minette an irishman answering questions, i will go with vermont. stuart: joseph. >> i would go with maine. stuart: me too. it is vermont. i was going to go with maine because it is closest on the eastern seaboard but so is vermont. you looked up? we would never do that. ashley: i'm just lucky. stuart: it became the first state in 1791 after receiving approval from president george washington. now you know. señor friday feedback to us. "varney and company" is about to close. seven seconds left. coast-to-coast starts now. neil: how can we talk tough on

china when our most prominent ceos can't stop sucking up to china, the over-the-top whining and dining desperate to curry favor, the president because of a dictator but they are calling him something else, a cash cow. welcome, everybody. it does look a tad odd. tough words from the president on the chinese leader. he struggles to find common ground, scores of others struggle to get an audience in and scored a big deal. we are at odds on this issue. edward lawrence in san francisco. edward? >> reporter: a lot of moving parts. tomorrow leaders are arriving. president biden will speak in an hour and 45 minutes.

below me, there's going to be a family photo and working lunch with world leaders but for president biden this follows a night of choice and choice words. president biden meeting with president xi jinping for four hours in the bay area outside san francisco. then xi went to dinner with high profile americans blowing off the dinner for world leaders where president biden spoke. xi received a standing ovation in that remand offered this morning. >> translator: the logic is quite simple. if one sees the other side as a primary competitor, the most consequential challenge and pacing threat. it will only lead to misinformed policymaking. misguided actions and unwanted results. >> reporter: before this speech a smaller group including elon

musk met in a private setting with xi fresh off of a deal made with president biden to crackdown in companies that make fentanyl or source materials, they agreed to talk about ai and how to manage that responsibility. senator rick scott calls xi a dictator any bully saying we can't trust him. >> we need to be realistic. everything that comes out of xi's mouth is a lie. ask people in taiwan if they feel comfortable. >> reporter: xi needs more money to help the economy. investments go to other countries like india and vietnam as the ceos, sources and stuff one place. in the last 10 minutes we learned one of the panels has changed, you line musk was to be there in san francisco time. they added the climate czar

john kerry, panel discussing ai and the future of technology. neil: thank you very much. the former state department, let me get back to something, some controversy echoing that xi jinping is a dictator, to you. >> a gaffe by washington standards which means he accidentally told the truth. biden did this a number of times with us, china tensions, would you stand up, biden says yes. his staff is walking this back. he called xi a dictator which is, his and secretary of state winced and they got that on video. everyone is worried because there's no substance to the summit. may be the whole thing goes wrong.

neil: this notion that the strong message from the president, that reaction was viscerally right and sometimes the president does that, he speaks his mind and staff tries to say what he meant to say, always dangerous. the ceos sucking up to china's leader and blurring that message we are trying to send as a country. what do you think? >> it's gross and unnecessary. if you feel you have to do business in china, have your intellectual property compromise, there is supposedly a big border for boeing in the offing. china hasn't ordered anything from boeing for for 5 years but you can still find ways to communicate and be involved without giving a dictator a standing ovation. it reinforces you can't rely on business to do the right thing.

this indicates you need congress to create laws that limit the ability of us companies to do business in china. neil: this has always been a raging debate with politicians when it comes to nationbuilding and all the rest and you make the argument at least if we are doing business with one another we are less inclined to glow to blows with one another but that is kind of like the view that a lot of ceos have, to entertain business deals, it's good for us and good for china, keeping us out of war. >> the prevailing argument i bought from 2000 until 2005 watching china and their military expansion, dealing with things like human rights but then with the election of donald trump, it seems washington and parties in

congress discarded that view, no wasn't improving their behavior and xi jinping, he is willing to incur economic damage which currently is inflicting the chinese economy in order to achieve his strategic goals. this is something barack obama made fun of mitt romney saying their foreign policy, seems like biden's team is trying to turn back foreign policy to 2015. neil: good seeing you. another bit of controversy, tiktok and the famous usama bin laden letter to america take on a life of their own. >> reporter: what happened is emblematic of something happening every day along, real or not, social media,

especially tiktok is transforming the national conversation. a pro-palestinian influencer discovered a letter written by usama bin laden some 20 years ago on a webpage of a british newspaper. xi posted a video saying the man responsible for 9/11 is right that jews have no historical right to israel and blames america for any and all violence in the middle east, quote, i need everyone to stop what they are doing right now and go read the letter because, quote, i am going through an existential crisis. her video got 2 million views, 200,000 likes with most saying they feel angry, manipulated and lied to by the us media and schools. the conversation migrated over to readit and twitter with hundreds of thousands commenting on similar views on the letter. most videos offer 0 context on

bin laden, 9/11 or what is celebrated by al qaeda and while this episode underscores, this is why people i congress and mike gallagher would band tiktok. >> people are massive idiots. i just came from watching the footage the israeli embassy compiled about the october 7th attack. it is horrific. for someone on tiktok to suggest that this is america's fault or bin laden who killed thousands of innocent americans was right is absolutely disgusting and further evidence we need to ban tiktok. >> reporter: one take away, americans watch 3 billion hours of tiktok every month and fully 1/3 get their news there. this is how you educate an entire generation of what we are talking about.

neil: i wonder what andy harris, the house freedom caucus thinks of all of this. a lot of people say if this is a compelling reason to ban tiktok, what do you see? >> there is a danger from tiktok. we should ban tiktok, bottom line is some states have done it. some companies don't allow their workers to use it on company equipment. that's the way to go. neil: when you hear talk about outright banning, some states are doing it, others are saying people are free to get information or whatever they want on social media and even though it is offensive, there and lie the risks in a free society. >> the troubled is the linkage to china.

some of the things on there are way over the line. that's the debate. the debate is whether this is a first amendment issue or an issue about protecting national security. is linked to china and that's the decision we have to make. in the next few months congress will take a position on this. neil: i would like to skip to keeping government lights on with the senate passing the stopgap measure. two senators didn't vote. many in your own caucus were very anxious about it when it was handed off to the senate with a lot of democratic votes. do you have a problem with that. do you fall the new speaker for that? what do you think? >> the speaker has been in the job for three weeks.

the bottom line, have to get past this deadline and making this a multistep cr, the agencies that can compromise with the senate in january and the rest in february, that's what we go to, restoring normal appropriations process. the one we had last year with an omnibus bill for thousand pages long, that is not the way to go. it is part of what drives our deficit and our debt and the reason moody's downgraded us. stuart: neil: how did you do that? >> i voted for it because it was my idea to do the continuing resolution which takes a step -- neil: talked to nancy mace. didn't blame it on the new

speaker, this is from nancy mace yesterday. some people interpreted you set to turn on mike johnson the same way you did on kevin mccarthy. what do you say to that? >> the situation we are in today is not mike johnson's problem. this was created by leadership or no longer in leadership today. adam: did the same thing. he appealed to democrats to finish. >> did he have any other choice? i think he did. what do you think of that? the new speaker, you provided some goalpost here in the process but that is what some of your colleagues are saying. the more conservative ones saying doing what we did before.

>> don't think the speaker had enough runway. kevin mccarthy had 8 months of runway. the speaker had 3 months of runway. we will get past this and the real negotiation begins on how we control federal spending to bring down our deficit and control federal debt. stuart: neil: great catching up with you on this. >> thank you. neil: the market in arrears, pastimes in the markets will change that, three hours and 45 minutes, some good news on interest rates, telling you how interest rates have been dropping dramatically. we see the declines in yields on the 10 year where for the third week in a row, 30 year fixed rate mortgage, averaging 7.44% a month ago, in and out of 8%, 15 year mortgages

fetching lower rates. right now at 6.81%. keeping an eye on this as you can see, the trend that continues. these are very high for some people who were half those levels. never told you when i got my first rate. that was half of that. we are going to look at walmart. no numbers were better than thought but it is guidance that worried a lot of folks. why that might take a lot of hope out of it. after this. ♪ ♪

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neil: walmart isn't helping matters any. it did get a good report, trouble is always in the guidance the company says moving forward, it is cautious, wall street is not a big fan of cautiousness.

i hate when other people do it. david nicholas joins us. he can give us a picture of this. what do you make of this? target not quite sure how much shopper will be doing this year but how do you assess it all. >> on like home depot and target, walmart saw continued growth in the same-store sales for walmart, and they beat on top and bottom. what went wrong? stock was up 17% before this report year to date, target is 30% year-to-date. stock is due for some pullback but this came down to guidance and walmart says we are being cautious about a weaker consumer going into next year

but -- that benefits walmart. they are looking for deals. i think walmart is a beneficiary of a week consumer. neil: how does wall street balance that? they moved on from future rate hikes. some are clasping the possibility of rate cuts. there is a flipside to that, around 4.5%. that produced lower mortgage rates and everyone likes that. that could be a reflection of a market slowdown. >> the market is ready for lower rates. what is the fed's appetite? the fed has a credibility issue. the market is pushing for this.

it is one thing to get to 3.5%. this is where it gets hard. is the fed going to pretend the target changed and we stay in is 3% world for the next few years? are they do what it takes to go from 3 to 2 and this is the challenge for the fed. the market is very optimistic. we see, is the fed going to put the pedal to inflation? i think we could see hikes. the market doesn't want that but futures don't show that but the world about 3% is well above target. we are still above target but there could be room here for the fed to mess with rates. neil: what would the reaction be to another hike in the markets? >> we saw the malaise in the market for the last few months. the market does not what they hike. this is somewhat contrarian but either the target is 2% or it

is something else. we are not at 2%. we are heading there, that will be the toughest thing. a lot of that is wages. a lot of that is built into the economy. neil: have we had our santa claus rally a little early? the last 6 weeks or so? >> 45, 50 was my year, we are basically there. on the s&p. 4600 at year end, and again, still a ways to go for all time highs for s&p. neil: how do you see 2024 shaping up. what do you think?

>> don't want to disappoint our viewers but this is generally a year of unknown. is it going to be biden or someone else? when there is unknown, we see investors put their hands up, i will see what happens. i think we have a sideways market from january to november. the inflation story we just discussed but i don't think next year will be an exciting year for investors. neil: i hope we get a chance to talk to you before thanksgiving. in the meantime, finally you are getting a number of top democrats speaking out in the pro-palestinian rally in washington. that could be scary. reaction to that after this. (vo) while you may not be a pediatric surgeon volunteering your topiary talents at a children's hospital — your life is just as unique.

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>> it was a disturbing,

troubling situation when you engage in tactics that are in a sense intimidating, crosses that line. neil: give credit to debbie wasserman schultz for speaking out, so if you democrats spoke out at this rally that got violent outside the dnc in washington dc, a pro-palestinian rally. surprisingly not heard too many attacks on those attacks. the president at the university joined us. we were talking during the break. this is par for the course. >> anti-semitism on college campuses across the country, is a deep concern. not just for the jewish community. the spotlight is a move, a society problem.

we need to do something to assure that anti-semitism is combated and stopped. neil: seems to grow and fester on college campuses. >> first thing is the need for moral clarity. college campuses, freedom of speech is the sole and only value. the purpose of the university is to seek and articulate truth. freedom of speech is a vehicle that gets to truth but the way you have the truth, the increase in -- in frequent times you need to say it explicitly and here it is clear how mass is a terrorist organization. one thing you can say about hamas, they don't hide what they are. they said they did october 7th and will do it again and again and again and they are expressly there to destroy the state of israel and illuminate all the jews. that is hamas. because university leadership is not clear in denouncing

hamas and pointing out what it is, goodhearted, kind college students who just sees suffering people, their generosity, we want to represent this -- neil: they have to remember october 7th. the show on saturday got interrupted. it was horrific. to hear many of these protesters, it either didn't happen or israel is overstating it or israel is going too far. i don't know where you begin with that. >> it is stunning, the barbarity cannot be understated. neil: it is like denying the holocaust in real time. >> that's one of the things, the first thing they need to do is the barbarity, i was in israel. my family is there now.

they butchered them, didn't just kill the children, they decapitated them. didn't just take the elderly hostage, they burned elderly alive. this is the most brutal, barbaric assault we have seen since the holocaust. neil: were you troubled by pussyfooting around iran, influenced 50 plus, 60 plus us soldiers and we responded 4 or 5 times. we are very reluctant to spread that directly to iran honoring territory, unknown military expert, i wonder if iran put that in their calculations, bomb a tent in syria. >> the united states has been standing strong with israel and they have been insuring. >> when it comes to iran is

that strong enough? >> a great question to explore. right now, hezbollah is going to attack from the north. a combat reserve soldier, as a parent i can tell you, all the parents in israel, grave concerns hezbollah at tax. neil: some rockets, nervous about that, you think this does widen them significantly? >> we hope is real takes care of them. america's backing continues to prevent hezbollah from doing this and that they will find peace in this region. neil: do you think it can happen? i noticed the reaction after israel is attacked, momentary rage for what happened to israel but this was especially given what happened, 1400 taken

hostage, the goodwill to israel is not -- >> so essential. everyone realizes when they say never again this is now. this is a moment, times when we participate, this is one of those times. not just my son who was called to service. every single person watching the show, every single person in this country was called to service for truth and to fight for freedom. this is the time when we each need to think of ourselves what are we doing in this moment to stand up against terrorism. neil: jews are a small percentage of the population, 2% or 3% and yet they account for more than half of hate inspired attacks. we see time and again as, trying to work for peace.

>> anti-semitism is real. i've spoken to college, and hiding, gaining legitimacy. neil: was always there. >> other college students don't fully understand, supporting hamas and rhetoric, and needs to be met for clarity and strength. we have over 100 college presidents standing up, universities united against terrorism.org, standing up and saying hamas is a terrorist organization and we stand with israel and palestinians suffer under hamas in gaza and all people, there is moral leadership in the universities. i'm so happy to have over 100

partners able to speak the clarity that's necessary today and we encourage all college presidents to join us in this effort. this is our past. nobody can avoid this responsibility. what you are doing here is part of that service. we are all called to serve to spread the truth. neil: thank you very much. more after this. trading at schwab is now powered by ameritrade, unlocking the power of thinkorswim, the award-winning trading platforms.

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charles: a source of mind is into the no labels movement that most of the meetings, it's almost a done deal, whether it happens or not -- neil: are they basing it on the end of donald trump? charles: needs to be trump versus biden, can't be biden versus nikki haley or trump versus gavin newsom. it has to be the two guys most of the country doesn't want, for them to come in with the candidate. becomes more likely that's going to happen you will see them make an effort raising money without access to both of these. they are pretty close. charles: they think it's a done deal.

charles: they don't think that candidate or fusion ticket would be a spoiler? charles: they think they can win this time. ross perot came close. neil: he stepped out and came back. charles: he said some crazy stuff. it -- you won't see joe manchin but that is an interesting thing. george bush came closer than anybody thought. neil: who does this help or hurt? manchin should hurt the president and robert f kennedy junior.

charles: i don't know whether it will hurt or help. neil: it only -- charles: who rubs italy these days? charles: it was 5 or 6 people. charles: let's see, is robert f kennedy in all 50 states? does he have money to do that? neil: you had your doubts if this could work. charles: i have my dad about robert kennedy. i think they can. they have two centrists. if they do manchin and romney, larry hogan, none of these are electrifying candidates but it seems the country doesn't want a repeat of last time. they don't care how electrifying trump is, talk about independence, 60% of the

vote, independents -- neil: they have an alternative to a locked in nominee -- charles: remember why biden won. remember why he did with. he came across the guy who brings back normalcy. there's something in this country that says i just want to make sure the trains run on time, make sure the border is secure, make sure we leave afghanistan. neil: he is getting to be too old. neil: make sure the president doesn't go nuts on twitter or start a riot on january 6th. there is the yearning for that among 60% of the voters. your only fans page, can i be part of it? julie: always like that.

charles: look at the time. neil: too bad. madison alworth is here, she's in nashville, the patriot awards tonight. what have you got for us? madison: what a segment to follow-up. we are here in nashville, tennessee for the fifth annual fox nation patriot awards. i'm on the red carpet because tonight at 6:30 i will be cohosting the red carpet show greeting guests before they make their way to the grand old opry, such an iconic venue, 95 years of country music history but on stage, every day american heroes instead of those country artists we know and love and what's amazing about them, these are folks the did patriotic things, during

this award show. when it comes to the patriot awards it is not complete with the fox family on fox friends, we have exciting guests here tonight we will be seeing on the red carpet. a new show, top combat pirate released on fox nation, country artist john rich, an awesome bar in nashville that we enjoy. and riley gains. the party kicks off on the red carpet at 6:30 eastern until 7:30. abby and i will have so much fun. don't forget to tune in. the actual award show at 8:00 pm eastern. we've been here all week, and incredible city to be in. i have my red or pink laser dress. we have a whole outfit changed for this evening because it is a big night. the fifth annual, everyone is really excited and can't wait to do it on the red carpet. neil: that is a fun city.

great stuff. thank you. brian brenberg of "the big money show" just ahead. brian: don't forget your cowboy boots. you will need those as well. president biden coming off a sitdown with china's president xi speaking next our as us business leaders try and figure out of china is the place to invest long-term. more coast-to-coast after this. ♪ ♪ what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done.

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don't think the speaker had enough runway. kevin mccarthy had 8 months of runway, this speaker had three weeks of runway. i think we will get past this and the real negotiation begins on how to control federal spending to bring down the deficit and control our federal debt. neil: we are getting there. the congressional budget office director, good to have you back. i understand this will keep government lights on.

no holiday shut down. we go through this a lot. moody's employees it but we march on. the constant marching on, staggering numbers we spent trillions more than we take in. >> the challenge is the potential shutdown being averted but the long-term challenges still there but that's the difficulty. the long-term fiscal trajectory is daunting and we have to take it on. neil: a lot of it gets back to entitlements, that's where the problem is to take nothing from the title except a dustup among viewers but he don't like to touch that because it is the third rail of politics and i am wondering if anything will be done about that. we are coming to a point you

have a choice to do something. >> that's the challenge. at some point we have to make adjustments and if we are going to do it on the spending side, entitlements have to be part of what is done and social security we have the social security trust fund exhausted within the 10 year budget window and medicare is not much beyond that. it is challenging to touch those but at some point we have to look atwe have to look at them. neil: there are some great candidates, maybe the rich should get social security or raise the retirement age, but invariably there's a pile on here and it goes away but left to the calendar, there's going to be a point that benefits will be cut and those checks will be recalculated.

>> under current law the resources available to social security are not sufficient to pay the benefits. when the trust fund is exhausted benefits would go down by 25% or more unless action is taken in the meantime. neil: a very dumb question i asked last time, when someone submits a budget, $1.5 trillion, to $2 trillion, what we are supposed to spend. presidents don't submit budgets anymore. that's a thing of the past, something we've gotten used to but it would seem relatively easy since corporations have to do it to plan things out, yet we don't do that. by not committing to any framework, we invite going over whatever we did.

>> it is the challenge like we talked about before between the short-term and the long-term and the physical challenges we face our long-term. we are able to finance the deficit right now, interest rates have gone up but are still manageable. the challenge is in the future, 8 or 9 years away. the sooner we react the easier the actions will be but it is hard for us to act on the horizon. neil: why not lock in lower rates? we've already been saving a lot of money. maybe in some instances clearly not enough but what are our limitations? >> the treasury which is a skilled debt management staff has to consider this. if they extend the maturity profile of the debt they would lock in the low rate as you said. if they try to do that too much maybe at some point those rates would start to go up. they have to balance demand for

us data and supply which is growing as we have large deficits. recently announced small changes in the debt management approach looking at short-term debt, we have to see what happens with the markets. neil: we will see, congressional budget office director, the dow down 119 points. the cost is a little cheaper. a. thank you! like your workplace benefits and retirement savings. with voya, considering all your financial choices together... can help you make smarter decisions. for a more confident financial future. hey, a tandem bicycle. you can't do that by yourself. voya. well planned. well invested. well protected.

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neil: that movie is 20 years and a nationwide review across the country. it was not getting great reviews 20 years ago. it became iconic. bob newhart playing the dad of will ferrell. his favorite role. brian brenberg, can you believe 20 years?