when you look at the things, 50% of americans believe it's difficult to know whether the information they encounter is true. it's not surprising that people aren't changing what they believe. maria: real quick? >> big week for housing data. as housing goes, so does the economy. we will be looking at that. maria: we will be watching housing for sure. thanks, everybody. have a great day, everybody. see you tomorrow. "varney & company" begins now. stuart: good morning, maria. good morning, everyone. big smile. here we go again, another round of stock market records. first thing on a monday morning. for the first time ever, the dow looks very very very likely to open above 28,000. it's almost exactly 10,000 points above where it was when donald trump was first elected. what's behind this historic rally? okay. one, strong economy. two, strong profits. three, positive china trade talks. four, the impeachment drive will surely fail in the senate. that pleases investors. five, the democrats may be facing a brokered convention with a weakened nominee and a lot of investors like that, too.

the dow industrials up just a few points at the opening bell, 11, maybe, but look at that level. back to 28,000. modest -- small loss, small loss for the s&p and also for the nasdaq. so look, everybody, sit back, you are going to watch financial history. history being made in hong kong, too. sure looks like open rebellion. the street fighting has escalated. police besieged one of the main university campuses which they say was being used to make weapons. a police officer was hit by an arrow. ominously, the peoples liberation army, chinese troops, in plain clothes, appeared on the streets on saturday. that was taken as a grave warning. add all this up, it is beijing versus the people of hong kong, communism versus democracy. it is a bloody fight and it is not over. in the united states, the democrats want to remove this president from office because of

a phone call. "varney & company" is about to begin. stuart: okay. let's talk stock market, shall we? dow closed in record territory friday, above the 28,000 level. market watcher keith fitz joins us now. look, i have been doing this, covering american markets, for over 40 years now. you have been doing it for about 25, 30 years. you ever seen anything like this? a rally this long, this explosive? you ever seen this before? >> no, stuart, and it really hasn't existed. this is the single longest bull running market in recorded history. it's the most hated market in history. we've got the most acerbic politics in history. we've got slowing earnings but strong earnings. this is absolutely unprecedented and speaks to the power of capitalism. i'm very excited to see it continue. stuart: you think it's going to continue? in other words, we are off and running a bit more this morning.

is this the year end rally, the santa claus rally, this is it, we're in it? >> well, tell you what, i don't know that the santa claus rally exists anymore, but i see a lot of window dressing going on for 2020. i see money managers trying to price in aramco, trying to price in hong kong, trying to price in china. i think it's good for another 1,000 points if the headlines stay calm. stuart: am i right in saying that politics has something to do with this? i don't think impeachment is going to happen. he's not going to be removed from office. i see the democrats, all kinds of trouble getting behind a single nominee at their convention next year. i think all of that is a plus for the market. politics is a plus for the market. what say you? >> oh, i agree with that. i will even give it two thumbs up. i think this is a very bad move, it's unlikely to happen. we have never seen a change in administration when unemployment is this low. stuart: stay there for a second. i have to deal with hong kong. it was another truly violent weekend of student protests over there. susan, tell me all about it.

susan: it capped off a violent week in the six months of protests. so ground zero in the battlegrounds have now shifted to university campuses, this being the polytechnic university in hong kong. over the weekend you saw molotov cocktails, makeshift javelins, bows and arrows, even threatsbyf hong kong police. there was more tear gas and live water cannons but what was really frightening for a lot of residents is the fact they saw pla, the beijing army, on the streets of hong kong. they have had garrisons set up in hong kong since 1987. they are not supposed to come out on the streets of hong kong unless specifically asked by the hong kong government. they say they were just doing charity work which means clearing some of these roads, and they are allowed to do charitable activities without asking permission from the hong kong government. but there's a lot of concern that this is a tipping point, a

crisis level, in hong kong. it's been six months. violence is only getting worse. you've had more threats of bullets being fired. in fact, two bullets were fired again over the weekend. thankfully, no one was hurt. stuart: we hate to see this because we know the place really well. lived there, worked there. thanks, susan. let's bring in christian whiton, former state department official. look, this isn't getting any better in hong kong. it's clearly getting worse. how long do you think until we see chinese troops on the street in uniform carrying guns? what do you think? >> well, i don't know if they are ever going to go quite that far because they can get what they want without doing that, which would cause a number of very serious political and economic implications. you know, you are already seeing the hong kong police import mainland tactics, use a lot of violence. you saw basically them trap these students. there were times the students wanted to sort of just slide away and were stopped from doing so, and now forced into this standoff. also, you have the police refusing to issue permits for

peaceful protest in all but a very small number of instances, which sort of pushes things towards more violence. stuart: we're looking now at live pictures from hong kong where it is just after 9:00 at night. that's another fire. i don't know the exact location, but that is hong kong and a building has been set on fire right there. now, my question really is i don't know whether it will be the peoples liberation army with the guns or police officers with the guns, but what do you think, are we on the verge of a truly violent crackdown? >> i think probably and that has huge implications with either the pending phase one trade deal that the president has said listen, if there's a violent crackdown it's very hard for the united states going into christmas season to do a grip and grin with xi jinping. all the messaging from both sides is that phase one is still on track but, you know, some real questions when you see things like this going on in hong kong. yeah, a lot of violence coming from the police. stuart: have you seen any signs,

have you had any reports of this kind of unrest spreading across the border into what we used to call mainland china? >> no, nothing from the mainland yet. but certainly, word is percolating across despite intense censorship in china, and you do have people, reports of younger people actually coming from the mainland into hong kong to participate at times. very small numbers. but this is something where you look at the mainland and all of the sentiment is against these protesters but that could turn on a dime and mainlanders can start asking well, gee, maybe we should have democracy and some of these rights ourselves. stuart: i'm almost through with the time but give me one thing. what's the end game here? >> if they want to stop the violence they need to have a dialogue on democracy, fulfilling the promises they made -- stuart: do you think it's likely? >> i think xi jinping isn't really that smart or strategic in a good way. i hope that he is frankly prevailed upon by cooler heads

in beijing that want an off-ramp. they just have to take it. stuart: thank you very much indeed. that's politics. that's hong kong. let's get back to your money. yes, we are going to open ever so slightly higher on the dow, probably around the 28,000 level. there's one stock which our colleague keith fitz wants to look at, google. keith, come back in again, please. google is an astonishing company, astonishing stock. it's at an all-time record high. they are going to get into all kinds of other businesses. reminds me a lot of amazon. when do you think consumers are going to start to retreat from google? do you think they ever will? >> well, that's the thing i wonder about, because there are already reports, if somebody is going to be a google killer, it's not the antitrust investigation or even a competitor. it's going to be consumers walking away because they fear google knows too much. that to me is the real risk. the reports of fguys doing that

right now. stuart: i don't think many people really believe that all our personal information is private these days. so why should we withdraw from google just because, well, they've got fitbit and might release it for some medical information? it's just not strong enough, is it? >> well, it isn't, but then again, why are we impeaching a president over a phone call. logic doesn't prevail in these kinds of circumstances. if you eat a doughnut in the morning your insurance premiums go up in the afternoon. that's the world we will live in in ten years. i don't know the answer to how we get there but i think we are going to get there. consumer privacy is going to have a resurgence. stuart: okay. if you own google, would you sell it? if you don't own google, would you buy it? >> i would not sell it if i owned google and yes, i would buy it if i did own google. for all the things you pointed out, there's eight to ten businesses involved. they haven't even been valued yet. this is one of those great companies that 50 years from now, if you don't own it, you will wonder why the heck not. stuart: okay. we will take it. keith, thanks for joining us this morning.

big deal. we appreciate it. thank you, sir. check futures again. we have turned slightly lower. certainly on the dow, maybe down, what, three points, something like that. s&p, nasdaq, ever so slightly lower for the opening this morning. there you go. slightly lower. there you go. lyft ending its scooter sharing service in six cities. i thought these electric scooters were all the rage. we will tell you why they are rolling some of them back. we love success on this program. we've got a success story for you today. retired special forces veteran master sergeant scott neal was one of the green berets who went to afghanistan to take down the taliban after 9/11. he was one of the guys on horses in afghanistan. since then, he started a bourbon company and we will bring it to you. new research suggests stents and bypass surgeries are no more effective than intensive drug treatment for heart disease. so why are there so many of those surgeries? i will ask dr. marc siegel.

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stuart: the stock price of ford motor company is back at $9 a share. it just revealed its all electric mustang. it's going to compete with tesla. whether that's the reason for the stock getting to nine bucks a share, i don't know. tesla, meanwhile, $352. it's going to invest $4.4 billion in a new factory in berlin. look at amazon. it is continuing its investment in mississippi. they are going to create and build a second fulfillment center there. 500 new jobs, full-time jobs, that is, starting at $15 an hour. amazon in mississippi. another headache for wework. cutting thousands more jobs, maybe some of the people getting the pink slip tomorrow. susan, this is a company in free-fall. susan: just in time for thanksgiving, right? so sad for the holiday period. as many as 6,000 employees could be getting the pink slip. wework was on the verge of

collapse if they didn't get that $5 billion lifeline coming from softbank and the vision fund. how long does wework have, who knows. right now they have losses of 150% growth from the previous quarter so they lost $4.25 billion. 1,000 of the non-core businesses. did you know they own a private school in manhattan as part of their non-core businesses? and a thousand contractors part of the maintenance staff as well. stuart: there's got to be significant anger at adam neumann. there's got to be. he walked away with a billion dollars or more. people get laid off right before thanksgiving, losing everything. come on. susan: should they blame adam or the enablers such as venture capitalist funds that were giving him all this free money without -- stuart: they should have checked him more strongly, absolutely. susan, thank you. moving on. new research says stents and coronary artery bypass surgery

offer no advantage over drug treatment in the treatment of heart disease. i need some explaining here. dr. marc siegel is with us. i'm trying to read through the lines here. could this be defensive medicine? you operate just to make sure, to avoid the lawsuit later? that's why you put in the stent? >> not necessarily the lawsuit. yes, the lawsuit but also we always think well, we don't want to leave a stone unturned. there's something that helps our patients survive longer or decreases their risk of a heart attack, we want to do it. but the problem is that we are talking about stable patients here. we are not talking about patients that are in the verge of having a heart attack. let me clear that off the table. if you are heading for the emergency room and we think you have a heart attack, the best thing we can do is put in a stent. that we know. this is for people who are walking around with angina and there's 17 million people in this country with blockages. what do you do? do you treat them with cholesterol lowering drugs, aspirin, blood pressure medicines? do you encourage them to exercise? or do you rush them to the

cardiac cath lab and put in a stent? tell you one secret. when someone is on that table and a cardiologist sees a blockage, they usually try to open it. so the decision needs to be made beforehand. do i get really aggressive or do i go with medication. well, dr. judith hochman is the lead author of this study the nih spent almost $100 million on looking over three years and they discovered essentially no advantage in terms of survival or decreasing heart attacks if i put in that stent or operate on you versus treating you with medicine. that's a huge idea, to decrease what you are calling defensive medicine. exactly what you are talking about. i don't have to put in that expensive stent. i don't have to do that bypass. i may do just as well treating you with medicines. stuart: fascinating. it really is. defensive medicine. and what happens in a defensive -- defending against the lawyers environment. >> exactly right. no, no, you're right. we save money and treat the

patients better if we don't rush for an unnecessary procedure. stuart: doctor, welcome back. good to have you. thank you, sir. check futures again. could be a really historic day. we closed above 28,000 last friday. we will open barely changed this morning. but we are in a remarkable stock market rally. taylor swift lost control of her old master recordings and elizabeth warren is jumping to the defense of -- her defense. we've got details on that in a moment. private equity at stake here. we'll explain. this is the age of expression. but shouldn't somebody be listening? so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. you may have gingivitis. when you brush, and the clock could be ticking towards bad breath, receding gums, and possibly... tooth loss. help turn back the clock

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firm. they are gobbling up more and more of our economy, costing jobs and crushing entire industries. it's time to rein in private equity firms. alexandria ocasio-cortez also weighing in, saying private equity firms are predatory, hurting millions of americans and claiming leveraged buyouts have cost more than a million jobs, referring there to the retail industry, i suppose. the carlyle group has no comment but a source familiar with that deal says they have a minority stake in this so it's not like they're calling the shots behind the scenes and on top of that, neither of these tweets, it's important to note, mention any research that says private equity firms actually support millions of jobs, up to 26 million jobs according to some research, and public pension funds pour in a lost money into private equity firms because of the strong return. so interesting to see this private contract dispute becoming political. stuart: grady, thank you very much indeed. i do hope you didn't hear me laughing during that report. you probably did. the idea that private equity is

responsible -- ashley: so evil. stuart: -- for the loss of a million jobs in retail is utterly laughable. has aoc never heard of online selling? never heard of that? because that's what's happening, sports fans. anyway, i digress. let's turn to something real serious, the stock price of apple. look at that, $265 as we speak. i believe apple last week was at an all-time high. little higher than that. look at microsoft. that, too, record high last week. just shy of $150 a share in premarket activity today. why do we bring you those two stocks? because they are gigantic trillion dollar companies. a lot of money is flowing into them. in fact, the money that's flowed into apple and microsoft is a lot of the money that's flowed into stocks. ashley: what's interesting, this bull market way back when was actually driven by the big tech stocks. then when that started to pull back a bit, everyone said who's going to be the next leader, the financials, no.

here we are again, all of a sudden big tech. stuart: apple and microsoft. i just love it. check the overall market this morning. little change. flat to ever so slightly lower. we'll take you to wall street after this. driverless cars, 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. ♪ diamonds shine like me. they're strong. they're brilliant. i am a diamond. find beautiful diamond styles for all the diamonds in your life, including you.

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stuart: bill gates takes back the mantle and is once again the world's richest person. took it over from jeff bezos. susan: he's worth $110 billion. jeff bezos still worth $109 billion. not a lot of difference between the two. but for the first time in two years, jeff bezos is giving up the number one mantle handing it over. i know where you're going. mackenzie bezos is the 24th richest person on the planet worth $35 billion. also stock performance as well has helped propel, by the way -- stuart: had he not been divorced, then he would still be way out there as the world's richest. shz. ashley: $35 billion the ex-wife has. stuart: bill gates has more than microsoft stock. some of his other investments must have done well. i don't think he's got $111 billion worth of microsoft. susan: don't forget, most of this is being given away in the bill and melinda gates foundation. he's pledged a lot of that away. stuart: i think he gives every

year. susan: he still owns a substantial amount of microsoft stock. him and the clippers owner are the two largest, steve ballmer, the two largest individual stockholders. stuart: i own a tiny, tiny sliver. i'm a very happy guy. here we go. 9:30 on monday morning. we are off and running. the market is now open. how are we going to open? we are expecting flat to slightly lower. it looks like that's what's happened this morning although remember, we have had an extraordinary bull run that's taken the dow to the 28,000 level. so in the first couple seconds of business, we are down 30 on the dow. how about the s&p? what's that doing early in the going? down four points, that's it. the nasdaq composite, home of the technology companies, it's down 14 points. that's still .17%. apple is at $265. google, record highs last week. this morning it's at $1332.

microsoft, record high last week, this morning just a tad shy of $150 a share. market's in record territory. the dow hit 28,000. let's discuss this. jeff sica is with us along with susan li and ashley webster. jeff, are you now going to finally jump on board with this bull market run that you have missed consistently for three years? >> thank you for bringing that up. stuart: you have to be held accountable. you have been cautious forever. are you still cautious now? >> you know what, you have to be cautious when markets hit records. i think when people -- i think everybody has thrown the cautiousness to the wind and that puts us at a very vulnerable place right now. so i'm very much cautious, looking forward. i do see that there is momentum. i mean, when i saw that beijing cut interest rates for the first time since 2015, and what the

european central bank is pouring liquidity into the market -- [ speaking simultaneously ] >> -- you have a lot of governments with a vested interest in the market but here's the reason why i'm cautious. it's because if this trade deal falls apart it is going to retreat like people haven't seen in a long time. that's the reason i'm cautious. stuart: i would like to see a banner at the bottom of our screen that says dow turns to record high as sica turns cautious. sarcasm is a low form of wit. i'm sorry. i know your mom's watching. i'm ever so sorry. susan: a high tide lifts all boats. that includes jeff sica's pessimism as well. that includes value plays. we have been talking about value versus growth. it's not just been microsoft and apple that's been getting a lot of money. we have seep the likn the likes caterpillar, bank of america, citigroup, all climbing 20% in the past three months.

even you would take those type of returns. >> yeah, i would. i would. stuart: i'm doing okay with microsoft, thank you very much indeed. "wall street journal" says johnson & johnson rushed to test its baby powder after the fda found asbestos in a bottle. that's where the problems start. take us through it. ashley: okay. they went back to test the powder again and one of the labs did find trace amounts of asbestos but it was conducted in a room that they say was contaminated by an air conditioning unit. so went into another room and they found no traces of asbestos. the second lab in georgia also tested, found no traces but j & j put out a message saying we have done the testing when the one in georgia, according to the "wall street journal," hasn't even finished testing yet. so they jumped the gun a little. look, talcum powder is less than 1% of their total sales but it speaks to their credibility and

their reputation. they have all these outstanding lawsuits. stuart: been used for decades by people around the world, for decades if not a half century. ashley: 6,000 lawsuits from women who say it gave them ovarian cancer. stuart: well, no, the lawsuit that won against j & j was one that said you didn't warn us. ashley: correct. stuart: you didn't have -- ashley: there are suits out there claiming a link. stuart: we still don't know what amounts of asbestos were found and what amount of asbestos is genuinely dangerous to you. i mean, a trace amount, a billionth of a particle of something, what are we talking about? you are taking down a corporation on the strength of this. extraordinary. don't say anything. look at lyft. they are getting rid of scooters in six cities. the stock is up on that. any more news? susan: they are trying to get out of these smaller cities to focus on the big ones.

nashville, san antonio, columbus, ohio, even dallas, phoenix, and atlanta as well. you know, we have had scooters and other forms of transport actually growing double digits, the likes of lyft and uber, and given that both companies say they are going to get to profitability outside of taxes and depreciation by the year 2020, you know, this is another form of revenue for them. stuart: well, but they are only going to keep them going in big cities, right? not the smaller ones. susan: yes. >> there are four deaths on scooters so they are looking at the liability that's been reported. they are looking at the liability that scooters create. they are not safe in big cities, as safe as they should be, and that's a problem for lyft. stuart: it sure is. i see those scooters whizzing around. susan: you sign a waiver when you get on one of these machines, right? stuart: they will get around that. susan: they are still focusing on big cities, not the small

ones. stuart: check the big board. we are five minutes in. we are up nine points on the dow, 28,013. the ten-year treasury, this morning, yields 1.80%. that is significant. that's down from the yield we saw last week. that is not a very positive signal for the market when the yields go down. means money is flowing into bonds, not necessarily into stocks. price of gold is $1470 per ounce. the price of oil is -- i'm going to say $55. $57. i lose. okay. $57 a barrel. okay. fed chief really firing back at the "new york times." the "times" had an expose of fed ex saying you haven't paid any tax at all. fred smith is really firing back. susan: he's saying debate me,

according to the publisher and controlling family. let's get back to the "new york times" and what they basically accuse fed ex and fred smith of doing. they cut their tax bill from $1.5 billion to zero so the tax rate sank from 34% to 0 in 2018 because of strong lobbying of the trump administration, so basically, fred smith says you know, "new york times," you paid zero federal income tax as well in 2017. only $30 million in 2018. why don't you come debate me. i will bring the head of taxes at fed ex and we can put this all in the open. stuart: the "times" says hey, fed ex, you wanted these tax cuts, you got the tax cuts, you didn't pay any tax at all, and you didn't reinvest that money. so fred smith turns around and says hey, "new york times," how much did you pay, how much did you reinvest, what did you get out of the tax cuts which you so vigorously apoopposed? >> not only that, fred smith is

saying we hired a lot of people. that's the reason they didn't have to pay as many taxes as prior years, is because of their hiring, showing that the tax cuts worked incredibly well to get people jobs. the "new york times" is completely out of their minds for even taking -- stuart: redeeming himself. i like that. that was very good. i like the bit about liability on those scooters from lyft. and i like the bit about the "new york times." ashley: completely out of their mind. stuart: pretty good. susan: let's not go too far. stuart: there you have it, folks. we have opened up this monday morning, we have opened up at a new record high for the dow jones industrial average. that's not a bad way to start the week. i've got to say thanks very much to you, jeff. seriously, thank you for being with us again this monday morning. thank you. now then, let's talk hong kong again. chaos on the streets over there. it continued through the weekend. really, the violence escalated.

there are now reports police are threatening to use live ammunition against the protesters. we are following that for you, all right. the holiday shopping season is upon us. how do you brick and mortar stores compete when it seems everybody is shopping online? retail watcher christian ben says make it an experience. extravagant experience. i want some examples, please. cologuard: colon cancer screening for people 50

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i have a really good feeling about this. wean air force veteran made of doing what's right,. not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage. that's how you do it right. usaa insurance is made just the way martin's family needs it - with hassle-free claims, he got paid before his neighbor even got started. because doing right by our members, that's what's right. usaa. what you're made of, we're made for. usaa stuart: we have turned south. not much, but a little bit south. down 23 points now for the dow. we're below 28,000. california, let's go there. more power outages coming for pg & e customers. do you know how many? susan: 180,000 homes and businesses. they are just recovering from

the kinkade fire which swept through 76,000 acres and billions of dollars in damages and also those being affected as well, so pg & e is saying because there are high winds that are picking up on wednesday, we will take precautionary measures and basically shut down the power. pg & e of course filing for bankruptcy, first time a utility has done that in more than 20 years. in fact, their liabilities are around $30 billion of which they will pay $13.5 billion. at least that's proposed at this point. stuart: you know where the latest power outages will hit? >> northern california -- stuart: northern california. susan: san francisco, yes. stuart: thank you, susan. the consumer, well, look, here we are heading into the holiday shopping season. suppose you are a bricks and mortar retail operation. how do you get people in your store for the holiday shopping season when a lot of people are just getting out there online, no matter what? well, retail watcher christian betts is with us. welcome to the show. you are suggesting extravagant experiences in a bricks and

mortar store to get me in. give me an example of an extravagant experience. >> well, one thing that i think is very interesting at harrods they are allowing customers to meet santa. stuart: what? >> if you spend $2500. stuart: wait a second. wait a second. you think it's an attraction to get me into a store to pay to see santa? really? >> yes. you know, it's all about the upgrades, right? we are upgrading on planes, upgrading for leg room. you got to upgrade for santa. stuart: talk to me about america. give me an example of an extravagant experience that i could get into to get me into a bricks and mortar store here. >> actually, lululemon is opening up its largest store at mall of america and they are having all sorts of studios and they have a restaurant and they are going to get you in there and they have a whole week of

sweating events which who doesn't want to sweat up the holidays. sak's fifth avenue is doing an amazing "frozen" event where you can buy a ticket, they take you to see the windows, then you go inside and see a fabulous "frozen" event and things of that nature for the little ones. stuart: you think that works, really? do you think that works? >> i think that it needs to work. i think that retailers that are savvy know that the consumer wants -- you have to entertain me to get me out to the stores. stuart: wait a second. jc penney, they are in hoe ro horrendous decline. they will introduce experiences like yoga classes, for example. you think that works? >> honestly, if i had to do yoga at jc penney, i'm in serious trouble. why do they even -- look, i respect them for trying anything at this point, but that is actually a classic example of where the ideas are cross-cut. they are trying to do anything to get you in the store but that

yoga consumer is not going to go to jc penney to do downward facing dog. stuart: you got that one, really, absolutely accurate. one last one. in july of this year, amazon held its prime day, big selling time. you're telling us that 70% of the people who shopped on prime day in july, were actually doing christmas shopping? really? >> yes. it's a great statistic. prime day really matters. so that's why the bricks and clicks are so important. most of us are doing our shopping in the green room on my phone waiting for this hit, and then you are going to go out and enjoy the season potentially, and you know, do some holiday shopping. you want the experience. so most folks have already, i mean, walmart is releasing their black friday sales on wednesday. they started the holiday before halloween. all those sales are being pulled forward. now it's about getting us to come out and celebrate the season. celebrate the season in your store and spend money. stuart: okay.

know what i would like? i would just like a parking space i can get to easily. i would like to be able to pay real fast without the shop assistant, got to understand the computer system, and i want a low price and lots of selection. i might as well shop online. thank you very much for joining us. we do appreciate you being with us. thank you very much. >> thank you so much. ashley: you weren't impressed with the santa. susan: $2500 to meet santa? ashley: and the plane ticket to get there. stuart: dunkin, okay, great coffee, going even greener, we are told. stock's down a fraction. i don't think it's connected to this. what are they doing? ashley: they are going to replace the polystyrene foam cups that everyone loves. they have been phasing them out, believe it or not. that's tippicontinuing to pick . in their place they are introducing new paper cups which are reinforced for hot beverages. apparently the thing to do, maybe susan can speak to this,

you get an iced coffee and you put it inside the foam cup. double cupping is very very popular. apparently that's not very green, as you can imagine. they are going to do away with that. people who double cup are very upset, saying it's a massive change in their life now, can they cope. they will have reinforced paper cups. stuart: 30 years -- ashley: story of the day. stuart: i remember my young son at the time coming home from school, somebody in his class had burst into tears because somebody had brought a polystyrene cup in and that was going to kill the planet. interesting. ashley: sensitive young child. wasn't my son. stuart: check the dow 30, please. kind of a mixed market, mostly in the red. two-thirds of the dow 30 in the red, down, and the dow itself is down 27 points. new jersey's progressive governor, multi-millionaire phil murphy, full of wild ideas.

his new one is to start a state bank, a bank run by the state. what could possibly go wrong? i'm going to ask the ceo of investors bank about that. that's next.

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stuart: boeing's rival, airbus, taking in a very big contract at

the dubai air show. ash? ashley: yeah. they are buying all sorts of airbuses. not good for boeing. airbus has been picking up some of the slack. emirates adding another 20 widebody airbus a-350s, brings the total number to 50. the deal is worth $16 billion at list price. also, we have had emirates confirming a february order for 30 of airbus's a-350s. good times for airbus at this point. stuart: are some airlines still cautious on the 737 max? ashley: united has already scrubbed flights because of the grounded 737 max from its flight schedule all the way out into march, as has southwest and american. what the airlines are saying, because boeing says we could have this thing recertified and ready to go by the end of the year. the airline, southwest, american, united, saying we don't care even if it's ready the 1st of january, we are not adding it to our schedules until march. stuart: okay. got it.

all right. this is a story which intrigues me. the governor of new jersey, very progressive guy, former goldman sachs guy, his name is phil murphy, governor murphy wants to start a state bank. come on in, kevin cummings, ceo of investors bank, which is based in new jersey. welcome to the show. >> good to be here. stuart: you run a private enterprise bank just like all the other banks. >> the american dream. stuart: yes, indeed, actually. what have you got against a state bank run by the state of new jersey? >> what could go wrong. all right? first off, there's 100 banks that are taking deposits from county and municipal governments in new jersey. it's working well. what we need is collaboration and if the governor wants to take the state money, give it to the community banks that are headquartered in new jersey. investors bank is the largest state chartered bank in new jersey. we want to work with the governor. stuart: why is he doing this? >> i think it was a political promise that was made during the

campaign, and he wants to see that he's trying to get things done. the commission will look at it and i hope the commission keeps an open mind. stuart: what would a state bank do which your bank does not do? what? >> nothing. we can support it. we have been supporting it. for example, we work with debco, a public/private partnership. we have the new jersey economic development agency. we work with them. these agencies are there already, higher education, we work with them. we don't need another government agency to do the things when we have the infrastructure in place to serve the people of new jersey. stuart: what does the rest of the banking industry in new jersey think about the governor of new jersey, phil murphy, former goldman sachs guy, worth a lot of money, villa in italy, multi-millionaire and he's on as a progressive who -- what's the opinion of this guy? >> well, i tell you, the governor is a nice man, he's a good guy, but he's really almost anti-business now.

we need, you know, a friendly environment to promote businesses in new jersey. new jersey has tremendous assets and the governor always says that. stuart: he wants constant tax increases. he wants to raise the tax on just about everything across the state. i don't get it. why is he doing that? why? >> well, i think it's part of the progressive agenda across the country. massachusetts looked at this in 2010 and '11 and decided not to do it. the capital that's going to be necessary, the infrastructure, the technology, all the different things, it's going to be very very difficult. let's work together and help the citizens of new jersey. stuart: yeah. good idea. kevin, thank you much for joining us. >> good to be here. stuart: thanks a lot. now, we've got nike launching what they call shoes for everyday heroes. susan: everyday heroes. that includes nurses, doctors and home health providers, right. this is what they call the nike air zoom pulse. this is for the 12-hour shifts in hospitals that these nurses

have to run four to five miles and sit for less than an hour doing. so the shoe has an elastic strap that makes it easier to put on, easy to clean and a coated toe box that protects against spills. stuart: i would rather hear about colin kaepernick and nike. but hey, new line of shoes. we'll just go to commercial. susan: for nurses and doctors, they deserve it. stuart: good one. check that big board. the loss has narrowed. we are down just a few points, eight, seven points. maria bartiromo will join us shortly. she will talk markets this morning on today's program. our program. remember this, they were the first u.s. military unit in afghanistan following 9/11. their story is told in the movie "12 strong." master sergeant scott neal was one of those horse guys. he now runs a distillery. he makes bourbon very successfully. he is our american success story of the day. he's on the show.

another chaotic weekend in hong kong. i will tell you why we should support these young freedom fighters. that's in my take for our second hour of "varney & company." it's next. does your broker offer more than just free trades? fidelity has zero commissions for online u.s. equity trades and etfs, plus zero minimums to open a brokerage account. with value like this, there are zero reasons to invest anywhere else. fidelity. there are zero reasons to invest anywhere else. going back to the doctor just for a shot. with neulasta onpro... ...patients get their day back... ...to be with... ... family... ...or just to sleep in. strong chemo can put you at risk of serious infection. in a key study... .o 1% . . .ç

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stuart: 10:00 on the east coast. we just got numbers. the latest read on homebuilder sentiment. this is a pretty good indicator for the future after certain section of the real estate industry. we have jerry howard on the show in the 11 okay on the numbers. ashley: we do,ç stuart, came in at 70 anything above 50 is favorable outlook. expectations were positive. stuart: strong indicate for for

the future of the home building industry. occupies a niche place in real estate. it does actually. dow industrials, up 6 points, not really reaction to the news on homebuilder sentiment. and now this. of. hong kong the is place i got my start in the media. i was a reporter for radio hong kong. this was back in the early 1970s, back in the colonial days place was governed straight out by the british. there was a vigorous free press, a free market economy. it was the most dynamic society i had ever seen. i loved it. the british left in 1997. they happened over to the communists in beijing on the condition that 50 years hong kong could keep separate identity and most importantly a independent judicial system. with that agreement in place, hong kong continue todd thrive. free marketsç let people live

freely. along came xi xinping whose increasingly authoritarian government couldn't handle hong kong's freedom. he smacked it down. millions came out in the street in opposition. to be met with riot police, tear gas, pepper spray rubber bullets. those who know hong kong are sad to see what happened to it. i'm inspired by the demonstrators. they're fighting against all odds for their freedom. those young people are the most active fighters for democracy anywhere in the world right now. they are confronting awesome power of a communist state. no one knows how this ends. how can you not support brave people. fly the american flag who are prepared to risk it all for democracy. bring in immediately senator marsha blackburn, republican from tennessee. great to have you back on the show.

>> good to be with you, thank you. stuart: tell us how to support the protesters in hong kong, please? >> one way we can support them through social media, letting them know that we are watching and letting china know that the world is watching to see how they respond. another thing, we have the hong kong human rights and democracyç act. we need to pass that. we need to send a message that the u.s. congress is watching very closely what china is doing. that we are going to stand with these hong kong freedom fighters. we're going to work to protect them. it would allow sanctions. being able to sanction the chinese that are pushing against these hong kong freedom fighters. another thing, legislation, i have, stupider, the protect act. which would prohibit sending tear gas or selling tear gas to china so they cannot use this

against their people and against these freedom fighters. stuart: would you, would you, think postively towards a trade deal with china, a big trade deal with china, if they start really shooting a lot of people on the streets of hong kong? >> i think that the chinese know if they overstep, if they continue to overstep, if they send the pla and troops in, to the streets of hong kong, that they are treading on a very difficult path. so what we know is that having these negotiations, you know, stuart, look, china, asç you wl know wants to be considered a market economy, a world leader. as long as they are dealing in an adverse way with hong kong, with taiwan, pushing expansion

into the south china sea, pushing into the horn of africa where i was last week, they know it is raising eyebrows and causing people to take a second look. stuart: before you leave us, senator, would you comment on the impeachment proceedings, what you think of what happened so far. >> it's a partisan impeachment. what you will see, we'll get the horowitz report, the ig report. i really believe what we found out from horowitz and during ram will temper a lot of this zeal that the democrats in the house have for pushing impeachment of something. it is like impeachment whatever. they change, you know what they're going after daily. stuart: do you think we could get that report, the ig report this week or real soon? >> i think we'll see the report before the end of the year. stuart: if we had it this week or next week it, would really blow impeachment to the sidelines i would say.

>> i would think so. stuart: okay. blackburn, tennessee, thanks for joining us. >> good to be with you, thank you. stuart: check the big board. we're up 16, 17 points. 28,022, a fractional gain. a record high. you're down 3 points. 3116, get that right, stew. big tech not doing great today. get back to the your money. jack hough with "barron's." a lot of excitement on the markets. new highs across the board. you will not turn cautious on me, are you? >> i'm not. every time you see economic indicator positive, it is not rip-roaring growth, that is something to cheer about. it keeps us from a situation to raise interest rates. as long as they don't raise

interest rates, stocks are the best bet in town. means stock portfolio is likely going higher. stuart: this is incredible. the bull market 11 years old. it is the longest ever, isn't it? >> it the longest ever. i don't see, we'll have a recession eventually, but i don't see one on the inimmediate horizon. i don't see a faster gear of growth we raise rates. that bring as whole thing. i see continuation what we're doing now.ç could continue next couple years. stuart: you have a item in "barron's" about big tech taking over banking inus city or not. you don't they're taking over banking. >> they're opening a checking account. citibank handling the financial plumbing. apple as has credit card. goldman is doing the banking. if you want a fintech, jpmorgan will spend $11 billion on tech. bank profitability has been stunning for a long time.

i got a call from the ceo of jpmorgan and saw the column, responded to it, he took issue with idea i quoted a french economist. stuart: wait a minute. talking about jamie dimon. he just called you? >> took issue with economist work shows profitability remains so steady. on the commercial, on the whole sale side of things that you know, costs are way down. on consumer side you have to look at a bundle of services consumers are getting. ability to take a picture after check, deposit. he feels the deal has gotten much better for consumers. stuart: you realize you buried the lead. when you're in the journalistic profession -- first thing you say, jamie dimon just called me. >> i should have talked to you first. yeah. start over, jamie dimon called me and then all that other stuff. stuart: that's right. that is exactlyç how it works. grab the audience's attention with the headline. we're not done. i understand you have comments on tj maxx, target and home depot who you think are doing very well.

>> i just feel like it's a great week for seeing what is working in retail, what's not. ashley talked about the housing situation earlier. great time for home depot. target is gaining share. retailers like tjx are doing fine. you will hear from macy's, uh-uh, l brands, uh-uh. do not try to bargain hunt in clothing retail t remains a disaster. there are many chains you have to ask yourself do we really need that company anymore? stuart: it that's bad. >> these two particular companies remain profitable and steady. there are plenty of chains out there kind of on the fence now. i think we'll see many years to come of accelerated store closures. a glut of merchandise that will make operating conditions very difficult especially for these two tied to the mall. who shops at enclosed malls anymore? stuart: some people. it is not totally dead yet. >> rich markets, only.

b and c market malls are dead. rich markets only. stuart: you're right. jack, thanks for joining us. social media company tiktok tryingç to cut off ties with china. that will be difficult. chinese own them. susan: tiktok is owned by the most valuable start up in the world, worth $75 billion. according to "the wall street journal" the owner of bite dance is trying to shake off the chinese image. how are they doing that? maybe they will shift ownership to singapore so it is not the chinese owned in their view. maybe they're trying to cut off some chinese content that appears on tiktok. this is the most downloaded app on the planet. downloaded the most. 100 million users downloaded tiktok in america. this is the fastest growing app on the planet. running into headwinds as senators need a closer look where they are storing data, who has access to the data, mainly

the chinese communist china. tiktok denied this vigorously. they have only 4% of the app coming from the u.s. stuart: looking at 100 million downloads. say we don't care. susan: money, think about it. stuart: talk about markets. very exciting place to be. exciting time for your money. let's see what we got here. what have we got? scroll up. markets near record highs. i have maria bartiromo on the show. see if she agrees with all this. facebook, instagram want to start hiding number of likes ea(@ post gets. it has caused backlash from social media influencers. i will be joined by a media influencers. says this won't be too bad. we have american success story. bourbon. horse soldiers, named after the guys who went into afghanistan. the guy himself.

master sergeant scott neil on the show. we'll be back. ♪

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stuart: dow industrials up four point. i call it not a very big change day this monday morning. but we are above 28,000 on the dow. how about this one? moulson, beer company, getting into a partnership with a non-alcohol beverage guys, l.a. libations, they makeç selzer ae vera water? you got to be kidding me? ashley: they are not drinking alcohol. stuart: aloe vera oily? ashley: something you put on your screen. stuart: is it a flavor. i digress. beer and selzer.

ashley: millenials are not drinking. they want healthy seltzers. they call themselves moulson coors beverages. they don't want brewing in their name. that connote states younger people don't want to hear. 49% stake. we don't know how much they're paying for that. shows you the way the market is going. no beers, laggers or ales. aloe vera seltzer. stuart: couple people in the audience are horrified that i know nothing about aloe vera water. there were gasps from the assembled masses here. ashley: rub it into your skin. stuart: our guests in the studio, they're with our next guest. it is all about these likes. facebook's instagram wants to stop showing likes. i figured that would be really bad news for social media influencers so we brought one on the show.

herç name is lucy fincke. she is a star in the influencer business, are you not? >> some might say. it is not all about the followers and the likes. stuart: you're on this show. you're a star. >> thank you. stuart: i thought that if you hid the likes, that would be very bad news for you guys because you live and die on likes, don't you? >> that's what the app kind of wanted us to think for a while but at the end of the day this whole removing likes thing has a bigger purpose and instagram is really favoring those people who use the app for everyday use, are starting to get anxious and having a lot of mental health issues from having to deal with this whole comparison world that we're a part of now, with likes and numbers and stats. supposedly this will help people using the app as everyday users. stuart: can you still find out how many people liked you, even though it is not public, you can ask instagram, say how many? >> this is how it works. beta testing rolled out in the

u.s. a few of my friends were over for friends giving have the feature on their phone already. so i checked it out. essentially what it is saying i can see my own likes. people can still like photos. i can go into my photo, check out insights to see how many people liked it. if you were to go to myç profie and look at it, would see, mike and others like lucy's photo. you would have to click on others to see a list of people but don't get a number. stuart: don't you lose your power? if you don't have a million people liking you lost your commercial power? >> it is true, a lot of people turn to likes to see how much power or influence they have. that being said, a lot of partnerships which i run through instagram with brands is a large chunk of business, working with friends, creating content on youtube a lot of partnerships,

me creating content, taking screen grabs to back end statistics to the brand. now there is data that no one can see like me. stuart: i find it extraordinarily you developed this industry. i take my hat off to you. >> thank you. stuart: if you can make a significant living, i take it at least a million a year. >> not quite a million but i am -- stuart: it is up there. >> it is up there lucrative industry. deirdre: you are a 1% by just influencing people on social networks. that is extraordinary. >> i have to stay instagram has been a major part of that but i also think anyone using instagram properly shouldç diversify their audience. i have exact same amount of followers. my youtube page has 150,000 subscribers as well. i have a mailing list. a lot of influencers have a blog. not just one app. we do need to be open and

available for these changes if we want our businesses to develop. we're not just focused on one app for our business. stuart: really straightened me out there. now i know how you did it. that is. >> there you go. stuart: that was great. lucy fincke, seriously. thanks for joining us. >> thanks for having me. stuart: i think you're assembled entrepreneur liked it too. not the aloe vera water bit. do college admissions. why not? actress lori loughlin is to be sentenced shortly. she is reportedly filled with dread with another parent got six months in prison. judge napolitano is next. ♪. d loteam at newday usa is helping more veterans refinance than ever. the newday va streamline refi is the reason why. it lets you shortcut the loan process and refinance with no income verification,

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stuart: the college admissions scandal. one parent got six months behind bars. and now lori loughlin and her husband, lori loughlin is about to go to trial, they're concerned about, quote, very severe sentences. let's bring in judge andrew napolitano. do you think they want to make an example of her? she just going to try but they want to make an example? >> her behavior in this is pretty bad from the point of view that she was able to get her daughters in by fabricating their so-called experience on a crew rowing team which they had none. and so the government has come down very hard on them. but once they pleaded not guilty when everybody else in the case took the guilty plea offer that the government offered them, the government reindicted them and piled on and added charges. so she is quite correct to be concerned. in my view what the government did was outrageous and unfair, and doesn't serve justice and

doesn't serve the constitution but the courts have said they can do it, the government knew they could do it. so she is facing very serious time as a result of her exercising her constitutional right to plead not guilty. stuart: there is a very strong political feeling against very wealthyç hollywood types who break the rules as lori loughlin apparently and allegedly broke the rules. there is a political opposition to rich folks doing this. >> there is, there is but for 600 years the anglo-american, england and united states definition of crime included harm. no one was harmed here. when the government argued that by putting her two daughters on the, in freshman class at university of southern california, it bumped two other people, the probation department who works for the government, proved that was not true. they expanded size of the class, in each one of the classes they

increased size of class to admit these people who bribed. what does that tell me. this should have been resolved in a civil suit rather than these prosecutions but she is in a very dangerous way right now. stuart: but the daughter has been ridiculed. >> the daughter has been humiliated. she harmed her own kid, agreed there. stuart: judge, thank you. >> you're welcome. stuart: check the market. dow hit all-time high earlier. it retreated. come back a little below 28,000. in all the years i've been doing this, i have not seen a market quite like this. maria bartiromo joins us next on that subject. theç market. after a moment. ♪ so what are you working on?

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sorry! he's a baby! ♪ stuart: i don't know the nail of this, but i know the song. ladies and gentlemen, before we go to our regular programing, i have to tell you maria bartiromo is sitting next to me, she knows "come together." >> who doesn't know "come together." stuart: susan li. susan: i knew that. stuart: it was a good song. britain's got a general election next month. boris johnson's party is 15 points ahead ofç labour. is this correct, ashley, that the tourists are trying to bring in business like trump? ashley: boris johnson spoke to a business group, suggested why you don't come on board, serve the country, titans of industry. i don't think that will go very

far to be honest with you. as part of his speech to big business group, i decided not to make cuts in the corporate tax, went over a like a lead balloon. was supposed to go down from 19% to 17%. jeremy corbyn talked to the group talking about nationalizing industry. what a strange group to be talked to. they will not cut corporate tax and nationalize industry. yes he is the favorite but, don't read so much into polls. i think boris will win. i'm not sure by what. you know, by what -- susan: so cautious. stuart: sacrilege here. what? boris won't win. ashley: what you want to hear and what you think could happen. stuart: objectivity reigns supreme in ashley webster's

mind. ashley: don't get carried away with polls, they can be wrong. i think boris will win. justç by how much. stuart: you dug that hole. stay in it. let's get to the markets shall we. we'll bring in very special guest, i mean this. maria bartiromo. mornings with maria. thanks very much. >> happy to be here. i've been doing this longer than you have. >> yes. we worked together at -- stuart: another network. >> cnn. stuart: i never seen anything like this. this bull market in its 11th year. it looks like it is going up towards the end of the year. have you seen anything like this before? >> no. because it the longest expansion anybody has ever seen. when you look at the backdrop, there is evidence to believe the economy is on solid footing. the stock market trades on backdrop of a solid footing. you have a real confidence in my view on part of investors, that you have a business president,

you have got someone in the white who knows that the economy is staying strong is it critical to his continued presidency. as a result, he is going to do whatever it takes to keep the economy, on track. i think there is confidence on wall street that he will keep the stock market on track, i really do. stuart: you know more of these billionaires than i do. you know a lot of them actually. here they are really under attack from bernie sanders and elizabeth warren. how are they taking this? >> stu, i think they are quaking in their boots in terms ofç the possibility of elizabeth warren winning because all the ideas she is coming out with,.straight to them losing their influence, losing a lot of money. perhaps splitting up companies that they're running. so i think people are very worried about a lot of her programs. i don't think there is a belief she can beat donald trump frankly. but i do think that her being the competitor has a lot of people thinking, what should i do? partly one of the things behind the business roundtable coming

out saying profits are not number one important. other stakeholders are just as important. stuart: pr move. >> it was a pr move. i agree with you. i want to hear from those people why getting a foothold in china, because the chinese will open up market access for financial services company how they're doing that if you're looking at stakeholders. you do have apeople in concentration camps in china. are they okay with that. it was a pr move. were employees not important before there? what about communities you operate. of course they are. they are trying to get ahead of elizabeth warren. stuart: let me get back to the bull market rally here. one of the reason reason forest leg up, investors think this president will not be thrown out of office by impeachment, this seriously challenged by democrats here, they are totally split, they are so many in theç race, a brokered convention, a weak candidate. politics and probability of

failure by the democrats i think that is a help to this market. >> even though people are not really watching impeachment hearings as close as we are, there is a feeling that this is a flawed process. that adam schiff is changing the rules as they go along. people don't want that they want honesty. speaking of the economy, i brought a report, you are geekish as i am. you like this stuff. stuart: you know that is not true. >> nancy lesar from cornerstone macro, comes out with a report, u.s. cap-ex is next to turn up. she has a whole report that death of u.s. cap-ex is greatly ex-exaggerated. we're enjoying the longest cap-ex cycle on record based on gdp. the bottom line, managers and ceos are not sitting on cash worried about the trade situation. they're looking to 2020 wondering what happens with the global economy. they invest in software in terms of cyber. all these things are must spend. i'm highly critical and doubtful, cap-ex, capital

expenditures on part of ceo's is slowing down. stuart: this person is capital expenditures, capital investment is going up? that gives the economy another leg up. it gives the market another leg up. >> ceo will invest in their computers, they will invest in their r&d. that will create more jobs. create more growth for theç company. stuart: before we close this out, did you spend much time in hong kong? >> i did go to hong kong a couple times. i always remember hong kong to be an international hub, global finance. i do not see it that way anymore. i'm sorry. stuart: just going to break in for a second. we just got news that president trump and fed chair powell met in the white house. that just the bare bones report that i just got it in my ear. talked about about the economy, talked about growth, inflation, employment. >> is there any reason to believe that that started leaking out earlier? that is why the market turned around? remember stu in the morning, when i was on "mornings with maria," the

market was up 80, 90 points on dow industrials. we were looking for a high out of the gate. 8:30 everything reversed. i'm just wondering. stuart: do you think it's a negative. >> i don't know about questions the president is trying to replace him. stuart: maybe trying to browbeat him, get rates down. >> maybe market doesn't like that, stu. stuart: i don't know what the market likes or not like. ashley: they did discuss expectations for monetary policy except to stress the path of policy will be on incoming economy news. steve mnuchin was there. thatç is interesting. stuart: president, treasury secretary and federal reserve doesn't get more powerful. you should have been there, maria. >> i didn't get my invite. stuart: maria, it was a real pleasure. >> real pleasure. stuart: sorry we kept you up late this morning.

>> see you bright and early tomorrow. stuart: i want to turn to what could be one of the remarkest public offerings ever, talking about the saudi aramco ipo. they put a value or number on it. >> it's a big one. 1.7 trillion. not as much as the 2 trillion the crown prince was targeting. 1 1/2% stake in the company or 3 billion shares. indicative price range $8 to, 8.25 a share that could generate 25.6 billion, that would be bigger than the 25 billion raised by alibaba in 2014. stuart: i would think about buying into it, milking the dividend if i thought the price of oil was going back up to 60, 70-dollar a barrel range. susan: most profitable company on the planet. 60 billion-dollar profit each and every year compared to apple that makes 40 billion.

there is something you buy in terms of value. stuart: i wasç putting money io uber which is losing a billion. on night trump was elected, paul krugman of "the new york times," predicted a global recession with no end in sight. his wrong failed predictions did not stop there. we'll break it down in a moment with howard kurtz, media guy. that movie on your screen, "12 strong." all about the first group of soldiers sent to afghanistan after 9/11. that is based on a true story. the master sergeant who started that group, started a distillery. he is a success story. and you will meet him. ♪ (vo) the flock blindly falls into formation.

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stuart: very little change for stock prices. holding up to close to high record levels. the dow at the moment down 13. the s&p ever suchç a fraction lower, down four points. the nasdaq on the downside, i think it is down a quarter of 1%. let's see. down .20%. bigger losses in the nasdaq. not much of a loss. how about peloton? their stock price briefly touched $29 a share. first time it has done that since the ipo. the price was 29. peloton has almost recovered back to the starting price. talk about fedex and "the new york times." "the new york times" published what they thought was expose' of fedex over the weekend which they said, hey you, fedex, you got a big tax cut, you lobbied for it, you paid no tax and didn't reinvest the profit. now as i understand it, fedex's fred smith coming back at "new york times" saying i want a

debate. susan: hitting back at ag sulzberger, debate me, bro. after "the new york times" alleged that fedex paid zero, zero in income taxes in 2018. that is from 1 1/2 billion the year before. so basically the effective tax rate sync from 34% to 0% in 2018. and they didn't reinvest it. basically the capital investment was lower in 2018 when they paid zero than when it was in 2017. fred smith says i'm pointing finger at you, new york tiles,ç because you paid zero federal tax income in 2017. only 30 million-- stuart: wants a public debate? susan: bring the tax debate and head of fedex. stuart: i would love to see that pay-per-view. love to see that. show you a headline from the "national review." look at this. paul krugman, always wrong, never in doubt.

the author of that, the author there says krugman continues to be wrong. refuses to give trump any credit for what's going on in the market and the economy. howard kurtz, host of "media buzz" is with us now. howard, do you agree with this? >> debate me, bro, i love it. stuart: debate me, bro. >> got to admit paul krugman has been consistent. he has been consistently wrong. this "national review" has a great headlines. august 1st, why trumpnomics is a flop. here comes the trump slump in november. the day that trump died.rugman,l prize-winning economist, princeton professor and smart guy, i have to think the disdain and everything donald trump stands influences his economic judgment here. stuart: am i right saying that professor krugmanthe most

widely read of all "the times" columnists? >> that was true for many years. not in the age of impeachment. he is a very high-profile commentator. eventually he will be right. there has to be a reessential eventually, right? the expansion has gone on for a very long time. to keep betting, he is not only one saying recession is coming. we went through that several weeks ago, stuart. but the way in which he keeps doubling down trump will blow up that this will dei strout market. the day after trump was elected krugman sent out a tweet this will crash the market. obviously that didn't happen. we're in a record breaking pace. stuart: i think professor krugman ignored rational economics where you give credit where credit is due. he is overtaken with the emotion and detests the president and will write anything that helps get rid of him. >> some would argue that the

market is overvalued at 28,000. we'll see. krugman hasn't gone as far as bill maher on hbo. rooting for recession would make it easy to defeat trump in 2020. krugman fans are waiting. doesn't seem like any of his predictions have come to past. stuart: 30 secondsç left, howa. give me your judgment on the media and impeachment proceedings thus far. >> i think media are all in on impeachment. i think the media were, had a point in criticizing president trump's tweet about marie yovanovitch. i think they most acquitted themselves well but didn't have first-hand knowledge. we'll see what happens this week. pretty clear where they're leaning on the impeachment question. definitely all in. stuart: howard, see you real soon. remember we told but the horse soldiers? they were indeed the first u.s. military units in afghanistan

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stuart: is the makings of early rally here? i don't know. we're up 16 points. just got a tweet from the president. here we are, quote. just finished a very good and cordial meeting at the white house with jay powell of the federal reserve. everything was discussed including interest rates, negative interest, low inflation, easing, dollar strength and its effect on manufacturing, trade with china. eu and othersç et cetera. ashley: that was a big covers. stuart: that was a very high level conversation. the president, chair of federal

reserve and treasury secretary, it sounds positive. maybe that is why we got an inching of up of the dow industrials. of the presidential tweet coming in. there are reports that president trump backed off on the ban on flavored e-cigarettes. why would he do that? susan: politics. within the internal trump camp there are debates what it means for the base heading into 2020. you want to ban e-cigarettes and rally suburban moms to vote for trump in 2020. or stick to the base which favors having e-cigarettes in place. alex azar you speak to a lot, health secretary, pushing for a ban on flavored cartridges when it comes to juul. multiple states introduced a ban on flavored cartridges but outright ban on vaping might not be politically sane going into

2020. stuart: got it. we will talk about horse soldiers. we promoted this all day long. these guys appeared in afghanistan after 9/11, and chased out the taliban back in the day. the special forces did that one of them went on to foundç a bourbon distillery. he is with us today. welcome master sergeant scott neil. sir, welcome back. >> i appreciate it. it has been five years since i have been here. stuart: hearing that five years ago, you were on the show talking about something completely different. >> yes, sir. talking about transition for veterans, what should we do. stuart: so you went out started a bourbon company? >> we did. as group of friends we stayed connected. served all those years. we wanted to live the american dream we've been defending. over a glass of bourbon said, boy if we could make this we could sell it that started our journey, so the bourbon is called? >> horse soldier bourbon. stuart: of course. >> it was funny looking at names. we talked about creeks and

wolvesoaks, somebody said, call it horse soldier? we said of course. stuart: the guys formed distillery with did you. >> horse soldiers. stuart: horse soldiers chasing the taliban. >> 50,000 against small teams of green berets. they love the odds. there is statue on ground zero, america's response monument. when the movie came out that made the country aware what we did secretly. we wanted something together. our wives are involved. our kids lick the labels. that isç about an american dre. that is what we made. stuart: how many cases have you sold. >> 20,000. we're double growth. hopefully sell 40,000 next year. then we're getting to the big boy level. stuart: that is pretty good. >> imagine nothing exists. stuart: got to know the name? >> horse soldier bourbon.com. stuart: horsesoldierbourbon.com.

thanks very much for your service. what you did in afghanistan? >> we did it in iraq. so my son's there now. we continue to serve. it is just bourbon. stuart: shake that hand, sir. pleasure having you on the show. >> thank you. stuart: markets near record high. economy strong. i say investors are not phased by impeachment. politics not hurting this market. that is the subject of my take in a moment. plus, mike bloomberg apologizing for the controversial "stop-and-frisk" policy while he was mayor of new york. why now? is it a sure sign he is ready to jump in the 2020 race? trump campaign spokesperson caylee -- kayleigh mcenany joins us. driverless cars,

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: why is the stock market going up again?

watch this program and you'll know that prices have indeed been rising rapidly. the dow, the s&p, the nasdaq, they have all gone up week after week since late summer and we are moving just a little bit higher this morning. we're at 28,000 now. now, we can trot out the usual reasons for you. progress on trade, good profits, a growing economy, i've got it all. the fundamentals, as they say, are strong. but maybe, just maybe, politics is working in the market's favor as well. investors are smart. they can read the political winds. for example, the impeachment drive, it's not going well. the senate will not vote to remove the president from office, not going to happen, and the hearings in the house are descending into farce. investors see this and are reassured that the president who started this market rally will stay in the oval office. the impending failure of impeachment is a plus for your money. investors are also looking at

the democrat 2020 candidates. there are now 18 of them, not including mike bloomberg. none has hit 30% support on a regular basis and it's less than three months to the first primaries. in other words, the democrats are having a hard time figuring out who should lead them in the election. and there's a real danger of a split and brokered convention in july. and that means a weakened candidate. good news for investors. they don't want a green new deal or medicare for all. investors don't want a wrecked economy. let's be clear. all bull markets come to an end. this one is, what, 11 years old, very long in the tooth. but right now, that bull is still running and it's running because of the economy and profits are strong and because the democrats will not get the power to ruin it. the third hour of "varney & company" is about to begin.

stuart: all right. we will get reaction to that editorial in a moment. first i want to hit the story one more time. president trump, fed chair powell, treasury secretary mnuchin, they all met at the white house this morning. of course, they were discussing the economy. mr. powell did not stray too far from his testimony to congress, saying rate policy, interest rate policy, will depend solely on the performance of the economy, not much stock price movement when that news came in. we are down just 12 points on the dow, 17 down on the nasdaq. back to my editorial. market watcher david nicholas is with us. david, you heard what i had to say. do you think the markets, with all this good stuff going for them, you think we just go up until the end of the year from here? >> well, unless you can tell me there's somewhere else better to invest, they're going up. america is the best place to invest in the world. some of the things you so eloquently stated earlier, business confidence is up, consumer confidence is up, taxes are down, regulation is down,

you put all that together and what that does, it bodes for healthy earnings. this isn't just what politicians are saying and what the administration may be saying. we are seeing this in the data. earnings are healthy and when earnings are healthy, stuart, you are going to see stock prices continue to rise. stuart: it seems to me that it's the consumer that's really leading this economy and to some degree, leading the market, because the consumer appears to have money available to spend and a willingness to spend, so that's really financing a year end rally. >> it is. and the consumer is holding up the u.s. economy but the consumer is also holding up the global economy. if the u.s. consumer goes, so goes the global economy. that's the reality of where we are right now. why is that? because people are confident about the future. if you are confident about the future, you will spend today. so as long as that confidence continues to come partly out of washington, i think you are going to continue to see consumer spending increase but this is a big week for retailers, stuart. i think this will be very telling on what markets do for

the rest of the year. stuart: okay. i want your comment on private equity. we've got senator warren and aoc saying that private equity is to blame for taylor swift's woes and also private equity is to blame for, what, a million jobs lost in the retail sector. that to me is irrational criticism. what say you? >> it seems like taylor swift doesn't understand how business operates. in a business agreement, you sell a product or service and you get money in exchange. well, taylor swift sold the rights for her music and she received money, a lot of money, to the tune of millions of dollars. so aoc, senator warren are using this as a time to demonize wall street, demonize private equity and they could look like they are siding with the common american everyday american but taylor swift is far from the everyday american. she's one of the highest paid entertainers in all the world. so when we see this happening, it seems like democrats all too often are willing to side with the hollywood elites, willing to

side with the elites in the media, and make it look like they are defending the common man but that's not the case. not every private equity deal is perfect but this is a classic example of taylor swift exchanged her songs for a large sum of money. if she didn't want to do that, she didn't have to sell her songs and she wouldn't have this problem. but it's sad to see what democrats are using as an opportunity. stuart: year-end rally, here it is and here it comes. david nicholas, thank you. always appreciate it. i've got some more bad news in a chain of bad news stories for wework. i think they are planning on 4,000 job cuts. look, this is a company in freefall. deirdre: it's a train wreck. that's the only way to say it. between 4,000 and 6,000 jobs, according to the "new york times." that would be one-third of the company's work force. to your point, most analysts say this company would have run out of money by this past october had softbank, this sort of deep-pocketed japanese

conglomerate, not come in with an 80% ownership and $5 billion rescue package, but for this rescue package which by the way, a five-year plan, for it to work, investors still have to want to buy bonds albeit at junk levels but there are a lot of people who say there is no way investors are going to touch this now. on the flipside, softbank does have this $100 billion vision fund so it is quite stable. the 80% owner certainly has a lot of pockets. that said, there are a lot of people who are very bitter, lot of employees who are very bitter who were promised stock options when the company went public. then the ceo, ousted ceo adam neumann is still getting total comp package about $1 billion to walk away. there are a lot of employees saying hang on, i'm actually getting fired or laid off, i have nothing, this founder who is irresponsible by many standards is still getting a billion. stuart: what a story. thank you. thank you very much. next one, fitbit, exercise smart watch guys, you got it.

a new report says people are ditching fitbit. ashley: because google has acquired fitbit for a couple billion dollars and people don't trust google. we often talk about oh, every day we have a data breach story. sometimes involving google, who is paid millions of dollars in fines in the eu. apparently it does have an impact, when you are talking about your health information. something that the company says we are not going to sell it, we are not going to do anything with it but it's not ringing true with people who have fitbits, apparently, who are increasely ditching them and looking for an alternative, maybe apple watch, because they don't trust google to protect their information. stuart: key deal, when the consumer starts to walk away, that hurts. ashley: yes. stuart: now we've got breaking news just coming at us. this is about the chinese technology titan, huawei. edward lawrence, what have you got for us? reporter: yeah, i can tell you that the commerce department is going to announce today that they will continue the temporary

general licenses for another 90 days. those licenses were set to expire tomorrow, so that means american companies can still sell to huawei for another 90 days. that deadline is going to be extended. there's a separate process where special licenses are being acquired for american companies. that is still in the process. again, the temporary general license where all american companies can sell to huawei being extended now 90 days. they were going to have to stop selling tomorrow. now they can continue. back to you. stuart: call that a positive for china trade talks, because i think it's tangential to it. thank you very much indeed. all right. president trump traveling to austin, texas later this week. he's going to meet with apple's chief tim cook. we will tell you what they may be up to. michael bloomberg, he popped up once again this weekend, this time at a predominantly black church in brooklyn, apologizing for some of his controversial policies while he was mayor of new york, like stop and frisk. so is a formal announcement on

deck soon? we will break it down with kayleigh mcenany, trump 2020 national press secretary. we will also ask her about bernie sanders, slamming success and billionaires. he says they are getting nervous from all his campaign promises to tax the rich. i let her sound off on that one. she's with us next. this is the third hour of "varney & company." ♪

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stuart: president trump heads to texas wednesday. he's going to tour the new apple plant in austin, texas. deirdre: big plant, apple's biggest presence, and tim cook says they are investing $1 billion to build this office park capable of holding 15,000 additional employees. so apple is going to assemble its new mac pro computer there in texas. so the president is going to go

with the ceo, tim cook, and check it out. stuart: so tim cook is doing what president trump wanted him to do, bring some apple production to the united states. deirdre: yeah. because at one point it was in question whether or not this mac pro product would be assembled in china. tim cook changed his mind, put it in texas. stuart: i think the relationship with the president to tim cook has clearly helped the stock. deirdre: you even had president trump tweeting awhile ago hey, tim, i don't like the absence of a home button, you know, so they do obviously have a very good working relationship. stuart: $265, apple stock price right now. thank you. next one, michael bloomberg apologized for his support of the stop and frisk idea. that was when he was mayor of new york city. he made the statement after visiting a predominantly black church in brooklyn, new york. let's bring in trump 2020 national press secretary kayleigh mcenany. do you take this, this apology, as a sure sign that he is

running? >> i do. i do think he will jump in. why apologize for something you have doubled down on your entire career. of course, he criticized mayor de blasio when de blasio rolled back these policies. he's been a staunch defender of stop and frisk. why, because it worked. it brought down the murder rate by 50%. why back pedal like this unless you are prepping for a presidential campaign. stuart: what is your plan to go after the $52 billion man, mr. bloomberg? >> well, he makes it very easy for us, as do all the democrat candidates, including joe biden, because you cannot succeed in today's democrat party unless you bow to the altar of the far left. mike bloomberg is no exception. this is a man who wants to be all things to all people. he was a republican before he was an independent, before he was a democrat, now he's got his fourth iteration of political being and that is a far leftist. he will not -- stuart: whoa, whoa, kayleigh, you can't call mike bloomberg a far leftist. he doesn't want anything to do with, what is it, medicare for all, he doesn't want a wealth

tax. in the context of the democrats running so far, he is right in the middle. he's almost on the right of the party. he's not far leftist. >> but -- but here's the thing, stuart. watch where joe biden began. it was a barack obama type democrat who tried to straddle that middle line a little bit but watch where he's come. he now is against all fossil fuels, he wants to eliminate them. he now is for a public option that would have the same end result as medicare for all. mike bloomberg, though he now pronounces those policy, he can't succeed on the democrat debate stage unless he follows in the mold of biden and creeps left. that may be mike bloomberg today. come back to me and ask me who's mike bloomberg in march of next year. stuart: hold on a second. let's see what bernie sanders has to say about billionaires. roll that tape, please. >> i know you see on tv the billionaire class getting a little bit nervous.

they know we're standing up to their greed and their corrupt n corruption. and literally, they've already figured out what they're going to do. are they going to leave the country, are they going to get divorced? whether you like it or not, you're going to start paying your fair share of taxes. stuart: now, i hate to say this, but you know, this income inequality issue beating up the billionaires, saying come on, you can afford just a few extra million dollars in tax, that's a powerful line. how do you go after it? >> not to the extent that bernie is taking it, though. he's tweeted that billionaires should not exist. stuart, we live in an aspirational country. we live in a country where people want to harness the american dream, want to aspire to be a billionaire or millionaire or successful person one day. it's why 82% disagree with bernie and told cato billionaires should exist. so while we absolutely want all

boats to be risen and that's happening in the trump administration, wages growing at the fastest pace in a decade and twice as fast for low and middle income americans, we want that to happen but we don't want to abolish the american dream and billionaires and the as sprayings this country great. stuart: thank you, kayleigh. tesla is going to invest $4.4 billion in a factory in berlin, germany. a new factory, at that. the stock down about five bucks at $347. ford, i think they are back to $9 a share. no, they're not. $8.94. they just revealed their new electric mustang. sacrilege to some people. speaking of that highly anticipated all electric mustang, we've got it. it's an suv. they are calling it the mach e. jeff flock has seen it. he's going to show us what is so

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stuart: all right. differing views on marijuana. first off, joe biden. now, he's skeptical on marijuana, says it could still be a gateway drug. i guess he's not favoring national legalization? deirdre: exactly. he's not favoring the national plan but he does say states should be able, i'm quoting him here, to make a judgment to legalize marijuana and i do want to say he supports medical marijuana but says there's not enough evidence to really go ahead and legalize it nationally. he said he still thinks it could be a gateway drug, if more research comes out he will change his mind. stuart: i call that fence sitting. i just think it is. the house judiciary committee are going to vote this week on

legalizing marijuana at the federal level. what's this about? ashley: basically to remove cannabis from a controlled substances act, the csa, which would be a major development. it's one progs have wanted for some time. this bill cosponsored by 55 people, all but one are democrats. is there a chance of it getting through the house, maybe. stuart: i've got a problem. i believe this bill would provide seed money to small cannabis businesses. in other words, the taxpayer would be funding the pot business to some degree. ashley: paid for with a 5% tax on marijuana sales. you're right, it would create programs such as job training, legal aid for people impacted by the enforcement of marijuana. it would also, as you say, give loans for small cannabis business owned and controlled and those who are economically disadvantaged and also goes back and expunges the records of people who have been convicted of marijuana charges. now, would this have a chance of getting through? that is an overstep.

i don't think that would get through the senate. stuart: no. the idea of paying taxpayers money, supplying taxpayers money, our money to start up marijuana businesses, that is just not going to fly. not going to fly. thank you. there are reports that president trump has backed off his demand on flavored e-cigarettes. we think, deirdre, this is because it won't fly with voters. what do you say? deirdre: that is what i'm hearing and reading as well, is that 2020 is coming up and in a lot of swing states there are a lot of adults who have tried to use e-cigarette products to try to quit smoking and so it seems as if president trump has changed his mind about signing a one-page decision memo which would ban the sales of candy, fruit and mint flavored e-cigarettes. so he's just backing off from signing the memo for now. stuart: good. okay. we hear it. thank you. encyclopedia of information today. that man on the screen is colin kaepernick. he had his private training session with a few nfl teams

saturday. let's just say it wasn't all that we had hoped for. we will tell you all about that in a moment. we have new numbers on home builder sentiment. pretty strong for this month. we have the national association of home builders president back on the show. what's the housing market saying about the economy? we will be back with that. ♪

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described the meeting as cordial. it had no impact on the market. we are still down two, up one on the dow. nothing happening. but we've got that breaking news on huawei. commerce department now granting a 90-day extension for all u.s. companies that want to do business with the chinese tech giant. i think that's pretty good news for a trade deal but it's had no impact on the market. earlier this month, apple announced it's going to donate $2.5 billion to build or subsidize at least affordable housing in california. we better hear from jerry howard, national association of home builders ceo, because he deals with this. i was shocked. $2.5 billion to build affordable housing in california. first of all, it doesn't build many affordable homes, because it's so expensive. >> it's very very expensive to build in california. that's if you can get permission to build and get the permits. it's one of the most difficult places in america to build a

house, which is why 17 out of the 20 least affordable markets in the united states are in california. stuart: your guys, i mean, your guys would like to build in california, where there's strong demand and very strong income. you want to do this. >> absolutely. it's just virtually impossible. i was recently out in southern california talking to our builders out there. they are considering, some of them are considering shutting down their shops. it's just impossible to build. stuart: is it climate rules? >> environmental rules, water regulations, labor shortages, material costs, everything. it's the perfect storm out there. for apple and these other -- say they are public spirited companies, they want to contribute something. it's a shame that they have to contribute money for housing which should be a fundamental right that the government should assure that people can afford. stuart: take me through this for a second. let's suppose i have an acre of land and i'm in a nice area and i want to build a house there.

i've got my plan and i know exactly what materials i want to use and i know which permits i've got to appeal for, i've got an army of lawyers trying to help me out here. how long would it take me to build that house? >> in california? stuart: yes. >> probably three to five years. in hawaii, maybe nine years. parts of massachusetts, nine years. stuart: good lord. i built a house in upstate new york and planning commission was one-page sheet which i signed and i built it within nine months. >> that's terrific. there are some states where the entire regulatory process is handled at one-stop shopping. those are the states that are promoting growth. those that want to stall growth, those that want private companies to pay for housing make it very difficult. stuart: it's not going to change. california will not change. >> we talked about this before. san diego county, california, they now tell me it's not 50% the cost to build a house is

regulation anymore. it's now 60%. stuart: 60% of the cost of building a house -- >> in san diego county, california. stuart: is regulation? >> regulatory compliance. stuart: complying with regulations. that's ridiculous. let's change subject for a second. earlier this morning, i think 10:00 eastern time, we got the home builder sentiment index. still pretty strong. what does that tell you about the overall economy and real estate market? >> it's over 70, it's very strong. it's at peak levels right now. everything is going great. i have been, since i have been on the show last, i have been all over the country and builders are really really gung-ho. all this talk earlier in the year, the liberal media saying we are going to go into recession, you can't prove it by our industry. absolutely not. stuart: which is the strongest area of the country? for new home building? >> the southeast and mountain west. stuart: southeast, mountain west. again, not california, not new york, not the eastern seaboard. >> no, no. stuart: relatively liberated

places, put it like that. you should be a regular on this show. mr. howard, thanks for joining us. >> good to be back. stuart: good luck, sir. thank you. drama surrounded colin kaepernick's nfl workout this weekend. he pulled out of the nfl-sanctioned workout right before it was due to happen and it was going to be attended by 25 teams? ashley: 25 teams. they were actually in the atlanta falcons facility waiting for it to begin and all of a sudden, they got note, no, this is going to be held at a high school 60 miles -- stuart: why? why did he do that? ashley: mr. kaepernick and his representatives didn't like the way the nfl had set this up. they say he had to sign an unusual waiver on liability and that they wanted their own film crew to record all of this. you know, this is a guy who truly wants to get back in the league, he's already had a settlement with the nfl, why wouldn't he just go ahead and show what he can do on that field with 25 coaches standing there saying you know what, this guy is a legitimate player and

we could use him? but no. in his continuing fight with the nfl, he pulls this last-minute switch. about three coaches did manage to go down or representatives of teams did manage to get down to the high school but it was basically a sham. stuart: i think he made a crank mistake there. ashley: if you want to get the nfl to see what you can do, take advantage of it. stuart: right again, webster. ashley: thank you very much. stuart: got to get this one in m nike launches shoes for everyday heroes. deirdre: air zoom pulse for hospital workers. nurses, doctors, basically anyone who works in a hospital, health care facility, who is often on his or her feet 12 hours a day walking no less than five miles per shift. prices have not been released but they go on sale in september. comparable ones have gone for about $130. they are laceless, they have this flexible sole. nike says it feels like a good

snug hug. the idea is to support those who are supporting those who are ill. stuart: give them a nice commercial, didn't we. thank you. molson coors, beer people, entering a new partnership with non-alcohol beverage company la libations. they make seltzer. we were talking about this earlier. aloe vera water. they are just walking away from beer. case closed. how about disney? the stock is seeing a pretty good gain today. looking at up four bucks. no particular reason for it. it's getting back close to its all-time high. could be the fact their holiday movies are becoming a hot streaming commodity with the addition of "miracle on 34th street." maybe that's it. $148.59, disney stock right now. in a moment we will talk religion, the pope, went after the wealthy at mass yesterday. we will tell you exactly what he said and kennedy will respond to what the pope said. we will get her take on kanye

west as well. he took his famed sunday service to joel osteen's mega-church in houston yesterday. kanye called himself the greatest artist that god has ever created. we will get kennedy's thoughts on that as well. ♪ look, this isn't my first rodeo... and let me tell you something, i wouldn't be here if i thought reverse mortgages took advantage

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appropriately outraged by this story. stuart: these students are the most active and brave pro-democracy people in the world, bar none. they are going up against a totalitarian communist regime. where is the support? >> the pla will roll in with tanks at any second and these are the ones who have the biggest bull's eye on them. it's different from other ref lug revolutions and uprisings we have seen because they are fighting for something they already have, which is vastly different than a group of people who have been oppressed for a long time who are fighting for an ideal they have never really known. they are going to fight like hell in a different way because they know their civil liberties and quality of life will be totally compromised if mainland china has its way. stuart: it's hong kong, one of the foremost financial capitals in the world, a very civilized city which i have lived in and truly love. >> civilized and free. stuart: and free. >> one of the first or second cities in the freedom index for

good reason. stuart: for good reason, it is. look, i want to bring a variety of stories to you. i want to bring this story about the pope to you. he said, the pope said at mass quote, the greed of a few is adding to the poverty of many others. is the pope a socialist? that is a socialist mantra? >> i think he's a good person, well-intentioned and has a very good heart and he wants to uplift the people in his flock who have fallen behind. i don't think zero sum economics is the way to get there. i think if someone has a respectful conversation with his holiness, they can show him how great capitalism has truly been for those who live in extreme poverty in places like africa and it has lifted people out of that and into literacy and much longer lives. stuart: hundreds of millions of people are lifted out of poverty by capitalism. that's the way it works. next one. kanye west went to joel osteen's church in houston, texas. mega-church service. >> hallelujah!

stuart: that's your take on it. do you approve? >> i love the record. "jesus is king." i really do like the record. i was talking to kmele tfoster,a huge kanye fan, who thinks it violates all his artistic principles. i think it's fantastic and wonderful. i think what he is going through, his spiritual awakening, i think it's fascinating. he's reaching new people and he's got some interesting things to say about culture and the devil. stuart: do you agree with the mega-church's bringing in tons and tons of money? >> you know, i like money. just be honest about what you're doing with it. you know, we had the bagwan with 80 rolls royces so i'm always dubious of people who enrich themselves, like no, it's for that guy, i swear. so if kanye is going to sell

records, god bless him. stuart: stay there. we have more. stay quiet if you can. google's video game service has doubled their gaming lineup right before it debuted. deirdre: 22 games, 14 countries. this is big business. you may think oh, it's games, who cares. it was a $135 billion business in all the streaming universe in 2018. most analysts say $300 billion, that's almost stuart varney money, by the year 2025. stuart: $135 billion? deirdre: that's what this entire sector did last year, streaming. basically amazon twitch is number one. if you want to know bigger picture, this is really google versus amazon. it's all about developing their cloud. i know you have microsoft so they have microsoft is allowed in china, azure. that's a big play for microsoft's streaming game. long story short, this google product is supposed to be fabulous because anywhere you can open chrome, their browser, phone, laptop, tablet, whatever,

you can play these fancy games. a lot of developers are already signed on. electric arts, take 2. stuart: all right, all right, i got it. all right. guess who's here? the atari ceo. look, i go back to the 1980s and so did you. atari was 1980s. how do you stay relevant? because you are in the business now. how do you stay relevant when there's all this new stuff flooding the market? >> good morning. yeah. i think you stay relevant by having games and offering them on any platform. yesterday it was on pc, then consoles. today it's mobile. tomorrow it's going to be streaming. you just adapt to your population. depends on the country, depends on the content, depends on the type of game. but that's the reality. stuart: games today are totally different from what i played on atari. i played pong. >> frogger. >> it's a combination of more

females playing, different types of platforms, even different types of experiences, different countries, different traditions. but yeah, it's something that's growing because even today, people from 40 to 60 years old, they don't really play so this is like doing tv and no one is really watching tv. stuart: wait a minute. i've tried to play these games. my hand/eye coordination -- >> can i add something quickly? the nice thing about today's video games, they are easier to win. there was like the middle era in between, it was really, really tough to win any of those games. you had to be an expert. now the reason kids like to play is because even if you die, you are reborn. stuart: any comment on that? >> it's true, but think about tennis and golf. you have tiger woods, you can enjoy a good game of golf. we are trying to be, again, back

to flexibility, we are trying to cover the spectrum and offer carp casual games. to your point, it's true most of the e-sports professional players, the player will end around 25, 26 years old. after that -- stuart: you're not fast enough. you are the atari guy. what is your favorite game now? today? >> today i like breakout. it's an upcoming anniversary. stuart: is that the one where the brick comes -- is that still going out there? i want that. >> there you go. fantastic. stuart: remarkably successful segment, against all the odds. >> steve jobs and steve wozniak played the game.

stuart: the breakout game? >> yeah. stuart: now he tells us. thank you very much indeed. social media app tik tok looking to cut its ties with china. why? ashley: because the people in this country and the area this company wants to expand into is very nervous and it has chinese roots, based in beijing. stuart: it's owned by the chinese. ashley: back in 2017, all the way back in 2017, now valued at $75 billion from a startup from 2017. the problem is, their understanding is that there are concerns all the way up to lawmaker level where wait a minute, how safe is our, you know, our information on this particular social media platform. so they trying to distance themselves, maybe expand into singapore, maybe try and make this less chinese. bottom line is the owners are headquartered in beijing.

that's the problem they're facing. stuart: that would be a problem. ashley: yes. stuart: okay. i want to update our viewers there may be some more blackouts coming in california. we believe the blackouts will be in the northern part of the state and some 180,000 people could be affected, maybe by wednesday of this week. that's kind of a warning out there. meanwhile, pg & e, the company which would be cutting off the juice, the california utility, they are down 3%, $7 a share. ford just unveiled a new all electric mustang. we've got it for you. it's an suv. they are calling it the mach e. jeff flock has seen it and will show you what's so special, after this. ♪

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people will determine. but they say it's got the dna of a mustang. look at this. what's under the hood, you are used to what's under the hood of a regular mustang. what's under this hood, look at this. you can put your luggage in there. there's actually a drain plug if you want to put beer in there, it will drain out. that's kind of cool. come around to the front or the other way, if you can, oh, hey, come with me this way. well, you can see inside from there. i want to show you how these doors open. know what? i'm going to do this. i'm going to go there with lance and open the door. i just want to show you how these open. no door handles. you press a button and the door opens up. okay. that's neat. if you go inside, you see that big display there. what's that look like? kind of looks like a tesla. this is probably a tesla fighter, right? the only difference is this suv, and it is an suv, you say this is really an suv. let me open this door. i will show you. it's got seating for five. so it is an suv. got a hatchback in the rear as well.

300 miles, this is the premium model, 300 miles on a charge. there will be another model which will be a high performance model. that's going to go 0 to 60 in 3.5 roughly seconds. so drives like a mustang. i tell you, the company, jim hackette told us on fox last night, this is the heart, this is testing the heart and soul of ford. they are betting a lot on this one. remains to be seen. i said to him you know, you could make a good car and nobody buys it. the edsel was not a bad car. i think you had one of those, did you not? stuart: very funny, flock. very funny indeed. actually, jeff, that was a pretty good report on this new electric mustang. you really showed us how this thing works. thank you very much indeed. i'm not prejudiced against electric cars. i'm just not prepared to buy one when i can get gasoline for $2.50 a gallon. got an economic interest here.

no answer to that one. reporter: you get a tax break on this. you love saving tax money. stuart: nope, nope, you don't get a tax break. if you make too much money you don't get a tax break. doesn't work that way. have a nice day. that was a good report. check boeing, please. down this morning. the faa announced that plane approvals may be altered to make human factors a priority in certification. boeing stock down just three bucks on that. $368 on boeing. j & j, reports say they rushed the tests of the baby powder and announcing results which caused the results to be more complicated than the original tests. just the latest issue for their baby powder. the stock, though, is up 30 cents at $135. if you remember, last week one of our loyal viewers slammed me for how i treat my production staff. well, today i've got a nice message from another nicer loyal viewer which i will show you,

next. ♪ this is the age of expression. but shouldn't somebody be listening? so. let's talk. we're built for hearing what's important to you, one to one. edward jones. it's time for investing to feel individual. thlook at all this ink no more bit comes with.es. big ink tanks. lots of ink. no more cartridges. incredible amount of ink. the epson ecotank. just fill and chill.

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one call can save you $2000 every year. that was really very nice. i got to say. i'm not nasty to our producers. i'm a model of charm and restraint.

>> they're laughing in my ears. sorry they're laughing. if you want to create a great show. there are sometimes conflicts. it is ongoing. and it becomes exciting. i am a true gentleman, ain't that right, neil? neil: if mrs. varney said so. thank you very, very much, my friend. good mail is getting to reach you. meantime, we're following this whole in and out of 28,000. the record thing, it gets tire some. but it never gets old. we have the s&p 500 in and out of all-time high. investors did i guessing a whole bunch of stuff. president sitting down with steve mnuchin and jay powell. no one was throwing anything. given escalating violence we've been seeing in hong kong and concerns that the chinese have we'll marry that and