>> for several years. that would be a nice answer, maybe someone would be curious when they question this week. maria: i'm curious about the one and a half billion from china, actually. it's been a great show, thank you. have a great day. what time is it, suzanne, take away. stuart: good morning, maria. it's going to be very active day. let me take you through it. there is a lot of action coming up. one hour from now the impeachment hearings beginning we have heard that word for three years and now that peach mint is rolling. today two witnesses have a lot of the questioning candle-- handled by staff lawyers took chairman adam schiff has rigged the hearings against the republicans. it is a grossly unfair show trial, impeachment fatigue is already setting in. two hours from now we will hear from federal reserve will chairman powell respond to

president trump's criticism? yesterday the president called for lower interest rates just like our foreign competitors. event that far from now the market opens, interesting on the day impeachment hearings to start, stock prices are out-- at record highs in the dow jones will be down about 80 points. closed unchang. statistically unlikely, but it happened and s&p 500 down about a, nasdaq down about 20, no serious selloff at the opening bell a half-hour for now and then there is this, extraordinary scenes from hong kong overnight. battles on the streets. the city, paralyzed the central business district shut down. schools closed. it's open warfare, a revolt against beijing, serious stuff. you are about to see a important day. we will find out if the democrats really can convince voters that

president trump should be thrown out of office and we will find out if the economy can keep growing in the stock market keep rallying. "varney & co." is about to begin. ♪ stuart: moments ago we set it, it's open warfare in the streets of hong kong. there may be implications with china trained, political implications and senators are pushing for eric though, but in my opinion the real significance is the destruction of a basket of freedom and that is a terrible thing. susan lee, more on this, please. >> hong kong society is on the brink of a breakdown, total breakdown in the largest stock market and therefore the fourth largest financial capital in the world. third straight day of disarray, talking about right outside central, the main part of the

city and this is where the banks are situated, where most of the big foreign multinational are and as you see open warfare on the streets with subway service stalled as well. kids are from going to school and offices closed and as a result the stock market is down another 2%. two out of three days the stock market has seen major decline and when money moves like that it's when people really pay attention. stuart: at this point it's attention-- it's reporting what's happened, the implications and what follows will come shortly, but right now this is warfare. >> and the worst violence we've seen in five months with two people shot monday. stuart: we have both lived there come a work to there, terrible thing. >> very terrible. stuart: less than an hour from now, we will see the first impeachment hearing in more than 20 years in joining us mark green republican from tennessee and a member of the house oversight committee. opinion, full of opinion

this morning took my think we will get bogged down in legalistic details turning off anyone except trump haters. where you come from, sir >> this thing will get into a quagmire quickly and what's frustrating presses adam shift is the one who said it would hurt the country. this would be damaging to the country if this was a partisan impeachment and that's exactly what's happening i guess he doesn't care about hurting the country anymore. we are in it and today starts the schiff show. stuart: do you think voters will be convinced on the basis of these hearings at the president should be removed from office? >> not at all. there's no substance here. there is no quid pro quo they don't like that word so they had gone on to bribery which essentially you ought to have a quid pro quo to have a bribery. everyone in america has accepted the process, which you described aptly in your intro is unfair and violates the constitutional protections of due

process, facing your accuser, all those things have been thrown to the wind and they are moving forward so the process and the substance, this thing fails on both of those in the american people will see that. stuart: thank you for appearing with us. i know it's important for everyone and you took time for us and we appreciate it. >> thanks, stewart. stuart: president trump took a shot at the federal reserve yesterday in a speech at the economic club of new york. he wants lower rates and he was them now are joining economist john wilensky. that was a big taunt from the president to the fed yesterday in the fed testified. will he respond? >> i think he will tell us listen, if the economy doesn't pick up speed-- i should say business sales if they don't start again speed soon the fed will have to cut rates, no question. the way the press-- the president is wrong on this issue that we begin to see some very substantial meaningful

pickup in the rates of growth for-- growth for business sales. stuart: what i'm looking for is where is the economy going in the future and are the good times going to continue to roll? >> i think the fed can afford to allow the good times to continue to roll right now inflation seems to be well contained. there's no reason for the fed not to go ahead and lower interest rates so we can keep moving. unemployment rate lower and we could keep expanding business activity. stuart: what you make of the president as he repaired yesterday to the europeans with their negative rates where the lender pays the barrio. >> there's a reason for these rates are cueto went it because it so lousy, those economies are barely growing by maybe 1% annually and that's the case for some time we don't want negative rates are that type of growth. stuart: could it be forced on us? if they go to negative rates, they are just pushing money out of the

euro and into the dollar which hurts our trade position. >> i think we would only be forced to bring our rates below zero in the event that the dollar exchange rate appreciates by so much relative to the euro that we have no choice, but we are not there yet. stuart: you are an economist. you see this economy just keeping on rolling for the foreseeable vote-- future; right? >> i think i see a growing through 2020, no sign of a recession. stuart: growing through 2020. >> into 2021. i don't think there will be a recession prior to the 2020 election, unlikely. stuart: thank you, sir. >> my pleasure. stuart: day one for the disney plus a streaming service that was yesterday had a few glitches lauren, what happened and has a been fixed? >> 8200 glitches at the height with a few hundred recorded now

folks had trouble streaming certain shows. it was a bust launch for disney i'm a but not a failure because there was much demand for their streaming service. what will be challenging for disney is the transition. are they a tech company that they had to deal with glitches? they bought a streaming company to help this go smoothly. it wasn't entirely successful, but that is something they did not use the to think about and also the change in their business model. us get you to the theater and the themepark and now wanted to just sit home on the couch and stream our stuff come as a transitional time. stuart: apple tv plus, in talks to add a former hbo executive. is that a big deal? >> the ex- ceo, guess very big deal because if the report is to he is the guy behind "game of thrones" and others and apple tv needs him. stuart: at&t's warner media will launch its new streaming service

called hbo max launching in the spring. this is big because my daughters watch this show. what's it about, bring it back and show? >> they are talking about it. they had to get the six main cast members on board, so at the end of this year netflix no longer has "friends". who gets it for $425 million? hbo max in time for their new streaming service content with a built-in audience. your older or younger daughters? stuart: all of them. >> i grew up with friends, but younger kids didn't, but they seen reruns on netflix and other sites so it's that new audience. stuart: i have watched it so many times that i know the scripts for several of those episodes. >> who is your favorite? stuart: schwimmer, the one who-- >> ross. stuart: unlike the one where he is suntanned and the one with

the white teeth. >> i think it's the same one where he over tends and has the white teeth. who was ross dating on the show? stuart: jennifer aniston. >> the character's name? stuart: rachel. it's one of my daughters names. i do remember these things. we just spent a minute talking about "friends" and is up we are about to see the president impeached. >> that's what people care about what he comes to streaming, real people shows. stuart: it matters, important stuff. >> big-money, by the way 400 million for streaming rates. stuart: for a 20-year old show, a lot of money. >> seinfeld, same thing. stuart: allie baba has okay to list shares on the hong kong exchange for the stock is down in new york because that might dilute the new york shareholders i own a some of that jerk smile direct club, that down after its first earning report going

public, not a rosy forecast. $10 a share. i have forgotten where it went on the ipo, but way above that one. of the stock is up 4%. >> some of them are red or white. stuart: originally they were always black and i like them. i had one. >> what happened to it? stuart: it was too big for me so i get it to someone bigger than i. it was 800 bucks, i remember that. check futures, we will be down but not that much, 95 the dow jones, 10 s&p, 29 for the nasdaq. disney plus as we said launched yesterday in their big thing is animated films. to compete netflix has its very own animated movie. netflix going for the youngsters. we have the director and the first look at that movie coming up. google getting into

finance. is partnering with the banks to offer checking accounts we have details on that. and hillary clinton says she is under enormous pressure to throw her hat in the 2020 ring saying many, many, many people want her to get back in. more "varney & co." after this ♪ ♪ ♪ ♪ ♪ ♪

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fidelity. stuart: lets open pandora's box. looks like google may be getting into banking. >> offering checking accounts to consumers. the latest silicon valley heavyweight to get into finance and banking. at they are going to launch accounts partnered with citigroup and the credit union at stanford university codename cachet. guess this is it google's the latest one to get into banking and finance. we had a course face trying to launch crypto and libra and then amazon looking into offering checking accounts. what do they do with the

data? is the most important part, do they protect your data? is their privacy when it comes to financial information and how important that is because it goes back to our livelihood. stuart: here's one more, senator warner says google fits bit deal needs a lot of scrutiny. >> i'm sure does especially after the latest federal increase -- inquiry launched into google and its partnership. it's been basically loading that the million of its patients .-dot into the cloud in partnership with google, but they have access to lab tests, i mean very sensitive personal data and they also bought a fit that four, $2.1 million so basically senator warner says we need to review this and review google if they are getting into banking before they launch into new businesses when there is no regulation against it stuart: everything is out there,

just everything. there's this one, the starbucks chief executive was in chicago for the opening of the worlds biggest starbucks he was there, spoke to him, come on in, jeff. what did he say about the economy and super spending? >> unlike his predecessor, kevin johnson doesn't want to run for president and he said anyone who thinks that economy is in trouble: they are thinking wrong. he says the economy is in great shape here and in china to take a listen. >> so thus far the us, i think we see very healthy consumer sentiment. reporter: worries about the future? >> look, we have been business 49 years and have had to navigate microeconomic and geopolitical situations and we will in the future but now i think we see a healthy consumer. >> he says there is no backlash in china even though us and chinese officials may be arguing

about trade there is no backlash against starbucks in china with 4100 starbuck outlet chart-- outlets in china and the biggest one in the world is now here in new york, but i don't even drink coffee. stuart: you should. >> its lost on the. >> jeff, thank you. a look at futures on the day one of impeachment. how will they open and are they related? dow jones about 90, s&p nine, s&p 29 and i don't think it's related to the impeachment hearings that's a real stretch to relate the two, but we will be down. lots going on as we talk impeachment hearings starting at 10:00 a.m. eastern. j powell from the fed at 11:00 a.m. and politics and money coming together, that's what we do and that's why you had to stay with us. we are over the whole ball of wax. there's a company that's talked to even more real people

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stuart: dare i say that hillary clinton has left the door open for a 2020 run, tentative. she says she's under enormous pressure from many, many, many people to jump back in again. lauren? >> she's probably look at joe biden who is the moderate choice or what they thought would be and he's not doing well in the polls and mayor

pete is at the top of a new poll in iowa, 37 years old so biden has been a disappointment and now mike bloomberg is saying this is maybe my time and hillary clinton is saying the same. two things to note about hillary as well as mayor bloomberg, they are not that radical. they would come in and they are not these leftists candidates that bernie sanders and elizabeth warren, so there is a riff in the party, infighting and the party. they don't have their candidate yet. stuart: seems to be chaotic. 10 candidates have qualified for the next debate november 20, with another six to want to get into that debate. we have do ball patrick former governor of massachusetts who may jump in and former attorney general eric holder may jump in. bloomberg is registering all over the place to get an. that's chaos. >> yes, so with 18 potential candidates for the democratic nomination i think it comes down to who has the biggest coffers, who

can outspend everyone else. stuart: bloomberg. >> in terms of getting their name out there. stuart: all these candidates will spend an arm and a leg, a fortune to make themselves known way before the actual election. >> yes, i mean, we are still 12 months out on the actual votes and i think by march there will be a shakeout with a closer look at who actually has tracks. stuart: march for sure. now this, this is the first day of these impeachment hearings. this from capitol hill, speaker pelosi arriving on capitol hill just ahead of the impeachment hearing. here's what she said, we have a responsibility to keep as custodians of the constitution, we are defenders of our democracy. i'm prayerful, thoughtful and actually sad today that our country has come to a place where the president, the president doesn't understand what article to does not say that he can do whatever he wants, but he was not above the law and he

will be held accountable about was from speaker pelosi as it she walked into capitol hill to attended the hearings today. we are going to take you to wall street in a moment. we will be down not all walk, down 90 in the dow jones, 10 s&p, 32 nasdaq i don't think this minor impeachment and has more to do with what president trump said about china trade yesterday. we will be back (vo) the moth without hope, struggles in the spider's web. with every attempt to free itself, it only becomes more entangled. unaware that an exhilarating escape is just within reach.

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stuart: half-hour from now the impeachment hearing begins on capitol hill. i want to bring in our susan lee and lauren: let's discuss this. u-verse, impeachment hearings, i say they have at this moment no impact on the market. what say you? >> i don't think they have had any effect and i don't will. look at what the market has done. this is not unprecedented in terms of being-- impeachment process as before markets have gone up and if they had been going down before they go down. this market has been going up in the impeachment process will do nothing. i think the market if the impeachment process is sean in terms of the

public saying this is a nonevent i think it has a good leg to go higher. stuart: that would be interesting. >> dow jones is up 3.6% since the impeachment inquiry started. stuart: 3% of? >> 3.6. stuart: 9:30 a.m. eastern in the markets have opened and i believe we open to the downside, yes. 79 points down as we seek. i went to go straight to edward lawrence because he knows, he has seen what fed chairman paolo will say when he testifies at 11:00 a.m. give me the bullet points, edward lawrence? >> we will see maybe fireworks in the market today is the federal reserve chairman will signal he has not supported a rate cut in december with the caveat he says if economic data comes in slower they will not hesitate to act and cut rates in december, but as it stands no rate cut in december. he will say the feds won't hesitate to ask.

says the federal reserve chairman will paint a glowing picture of the economy saying rising jobs, rising wages are sparking that consumer to spend. he said he will see no end in sight to consumer spending and that's driving our economy. he says the current policies have brought workers from the edges into this economy and the federal reserve chairman will indicate businesses are taking on a bit too much debt. he says risk is a bit too high and says the third-quarter gdp is lower, 1.9% because of the gm strike in the federal reserve chairman will put congressional members on notice saying the federal debt is on the unsustainable path and will then go on to say which he is not done in the past and says congress needs to address that unsustainable path because if it continues congress won't be able to help with fiscal policy in a downturn. a bottom line, signaling no rate cut with a caveat unless economic data comes in weaker. stuart: good stuff.

thank you. let's go back to that because it's had-- i don't think it's had market impact. we were down at the opening bell, 70, 80, 90 points and along comes this news of what fed chairman powell will stale-- seo we are still down. the fed chair will say he doesn't support a december rate cuts unless the data we get from the economy justifies a rate cut and he's going to place a glowing picture of the economy as we go forward >> as he should because spending is still strong. it's expected to grow around 2% this year and it's very important that consumer spending is strong despite the fact we have been talking about a trade war and how it impacts pricing and how it could hamper the consumer, obvious signs are hit-- it has not so far. stuart: let me recap with two minutes into the trading session

the dow jones is off 80 points, s&p 11, nasdaq down 30, not much impact from the fed chairman saying he won't support a rate cut in december. and there you have it. let's move on to themes which we have developed on the program, themes in the market, first of all streaming. would you buy any streaming stock right now as the streaming wars get rolling and i guess, several i think are on my buy list. with already started buying at&t, five and a quarter% dividend deals in the company with a massive amount of cash flow. the problem is if you don't have content, at&t has content, nbc universal contact, disney tons of content, amazon creating content, netflix creating content i like a lot of them right now because i think there is nowhere for the stocks to go but up because if you look at apple, apple in terms of what it is apple

becoming, it's becoming a studio so the studios have made so much money over the years and decides-- besides everything apple does it's becoming a studio so we are looking at companies that have cash flow and the ability to create content. we already own apple. love amazon. netflix is maybe the one i'm not quite sure. especially love at&t. stuart: what you have? >> at&t is different from apple in that it probably has the highest nonfinancial debt on the markets anywhere with $180 billion worth on the balance sheet, that's considered a weakness, by the way. stuart: i would not call that a streaming stock. >> not right now. warner media emma but disney is also spending. this is about spending to get eyeballs and disney says they are okay with not making a prophet for the next four years. stuart: the resolution-- revolution in streaming has begun. look at this, back to

the big board. we are down just a 50 points. what fed chair powell will say in a couple of hours has not hurt to the market, only down 40 points as of now impeachment obviously not hurting the market. google is being investigated by the feds over their health tracking, not affecting the stock. starbucks opening the world's largest starbucks short-- store in chicago. look at this, 10 year treasury yield above 190 yesterday at 186 today, that is not a positive signal, mildly negative. how about oil, always bumbling-- no that's gold. i willesaid always bumbling around in the mid- 50-dollar per bound level. 76 as of now. again, look at apple,

news. president trump will to an apple factory with ceo tim cook next week. >> that's not confirmed, by the way. that's a report in reuters i contacted apple and they said no. texas we know austin, texas is where apple will build there and macbook pro and they're launching a new one in fixing the keyboard. stuart: i'm interested in the relationship between the president and the leader of apple, tim cook. >> i was a tariff are important and that's the main thrust right now getting iphones and ipads may be subject to a 15% tariff in december. ear pods have been-- wearables itself has not been impacted since they have grown from 50% in the previous quarter but it is about relationships, trade and bringing jobs back to america, that is the main point of a tour across texas.

stuart: susan lee, you are next cyclopedia. >> thank you. >> it appears to me that the news from the fed that they are not going-- doesn't support cutting rates in the summer. that's not affected the market, only down 18 on the dow. >> no surprise given what the chairman will say to congress. it's a positive to have a happen at the open and obviously the market has discounted that again because i don't think there were expectations for a cut, so status quo now. we will see additional comments as they stand ready to take action if necessary in terms of gdp flipping, which i don't see. i don't see any reason for the fed to cut anyway. i think the economy is doing great, consumers are doing great and the

markets doing great so why would the fed talk about cutting? i think the market has the upside to go here. there is no impact for impeachment the market is turning around, they are like sloughing it off as if nothing will happen. stuart: that's the headline at 9:30 a.m. i'm only down 17. nike will no longer sell directly to amazon. they don't like the way amazon polices counterfeit goods. anymore on this claimant as you see that the blow to amazon with shares down $5. amazon courted nike. they wanted their clothing, their shoes on their site and nike said if you police your site we will give you our stuff and they did it for about two years and they don't like how it panned out. nike's new strategy is direct to consumer and digital. they want that retail experience with the company and they don't trust amazon to do that. stuart: if nike sells a shoe the amazon, amazon takes a piece? >> probably. stuart: nike doesn't like that

either. >> it will be interesting to see the digital strategy under a new ceo stepping in as mark parker steps down in january so i think it's probably the buildup of their own a site going forward. stuart: how do you remember all of these names? >> i have watched the markets for a long time. >> you should not act surprised, by the way. stuart: can you remember names at your age? >> i'm just thinking, susan is a next cyclopedia. i would try to, but i couldn't. stuart: next case, facebook launching-- here's another big story, facebook launching a pay system across facebook messenger, instagram, that sounds like a precursor, i mean, gigantic payment system. >> mark zuckerberg talks about unifying the messaging platforms including messenger, what's at an instagram,

but it's time to make money off of this and he's getting into financial payments including-- stuart: all of you youngsters have payment of. >> on the only one of my friends who doesn't, but this is facebook trying to unify their brand in a way so when there is call to break them up, it looks like they are keeping it together and may be a precursor that's more favorable in traditional banking, libra. stuart: blows me away the gigantic tech companies expanding to all kinds of different areas and you've got to follow that flow. >> with an edge because they have data on consumers and share numbers. stuart: i would have given you the last word, but i'm out of time. put him on camera to see his smiling face. thank you for joining us on a very important day and he synthesized it nicely, no impact on impeachment or what fed chairman powell had to say.

checked the big board, only done 25 points. started out down 100 and now down 25, 27665. we are about 20 minutes away from the impeachment hearing and i already have fatigue for the whole thing. it will be a big spectacle from the democrats. i do not think it will get the president removed from office, that's my opinion. war on the streets of hong kong as students become freedom fighters, again my opinion to does the us it and watch and do nothing? i will ask former congressman ron paul, what should we do. disney is king when it comes to animated movies , but netflix has its original animated film, a new christmas movie for kids. of the director is here and we have a first look at it. peyton, what are we doing here?

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stuart: i love that music. build 28 send zero and you get-- i like that kind of stuff. that was netflix answer to disney animated films called "klaus". i'm sorry i mispronounced it earlier. it's a "klaus" in with me now is the director, sergio pablos. welcome to the program. >> thanks for having me.

stuart: this is netflix answer to disney. >> yes. stuart: is a geared towards real youngsters or family entertainment? >> definitely family. we aim to please as many as we can. stuart: how long did it take to make a movie like that? >> all in 90 hours. stuart: why does it take so long >> well, you spend a good amount of time developing the idea for the film. that takes a while and that took me about a year to have this ready to pitch to people and then you go through the grueling process of pitching it around to see if someone is interested in then you still have to close the deal and finally you get to start making the film which takes forever, so it takes a while. stuart: you went straight to netflix i take it? >> no, not straight to them. we went everywhere and we actually found making a christmas film was

actually not a smart thing to do. so, we were turned down quite a lot by studios who didn't want to compete in the marketplace, but to our surprise netflix was looking for christmas content so we found the perfect niche. stuart: will, i always thought that once you agreed on the script and the screens and the rest of it, screenshots, i thought you just turned on the computer and just did it and it was easy pressing the button. not like that? >> lets make a great film and then you hit enter and it just renders itself; right? stuart: not like that? >> no. it takes a lot of artist, technicians many to make a film like this but in particular this film we did old-school. we did it hand drawn, so a lot of work because

that's who we are. we love to draw. i got to work on all these things like tarzan stuart: this one for "klaus" you didn't get crayons out and a big white piece of paper. >> no, we drew digitally on tablets, but we still drew and we painted, so the film is made by lots of people and there's also technicians and many kinds of people but mostly people who love to draw and paint. stuart: there has to be a happy ending. you can't have a christmas movie with family viewing unless there is a happy ending. tell me. >> you will have to see. stuart: has to be a happy ending >> happy to satisfy your needs. stuart: this is a financial program. how much did it cost to make the movie? are you allowed to tell me? >> i can tell you this, it was significantly less than it would have cost to make a mainstream movie in cgi

in the us, but that is as far as i can go. stuart: on out of time swept to take that answer. sergio pablos, thank you for joining us. >> thank you. stuart: check the dow jones, 27 minutes in pretty even split about a third of the dow jones is up about two thirds it down in the dow jones is off 32 points. you know how much i hate robo calls, i get them daily, during the show. montana senator as part of the push to stop them and he's an hour 11:00 a.m. hour. i want on assurance that when his bill passes i won't get any more robo calls. let's see what happens. more "varney & co." after this aetna takes a total approach to your health and wellness

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stuart: minutes away from the start of the impeachment hearings on capitol hill. let's bring in bruce fein who worked on the clinton impeachment 20 years ago. bruce, let's get at it. in your opinion, knowing what we know now did trump commit an impeachable offense? >> we don't know all the facts here. is like asking for a verdict before everything comes out. i do think it's rather irregular that you have impeachment within the jurisdiction of the judiciary committee handled by the house intelligence committee and i think that the effort of speaker pelosi

to run this through quickly is ill-conceived to. i remember then nixon impeachment hearings extended over seven months. impeachment is very bit apolitical as a legal issue and you need to get the american people educated and understand what's going on in the decision. it's not to be rushed to judgment. i think it's quite blunder of closing to try to rush this through, get a hasty vote. i think she would hope before christmas and then throw it into the hands of the senate. that is quite irresponsible. stuart: i take your point but if it were dragged out longer i think americans would simply get bored stiff with that, i mean, impeachment fatigue is already setting in and if i have to watch a several lawyers discussing the fine points of who said what to who the people i can't remember what they do and who they are, i think i get bored with that and night tend

to say it's not worth it. it's not worth putting the country through this nonsense, that's what most people will say, bruce. >> that's a judgment that political figures have to make. you need to remember at this time and place the presidency has a different position when the impeachment clause was drafted. that it was really perhaps the least equal branch of the government's and now the presidency, the stakes are so high i'm not sure i would concur the american people would just get bored and walk away from it. they supported or opposed it, but after all we are talking about a person who has gotten millions of employees under him, $4.7 trillion the most powerful position in the history of the world and that being the case, the fate of the present typically does attract attention, even may be seems unwarranted, that's just how politics work. stuart: we will have to make a judgment as to whether or not

it's worth removing a president from office months before an election, presidential election on the basis of a phone call to ukraine, that's not something in which people will get behind, i don't think. >> that may be true, but the people are sovereign here and i think in my experience is that people walk away from this house is not going to go forward. they are very bit as much a human weathervane stuart: i don't mean walk away from it, i mean, pass judgment on it. rolling on with lawyers discussing the pot-- fine points of who said what are we can't remember anything about it they will walk away from it and make the democrats pay a price. that's my position. >> that could be the case. i was working on the step of the ironic contract committee and originally it was going to be two weeks with all of her noise, but after one week they were taking a beating and mr. north and their lawyers decided they would curtail it so public opinion will have enormous influence and

if you are accurate these hearings may come to a quick conclusion. stuart: bruce, sorry to interrupt. i apologize. we are up against a hard break. bruce fein, everyone. thank you for joining us fed chairman powell will testify capitol hill starting at 11:00 a.m. eastern. of the president has been critical of his policies. will he say anything to change that, will he refute the president? hillary clinton claims many, many, many people are urging her to run in 2020, comes as more democrats considering joining the race in the field should narrow down, but it's expanding. then we had the impeachment hearing beginning in a couple of minutes. we will set the scene and i will tell you why i'm already sick of it all. my editorial on that, coming up imagine traveling hassle-free with your golf clubs.

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begins. day one, impeachment fatigue. we've been hearing about this for three years and now we are asked to hear what this official said months or years ago. trump haters, they will be glued. trump supporters will be enraged. are you going to watch closely when staff lawyers question william tyler and george about a phone call to ukraine? that's what's on this morning. if the outcome were in doubt, there might be more interest. but they are not in doubt. the president will not be removed from office. two thirds of the senate will not vote to remove him. they will embarrass the president.

i think it backfires. nothing gets done, no trade deal with mexico and canada, wrote and bridges crumbling. forget about the infrastructure package. impeachment stopped everything. government suspended because the left hates the president. i don't think that flies in middle america but no stopping it now. ironic, isn't it? stock market climbs to record highs, that's a huge win for everyone. economy expands for jobs for all, low inflation, prosperity. the left has no plan to grow the economy, no idea how to keep prosperity going. all they've got is impeachment. try this. george believes it was a quick pro quote. he got it from bill taylor he just presumed there was a quid

pro quo well. her eyes are glazing over already. i want to go to the impeachment hearing, set the scene for us. >> this hearing is being held in one of the biggest rooms in the capital. over 300 seats for lawmakers and the general public to see firsthand chairman adam schiff introduced the impeachment inquiry for the first time for the american people. this is a reenactment of what schiff saw behind closed doors. he had picked these women and official george to be the first of the impeachment inquiry. what he saw was compelling enough to bring them here today. let's let the witnesses lay out what they saw for political

reasons. republicans say the witnesses do not have firsthand information and will go after their credibility. they also have a weapon that they brought over especially for this. jim jordan, kind of their draft picked defense for republicans. jordan's questionings will get heated. this is happening in one of the coldest rooms in the capital. we expected to get started in a few minutes. >> thank you. i do want to add, some viewers will see ten minute opening statements from adam schiff, a ten minute opening from kevin. they'll get ten minutes each. you got a great deal of time with opening statements before you get anywhere close to actual questioning. check the markets, let's see.

they are down 14 to 16 points. >> i'm sorry, i don't think impeachment has any influence on this market at all. >> clearly not. i thought it was brilliant. i thought we would be bored silly with this. we are just hearing regurgitated testimony. what are investors looking at? they're looking at the things trump talked about yesterday. 160 million people working in the u.s., the highest number ever. that's unemployment rates from all kinds of groups. all those things leading to extremely strong consumer sentiment and spending, we will have a blowup holiday season. better earnings and all the worries about manufacturing,

people have to build inventories i can. we are looking at that and lower mortgage rate means we will see housing boom next year. investors are so indifferent to this impeachment hearing. i've been reading about what's going on in iowa. nobody is asking questions of any candidate in iowa about impeachment. and never comes up. this is from the des moines register, it's been picked up from a new york times and los angeles times. that's pretty telling. >> in about an hour, he will make his statement before a joint committee. we already know what he will say. no support for december rate cut unless the data changes dramatically. a glowing picture of the economy going forward. i think that's why the dow is

up. >> that's exactly right. catching headlines, they are catching all the negative things he said. i think for the last several months, they are talking about recession and now they're talking about whatever else, impeachment. anything can drag it down because that is what's driving the economy -- optimism, wages and job prospects. that's what's driving the economy. >> you were there yesterday in the audience, what was the crowd's reaction? this is new york. >> exactly. this is a town where you speak very carefully to the person next to you about your support for trump. the room was full of people on their feet applauding the president.

they have been made rich by this president. i think it was a very respectful audience and i think trump is slightly surprised by that. >> i will live forever. >> i avoid them. >> let's get back to the impeachment hearing. it's just been gaveled to order. the gavel is in order, off we go. she's with the term campaign. mercedes, i'm kind of feeding you here, i've never seen such contempt for a president in all my life. i think this impeachment is based not on evidence, it's contempt and hatred.

>> i absolutely agree. for the democrats, they are emotional about this. they have been talking about impeachment since before the president even got sworn in. i think it's a personal hate of president trump. they know they can't win so what do they do? they are focusing their efforts, energy on this ridiculous impeachment process. we know there's no evidence. the president has been completely transparent in the process and the democrats decided they will set the rules and that includes not allowing republicans to bring in their own witnesses but instead have the democrats and adam schiff control the process and not allow due process. >> trump haters will be glued to this. trump supporters will probably be outraged. what about the people in the

middle? how do you think they are going to look at this legalistic long drawn out proposal? >> it's an unfair process. we are starting off with schiff, democrats made it clear. they want explosive. the first hour. they want to engage the audience. this is about reality tv for the democrats but it's completely unfair how they started off the process. they brought in a witness who didn't even have firsthand knowledge. you're talking about bringing in these individuals, not allowing for questioning by the administration and its just producing what you will see a big political theater. it's not coming in light of the fact that allowing republicans to bring in their own witnesses creates an unfair process. i think for those independents, they have to be very doubtful of

a fair process. knowing president trump from day one has been transparent in giving out the transcript and talking about the fact that we know ukraine is a very corrupt nation, the third in the world. one of the reasons why he hesitated before giving aid to ukraine. >> thank you for joining this morning. i'm sure you we'll be back soon. a different story and something unsettling and unpleasant, real violence in hong kong. there are some here pushing for a vote on a bill to support protesters. i'm not interested in that, what i am is absolute breakdown in hong kong. >> straight warfare in hong kong believes the society if they had

been pushed to the brink of a breakdown. this is the first fourth largest stock market. it runs very well, not any more. this is like a war torn city. this is hong kong, home to multinationals and this is central. you might recognize where this is. this is exactly where all the banks are situated. teargas in the middle of the day. people are told not to go to work imitating the stock market. people are being kept at home. this is not the right way to govern the city.

>> they are revolting against authority. that's a big deal. underway on capitol hill, the committee holding the first hearing in the impeachment inquiry. we are monitoring that for you. we are watching your money. at this moment, but affected by the impeachment inquiry. 11:00 eastern this morning, questions from the joint economic committee in the next hour. we'll bring you that when that happens. we'll be back.

you might see the dow turn positive because the impeachment hearings which are ongoing as we speak, no impact on the market at all. 27000. quick look at apple. the president walked to her the apple factory in texas soon with tim cook. >> this is the world largest company. they said this is unconfirmed, no comment but it should happen next week. this is about brandishing apple as an american company. the largest in the world and they are trying to make macbook pros -- pro. this is probably one of the most expensive. this is important because we do have iphones, ipads which should make up the majority for the largest company in the world.

if the u.s. china trade truth doesn't come into effect. >> the china trade talk is what it's about. apple is in the middle. they're getting together in texas. >> we do have air pods already. there's not an impact so we'll see if there's more luck in negotiating. >> is at. >> pro macbook pro? [laughter] >> pro. it's not macbook pro. [laughter] >> i've got to go to the impeachment hearings. i will bring in republican from georgia. our producer has been watching the show. the show on capitol hill.

are we going to get more? >> you are watching carefully scripted choreography. if you were expecting an earth shattering investigation, you will be disappointed. it's a conclusion of trying to get rid of the president. >> i've got a graphic which the republicans will introduce into this hearing later. i think the graphic is very telling. i put it up on the screen. ninety-three -- this is a graphic in which the republicans have established. ninety-three days since adam schiff learned the name of the witness. i want to be -- can we have that? we don't have it.

there we go. i'm concerned if this is -- this is upper graphic the republicans will use. he said i'm concerned if we don't, he will get reelected. this is an attempt to stop the reelection of donald trump. >> i'm a big fan of the united states. our article one responsibility to do oversight over article two but that's not what this is. it's part of a coordinated campaign. if we can't get them on this, we'll get him on that, they say. we've been careening from one perceived to another, waiting to find something they can stick to the wall. it's getting in the way of serious work like the work we discussed earlier. like healthcare and drugs

prescription. there sidelined in horse, the intelligence committee's sidelined. have serious work they ought to be doing and instead they are involved in this charade today. >> thank you for joining us. the impeachment hearing underway. we are monitoring it for what's being said. it's a really dramatic one, the ranking member of the house intelligence committee is there, he's beginning is ten minutes speech. after he's finished, ten minutes from one witness and another ten minutes from another. we'll keep you in touch. at 11:00 a.m., he goes before a joint committee and congress to testify about the economy. you will see a bit of that when

the time arrives. we have other news. google taking some heat, gathering health data on millions of people. they want to get into your bank account as well. we'll cover that next.

impeachment hearings have begun and the market is only down 16 points. impeachment is not having that much effect on the stock markets. google, and getting into

ranking, they're looking at accumulating health data for millions of people. >> it will want next year. it's whether or not you can trust google with this information. apple launched the apple card, facebook getting in with libra and amazon looking at launching its own checking account as well. we know apple and google probably won't make a lot of money, they don't even own banking rights. what they want is the data. with 50 attorneys looking at antitrust, can you trust the tech giants with this information and whether or not they might use it for something else who might be able to see

it? >> what you're looking at is the gigantic technology companies. taking over banking. >> one of those groups, the big banks should look out for silicon valley, not each other. >> apple tv, streaming wars have become. a former hbo executive added to the staff. >> is the former ceo and he helped "game of thrones". it's all about the right people in the right place. he starting a production company on his own. they started talking and apple making request for him. >> that's an at&t division, they are talking about bringing back a friends reunion show next spring.

i think it's a great story. >> it's a lot of money. if you put these members back together, that's content that will draw eyeballs. >> friends is popular. next case, the market not worried about impeachment, not at all. it may focus more on j powell who testifies at the top of the hour, 11:00 a.m. we know what he will say. is not supporting a december rate cut. dow is down 20 points. big news on mikey, you won't be able to buy them on amazon. they have a good reason and will tell you what that reason is, back in a moment.

[laughter] >> i haven't but this is the narcissist one. i've heard most of them. >> neither of you have ever heard of that? have you ever heard of it? yes. thank you.

check the big board. impeachment has no impact on the market as we speak. they are down ten points. look at that, that is the direct down 16%, back to $9 a share. i think the earlier this year, $23 a share. where audit 23, now down to $9. async busted unicorn. then we have canada goose. nine and a half% down. what's going on is hong kong. that's a drag for canada goose. nike will no longer sell directly through amazon.

>> is a pilot program launched in 2017. nike doesn't like it, they were concerned about fake nike goods being sold on amazon. and third party sellers. nike pulled out its direct consumer right now. >> next is facebook, another big historic with potential ramifications all over. they are thinking about, or are they actually going to do it? launching a pay system to facebook, instagram, what's app. >> they are integrating all their platforms together. finance is the next revolution. they can't get libra up and running just yet.

maybe they will eventually but if they can get payments, should big money between friends, kind of like venlo. let's move on to crypto in the evolution. >> now a story about facebook, payment exchange system. that is big tech taking over finance, right in the middle of it. next case is tesla. they were going to open up bigger factor in berlin. >> they put tesla in three major countries. china and u.s. -- now germany. they are not known for electric cars. is germany supporting electrification? it will be slow but it can be

worldwide electric auto maker. >> i bashed elon musk in my time. maybe i should take it back. i bashed the electric car market. i don't see it being as big as everybody thinks it will be. none the less, tesla stock has been doing very nicely. >> i think it comes together. we give up our cars, whenever that is, when you do the shared car concept or driverless, you bring in the concept of electrification. >> single digits, down five but

tesla, if you look at the value of the stock and where it's gone, i think it's still on par with general motors and basil may be attempt of the number of cars. they roll out on their production lines but if you really want the general public to buy electric cars, you need subsidies and money to build these stations. >> or $10 gas. people will go to electric cars. as long as it's $2.60 gas, they will stick with combustion engines. >> i agree. >> it will be combustion. >> it will be aluminum frames, something lightweight. i prefer to be driven, is that what you are saying? >> let me move on here. impeachment hearing, they started on capitol hill. republicans spent up in the

hearing room. this is from al green, a house member. i am concerned if we don't impeach the president, he will get reelected. the quote of the day, if not the docket. that's why we are trying to impeach him. so he can't be reelected. that's not a very good reason. ninety-three, adam schiff learned the id of the whistleblower. he does, we don't. tom's legal team is going to be here. what are the staff lawyers doing? jordan, you are on. thanks for joining us. what are staff lawyers doing here? they are the ones that are going to be asking the questions. >> that's what was happening most of the time the hind closed

doors in the hearings. you have to staff lawyers, one from democrats, one from republicans i will tell you the republicans, he spent with the oversight committee since 2005, he investigated fast and furious. this is somebody a longtime member of the congressional oversight, knows how to ask questions. you got a former u.s. attorney from the southern district, used to be a tv analyst, i think both sides decided don't want to be responsible when it comes to adam schiff for asking the questions. they want to make it look as if it's not them asking the questions, it's these other nonpartisan but they are partisan. these are partisan attorneys looking to score shots against each other.

>> this is on television all over. i think people get bored. there's no way the normal ordinary people are going to watch them current audit over the details of who said what to who. there's no way this will resume. >> we've been told this first hour has to be an explosion for the democrats to convince the people. i see george and his sides, this is a guy who got cut out from ukraine policy way before this phone call. a disgruntled employee at best. a guy who did one other officials about hunter by then. i think be careful what you wish for when you have these hearings, the sham of the president's attorneys, they are

not there to cross-examine. the only three witnesses adam schiff granted from republicans after their list of nine are three witnesses that he himself called. they will testify next week. no one who testified this week was even on the phone call. to work republican request. >> george believes there was a quid pro quo, he got back from bill taylor who got it from morrison and he presumed there was adequate broke well. thank you for joining us. good to have you on. there's a lot going on in d.c. today. intelligence committee holding up impeachment hearings. there's still -- we are still awake. trying to stay awake.

we will follow this. we know what he will say. there's not a support on the rate cut. even so, they're down dow has turned positive. google, i talked to a senator who says technology could help lower the cost of healthcare, not find new ways to charge people more. bill is the man without message. he will join us next hour. will fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver

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check the big tech, that's where all the money has been growing. apple is at 263, about a buck. alphabet crossed $1300 a share. amazon $10. facebook down a fraction. a new high, 14726. >> i'm not laughing. there was the whole think with impeachment from it's exactly what we saw and 98 -- 99. impeachment acquittal. market at 28%. s&p 500, this time around is probably, we have the impeachment inquiry and vote in the house but it might not happen. >> i will just ignore it, walk away completely. you will see on the left side of your screen.

hillary clinton hinting that she might run again for presidency. roll out tape. >> as i say, never say never. i will tell you i'm under enormous pressure for many people to think about it. in this moment sitting here, that is absolutely not in my plan. but many, many people, bill and chelsea, many, many want her to run again. take that smile off your face. what you make of this? i don't think she's going to run. i think she's going to jostle a chaotic field. >> i think it's a cry to stay relevant. it's a cry to be part of something she cannot be part of. her party launched the passerby. dismiss the clintons. they are not a political

dynasty. i don't think the democrats even pay a attention. by the way, she could never be a convention speaker. she will be shunned. >> there ten democrats who qualified for the debate on november 20. another six campaigners want to get into that debate. we have eric holder thinking about running. we've got patrick -- he's thinking of running. bloomberg is chunking his hat into the ring. that's a very crowded and chaotic field. it was chaotic before the announcement of bloomberg and others but it's going to get more so. with this impeachment cory in january, you will have six senators taking off the campaign trail and i think that's what

the newcomers see. the problem is, the law does not allow these candidates more time because you have to mollify and file papers. we saw that with mike bloomberg in alabama. your behind in joining the race can also legally. it will have to make hard decisions quickly and a problem of raising money and organization. >> the polls are all over the place. in iowa, shows pete leading the democrat race. the polls are all over the race. >> the key is to watch for those who start first. iowa, new hampshire, south carolina and new hampshire. that's where people get their momentum. if you're not even in the race, it's almost impossible to make up that.

you will need these people in the general election. if you blew them off in the primary, they will remember it. >> they will. except for changing the subject. busy day on the hill. house intelligence committee holding the hearing right now. they are ready to take questions from a joint committee. we've got this for you and i market that turned around 277 on the dow.

markets stay up 15 points, the dow 277 despite the impeachment hearings which we will show you. we like this guy's research. powell is bullish on the economy. you are saying recession has just gone away. accurate? >> yes, recession fears dropped significantly. if you look at the bloomberg recession, it was 49% likely to have a recession in december

last year. now it's only 26%. if you look at the data among ceos and cfos, survey data among ceos from the conference board and cfos from duke university, they are pretty negative about 2020 with expectation of deceleration except the u.s. jobs the market keeps coming along. if you look at consumer confidence, it's lower that it spent in the summer however, 19% of americans think the economy will be better in the next six months and 12% think it will be worse. still not positive when the economy keeps rolling along. >> you got excellent research, about half of those have a wearable device and half of the devices are fitness devices -- the fitbit and back.

is this wellness industry taking over? >> yes, part of the much wider wellness industry which will eventually be part of a much bigger trend called a quantified self where we track our information on our body and how we operate and our behavior itself. in a way, this is the history of computing. in one era, computing was in a bank, then a room and then it was personal and then at your table and now it's in your phone. pretty soon it will be in your glasses. it's an athletic equipment of most nfl players. the technology keeps getting closer to you. eventually we will have it embedded in us and it will track our most important data.

>> a great new world. not so sure i like it but i know it's coming. do you wear a device? >> i do not. i have an old school analog watch. >> i knew i liked you. thank you for joining us. happening in just a few moments, powell will answer questions from a joint economic committee. you will see it. hillary clinton said many, many people want her to run again in 2020. never say never. she said that. my take on that, coming up. aetna takes a total approach to health and wellness

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nice rock. it's time to drop gold. go digital. go grayscale. stuart: 11:00 here in new york city, and it's a big day for politics and money.

here's where we are at, so to speak. fed chairman powell, well, he's getting ready to testify on the economy. he said the outlook remains favorable. more importantly, he says, he's not a supporter of a rate cut in december. he's going to take some questions. when he does, we will bring some of them to you so long as they don't bore us. the other story happening today impeachment. the hearings are underway. the democrats were hoping for an explosive first hour. it has been anything but that. meanwhile, the market opened lower, now turned positive. ironic, isn't it? right in the middle of the impeachment hearing, the first in 20 years, the market sets records and turns higher in the middle of the hearings. let's get right at it. elizabeth macdonald joins us for the entire hour. lucky you, liz. [laughter] first of all, i want your reaction to the fed. the fed chairman is about to say he's not a supporter of a rate cut. he pictures a glowing picture of the economy. what do you say?

elizabeth: stuart, how le you been doing this, for more than three decades and so have i? almost gaining on you. stuart: three for you, four for me. elizabeth: you know what bothers me? a lot of people lost a lot of money listening to people say recession, right in they were saying, oh, the yield curve's inverting, this means a recession is coming. guess what? they were wrong. and now, forgive me, but having been a business journalist for nearly 35 years, i am really sick and tired of the media doing this constantly to people as they see their retirement accounts get frozen in cash because they went running away from the market, running away from the economy. this economy is strong. it is a strong economy. i have not seen an economy perform like this with everything, including the kitchen sink and the oven and the refrigerator thrown at it, from the media. and the fed saying no rate cuts, that means he's bullish on the economy. it's a strong economy. stuart: yep, okay. i want to bring in dallas fed

add adviser daniellety mar ten knee booth. the fed chair is about to ache's not a supporter of a rate cut in december, and he's got a glowing picture of the economy going forward. do you agree with both items there? >> well, i certainly don't think we're going to see a rate cut in december. in fact, the odds have decreased to only 3% for a december 11th rate cut, so the markets are certainly aligned with powell's way of thinking. i would like one of the questions after they finish their grandstanding, however, to ask the chairman why do we need $250 billion of growth in the federal reserve's balance sheet when, as you say, the economy is in such a good place, when, as you say, we don't need any more rate cuts? why do we need this hyperdrive level of stimulus? i'll be surprised if we actually hear that question though, stu. stuart: okay. hold on a second. let's see if we get negative interest rates.

and i is ask that question because the president yesterday in new york said he looked at foreign central banks, especially in europe and japan, and says, look, they've got negative interest rates. we want 'em too. we want that as well. first of all, let me ask liz here, do you think we're going to go to negative rates in the united states? should we? elizabeth: no, and i don't think we should. i mean, that's a slow growth policy of the dead in the water european way to do it. and i hate to be so pejorative, but it feels like that would be the wrong way to go for the economy. and by the way, the negative interest rate paper pile is kind of coming down, slipping to the downward. stuart: it was 19 trillion, now i think it's 11 trillion. danielle, do you think we should or will go to negative interest rates? >> well, i certainly don't think we're going to negative interest rates under jay powell. he's been very public and vocal in saying he does not think we need to be there. if the economy is in a good place, there's absolutely no reason to have crisis-era type

policies that are running in economies like japan and europe to address a strong economy. it is absolutely a counterintuitive way of approaching an economy, that as we says, in a good place and highly accommodative. stuart: okay. danielle and liz -- you stay here, liz. thanks very much, indeed, danielle. i just want to summarize for a second. look at this. the dow industrials are now up 8 points. we have a small gain for the s&p, i think it's a small gain for the nasdaq. but the bottom line is this: you're at record highs or near absolute record highs for the dow jones industrial average. when we've got impeachment hearings going on right now in washington d.c. , and moments from now the fed chair is going to say, well, we're probably not going to lower rates in december. you would have thought that either of those would bring this market down. not so. we're up 10 on the dow, and we're at record highs elsewhere. what you got, lauren? lauren lauren well, i was just going to say that's what the

democrats are doing, what you're watching on your screen, and i was going to pivot to talking about what other democrats on the campaign trail -- stuart: go ahead, tell me. lauren the 82-year-old founder. major brokerage started from nothing. he has something to say about elizabeth warren's wealth tax plan. it doesn't take into account all the money that rich people go to charity. for him, he has dyslexia, so does his son. he gives money to teaching kids how to deal with it. alzheimer's research. so add charlesing schwab to list of rich people jamie die month and mark cuban who are criticizing elizabeth warren for her wealth plan. stuart: just as an aside, i've known charles schwab since 1973. i did not know he was dyslexic. i actually made the first-ever

commercial for charles. schwab in 1973. lauren: did you? he didn't know it for a while. stuart: liz, what do you make of this? elizabeth: lauren raises a good point, and this is what the american people see, likely are, is that corporations have been vilified and attacked. we know that. but, you know, the u.s. government creates jobs at the taxpayers' expense. it's very simple. and u.s. corporations happen to be exceedingly generous. i've been researching it, tens of billions of dollars given by the likes of walmart, jpmorgan chase, the blue chip companies into charities. so what warren and -- elizabeth warren and bernie sanders want is centralized u.s. government everything, around the clock, all the time. teachers, cops and firemen put into the dmv line for health care. and what they fail to recognize is what the viewers are saying, why aren't you debating this? we've been covering it on your varney spin-off show, "the evening edit."

they're saying when's the 2020 debate for the economy, jobs, wage growth, where is that debate, cnn? you're not seeing it. stuart: no, you're not. the media's coverage is bad, absolutely bad. left-hand side of your screen is care lin maloney, beginning her opening statement in the questioning of fed chairman powell. when she's done, they'll get to the q&a section. that's when we might join in here to see if we've got any interesting questions for the chair. the first questioner, by the way, i think -- is it mike lee, senator mike lee? i'm not sure who the first questioner is, but there's lots to go. if something interesting comes up, we'll get to it. and wake me up if something big happens in the impeachment hearings. so far it's been a drag. check some stops, amd up a fair amount because their new graphics card will be front and center in apple's macbook pro. the stock is up nearly 3%,

that's adm, advanced microdevices. apple on that news hitting a series of all-time highs. they're now at 263. and there is that report that maybe president trump goes to a texas apple factory and meets tim cook. if that's the relationship that's being worked on there, that's a plus for the stock, and apple is up to 263. google, earlier in the week we learned that they were storing the medical records of millions of people on their servers. shortly, i'm going to talk to senator bill cassidy about that. he says it's not only your privacy you should worry about, but your wallet as well. that's an interesting angle. of course, we're watching capitol hill, the impeachment hearings, etc., etc., etc. our poor executive producer has the toughest job of the day -- [laughter] he's got to listen all the way through. [laughter] dear lord, wake me up, please. also on the hill fed chair powell speaking before the joint economic committee. he says no rate cut coming in december, but he's touting the

strength of the american consumer. a tale of two hearing, if ever i saw one. you've got it all here, "varney & company," keep it there. ♪ ♪ imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks.

stuart: i mentioned this just a moment ago, next week reportedly president trump's going to texas. he's going to tour the apple factory. i think it's in austin. and he's going to be accompanied the ceo of apple, that would be tim cook. e. mac, this is about the relationships here, isn't it? elizabeth: yeah, it really is. and what a high profile relationship to have with tim cook who, basically, has been most of his manufacturing has been in greater china. so now to have the facility, manufacturing facility for apple in texas that the president will tour, that'll be billboarded. it's the mac pro desktop is made

there. apple has been getting exemptions on these china tariffs. but, you know, china's got to be sitting up and watching this, because when -- where apple goes, the suppliers go, right? stuart: yeah. elizabeth: so for the fact this is happening right in the middle of them trying to feel down the interim states on trade deal and the president's saying, you know what, china? if you don't step up, i'm going ratchet up those tariffs even more. for tim cook to be with the president at a manufacturing facility talking jobs is a big deal. stuart: it is, indeed. that's good stuff. now, there's a huge story developing here, several huge stories surrounding big tech. google has a new project. it's called project nightingale. they're going to collect and analyze personal health information on literally millions and millions of people. louisiana senator bill cassidy is with us this morning. mr. senator, look, i understand concerns about privacy when big tech gets into my health life,

but what about the cost of health care? you think it's going up because of these developments? >> one of the statements in the "wall street journal" article, because they want to maximize profit because a.i. will help them decide what additional tests they could order. i think i know that it's probably getting benefits from the tax-free status, they're getting the disproportionate share program, they're getting 340b financing, i could go down the list. municipal bonds are tax-free, i'm thinking. i'm not sure, but i'm thinking, and now they're going to use a.i. to figure out how to bill medicare even more. this is troubling on many aspects, that's one of them. stuart: nobody else has raised that, senator. i'd never even thought about that, but you're quite right. that was in the wall street journal. i can see them ordering up more tests because a.i. says you need 'em. that's your problem here, isn't it? >> we, the taxpayers, pay for

electronic health records putting billions out there theoretically to lower the cost of health care. instead, they're feeding information to google, and google's going the use a.i. to figure out how to charge the taxpayer more. this is a raw deal. that's just one reason this is troubling, but that is a big reason. stuart: now, there's part of a trend here of big tech invading other industries. google is also looking to get into finance. we hear that they're going to offer checking accounts, for heavens sake, and facebook is launching their own digital payment platform. you know, senator, it looks like big tech is now invading your wallet, your banking system, your personal finance and taking over. >> i don't mind if they add value, but that same article that i think i probably read as you speaks that they would allow them to get information to how much you make, your purchasing patterns, etc. so imagine that you are an insurer and you would like to know or what are the risks of this patient group, small

employers business, if you will. you could use a.i. to see, oh, my gosh, here's these employers, i know what they're spending their money on -- cigarettes, booze and fatty food -- do we really want to take a risk. and this is what they're searching on the google search engine, diabetes, diabetic neuropathy, hypertension. we're going to create a profile so that the insurance companies knows whether or not to take a risk on this group of patients. technically, it would not be underwriting because you're outsourcing it to google. but google is using all this data they've accumulated from checking counties -- accounts, from your search data to create a profile of you and me. that's troubling. stuart: you ever read "1984" by george orwell? because i have several times. i give it to my kids to read. that's big brother. you just described a horrendous big brother situation. >> it comes to mind immediately. now, in fairness, they already have much of this data just by your location data on your

telephone. your location data tells you whether or not you've been to the fast food or whether you've been to the place to work out. obviously, they're interested in buying fitbit, that's in the news recently. so you could then feed into somebody's activity level, perhaps how often they fall, are they at risk for parkinson's because their gait has become short and shuffling. we need protection. stuart: yes, and the main character, winston smith, falls in love with brig -- big brother at the end of the work. senator cassidy, thanks for joining us, we appreciate it. >> thank you. stuart: sure thing. all right. let me move on and take a look at something completely different, the business of country music. [laughter] yeah. we have john rich, country music star, successful businessman. he's later on this hour. he's on the show. is he? is that right? i didn't know. elizabeth: wow. stuart: we want to hear jay powell answer questions on the economy. the top democrat on the

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stuart: former hb work chief is in talko

sign a deal with apple tv. why is that a big deal? lauren: game of thrones, huge hit. so is veep. he was the man behind those shows, and apple, they're in talks reportedly to ink a deal to get the ex-hbo ceo over to apple tv to produce content for them. they're on to something. stuart: maybe that's part of the deal. look at that, 264 on apple. i think that's either an all-time high or close to it. hbo max, they're going to debut in the spring, what's this about a "friends" reunion? >> well, they charge $15, more than their competitors, so what's the content that's going to make you sign up? a "friends" reunion. could they get the rights to the original friends, and you could do more original content, if you will? folks might tune into that. you have a built-in audience, if you will. stuart: very early this morning, just after 9:00, we started out with impeachment hearings and here comes jay powell, then we

spent three minutes talking about the "friends" reunion -- lauren: because it's content that people know, they like, it resonates. it's not this stuff that wins an academy or oscar -- stuart: my daughters love "friends." lauren: that's right. stuart: disney plus, they launched yesterday, they had a few glitches. i don't care what's happening with the glitches, i want to know what's the latest on day two. elizabeth: okay. blockbuster numbers potentially. here's the deal, if you're a verizon subscriber on the unlimited plan, they're saying at verizon you can get disney plus free for one year. they're now estimating that could mean 17 million households could switch over to disney plus. and i'm telling you, stuart, when you look att would equal two or three-quarters of what netflix has been adding in global growth. and when you consider netflix

just went to streaming last decade, disney plus could hit 101 million u.s. subscribers in just five years. so this is rocketing ahead. that's about a third of u.s. households. americans, rather. of. stuart: disney's holding around 137, 138. not quite the all-time high. they're certainly up there. let the streaming wars begin. elizabeth: it's about the future of disney plus versus netflix and, wow, netflix has got to be thinking, whoa, look at these numbers. [laughter] stuart: i would. hillary clinton, here we go, told bbc radio that many, many, many people want her the run for president. she hasn't totally ruled out a run, by the way. seems like she can't stay out of the will she/won't she spotlight. with a few months til the iowa caucus, i say the field of democrat contenders is flat out chaotic already. my take on that is coming up next. and, of course, we're watching everything that's happening on capitol hill.

impeachment hearing still in motion, i should say, and fed chair jerome powell, he's still speaking about interest rates. the q&a is about to begin. but what i've got to say here is look at that market. the dow industrials are up, up, repeat, up. this at a time when impeachment hearings start and the fed chair is being questioned. let's listen in to carolyn maloney, q&a. here we go. >> 4.2%. measures of underemployment and long-term unemployment also are at a near decade low. yet the unemployment rate for some groups is substantially higher. for example, the black unemployment rate -- while at an historic low -- is still well above 5%. is the economy at full employment, or could a tighter labor market draw more people back into the work force? >> thank you. so we're charged to achieve

maximum employment, and when we think about maximum employment, we look at not just unemployment, but also labor force participation, we look at wages, we look at, you know, many, many data points. and i would say that what we have learned and what we will continue to learn is that the u.s. economy can operate at a much lower level of unemployment than many would have thought. and it's probably not surprising that we'd be learning that now, because we're at levels of unemployment that we haven't seen in 50 years. this is the first time that we've had unemployment meaningfully below 4% for 18 months. so we're observing this. and we're seeing, as you point out, that inflation is actually kind of moving sideways and wages are moving at a healthy clip, but they're not moving up in a way that would be, that would suggest there are upward price pressures. so i think we're very open to the idea, i'm very open to the idea that we don't know where maximum employment precisely is. we have to have significant humility when we make estimates

of that, and we've got to let the data speak to us. and what the data -- the data are not sending any signal that the labor market is so hot or that inflation is moving up or anything like that. so i think what we've learned is that the current level of unemployment is consistent with a strong labor market, but it is not one that is in any way presenting difficulties. and it has many beneficial side effects including pulling people back into the labor market, including wages moving up for people at the lower end of the wage spectrum. so there's a lot to like about today's labor market, and we'd like to see it continue strong, and we're using our tools to try to make that happen. >> as you noted, the economy has added jobs for 109 consecutive months. unemployment is well below 4%. how much, the annual wage growth is just 3%. and why is wage growth still below what we would expect with a strong labor market?

>> we might have expected wages to move up more this late in a lengthy, lengthy, ongoing expansion particularly with very low unemployment. and there are a number of possible explanations for why that hasn't happened. one is just that productivity has been lower. so wages should, ultimately, equal inflation plus productivity. and that's right about where we are. we have 3% wage growth, that accounts for about 2% inflation and around 1% wage growth. but there are other possibilities. one is just that there's still slack in the labor market. that can be part of the answer. we don't know with any precision. it also may be that the neutral rate of interest is lower than we've thinking and, therefore, our policy is less accommodating than we've been thinking. so i think we're letting the data speak to us and, you know, carefully monitoring the situation and trying to get answers to that question. >> some have said it's the

increased concentration in different industries giving employers unprecedented power and keeping wages down, does that -- >> so i think there are a number of other sort of institutional possible explanations and trend explanations. you could point to automation, you could point to globalization, you could point to concentration among industries where over time u.s. industries have tended to get more concentrated as the economy has matured. you could also point to lower unionization. so any of those factors can well be playing and probably all are playing some role in this, in this what is a bit of a puzzle why we haven't seen more of an uptick in wages. >> my time has expired. representative -- [inaudible] for four minutes. >> thank you, madam chairman. and thank you for being here today, chairman powell. i would like to focus my questions today primarily on preparing for the next downturn

whether it be three years from now, five years from now, whenever it comes. historically speaking -- stuart: all right. we were expecting senator mike lee to be asking the questions. i don't know where mike -- senator lee is. when he asks his question, we'll certainly get back to him. but i want to tell you that right now the dow industrials have edged to the downside ever so slightly, down 8 points, that's it. and that's while this is going on in congress, and we've got the impeachment hearings as well. so you've got a pretty much dead flat market while all of these potential negatives are going on elsewhere. thank goodness we have texas congressman, former texasman ron powell with us to liven up the debate. all right, congressman, welcome back. good to see you, sir. i'm almost put to sleep by what's going on on capitol hill, but what do you make of what the fed chair said? i know you don't really approve

of the fed, i know that. he says, look, no rate cut in december, and the outlook for the economy is pretty rosy. go ahead, have at it, sir. >> it's probably wishful thinking because he doesn't know what'll happen. just remember two months ago when the overnight rate shot up to 10%. so they don't have much control, and they react, and they're going to try real hard to keep things low, but they don't know where the next bankruptcy's coming or the next news is coming. so, yes, they have to talk this way. that's the purpose of the federal reserve board chairman to make sure everyone's happy, and sometimes that's hard to do in people who want their stocks to go up demand low interest rate. and it looks like, you know, that's going to happen forever til it ends. i predict it's going to end badly. stuart: probably with you, sir. i want to change the subject completely. in hong kong overnight, there was absolutely dreadful open warfare on the streets. i'm sure you've seen it. it was just dreadful.

street fighting in hong kong. now, i think of you, sir, as an anti-interventionist. you don't want to get involved in what's going on overseas. should we be doing anything about what's going on in hong kong? not intervene ising, but what should we be saying? what should we be doing about it? >> well, we should be doing what we are doing because, you know, we're preparing legislation to punish some leaders in china, and that's all a part of that trade war going on, tit for tat type of thick. so, no, we should -- that type of thing. so, no, we should be preparing legislation. that's a difficult problem. to me, it's so unnerving to think that hong kong has been destroyed because most of us grew up knowing and thinking about hong kong as being a wonderful place and an outlet for communism. but it didn't work that way, and i don't think they're going to win this fight with mainland china. and i think it's very real. i think there's still a lot of people there that have memory or

can read a book and think what it was like to be independent, but that's not very possible. they get their water and electricity and food from mainland china. so they have no weapons other than, i think the, philosophic and argue the case that they have a better system, but they can't win that with xi jinping because he's determined to maintain it, and that's his job. he's a communist. i don't think -- stuart: i hate to say it like this, but do we just sacrifice those wonderful kids out there on the street and just do nothing? >> well, i think we shouldn't aggravate it, and i think when we threaten to do things and put people in prison for no, i don't think so. why didn't we do anything when they were a ruthless communist system killing millions? why didn't we do something in russia, in the soviet union when they were killing millions of people? no, it's better to stay out of it -- stuart: couldn't we say something? couldn't we just get out there

and say we support you guys? we think you're brave young freedom fighters, we're with you. shouldn't we just say something like that? >> i think we should say what i try to say every single day, we support freedom, we support liberty, nonintervention, free markets, property rights, all these wonderful things. but i don't believe in mischief, and we've been involved in regime change too long, too often, you know? even the thing going on right now in ukraine came about with us participating in regime change. so, yes, we're very much involved. this fake concern about russiagate is just preposterous when you think how many times we have been involved in regime change, and i think, i think we're instrumental in what's happening there. they're very interested for us to start thinking about legislation. mcconnell preparing legislation. we're very much involved, and we're making comment, and i don't think it achieves anything other than the fact it's setting

a standard telling what we would like to see, what we're willing to do. but i don't think we should aggravate the fight. i don't think this should be part of this trade fight we have with china, and i think that's really what's happening. and i feel so badly that hong kong is not the hong kong that i used to reference and milton friedman did such a good job in demonstrating how they operate. stuart: what do you think of the impeachment hearings? >> well, you know, yesterday i had something, i made a suggestion tongue in cheek, of course, that i looked up a picture of what it looks like in a kangaroo court. and they have kangaroo as a judge and jury and all this. i'm like, well, this is pretty funny. minute out to stand out in front -- somebody ought to stand out in front of those hearings, come, join us, we're having a kangaroo court. no, i think it's all fake. i think it's horrible. i don't think they're looking for truth. it's a partisan fight, and it's going to go on, but i always am

optimistic enough that truth will out in the end. and i think it's leaking out on occasion, and i think those who propagated all the lie over the 2016 election -- and we know there were plenty -- i think they're going to be outed. and i think we're going to find out whether these hearings do it or not, i think eventually we'll know. but there's some pretty good republicans there that can handle themselves, but the problem is the kangaroo court. they're not going to get a fair hearing, you know in and they can't bring up their people without permission from schiff. so it's a mess, and i think people should be talking about why we as americans should not support a kangaroo court. stuart: congressman ron paul, you woke us all up. thank you so much, sir. [laughter] thank you very much, indeed. ron paul, you're all right. see you soon, sir. thank you very much. i've got a corporate story to talk about. nike and amazon. nike will no longer do business with amazon. i think that's a big deal. why are they saying no? lauren: what other brands follow

suit? is this is bad for amazon, and you see that in stock reaction today. it was a pilot program that started in 2017, they didn't that amazon was policing their products the right way, meaning there were some counterfeit products. nike would rather sell direct to consumer. that's a better model for them. they have a new ceo coming in who comes from ebay, it's all about digital and the experience for the consumer. as i said, what brands see this and say, you know what? we don't need amazon. so this is a blow to amazon today. stuart: okay. that would be powell, right? okay. right now fed chair powell is answering questions, at the moment he's answering or about to answer a question on climate change. that has made its way into the federal reserve hearing, okay? we'll move on. larry kudlow, well, he teased yesterday that a new middle class tax cut may be on the way as much as, what, 15%?

is that too good to be true? i'll ask congressman rick crawford, arkansas republican, is this really going to happen? much more live from capitol hill, still watching impeachment, of course, still watching jerome powell. anything comes from them, you'll see it here first. keep it on "varney." ♪ ♪ imagine traveling hassle-free with your golf clubs. now you can, with shipsticks.com! no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. sending your own clubs ahead with shipsticks.com makes it fast & easy to get to your golf destination. with just a few clicks or a phone call, we'll pick up and deliver your clubs on-time, guaranteed, for as low as $39.99. shipsticks.com saves you time and money. make it simple. make it ship sticks.

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or trips to mars. no commission. delivery drones, or the latest phones. no commission. no matter what you trade, at fidelity you'll pay no commission for online u.s. equity trades. stuart: the country music awards are tonight in nashville. jackie deangelis is there for us, and she has a special guest. go. >> reporter: indeed, i do. nice to see you, stuart. i am here with country music star john rich. we are at his bar, the redneck riviera. i want to talk to you about how important it is to branch out from your music stardom into other businesses. you've got the bar, the whiskey

line, what was the inspiration? >> yeah, i think in the music business it's so competitive, you have to constantly be many maneuvering and shifting -- maneuvering and shifting with the times, and you learn a lot of lessons when you do that. especially if you've lasted a long time like i have. so i looked at what i did in music and learned all those lessons, and i said, you know, there's other things i could do on top of that, keep challenging myself, exhausting your potential. you know, i think in this country we have this great thing called the american dream, and basically it puts no limits on how big we can think or how hard we can work. and i subscribe to that all day long. and i think that's why our country's so great. i'm one of those guys you're sitting at a bar right now because you're talking to an american dreamer kind of guy. >> reporter: and you create an experience for people. they can come here, they can eat, they can drink, they can listen to live music, they can feel a little piece of you. country music fans are very loyal in that sense, right? >> they are. i think the country music fan base are the most loyal. they'll stick with you their whole life. you know, this bar here, redneck

riviera, which is my brand, we focus on our veterans, our active duty, our first responders. matter of fact, when you walk in the front door right here on broadway in nashville, the main bar is calls the heroes' bar. by that, if you're a first responder, vet or active duty, first drink's on the house. we've actually got security devices that when they come home from deployment, they work right here. i take rot -- a lot of pride in that. >> reporter: that's amazing. restaurant row, if you will, some of your colleagues have got places across the street. [laughter] what's the atmosphere like especially with the country music awards tonight? >> it's more fun per square inch than anywhere in the world. the cmas are on today, i'll be playing at redneck riviera, and just a shout-out to all our vetses and active duty, thank you for what you do. >> reporter: back to you, stuart. stuart: jackie, thank you very much, indeed. well, shortly president trump's

going to welcome president erdogan of turkey to the white house, around noon eastern. erdogan has been the subject of some criticism for human rights violations, but that will happen around 12 noon. now this: impeachment hearings started earlier today in the house intelligence committee. arkansas congressman rick crawford gave up his seat on that committee temporarily so that jim jordan could sit in on the hearing. well, congressman rick crawford is with us now. why did you do that, sir? why give up your seat? >> well, look, i joined the committee to focus on intelligence issues, not to join the impeachment fray. and nobody did. this is not the impeachment committee, it's the intelligence committee. jim jordan has been a member that's been involved from the get go. in order to maintain the continuity with regard to republican response to impeachment, i thought it would be a good move to allow him to step into that position while i take a temporary leave of absence. i mean, we're not doing anything on the committee anyway with

regard to intelligence. so it's about having the best, most qualified players on the field in order to try and effectively push back. stuart institute trouble is though the chair, adam schiff, he controls the rules, and he has said jim jordan does not appear until the very, very, very, very end, and he'll only get five minutes. so he's trying to upset your plan to get a real professional in there. that's what's just happened. >> well, that's true. and that's just another indication of what a sham process this is. there's not even anything remotely consistent with previous impeachment proceedings that we saw with president bill clinton is and we saw with president nixon. and so, you know, having jim jordan there, i think, is an important move. he'll get a chance to be the bulldog that he is. but, you know, obviously adam schiff took that as an opportunity to counter and blunt the effects that jim jordan will bring to the table. stuart: one of my colleagues

just made a very interesting comment. with nixon it was a break-in. with clinton it was sex. >> yeah. stuart: with trump it's a phone call to ukraine. you know, i'm not exactly turned on by these hearings. are you? >> no, i'm not. what governmenters me the -- bothers me the most about this is these individuals in question all did a dress rehearsal in the closed setting. and adam schiff said, okay, we're going to take the best that we have to our, and we're going to bring them out -- to offer, and we're going to bring them out into the open. most of these people, and you'll hear it in the testimony, they were not part of the conversation. we're talking about third and fourthhand accounts of a phone call. this is like reo speedwagon, heard it from a friend who heard it from another. last time i checked, it was the president who sets policy, and it's their job to implement. if you don't like it, you're free to resign, you know in you can keep your morals and your

integrity intact. but instead what they're trying to do is operate like true deep state bureaucrats and affect policy on their own terms regardless of what the president says. stuart: my colleague, gregg jarrett, said this earlier on the fox news channel, he said, look, george kent believes there was a quid pro quo. he got that from bill taylor who got it from tim morrison who got it from gordon sondland who just presumed there was a quid pro quo. does that turn you on? do they expect the great american middle to follow that intimately in detail and get rile up about impeachment? >> it doesn't do a thing for me. look, if they were actually trying to make a case that there was some sort of quid pro quo, i would also point to the fact that the obama administration engaged in quid pro quo numerous times in order to affect their foreign policy. and so it's notealm of possibility or probability or

even normal practice that, you know, the funding, but we expect this or that out of you. it happened in guatemala, it happened in honduras and el salvador, the northern triangle countries that were, you know, look, we want you to play ball with us on immigration. we'd like to support you, but we're going to require something for it. is that what we've become, is just basically a piggybank to the world, we're going to give you all this money no questions asked? the i know the obama administration did that with iran when they flew in a pallet of cash to give to the mullahs there, but that's typically not sound policy and certainly not what president trump's been about. stuart: rick crawford, republican from arkansas, thank you very much for joining us. >> good to be with you. stuart: next case. hillary clinton told bbc radio that many, many, many people want her to run for president. she's not totally ruled out a run. seems like she can't stay out of the will she/won't she

spotlight. in my opinion, the field of 2020 democratic contenders is flat out chaotic already. you'll hear my take on that next. and look at that market. the s&p set a record or close to a record -- getting close to a record, on track for a record close. and the dow industrials, 27,725. right in the middle of impeachment. it don't get much better, folks. ♪ ♪ heading into retirement you want to follow your passions rather than worry about how to pay for long-term care. brighthouse smartcare℠ is a hybrid life insurance and long-term care product. it protects your family while providing long-term care coverage, should you need it. so you can explore all the amazing things ahead.

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stuart: the door is still open for hilly clinton. she told bbc radio that many, many, many people want her to jump into the 2020 race, and she said she has not ruled it out, although it is, quote, absolutely not in my plans. she just can't quit walking away. no. she just can't quite walk away from it all. i misspoke. that's not surprising since the presidential contest is increasingly chaotic. with just a couple of months to go before the iowa caucuses, the democrat field is not narrowing down to a few front-runners,

it's expanding. no wonder hillary is tempted. this is not good news for the democrats though. last week the $52 billion man, mike bloomberg, took the first steps for the presidential run. former massachusetts governor deval patrick told the ap he's thinking about it. former attorney general eric holder has spoken with strategists. and then to an already -- add them to an already crowded field, and you've got a circus. ten democrats have qualified for the next debate on november 20th, another six are trying to qualify. that's chaos. and it's a money pit too. think of all those contributions to all those candidates, money that will be spent in a frenzy of primaries and caucuses way before the real contest begins. and with so many candidates, there's no policy consensus. democrats are not going into the 2020 campaign as a united party. it's dramatically split. not just two ways, but three or four. so will hillary run? here's a possibility: the other

candidates tear themselves apart. by next spring the party is split every which way and intellectually and financially exhausted, and in jumps hillary to save the day. after all, she believes she won the last time around. lauren, what do you think? if she jumped in late, you know, into the race next year, do you think she could win? lauren: she hasn't offered any crazy ideas, and voters might like that. [laughter] she also hasn't offered any fresh policies, but i think why you're seeing this confusing chaotic field is democrats aren't happy with the selection that they have in front of them. so someone has to come in right now like a bloomberg or a clinton who has big money who can not campaign in iowa or new hampshire and be able to still make a splash and appeal to voters who are looking for something in between an elizabeth warren or bernie sanders and a mayor pete or kamala harris -- stuart: i don't think she wins. lauren: and a biden. stuart: wait a second. that interview was on bbc radio.

liz, what else did she say? elizabeth: well, she was asked why isn't margaret thatcher in your new book that you did with your daughter with chelsea on gutsy e women, and she said because she didn't make a positive difference. stuart: what? >> the definition of a gutsy woman in terms of knocking down barriers for others, trying to make a positive difference -- stuart: what? elizabeth: i think the record is mixed with margaret thatcher. of she said i think we're really looking at the changes that really opened doors more. that wasn't that apparent with margaret thatcher. stuart: my head is exploding. she was the first female prime minister of great britain, and she made the country into a meritocracy. my head's exploding. elizabeth: but that's not gutsy enough for hillary clinton, right? stuart: right, right, right. all right. happening moments from now, turkey 's president erdogan will be visiting president trump at the white house. no doubt syria will be on the agenda. keep it on fox business for any news from that, and weevil be

back. we'll be back. i help .ed . ♪

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stuart: i was iing this would be a whirlwind day on capitol hill. nothing of the kind. it is kind of a nothing burger, actually. almost sent me to sleep. i have impeachment fatigue before it starts. we had the fed's jerome powell. he said he is not on board with another rate cut this december. bullish on the consumer. rising wages help the consumer spend a whole lot more. i call that fairly bullish on the overall economy? impeachment process boring, paint drying. there has been no explosive revelations to nye knowledge so far. maybe that is why the dow industrials are up 35 points. right now we're gaining 34, 27,726 is where we are. earlier we saw a new record for the s&p 500. i believe the nasdaq was real close to a record high as well.

you add it all up, what have you got? impeachment, no rate cut in december from powell, and another stock market rally. wasn't expecting that. my time is up. sir, neil cavuto, it is yours. neil: thank you, stuart, very, very much. we're watching same things you have been. lunch hour on the east coast of the united states. three big things we're watching. fed chairman jerome powell testifying on capitol hill. this is something he does semiannually here. he is laying out a blueprint where things stand with the economy. they stand pretty well. we're monitoring ongoing impeachment hearings, first time in 20 years. no new bombshells enough to rattle the markets. president entertaining turkey's president erdogan