ♪ great riches will find you when liberty mutual

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stuart: selloff. the we're down 140 points. that is quite a turnaround in the last 45 minutes. quickly check charles schwab. the drop in commission on stock, etf an options trades. gerri willis come in please. what is this, free trading? reporter: that's right, stuart. they are removing what they say is the last barrier to trading. traders down here they hope it means there will be more volume in the marketplace generally. of course we don't do retail trades down here but good news for individual investors. schwab becoming the latest one of on line brokers to do this.

last week it was interactive brokers. all the stocks trading much, much lower today. the worst of them ameritrade down, effectively 21%. why? because traders are talking about this. commissions as a percent of revenue, ameritrade has the highest amount, 25%, a quarter of revenue comes from commissions. pressure on all these players now to go to zero. want to read you cfo peter crawford saying this morning it is the right thing to do for clients, removing one of the last remaining barriers making investing accessible to everyone. continuing our tradition challenging the status quo on behalf of individual investors. back to you. stuart: all right for customers. not so good for the stock prices. gerri, thank you very much indeed. remember iowa resident carson king? he is the victim of of the cans cell culture. can cell culture.

des moines register found controversial tweets carson made. anheuser-busch who teamed up with him severed ties. this is the not end of the story. charlie kirk, turning point usa founder and president. >> most ironic twist, "the des moines register" went after him in a way they shouldn't have. they dug up old facebook posts when he was 16 years old of him quoting a comedy central show, to be.o a person should not be making, but late-night television. he felt bad about posting. he moved on from it. he was immature. "the des moines register" reports on this out of nowhere there is huge internet mob that goes against carson king. interestingly enough, two things happened. someone found bad tweets about the reporter that wrote that story against carson king, racist tweets because he was trying to expose, he ended up losing his position. the second thing ended up

happening, anheuser busch retracts away from carson king. carson could have easily kept the money about he decided to donate the money to do something good, something al true is i can. yet he gets, we're punishing benevolence in the public square. are we getting to a place now, where if you dare want to help somebody, i have to look at your full history of anything you ever done i will be able to accept your help? stuart: how many of us, had we had access to twitter when we were 16, 17, 18 years old would have put something in there which today would be just not good and you would be out of a job for the rest of your life? this is ridiculous. >> let me reiterate. he is 16. he is a private citizen. until he goes viral he had no interest being popular. had no interest in public life. he was a decent person. he does something charitable. he gets his entire life put on public display. remember that old adage, i was young? boy have i moved past that. the story of a mature society is

one that is able to look at the progress of the individual. stuart: yes. >> maturation is being able to grow over time. now we don't have that. stuart: oh, my goodness me. charlie, thank you very much. >> no problem. stuart: big day. that was good. thankthank you, sir. years ago, scientists and doctors said don't eat red meat. that might be bad for you. now they're changing their tune. saying the health benefits are so minor from not eating red meat it is not worth changing your diet. brian kilmeade coming up next. he hasn't eaten red maid in years. does he regret it? 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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stuart: brian kilmeade joining us right now. brian i know you have not eaten red maid for a long time. now the health authorities say it was not worth think. there is no health benefit from the eating red meat. were you wasting your time. >> you asked me about generalities making country better but you never come at me for my dietary habits. give me a second to get over emotionally. in 1988 i had a situation personally. my grandfather ate meat his entire life from ireland.

he had such problems with arthritis. you have to stop eating red meat. you have to have to ate chicken. meat, takes five to seven days to metabolize. i was eating with my diet, i was eating a lot of meat. you should really stop. why don't you curb it? i did since 1988. stuart: look at you now. however -- >> show my abs next week, i'm making a joke about this, in all seriousness you get all this advice coming at you from the authorities. then a couple years later it is reversed. it is now okay to put salt on your food. it is now okay to eat eggs. it is okay to eat red meat. few years ago you couldn't eat any of the above. what is going on here? >> stuart this, is a conversation we should have in the hallway. doesn't seem like something for international television. just, this is the small talk by the locker. but everyone is pushing now plant-based things too on top of

that. even when you have salad, saying don't have russian dressing number one because russias are becoming, number two, have vinaigrette dressing. i'm having that, and salad. telling me if you cut back on the chicken you can get your protein in other directions. i need to be rooted in something else. stuart: this explains it all, brian. let me move on. show that picture, please. this is the biden golf outing in the hamptons 2014. why is this picture bringing big trouble for joe biden? >> couple things. we know two weeks ago he told peter doocy i don't know anything about, my son never talked to me about my international business connections. that means that during their foursome in the hamptons when they played governor together. that is hunter in the shot with two burisma executives, ukrainian energy firm. hunter, how do you know these guys again?

i guess it is your shot. did show up in the hamptons needed two more to complete their foursome? i really believe that this shows that joe biden knows exactly what hunter is doing. "new yorker" magazine revealed that. it shows too there is legs to that storyline. at very least, stuart, you know a lot of people that have sons or daughters or aunts or uncles that get jobs at prestigious locations because they have a legacy there, i get it. we're watching a college scandal. why was he at harvard. i don't know what his s.a.t.s were. my sense they would not be harvard worthy, judging what he has done in his adult life. it is fact. goes to ivy league school. right into the military. out of the military with a cocaine problem, into an international energy firm with no experience. that should get anybody talking. worthy of any panel on any news network. only worthy on our news network and your channel. doesn't make any sense. stuart: it doesn't. >> it should outrage people

somebody should make that much knowing a lot to the china story too. that is in a book out now called "stealth war." stuart: we talked to the guy on the war. the general wrote it on the show. we beat you to it, brian. >> no way he is worthy after billion dollar deal from china. what experience does he have? you have to look at that. stuart: well-said. real fast, we are just hearing this, presidential hopeful kamala harris calls for president trump's twitter page to be suspended. have you seen this? what do you make of it. >> yeah. i just had a chance to see this. she is dying for attention. she is going in reverse in the polls. the president has been extremely aggressive. way too many retweets on sunday and monday. he is aggressive wanting to know the identity of the whistle-blower. that gives his enemy as reason to attack. she wants to say something more sensational than beto o'rourke who evidently came off a few counters early after saying the most outlandish things possible for the last month.

kamala harris goes front and center. twitter is good suspending accounts. they know the president is too valuable to suspend nor worthy to suspend. he is allowed to wonder who is accusing him of corruption, isn't he? stuart: yes he is. we covered a lot. your dietary habits, golf in the hamptons, and twitter. extraordinary stuff, brian. how do you do it? time's up. see you soon. >> see you at the christmas party. stuart: all show we've been following developments in hong kong. forget financial implications for a moment. this is a sorry about brave demonstrators going for individual freedom and liberty. that is what we talk about with my editorial at the top of the hour. adam schiff one of the top democrats, for impeachment push being challenged for congress. we'll talk to the guy running against him. we'll show you how big tech is

worried about elizabeth warren's possible presidency. you will hear it. third hour of "varney" coming up. ♪ with time, comes change

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changing the way people use reverse mortgages, and another way aag is working to make your retirement... better. call stuart: throughout the program, we have shown you what's happening in hong kong on this, the day when communist china celebrates its 70 years in power. we're a financial program so we want to know what impact if any these events will have on the china trade talks and on the future of hong kong as a financial center, but we are also dealing with individual freedom. that's what those brave demonstrators want. that's what these protests are all about. we should not forget that. the british left in 1997 and they left in place an agreement that hong kong would keep its liberties. china has reneged on that agreement. xi jinping is trying to impose his brand of communist dictatorship.

today, there's blood on the streets. a demonstrator has been shot. forget trade and finance for a moment. think instead about the struggle that's taking place as we speak. it's a confrontation between the forces of repression and the millions of ordinary people who want a free vote and an independent judiciary. it's not just hong kong. there were peaceful demonstrations in taiwan over the weekend as well. so as you see this unfolding, remember what's at stake here. freedom and liberty. and really, isn't it great to see those youngsters flying the american flag? stuart: let's get right at it. lisa booth, fox news contributor, joins me now. lisa, blood spilled on the streets of hong kong. do you think perhaps president trump should be more in support of the demonstrators? >> i do.

stuart: in public? >> he has an opportunity, you know, as china and the united states try to hammer out a trade deal here. i will say actually interesting story, i started my career on capitol hill working for frank wolf, the co-chair of the human rights caucus, china was a huge issue for him, particularly fighting for the uighur population as well. when i first started working for him, his computers were hacked by china, trying to get information about political dissidents and some of the work he had been doing in that position. stuart: really. but do you think the president should come out in public a bit more strongly for the protesters, or is that something he should back away from? what do you think? >> i think it depends on what's happening behind closed doors with these conversations but i think the behavior of china demonstrates why we have such concerns in trying to hammer out a trade deal, right. they're not giving hong kong the autonomy they are supposed to. they reneged on that commitment just like they have when we tried to hammer out details of the chinese trade agreement,

right. back in may, they reneged on promises that they had committed to changing their laws and so i think this demonstrates and underscores why we need to ensure that that accountability is in place. stuart: i want to show, i will give a warning here, we are about to show you a screen shot which might be disturbing to some people. we are showing you the picture of the moment before the protester was shot. that's just the moment before. he was shot at point-blank range in the chest. he's in hospital in critical condition. now, lisa, that's blood on the streets. i mean, don't we feel, we seem kind of close the a real crackdown by the chinese in hong kong. >> i mean, this is what fighting for freedom looks like. i think this demonstrates how important freedom is, and you know, this is not -- this is not what you see people like antifa out fighting in the streets for when they are rioting and hurting people and destroying property in the name of the

anti-fascism when they are the real fascists, right. this is what fighting for freedom looks like. so i hope that americans look at what's going on in hong kong and realize how lucky they are to live in the united states of america, where we do have true freedom. stuart: well said. thank you very much indeed. before we go to our next guest, i just want to show you the big board because this is the low of the day. we are still falling. we are now down 208 points, back to 26,700. this is largely because of the slowdown in manufacturing reported at 10:00 eastern time, and maybe it's got something to do with hong kong. i'm not sure about that. i have not spoken to any analysts about it. the blood on the streets there, maybe that's had some impact on our market. now, another very important story. the verge has just received leaked audio of facebook chief zuckerberg. like wall street, he's not so hot on the idea of a warren presidency.

deirdre, what did he say? deirdre: mark zuckerberg says if senator warren gets the democratic nomination for president, he as ceo of facebook is expecting a fight. here's part of what he said. >> -- elizabeth warren [ inaudible ] to break up the companies, she is elected president, i would bet we will have a legal challenge and i would bet we would win the legal challenge. so basically -- so does that still suck for us, yeah. i don't want to have to have a major lawsuit against our own government. that's not the position you want to be in when you're, you know, like we care about our country, want to work with our government and do great things but look, at the end of the day, if someone's going to try to threaten something like that, essentially you go to the mat and you fight. deirdre: in case audio was less clear, viewers can read on the screens.

brass tacks, he says we will have to sue the government, i don't want to, i like my government, i care about my government. elizabeth warren responding saying she is vowing to break up facebook. she has been very very clear and that is not just facebook, she sees it as a monopoly along with other telecom giants. her position, there it is, is very very clear. she is responding directly. obviously mark zuckerberg's language is a little more colloquial so she's making fun of him there and saying essentially doesn't matter, we are going to break you up because you are a monopoly. stuart: put that quote from facebook back on the screen, please. deirdre: this is a wonderful point. okay. it's down today but i do want to make the point that year to date of all the fang stocks, it is by far the best performing. okay. today you have a little pressure, but if you bought before january 1st this year, you are pretty happy. stuart: it's one of those stocks which is beginning to feel the impact of the opposition to big tech. it's been awhile. deirdre: on the flipside, though, i would say for all that

it's been through, you know, they paid out $5 billion, right, for privacy, they have had to pay in europe. i mean, they have actually done pretty well given how many p.r. problems they've had. stuart: they don't want a warren presidency. deirdre: no, they didn't. ashley: apparently not. stuart: back to your money. the dow, we are off over 200 points and the loss here is largely because of the manufacturing slowdown reported at 10:00 eastern time this morning. might have something to do with hong kong as well. look at charles schwab, please. it is dropping commissions on stock, etf and options trades. i guess, ash, deirdre, that means free trading. you walk into a schwab, open your account, you want to buy stock, they will buy it for you. you don't pay commission. ashley: look at the impact that's had on others. look at ameritrade, down 22%. what the traders were saying according to gerri willis, great, let's hope all the volume picks up as more people say look, it's free trade, literally

free trade. deirdre: i think they have had to in some ways, some of the bigger houses were put in a corner because for example, robin hood, lot of millenials use that, there are products out there which don't charge commission so the bigger guys had to catch up. stuart: that's technology for you. deirdre: replacing the traders even. stuart: dow industrials now down, bottom right-hand corner, down 195 points. look at apple. it crossed a trillion dollar value again. jpmorgan raised the stock price, its target, $265 they're looking for. and they're also looking at better than expected iphone 11 sales. apple is up today 1%. peloton went public last week, $29 a share, sank, sinking some more today. $24.92 is your price. california will let college athletes hire agents and make money from endorsement deals. some call that a disaster for the ncaa and college sports in general. what does barstool founder david

portnoy think of it? we will ask him. he's on the show. we are also joined by the man who is challenging congressman adam schiff in california. his name is eric early. adam schiff won his election with almost 80% of the vote. i think mr. early has an uphill struggle but he's on the show, too. first, we will deal with the great tax exodus. people flocking from high tax states like new york and new jersey to states like florida and texas, because of lower taxes. the president of douglas elliman, the real estate guys, next. ♪ 300 miles an hour,

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stuart: i find this very hard to believe. new york city has now banned the words "illegal alien." deirdre bolton, 255,000? deirdre: i just want to highlight it is not, quoting directly from the source, not entirely clear how the directive will sort out against legitimate calls to i.c.e. or how it will determine the intent of the person's comments because frankly, this is a legal term. illegal alien as far as administrative purposes is actually a category of person. what you can't say is say you go to a shop and somebody is speaking thai to another person, you can't say stop speaking thai, speak english, or go back to your country.

if the owner of the shop calls you in and you go to court you would owe $250,000 but you will probably have to hire a lawyer. stuart: incredible. deirdre: it's incredible. and measuring what is derogatory and what is not, i think some cases are clear-cut but not all will be. ashley: you know what, the term "alien," they use "resident alien" when you have a green card. deirdre: they are often bankers, engineers, lawyers. stuart: i had a green card for years. it said resident alien right there. right there. i'm a citizen now. i came here for free speech and liberty and freedom. now they are telling me oh, you are fined a quarter million dollars if you say the wrong words. deirdre: in new york city you are. that is part of the new york city commission on human rights. stuart: before my head explodes, i'm going to move on. okay. this is one american citizen who ain't happy. let's move on to real estate, shall we? some people are not happy there, either. the great tax exodus, we are hot on that story. people moving from high tax states, new york, new jersey, to

low tax states, florida and texas. there is a catch. you have to establish residency in those low tax states and believe me trn, it's not easy. scott durkin is here, the president of douglas elliman. how difficult is it, i know the answer to this question, i know you do, so tell the viewers, how difficult is it to establish residency, say in florida? >> it's quite a process. i have recently looked into it because i have a place in florida. you have a being cheig checklis things to do. you have to declare it as your domicile, get your driver's license changed, your passport, cell phone numbers, doctors. stuart: credit card bills. >> everything. and you have to really lawfully do it. stuart: you have to prove to the tax authorities of new york or new jersey, prove to them that you live there. >> yes. stuart: and that you spend 180

nights per year there, not here. >> exactly. stuart: and that you have sold your real estate in new york and new jersey and you ain't going back. >> if you have a mortgage and another property in new york state and they have seen that you've moved, for instance, to texas or florida, you just have to be very careful. you really do have to move. it's not something you can just do and do the paperwork and think you can get away with it. it needs to be done as if you are moving, and you are moving. stuart: am i right in saying the tax authorities can in fact go into your residence in florida, open the refrigerator and say you don't live here, because you don't have any milk in the fridge, you don't have this, you don't have -- they can do that, can't they? >> i have heard stories like that. stuart: don't you find that incredible? >> i have just returned from dubai, so no, i don't. stuart: what's dubai got to do with it? >> there is a camera every 20 feet there. it's a no-crime country. getting back to florida, i have heard stories where they do monitor that.

they also monitor your cell phone. if you are breaking the law, you are breaking the law and that's not a good thing. but if you can really make it work where we have seen people take their families and businesses and their second home in florida is now their first home and their new york apartment is now their pied-e-terre, that's okay. stuart: that works. but you still may not spend more than 180 nights, you got to spend 180 nights in your residence in florida. >> correct. stuart: otherwise you are a dead duck and they will tax you. >> they will keep -- if they can find you have not been there, it can be big trouble. stuart: like what? a fine? >> a fine and you would have the penalties are worse than the savings, i would imagine. stuart: is it legal? is it legit legally? >> well, we make the assumption that they are obeying the law. so yes, it's legal. stuart: what about being in prison?

>> the big surprise now it's actually the tax benefits in texas are better than in florida. we recently opened in houston. stuart: so you are doing a business helping people. >> our locations are in cities where our buyers and sellers have first, second and third and sometimes fourth homes. so it was great for us to be in houston. the tax benefits there are even greater. stuart: fascinating. >> everyone is mobile. i think that's the big point of this right now, is that people are moving around. you don't know where everyone is anymore -- anyone is anymore. stuart: they will check your cell phone records. >> they certainly will. stuart: absolutely fascinating. thanks very much for coming on the show. hope you're back as soon as possible. we like this story. >> thank you. stuart: i don't like it but there you are. check, let's see, the stock check. there you go. the las vegas sands, i don't know why we are checking that. some good news, what's this? casino stocks, okay. their revenue is up, not in las

vegas but in macao. that's why wynn resorts, i have been to their casino, i have been there, a few years ago. ashley: didn't you say it was very silent? stuart: yes. know in vegas, ding, ding, ding, ding, slot machines? not in macao. very different. very different. next one. another big tech probe from congress. this time it's from the house small business committee. they want the make sure big tech is doing its part in giving small businesses a chance to compete. with bigger corporations. what a story. okay. netflix making headlines after it released a teaser trailer for "stranger things." they released it months ahead of schedule. netflix getting worried about the streaming challenge to come from apple and disney. we're on it, promise. ♪ the world is built for you.

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[ drumbeat ] stuart: well, okay. that's a tease for "stranger things" the fourth season. doesn't tell you very much. they put this thing out really, really early. that's called a teaser. why so early? deirdre: we have to assume netflix is worried about the encroaching competition from apple, streaming from disney plus. we know disney priced their product a little more aggressively than netflix but this has been a huge hit for netflix and i think you pointed out the timing. this third season of the series was just this summer so they are hurrying up and putting the fourth season out or at least teasing us about it pretty closely, especially if you consider they took an entire year off between two other seasons. close to 41 million streamers watched part of season three. that is exceptionally strong.

but for the producers, multi-year deal and we have to assume the ceiling could be $900 million. a lot of money. sorry, nine figure. nine figure deal. multi-year deal for drethe creas and producers. stuart: i'll move on. deirdre: start writing a screenplay. stuart: adam schiff is one of the top democrats who leads the impeachment push. well, adam schiff is being challenged for his seat in congress. we are going to talk to the guy who's running against him on this program this hour. as for the market, we have come back a bit. we were down 200. now we are down 170. up next, mark grant, the interest rate guy. i want to know if we are about to see another serious drop in rates in america. we will certainly ask him after this. ♪

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stuart: we went on the air this morning, at 9:00, the yield on the ten-year treasury is 1.75%. right now, it's 1.62%. is this part of the rapid decline in interest rates which you have been predicting for america for some time? >> first let me tell you, stuart, i want to make an admission on your show. my name is mark grant. i eat red meat and i'm not an illegal alien. let me just say that. stuart: good way to start, mark. >> what happened this morning, stuart, is we had a knee-jerk reaction overnight with japan, the bank of japan, their central bank, and also their major government pension fund. they said they were going to be stepping away from just japanese investments and buying foreign investments. of course, the japanese ten-year at the time i looked right before i left to come to the studio, was minus 0.63% so now

they're trying to get some yield. as i've said a number of times on your show, we're in borrower's paradise that for fixed income investors, seniors, pension funds, retirees, it's a very difficult time if not a disaster. then we had the ism numbers out, the manufacturing numbers out, and the whole situation reversed because it showed a significant slowdown partially, in my opinion, having to do with our game of thrones war with china. stuart: okay, look, we are at 1.62% on the ten-year treasury right now. sharply lower than we were couple of hours ago. are we on the way to even lower interest rates? look at the ten-year treasury in particular. are we on the way to a much lower treasury yield on the ten-year here in america? >> i think the fed is going to cut rates again at their next meeting. i think they realize we have to compete.

the issue is going to be where we are versus europe, the eu, switzerland and japan, our interest rates are so much higher and it's having a big effect on the dollar as well, then the interest rates in these major places and the rest of the world, the fed, who is america's central bank, not the world's central bank, has got to compete and i think they are going to be lowering our interest rates as a matter of necessity. stuart: will that help the stock market? normally, you lower interest rates and the stock market looks good. will that happen this time? >> in the first blush, stuart, i think it's already happening now. that's not like future. i think the lower interest rates are helping the stock market but there's going to be a second blush where retirees, pension funds, others, take undue risks and they're trying to make money off the appreciation instead of income or interest, and then i

think it could be a very major problem. as a matter of fact, stuart, in december i'm going to be in new york, i'm speaking at the cornell investment committee meeting, and what they're discussing is asset allocation, and i think it's very timely for them to be doing exactly that. stuart: come and visit us and tell us what you're going to tell the cornell people, because we would be delighted to hear. mark grant, thank you. >> i will be happy to come. stuart: and eat some red meat, why don't you. good to see you, mark. see you again real soon. we have a guest, a republican, he's in california, and he is challenging adam schiff. congressman schiff, the democrat, who is leading and spearheading the impeachment push. eric early is with us. mr. early, welcome to the program. it's good to see you. you know, i've got to point this out. adam schiff won his election in 2018, he got 80% of the vote. you've got a real uphill struggle coming here and i

suspect you are doing this because you want to have a go at adam schiff. am i right? >> well, you're right on both counts. we have a tough uphill struggle and i definitely want to go after this guy schiff. i want to touch him up a bit, as shaquille o'neal likes to say about certain ball players. it's time for schiff to be touched up and you know, schiff's behavior the last few years, people, even the moderate democrats in my district are starting to get the joke about this guy. he hasn't done anything for the district in 20 plus years. he's virtually completely ignored our district, and he spent his time lying to try and destroy a duly elected president for three years now. so you know, people are getting ticked off here just like they're getting ticked off around the country. let us vote for who we want to be president and let us vote for who we don't want to be president but don't try to destroy a president based on pretext, innuendo, lies and

delusions. these are all the things schiff brings to the table. so we are going to fight a good race out here and another thing that's helping us tremendously is that we are getting small donations from around the country, from people who just despise this guy schiff and as many of your viewers know, it takes money to beat this guy. this guy has been saving up millions for years and you know, it's beautiful, these people are going to ericearly.com and sending me donations. we will take the battle to him and i'm speaking all over the state and we are getting tremendous reaction. stuart: all right. mr. early, thanks very much for being on the show. i will conclude by saying you've got an uphill struggle but it's a struggle worth doing. eric, thank you, sir. appreciate it. i have to tell our audience, full disclosure, we did indeed reach out to adam schiff to come on the show. he has not responded to us. now this. here we go. brand new data breach to tell you about. looks like words with friends. how many data breaches? ashley: 218 million users.

that tells you how popular this game is. you can play its mobile app, you can play on the ios platform and android. you are looking at me like don't care, don't know. but pakistan hacker, hacker in pakistan, is behind this. he got into all of the users' information but not the financial information, according to zinga who owns words with friends. this guy, this pakistan guy, hacker, has been very busy. they believe he's got close to a billion dollars -- a billion users' data. the data of a billion people. it's not just this. they say they have under armour, my heritage, all these things people signed up for, this person has gotten into it. so it's a big problem. stuart: but if you know the person -- ashley: they don't. they just know the origin because he or she likes to boast and calls himself or herself nostic players and makes boasts and sends things to technical

websites saying guess what, i have 200 million of this. deirdre: tons of people play that. remember when alec baldwin got kicked off the plane because he wouldn't shut the game off? it's a cultural phenomenon. stuart: another data breach. ashley: another example. stuart: nothing happens. they have all the information on just about -- ashley: male, female. passwords. all of that. stuart: there's no way to keep it safe. is there? ashley: we do one of these stories almost every day. stuart: all right. let's move on. cashier-less stores from amazon. no cash from amazon. in airports. deirdre: airports, movie theaters. i think it will give amazon a way to differentiate, to diversify away from online shopping. that's reason one. perhaps even form relationships with potential competitors, selling books at these shops in the airport, they sell books and food. also, grow their cloud business and then i think most importantly, to annoy apple.

why not? you have all this apple pay, the apple card, so even though amazon has destroyed a lot of other retail businesses or its technology has, even they know they need to keep, you know, re-inventing themselves. the cloud and payments is a way to do it. stuart: it's more with flash the phone, pay by phone. deirdre: plus they know what you're buying. they see your data. stuart: okay. new law, signed on the books in california, it will let college athletes earn money. there's lots of controversy on this one. mark cuban owns the mavericks. he says college sports would implode if athletes start getting paid. we are going to get dave portnoy's take on this. he's coming up. speaking of california, don't get stuck in traffic there. gas prices spiking there. we will tell you how much it costs californians to fill up. what's a gallon of gas cost out west? alaska's arctic national wildlife reserve, home to billions of barrels of untapped

oil, opened up to drilling by president trump. we are going to talk to alaska's governor. have they started drilling yet? we're on it. ♪

stuart: the price of oil down to $53 a barrel. how about that. and the price of gasoline holding pretty steady right now at $2.65 per gallon. now, that is the national average. it's way different in california. deirdre, how much? deirdre: in california, the average is $4.07 per gallon. so for southern californians, probably not happy at all to see these two numbers side by side. certainly painful. the auto club of southern california says there were unplanned maintenance issues at chevron and marathon that's really affecting l.a. county.

actually, in l.a., the highest that we logged was $4.12 a gallon. stuart: the highest rate in america. california charges $4.07 for gasoline. tough on those people. staying on oil. alaska has a ton of it, as we know. until 2017, an oil-rich wildlife refuge, the national wildlife, off-limits to frackers. there are ten billion barrels of untapped oil in it and thanks to president trump, it can now be fracked. you can get it. the governor of alaska joins us now. question one, have you started getting that oil yet and number two, how much of it are you going to get and will it make up for the shortfall in north slope oil? >> thanks, stuart. it could be a tremendous boost in the arm for alaska and the country. there's predictions that at maximum production, we could have an additional 800,000 barrels of oil in the pipeline

as a result. so there's two lease sales scheduled over the next several years and we are hoping to get a lease sale going here in december. we are anticipating some robust bidding and it's going to be a good thing for the state and for the country. stuart: okay. that's all good news. i want to move on to one other area which your state, alaska, now allows state employees, they have to opt into a union. as i understand it, make sure i've got this right, if i'm a newly hired government worker in alaska, i have to opt into the union as opposed to saying i don't want any part of it. so why are you doing this? >> well, it's in response to the supreme court ruling in 2018, june of 2018, and basically what it does is assures we help with assuring that the employee wants to be part of a union. so there has to be an

affirmative opt-in where in the past, it was an opt-out. we are working -- we will be working with the unions to put together procedures to make sure that this happens. but it really is in response to that decision and the first amendment rights of individuals to free speech but also association. so this is the reason for doing it. stuart: where this has happened before, unions have lost a very large number of members because people don't opt in. that's a real problem for the unions, isn't it? >> it could be. i mean, there are some indications that there's a loss and in other cases, that there's not -- there's not much or as much of a loss. in some cases, there's increased membership at least in the front end. but again, the long and short of it is americans, alaskans have the right to freely associate. the supreme court ruled on this in june of 2018 so we are going to implement the decision to

make sure that employees are affirmatively opting in and that there is evidence that they know what they're doing, they freely choose to do that and that's the process we're putting together and will be talking with the unions about the details of that process. stuart: alaska governor michael dunleavy from alaska, thanks for joining us on "varney." we appreciate it. thank you very much. now this. sports history up at auction on your screen, the cover of "sports illustrated." lebron james wearing his high school jersey and guess what? the jersey's in our studio getting a close look at it in a moment and how much you would pay foirt at auctir it at aucti california will let college athletes hire agents so they can get money from endorsement deals. we are asking barstool founder dave portnoy what he thinks of that. he's next. ♪ nah. not gonna happen.

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stuart: our guest with us today

has brought some legendary items from the world of sports. you know this guy. his name is ken golden. he's the founder of golden auctions. all right. where are we starting? what have you got for me today? >> i want to start with -- stuart: the jersey? there it is. >> so that is the actual jersey that lebron james wore when he was introduced to the world in 2002 in high school. so this is the chosen one. this is his game-used and i didn't call him that. stuart: okay. all right. he's wearing that jersey in 2002. >> 2002, in high school. that's his game-used high school jersey, the only known photo matched and authenticated high school game used lebron james jersey. it will be the single most game-used lebron james item ever. stuart: how much? >> we expect it to go well in excess of $150,000. stuart: over $150,000 for his high school jersey. i'm going to move on. you have a lou gehrig contract. >> yes. this is 1934, paying him a whopping total of $23,000 for

that year. it was his best year ever as a player. babe ruth was fading but lou gehrig won the triple crown, led the league in home runs, batting average and rbis. we expect this to approach $200,000. stuart: 200 grand. is it signed? >> i didn't want to handle the paper. it's perfect. it's graded mint 9. henry louis gehrig, full signature. stuart: a mickey mantle rookie card. >> here it is. this is 1952 tops, mickey mantle. it is psa7, a near mint condition rookie card of mickey mantle. the bidding on this is already approaching $100,000. we expect this to go in the range of $125,000. stuart: is it absolutely unique because of its condition? >> exactly. there are thousands of cards that were made but very few grade 7, 8, 9 or 10. if you had a 10 it would be $15 million. stuart: i've got to tell you, i'm surprised at the strength of the market for baseball memoribilia. basketball, too. >> sports memoribilia constantly, there are records

broken every single day. the market is constantly increasing in price. stuart: i noticed you put this next to me. >> i told you you can wear it. stuart: olympic gold medal for soccer. what's so special? >> we have michelle akers' soccer player, fifa player of the year 20th century. started when women's soccer came into prominence. the first time that soccer was an olympic sport, 1996, that is her actual gold medal. that and dozens of other of her items throughout her career are at goldenauctions.com right now. stuart: how much? >> we expect that to go for about $75,000 or more. stuart: $75,000. goodness me. okay. we are out of time. the auction starts now. it's ongoing? >> g-o-l-d-i-n, goldinauctions.com. it is live through october 19th at the website. goldinauctions.com. stuart: got it. thank you, ken. good stuff. next one. let's do college sports.

got the ideal guest for this. dallas mavericks owner mark cuban, he was on "cavuto" yesterday. he sounded off on paying ncaa players. roll that tape, please. >> couple things. one, i think the ncaa's a mess. they are a big source of the problems. i mean, they are very bureaucratic, they don't really -- their interests aren't really aligned with all their schools, they are certainly not aligned with players' interests, but set that aside, when it comes to paying players as employees, then you have to ask yourself what happens if they get fired? what happens if you wanted to fire them? do we want to start firing student athletes? stuart: good question. look who's here. dave portnoy, founder of barstool sports and regular guest on this program, and a star in his own right. should we pay -- stop laughing -- college athletes? >> yeah, i think you probably do have to pay them. you know, i love college football, i love college basketball. each school, give them a set amount of money, fight for players, pay the players. that's the easiest way i see to

do it. stuart: i come at this from a complete outsider. i wasn't born and raised in america so i don't have that feel for college sports, not getting paid, the amateurs, really putting that effort into the game. i'm away from all of that. would it actually destroy the way we feel about college sports if you paid them? >> well, most people care about big-time college sports. we are not talking d-3. if you have a brain, you already know that's t it's a business. they are going and getting paid under the table, doing this, doing that. to me it doesn't change it. it's already professional sports. it's already a big business. you might as well bring it to the forefront. nobody likes the ncaa. the ncaa is corrupt. everybody hates them. doesn't matter what side of the aisle, who you're for. stuart: i didn't know that. >> yeah. they're despised. stuart: why so unpopular? >> because they act like they have the students' interests in mind, the schools, and they don't. it's decision after decision after decision where they are just about making money which is fine, but then you have to pay the athletes. you have to pay the people making you the money.

stuart: i think this refers, it says in california, this allows college athletes to get an agent so they can charge money for endorsements and charge money for using their own image. >> right. stuart: in a game, video game. i can't see what's wrong with that. >> well, what's wrong with it will be if california's the only state that does it, everyone will want to play football in california. then all of a sudden, guess what, the s.e.c. stinks, the pac-10 stinks. if you go state by state it's going to be a mess. maybe the end of college athletics. stuart: what it means is california is dictating the terms to the rest of the country and the ncaa doesn't get a word in. >> yeah. the ncaa is like, you know, the schools could go do their own thing. i will be honest, i don't care about the issue. i care about this. i want to be able to watch college football on a saturday. i want to be able to bet on college football. i want to be able to do what i do. this is putting the whole thing, it starts 2023.

they got to come up with a universal law or else the whole thing will fall apart. stuart: fascinating. even though i'm a complete outsider to it. dave portnoy, thank you for being here as usual. always good stuff. you are a good guest. more "varney" after this, promise. ♪ let's take a look at some numbers:

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that is according to this report. that did not go down well on wall street. even though a contracting manufacturing sector may suggest that the fed will lower interest rates at a more rapid pace. that is on the sidelines. right now the market is reacting to slower manufacturing. neil, it is yours. neil: thank you, stuart. that sort of undid what it did what looked like a pretty good rally. it is october. we're playing the organ. we were thinking about doing everything in orange. this slowdown fears historically scary month for investors. some of our more noteworthy tumbles have been this month, 1929, 1987, 191989 and