Transcripts For FBC Varney Company 20180216

Record high. Obvious question is the selling, the intense up and down swings. Is it over . Watch this show, you will find out, looking good in early going today but i have no clue how we close this friday afternoon. I have news for you on taxes, the news is watch out. Under consideration online sales taxes and that 25cent per gallon increase in the gas tax, they would pay for some of the infrastructure building but the significance here is the switch. We have cut taxes and now we are taxing what we buy. Oprah says she is not running in 2020. Yes, its friday and Varney Company is about to begin. Stuart not a great night for team usa at the olympics. Missed out on medal in womens, big event, she won gold in that event four years ago. She missed the medal this time. Figure skating, nathan falls during short program. There you have it. Now, he was one of the pregames favorites, got it. The germans won another gold. Ashley thats a surprise. Stuart they dominate this event. I think they have three golds, three out of four, i want somebody to tell me why they are so good at it. Theres not that many mountains. Ashley why are they so aero dynamic. Stuart United States in the gold medal count has five. There you have it. Thats the olympic report. Now this, treasury secretary Steven Mnuchin on a proposed online sales tax, roll that tape. I will change my comment from he support i have to he feels strongly. I have personally spoken to him about this. Without a comment on any specific bill, he does feel strongly that the taxes should be collected. Stuart well, theres a revelation. Come on in. What we are talking about diane is toward taxing what we buy n general, do you approve of that . I approve of consumption taxes. I think they are a whole lot fairer than any other taxes. I will tell you in state of tennessee, when you order online you are suppose today pay taxes an big boxes are already collecting those like amazons and the walmarts but the smaller businesses, i think, do have more difficult time around the nation in just being able because of difference in sales tax state to state, do i think thats a big issue and has been for a number of years. Stuart now if we raise the gas tax by 25 cents a gallon, the extra money goes to treasury, if we raise the sales tax on online sales, that money will go to states. But all of that money is extra revenue to governments of some kind and the theory is that lets us pay for some of the infrastructure building we want to do. Again, you approve of getting some money in to pay for infrastructure, do you . I do agree that we have to do something about our failing infrastructure and in the state of tennessee i know that roads and bridges are one but we have rural airports and failing Water Systems and so there is certainly a big discussion about how do you pay for those things, they are necessities an how do you pay for them and i will be listening more to the president on what he is bring to go us about how they can be paid for. That discussion is still yet to be had here in congress. Stuart who would have thought that a republican president would talk about a gas price but he is. Hold on for a second. I have to deal with money, i will be right back to you, its a promise. Okay. Stuart its been a good week for the market so far, we are looking at a sixth straight day of gain ifs the market were to close higher today. Got that. Here is a look at the closing numbers from yesterday, we are roughly, very roughly 1,400 points away from alltime high for the dow industrial average. Come on in jim, chief global strategists, okay, when i say is the worst over s the intense selling over . Might be for the short run, stuart, but could happen again tomorrow or in a few weeks. What you have to ask yourself, why did the market go down and what has changed. It went down for the reason you mentioned, between the tax cut, taking off spending caps, Student Loans which no one is talking about, people are looking at trillion dollar deficits as far as the eye can see. Stuart okay. The debt is one issue and the other is derivatives. You are walking across the field in a mine fields. Stuart etfs. They are there, they blow up every now and then. Neither one of those things has changed. Now the market could chug its way to 26,000, im not saying today, the setoff in short notice is still there. Stuart okay. Youre not reassuring our viewers but i will continue with this. The nasdaq is on track for its best week in six years. That tells me that the tech stocks are the place to put your money, but youre saying, no. Well, they are more volatile than the other stocks. Everything that i just said applies with more force actually to the nasdaq. Set up is there. Jay powell put. Stuart what . The jay powell put. The bernanke put 2008. Stuart youre killing. Yellen pushed off the liftoff in response to chinese shocked valuation. The fed put us there. Thats not a debate. We would do 21,000 before jay would pause on raise hike. Stuart puts on the fed, youll never eat lunch on this set again. We tell it like it is said, stuart. Stuart theres a comeback. All right, jim, thank you very much. There was a vigil, it was held last night in memory of the 17 victims of the Florida School shooting, congressman diane black is still was, regardless of politics america is sick and tired of this, will congress do anything about it, will there be any kind of rule, new regulation, new law put in place because of the event here . Well, first of all, let me start by saying, stuart that my heart, my prayers go out to the family members that have been through this terrible tragedy, but i want to say we go back, we can look at sandy hook, we can look at so many of these and one commonalities and thats Mental Illness. We have got to address. You know that im a nurse by background. I have been saying this for a long time now, on the issue of schools, each one of these students that this occurs by we can go back and see that there was indication long before the incident happened that there was Mental Illness with the students and we have got to address that with counselors, more counseling in school, more opportunity to be able to say how do we make sure we protect the campus when the student comes to the campus. Stuart do we move to the point where we try to take the guns away from any house in which a mentally unstable youngster is living . No. Stuart no. I dont think we should do that. We have responsible parents out there who are gun owners who have children with Mental Illness and they are good parents and i dont think we should punish everyone. I think we have to turn to just Mental Illness in general and acknowledge that we do have the situation thats not being addressed, thats not being addressed with the dollars and the funding, its not being addressed in our schools with enough counselors and Mental Health providers and it certainly is not being addressed in the security issue when you know full well that that student had these ideations and was looking at and putting out materials, that they should have had a better eye. Stuart difficult subject but we thank you for addressing it. Thank you for having me, stuart. Stuart new details of steve wynns exit agreement, hes not getting any severance. The board canceled severance pay. He will have to reimburse for costs as well. Hes made estimated nearly 112 million over the last five years but two new Sexual Assault allegations have been filed with the Las Vegas Police this comes after sexual allegations of wynn. Its worth about 2 billion. Stuart check the futures, im afraid to say we are deteriorate if you want to put it like that. We were down about 15 ten minutes ago. Now we are down about 80. Watch out. Maybe jim threw a Monkey Wrench in the markets. [laughter] stuart all of them failed and the plan from President Trump got the fewest votes. Someone named Nicklaus Cruz posted a comment about being professional School Shooter. The question is could the fbi have stopped . Flu shot is 25 effective in stopping the strain of the flu. Ashley webster got his shot yesterday. What will dr. Segal say, you will hear from him later in the program, more varney after this. , you should know that chevy silverados are the most dependable, longest lasting fullsize pickups on the road. Which means that ford f150s are not. laughs which truck would you pick . The chevy. The chevy. The chevy. There you go. Boom. That was obvious. Plus it looks cooler. No doubt about it. Now they know what to get me. laughs stuart well, well, Campbell Soups is going to be down a buck 45, thats about 3 . Apparently people are eating less of their soup. Okay, Campbell Soup is down. Now this, im going to show you the guy who alerted the fbi to the Florida School shooters threats on youtube. Roll tape. I put up a video and a particular guy found my video and try today delete the comment so i reported it to the fbi. The fbi sent out a couple of agents to my office pretty immediately and they took down what information i could give them and i hope open an investigation from there. Stuart the comment that that young man saw was im going to be a professional School Shooter and it was from Nicklaus Cruz. Officials missed the sign, apparently, had they caught the sign they should have stopped the strategy. Alabama attorney general steve marshal, did the fbi dropped the ball . I dont think we know the answer, stuart, what we know its incumbent upon individuals to be able to report the information. Many times the Research Tells Us that theres bread crumbs leading to the shooter and to the extent that Law Enforcement and appropriate officials are aware, i think that we can proactively intervene in the cases and be able to make a difference and stopping tragedies before they happen. Stuart nothing illegal about posting not overt threats but statements like that, youre saying no, its not illegal. Stuart its not illegal but could be a reason for the police to vote the home, is that what youre saying . Police to be able to notify school officials, for people to become aware of potential problems, we encourage people in airports all of the time, when they see something to say something. Thats true for communities and one of the things that we can continue to look at in this country is developing mechanisms in which people can report so that we make sure that information doesnt get within Law Enforcement agencies and we share that collectively to intervene where appropriate and do investigations that matter. Stuart no change to any gun law . Not that i would recommend, i think its important for us to again to see lens in history and what i think we know that when we have information when we can act upon to make a difference. Stuart got it. I want to bring to viewers attention, you, sir, are suing the opioid manufacturer perdue farmer, you claim that the company uses deceptive trade practices. Is this your answer to the opioid crisis, get the opioid maker out of business . No, thats not it at all. In fact, this is not the central piece of strategy to do with opioid and nation, we just recently completed through Governors Task force a 27 point plan Going Forward on how it is we can address the growing problem in our state. One of the things that we recognize as part of that report that opioid play important in Pain Management and we want to make sure we preserve the right. Stuart thats the problem, people in some stages of pain and as you say at the end of their lives, they need opioids and a place in medicine but if you absolutely. Stuart if you sue them you might win and might raise the costs of opioids, wouldnt it . We dont know that would be the case. One of the things as a result of the litigation is that we filed two weeks ago and within a week Perdue Pharma announced that they were no longer going to directly market drugs to physicians. Thats a positive step Going Forward and one of the things that cases provide is to regulate and be able to use their own mechanisms and controls to be ensure that we are doing this correctly throughout our country. Stuart will you take a lot of money off of them if you win . Dont plan on taking a lot of money. What we are concern is that alabama spent resources in treatment to provide courts and be able to provide Prescription Management Program that we need to fill the void that we spent there and to invest any resource that is we have obtained for that purpose and that purpose alone. Stuart steve marshal, attorney general for the state of alabama, thank you very much for joining us on two very important subjects, we appreciate it. Thank you very much. Stuart yes, sir. Bad news for the countrys top democrats, schumer rating is at 19year low and a democrat colleague of nancy pelosi says she will not be the leader next year even if the democrats retake the house. Shes out. So he says. More varney after this sometimes, they just drop in. Obvious. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Stuart interesting news from cocacola which is a dow stock by the way and it is up about 2 . The soda side of the business, you know, diet coke, fanta not doing well at all but the fountain and water divisions are doing very well, cancels out the failure of soda. Now this, new jersey democrat congressman bill is making prediction about nancy pelosi as a party leader. Maybe he think shes out, he does think shes out. A new poll finds Senate Minority leader Chuck Schumer down. Can you tell me whats going on here . Ashley he expects pelosi to step down from the leadership next year no matter who wins the house. I think the growing dissatisfaction, what does pelosi and schumer, what do they accomplish, the gop runs the house, the senate, the oval office and these comments, the crumbs comment from nancy pelosi gives ammunition to the republicans who say, wait a minute from the multi, multimillionaire it is crups to crumbs to you. They need more than what shes offering. Liz the bonuses can cover a week salary for 50k worker. The democrats are saying, who are you going to believe me or your lying eyes when you see paychecks going up. We also have priority usa that democrat super pac saying your midterm lock that you thought you were going to win back control in the house is now not certain. Its uncertain. You to get coherent economic policy, the president s approval is going up. Quinnipiac shows that and gallup on economic issues. Ashley i think whats happened is we are seeing the results of this consumer confidence, spending, the economy moving forward. Businesses expanding, how are they going to defend that in the midterms, thats the question . Stuart moments from now the markets will open, its been a good week so far, is the worst over, is the volatility over . We are going to be down 70 or 80 points at the opening bell but, again, we have to say we have no clue how we are going to close. Back in a moment stuart in 30 seconds we will close out trading for the week. Its been a really good week so far. Weve recouped a lot of loss ground. We will open this morning with dow starting from about 1400 points below the alltime record high. Ive got to tell you that the futures market is pointing towards a lower opening, not a huge selloff but we are going to be a little bit down in two, one, bang. Here we go. 9 30 eastern time on friday morning, the horse race has begun. We are down 30 points in the first couple of seconds. Now we are down, yeah, 31, 32, 38, down, 32 down. Thats pretty stable, i have to say. Thats hardly a gigantic selloff. Ashley hang on. Stuart down 49 points. Okay, okay. 44 points, we are down. Let me put it to you like. This we are down. 17 . On the s p, we are down. 18 . On the nasdaq, we are down. 24 . That tells me that the tech stocks are taking bigger hit then other stocks in the marketplace. Ive got to check the tenyear treasury yield, as of right now we have at 2. 87 . Thats hardly running away with the Interest Rate. Ashley not at all. Stuart we were at 294 i think yesterday. 287 right now. Its friday morning, who has turned up . [laughter] liz turned up. Stuart showed up. Elizabeth and ashley, david deets and d. R. Barton. I asked market watcher is the worst over, no, its not, you will have selling and a lot of choppiness. David deets, is the worst over . I dont think so. The underlying problems are still there. Weve gotten import prices that came in that are inflationary than excepted. The same underlying concerns that could drive Interest Rates higher are still there. Longer term i love the tax cut picture. Liz top analyst there that the i nation figure is already in the tenyear field. Stuart its not going to go up anymore. Ashley housing stocks hit stuart we are up, we turned positive. Ashley we have gotten to the point where good news is actually good news. We have to recognize that the economy is moving forward. Stuart market watcher d. R. Barton, is the worst over . I believe that for the near term, six or eight weeks, stuart, unless we get Something Big happening outside, we have made a significant turn at a significant spot on the Technical Analysis charts and for a very specific reason, the market went down as we talked about last week, so far so fast because of the blowup of volatility bubble, this bouncy bubble that was a big play among institutions. That has cleared. That has freed up a lot of things and money has been coming back in. Im with david, i think over the next few days we might see a pullback because weve gone up really fast but overall, if we go back and test that low in the next six weeks, stuart, i will come back on the show and eat my hat. Stuart youll be back anyway. [laughter] stuart okay. Look at this. We went positive ever so briefly. Now we have gone down 4 points. Im going to say, look, we have opened dead flat after terrific 5 days of trading which has taken us over a thousand points. Im looking for safety. [laughter] stuart its been a tough week. Thank you, my producer just said we are holding 25k, why dont you shut up and leave at that, stuart. [laughter] stuart i will take that. Next case President Trump strongly favors an online sales tax, thats according to his treasury secretary. Now is he taking aim at amazon because amazon is owned by jeff bezos who hates President Trump because through his ownership of the washington post. Is the president taking aim at amazon . I believe he is. Stuart you think so . I believe they have nice competitive advantage in several states, leveling the Playing Field isnt the worst thing versus their retail, bricks and Mortar Retail competitors and amazon is going to be just fine. Stuart taking aim at amazon . I couldnt agree with that more. This is going to be favor with main street who is afraid of amazon. He hasnt proposed, a back channel. I dont think any new taxes before midterm elections. Stuart fair point but proposal. Ashley strongly favors as oppose to like it. Stuart yes, actually, thats a big deal if you say he strongly favors it. Ashley he went to thinking its a good idea to we should do this realizing the implications to mr. Bezos. Liz does that help europe grow. They lay for taxes on top of it. Stuart not dismissing it but youre quite right. Everything went up. Ashley yes. Stuart taxes did not go down. I want to talk apple, they have 51 of the Global Smartphone market ashley wow. Stuart i think thats a big deal. Thats a huge deal. When i get to teach fourth and fifth graders about economic, stuart, we talk about whats the biggest thing in the business, how much margin youre making, they are winning the margin war so much. They didnt ship nearly the most phones, they just made the most money and that is a big distinction, samsung sold a lot more funs, apple made three times as much money. Liz gross margin is more than 35 . Ashley about 800 bucks. That helps the margin. Three times the average price of samsung. Stuart are you buying apple . No, we are not. I tip my hat but wont eat it. I do think its remarkable that they got 51 because theres cheaper alternatives. Stuart back to amazon. We talk about it all of the time. I believe its down a fraction today but i want to know, theyve had a huge runup, of course, what has it done to jeff bezos, liz . 118 billion is his wealth and up more than 22 billion since the start of the year. [laughter] ashley good year. Stuart im laughing, that really is something. Now turned positive. 1,461. Liz amazon has the stretch to go to be the first trillion dollar company, apple has a shorter run at the first 1 trillion. Stuart amazon just passed microsoft to become the third most valuable company in the world. Apple, google, amazon, microsoft. Thats the order as we speak, okay. That guy is worth 118 billion right now. Check that market. We have had a turnaround, ladies and gentlemen, i was hoping for it so totally wrong. So now we are up 44 points, 25,242, friday morning, following a great week, we are up. Oh, bitcoin, thats interesting. They are back to 10,000 per coin right now. Ashley steady rebound. Interesting. Stuart in line with the stock markets rebound. Is this significant, david . Well, significant because its showing all risk assets are seeing positive inflows, one of the positives for bitcoins was not supposed to be correlated. Turns out its correlated. The one thing thats not going up is the u. S. Dollar. Im trying to factor that in. Flag for inflation. Stuart im going tell him to put makeup one day and get on the set. Steve wynn as you know out as ceo of the Gaming Company that he founded. He gets no compensation as he walks out the door and he cannot compete. No severance pay. He cant compete in the gaming industry. Liz no health coverage. The story of dont let the door kick you on the way out. Stuart still got 2 billion worth of stocks. Liz he says hell not going to sell any time soon. This is window dressing, the moe important to retain casino licenses, they want to make it like varney mr. Wynn was kicked out. Liz china is looking at the allegations, massachusetts is giving them a hard time. Stuart you almost said that yarny was kicked out. I would never say that. [laughter] stuart cocacola, up 2 , no, its up. 87 percent. The soda side of the business not doing well, water and coffee doing very well. John deere, the tractor people, took hit from tax deal but sales were up 23 . I think thats a whopping great big gain. Not much on the stock. Ninetyfive cents. Thats a half percentage point. Shake shack, i have never been there but i should. I think he should. [laughter] stuart its got a friday feel. 35 new stores this year, you know whats wrong, they gave weak guidance for the future. Dont ever do that unless you have to. They are down 7 . Cbs, the revenue is up, thanks in part to streaming services, 1 gain right there. Look at that market again, please, look at this. Now we are up 76, 78 points climbing from a lower opening which was 19 9 minutes ago, now we are up 75. Told you. Liz yes, you did. Stuart mcdonalds making changes to happy meal. Say it aint so, they are not going to offer cheeseburgers. Health conscious or something . Ashley taking cheeseburgers and chocolate milk. You can actually request it with your happy meal, its just taking the names off the menu list. They did that with soda four years and reduce amount of soda kids buy. Im not quite sure how healthy those are. But mcdonalds trying to get healthier. Stuart 53 percent cup small coffee to go for seniors that i rely on. Youre a senior . [laughter] stuart very good. Its that time, it is 9 40 eastern time that means goodbye david deets and goodbye d. R. Appreciate it. I shouldnt have said anything. We are up 75 points. Literally 40 seconds ago, now we are up 49. We have kind of very interesting video out of chicago. Inmates in a holding cell at Cook County Jail applauding for an accused cop killer. The jail says it plans to let the state Attorneys Office know which inmates were clapping so their behavior can be factor into their sentencing, how about that . Amazon reportedly teaming up with bank of america to expand lending program, question, does that open the door for amazon to become a bank and the feds to regulate them, thats a good question. We will have an answer for you too. Back after this stuart all right. We are on the upside. 25,239. General electric, 14 a share. Selling a big chunk of lighting business. Tell me all about it, nicole. Nick anything when you think of lighting you think of Thomas Edison, General Electric was cofounded by Thomas Edison more than a century ago but its shedding assets and that includes ge lighting. So what theyre doing is selling off part, they are doing so for ge lighting in europe, middle east, africa, turkey and actually selling off this particular parts of the company to exexecutive of General Electric but now they will also consider marketing the rest in separate parts of the sales but they have to shed 20 billion in assets, dont forget they were recently named in charges for longtime sentencer care. These are some of the things they are doing in Insurance Business and overall restructuring because they want to focus on three things, power, aviation and health care. Stuart and still up 14 a share. Nicole thats right. Stuart amazon partnering with bank of america, a lending program, come on in, please, scott galloway, the four, the hidden dna. Scott galloway is a critic. I think i can characterize you that way. Fair. Stuart if it becomes a bank, you can regulate it and really beat it up, cant you . Well, thats the x factor and the reason it might not. The most trusted brand in the world is amazon right now. The most trusted brand in the world is amazon. And when you think of banking and Financial Services what is really at the end of the day the core asset and the value, its trust. Stuart thats true. On a consumer level it makes perfect sense. They may make the decision because of what you are talking about not to put their toe not to dive in, the toe is already in the water, because of additional regulatory scrutiny. Stuart they dont want additional regulatory scrutiny, you do . The only thing standing with amazon and trillion dollar market is either washington, brussels or attorney general similar to the one that you had earlier today. Thats the only thing that stands between in trillion dollar market. Its no accident that the new headquarters of amazon is going to be in the dc metro. Stuart you made dramatic statement. As you know, there are dozens of cities, 20 of them, in fact, that are buying for the second amazon headquarters. Yeah. Stuart you come out and say, they are going to the dc area. Either dc or new york. I have been on dozen public and private company forms, it only comes down to one thing, second most important thing is retaining and attracting the best young talent. Every young person wants to live in either new york or san francisco, they dont care about cost of living until they start collecting dogs and kid. But the number one, the number one Reason Companies move headquarters is simply where the ceo wants to spend more time. Stuart is that right . Full stop. If youre a 50yearold with 120 billion, are you going to spend in indianapolis, with all due respect with indianapolis, youre not going to spend 24 hours in a place that you dont want to live, much place 60, 90 days. He has homes in dc or new york. Dc or metro area. If he moves to dc, thats smart move because they wont regulate the local boy. Dark horse miami, any guy who lives in seattle likes the idea of spending time in miami. Stuart you dont like the power that amazon has. I want to keep the party going. I want to continue to unlock innovation and the way we do is breaking guys up. I dont recent them, i own stock. They are great on what they do. Congratulations. Lets take amazon cloud stuart wait a second. All the money that they take in from amazon cloud and thats a real winner, they pump it out into other industries and make that profitable and make that innovative, i mean, the structure of the conglemerate means less. Subsidizes retail unit so it can sell products below cost. 20 years ago we called that steel dumping when china was doing. When amazon does it its called innovation. At the end of the day if a company can access longterm capital from somewhere else and not let little companies out of the crib or perform premature death on big companies, in the old days that was called anticompetitive behavior. Now we call it innovation. Stuart youre an interesting guy because youre a socialist and stock holder of amazon. Capitalist, i believe we need to oxigenate the marketplace. Its about maintaining maintainy and the object of everyones affection, google would not exist if doj had moved in on microsoft in late 90s. Come to the light, stuart, i have faith in you. [laughter] search your feelings, we need you on this issue. Stuart great friday guest, you make me smile. Thanks for having me. Stuart we are up 50 odds points after 20 minutes worth of business, we are at 25,250. And if you think that flu shot you got is going to keep you from getting sick, think again, the cdc admits this years flu shot is not that effective in preventing the flu. What will doc seagal say about what will doc seagal say about that . Up next. Hoo feel a cold coming on . Zicam cold remedy nasal swabs shorten colds with a snap, and reduce symptom severity by 45 . Shorten your cold with a snap, with zicam. Stuart this just coming at us from President Trump, a tweet, i will be leaving to throird today to meet with some of the bravest people on earth, lives have been shattered. Im also working with congress on many fronts. Hes going to florida and going to today. Got that. Cdc says that flu shots are only 25 effective for the most dangerous strain of the flu. What does doc seagal, endless promoter of flu shot, i dont think thats a good performance . Much than exerted. They looked at over 4,000 people. 25 effective but over all36 effective. Stuart what do you mean . In all four strains, circulating strains, 36 , fully effective at prevention. In children 59 effective in prevention. They did a study of 675 children who died, 75 of the deaths they didnt have a flu shot. So for the 60 of americans who dont take the flu shot, i call them the illinformed group, the illinformed group which you are a member and [laughter] thats why we are talking about this. My goal is to convince you. Fully prevents the flu in 36 cases and additional benefit of decreasing severity, decreasing circulation so a pregnant woman or chronically ill person is less likely to get the flu. Stuart as one of the uninformed or illinformed, can i get a word, how many of them got the flu, justin this week, four got the flu this week, how many of them took the flu shot . All of them. They all took the four of them took the flu shot and all got the flu and we have been shorthanded to the tune of four people which is about 25 down because they took the flu shot and they still got the flu. [laughter] thats right. Why would you turn down something that gives you a 36 benefit. We dont know whats in the vaccine. Stuart i dont want factorymade stuff pump intoed my arm and stays in the system for a generation. Im 70. I might croak tomorrow. [laughter] i want everyone around children to have it. 59 is a very good number. Stuart rotten number. Look, im not making fun of that. Believe me. Im not down playing that. We need the whole population to have to shot to get the effectiveness. Stuart 56 after the hour. We have to go. Youre right, you are right. Okay, i will give you that. Im right, okay. Stuart President Trump considering gas tax and online sales tax. Not going to be popular. My take on that coming up next. How do you feel about gas tax. You probably dont like it. How do you feel about an online sales tax. You probably dont like that either but both are being talked about. That is a shift. We have cut taxes on income and profits and now are looking at raising taxes on what we buy. This is not the way to win a popularity contest with a consumption tax everybody pays unlike the income tax were have to country doesnt pay a dime and it does hit poor people harder than anyone else. Why are these even being considered . Because State Government and the fed both need the money. We want to rebuild the military, repair our roads and bridges in airports and help with the disaster damage but we dont have the money. We wont cut spending, certainly not on Social Security or medicare, that would be political suicide, so we need more money. If we dont get it we will be borrowing 1 trillion. Year end thats not going to be politically effective either. This is why the president talked of an extra 25cent. Gallon gas tax and treasury secretary Steven Mnuchin open a conversation about online taxes. If both were put in place, deficit wouldnt come down much but the administration would be doing something. Again, consumption taxes are not popular. Democrats hate them and conservatives dont like any new taxes but the point is the shift toward taxing what we buy, the very idea of a Republican Administration even thinking about this is an eyeopener but these proposals are now on the table. They are part of the conversation. After all, when governments are broke but still want to spend like drunken sailors, they will tax anything they can. The second power of varney and company is about to begin. Economic data is consumer sentiment, came in at 99. 9 which is much better than they had expected. Its the second highest level since 2004. We have seen increased confidence in future job security, weve also seen more confidence in wages growing and this is being reflected in the survey so its very impressive. That is a strong report. An important area of the economy. I dont know thats what turn the market around but before that number was released, we are down a couple points but now were up a couple points. We still have a pretty flat market. We are down. 6 points at 25200. Big tech names, we have to check them everyday because thats where the money has been flowing. Only two are up today. That would be apple at 173 and alphabet at 1102. Share. Facebook, microsoft, amazon, all three down. Cisco, this is interesting still the top gainer on the dow for the second day in a row. This week it announced a buyback of 25 billion worth of its own stock and they will bring 67 billion back from overseas. Investors really like that. Cisco up 44 at 44, up one and half percent. I want to talk about the taxes the president is suggesting. What you think about the whole idea of consumption taxes . I agree with you one 100 but it really hits the people who couldnt afford to pay it more than ever the elves so its a consumption tax but its not fair. I dont like it. I dont like more tax on energy because we are ready pay a ton of tax on energy. We had our troubles in the 2008, the oil industry really helps. Theyre starting to grab anything they can. Theyve gone after Real Estate Tax and think of all the technological changes. The kiosks and the robots that put people out of work, its hard to task a kiosk or robots are panicking about that. We have a lot of changes because of technology and the changing landscape. The trouble is if you wont cut spending youve got to get money from somewhere in the consumption tax is about the last place to go. I want to bring in the white house deveney Principal Press secretary. We do have these two proposals which are getting some support from the president and treasury secretary. Online sales tax, gas tax, its a consumption tax that hits the poor harder than anyone else. What you said. Thank you for having me on. Let me separate those two issues. On the online sales tax, the president has been talking about this since before he was a candidate. He believes in tax. He between online retailers and brickandMortar Retailers. Whats fair is fair. If you buy a product online versus in the store, it should be taxed the same way. He is not calling for any new federal taxpayer this is a state local issue. The secretary of treasury was outlining the president s view on it. What about the gas tax. With respect to that, the president outlined a 1. 5 trillion now if the Structure Plan that includes 200 billion in federal investment. This is an innovative plan. We will reduce regulations in the permitting process so we actually have things that are shovel ready and dont just talk about it. Were also. Yes, but as of her going to pay for it . The gas tax. We are not closing the door on any actions that Congress Might have. Thats not an endorsement or ruling out a certain proposal. Were going to work with congress honestly and in good faith will not rule out all their ideas. But you are shifting toward the consumption tax. We are shifting toward anything. We are opening the door that can fund an rebuilder in the structure, our roads, bridges, airports which are in real need of federal investment. The president tweeted earlier saying he is going to florida today. He is making the plan today. He will be down there and he said hes going to meet the people whose lives have been totally shattered. Is that the First Responders or is that relatives of the victim victims. I dont have the specifics of a visit to announce just yet but i think those will be coming at some point, but what i will say is this president outlined his thoughts on this yesterday in a really moving address. He tweeted about it this morning. I understand he will be going down there as soon as we can arrange for that trip. What i am saying is this president is committed, after the events on wednesday to really fix this problem of School Safety. Looking at always to make schools safer zones. Without include any new gun laws . Again, i think we need to look at the issue and understand all the facts about what happened on wednesday. This was a troubled individual. There are Mental Health laws we have to look at in the way state and local laws address. A school may not be as secure as a bank ranch or stadium. So we need to look at ways to make schools safer. Weve seen a rise in School Shootings that we find horrific and we want to look at all legislation and ideas for the president said this yesterday. He will be meeting in ten days with governors from across the country, state attorney general at the National Governors association meeting. He wants to make School Safety a priority. We will listen to students and parents. They should never fear for the safety of their children at school. State and local officials are at the frontline of making laws on these fronts, we want to hear from them as well. Thank you for joining us. Back to the market. It has been a strong week, a come back week actually. We are down just 30 points at 25170 on the dow. Scott is still with us. Obvious question, i pose this to all market people, is the worst over . You know stuart, i wish it was but i dont think it is. I think we havent had the people that automatically by the dip, really probably hasnt learned their lesson because guess what, at these prices on the board we are only back to last decembers prices. Thats two months ago. We havent really taken anything off the table. We havent punished that many people and the markets usually always go work and hurt the most peoples i think were here for at least the move got more volatility and until we come from this calibration to normalization, we are recalibrating. We are tasting with the world is going to be like with higher Interest Rates and what that does and we are still in the middle of that, were nowhere near being through it and once we do get done we can probably move on to normalization. In the middle of recalibrating it will be a very bumpy ride. We like you back in america because youre much more animated. When youre in london, your static. Now youre all over the place. Thats really good. Go on. Just think how weird they think i am in london. It was the sunglasses back at me. I have to tone it down somehow. You have to tone anything down for the show. Let me tell you. Last time you are with us you said you got out and youre all cash. Are you buying anything . No. I still think the worst is yet to come. Im not here to say i want to see it go lower or want anybody to get hurt or everybody should retire and have the money they should have but when ive been asked a thousand times, what do you think of this latest selloff, the selloff is the only normal part of this. The abnormal part of this is that its been slow steady rise over the last eight years of the Central Banks have pumped cash in the system. Thats the abnormal part. We finally have normalcy with the selloff which made me feel little better but we are still hanging over, we still have the fear of missing out, the buyer at the bottom and dippers are still in there. Until theyre gone i still think were in for a bumpy ride. We hear you. Welcome back to america. Its great to see you. Good man. It was not a great night for team usa at the winter olympics. This year michaela missed out on a metal in the womens slalom. Came 24 hours after her win in the gian giant slalom. That event was pushed back three days. She did get to bed until 10 00 p. M. The night before because of a medical, the metal ceremony. She was under a little stream in the slalom and did not metal. There was some excitement last night. 17yearold american figure skater became the first to land a quad lots. Is that what is called . He is the youngest American Olympic in chain. 17 years old. Someone who set a background check do not prevent shootings like the parkland rampage. We will deal with him later in the hour. New revelations about bruce or, the Justice Department member who was demoted after he hid meetings with the people behind that trump russia dossier. Now a new report says he hid his wifes payments from those same people. We are on it. You are watching the second hour of varney and company. Oh, and theres the closing bell. sighs i hate missing out missing out after hours. Not anymore, Td Ameritrade lets you trade select securities 24 hours a day, five days a week. Thats amazing. Its a pretty big deal. So i can trade all night long . All night long. Is that Lionel Richie . Lets reopen the market. Mr. Richie, would you ring the 24 5 bell . Sure can, jim. Trade 24 5, only with Td Ameritrade. 45 minutes in, i will call it dead flat for the dow industrial. 25198. Craft heinz make ketchup and mustard, oscar mayer, they make it. Sales down and thats dock is down almost 5 at 69. Share. The daily caller reports that bruce or, the Justice Department official who was demoted because of his connections to the russian dossier, he did not disclose that the authors of that dossier were paying his wife. Listen to what the reporter who broke the story told maria this morning. Everything we have peeled back looks worse and worse and the people involved have been trying to hide it. They originally set in august 2017, he had no contact with anyone at the d. O. J. Turned out that wasnt true. Hes had contact with bruce or. He said he knew bruce or separately through steel. Turns out he may not have. Turns out he employed his wife nelly. Turns out he was paying her and if you look at the record for 2014, 2015 and 2016, all of what should have lifted this, its not in there. I need someone to put all this together for us. He is an Advisory Board member and joins us now. But the whole thing and contacts, make it exportable for everybody out there. First looks at the stage. Bruce or has a pattern of deceiving the federal government over the course of his involvement in the dossier. First he failed to disclose he had any relationship with fusion gps. That is not true. He did have direct medication with them. Now we also know, and this is the bombshell, that his wife nelly, a former cia analyst had received financial cash payment from fusion gps for some undisclosed reason. What is being floated was his wife being paid to impact his role in pushing the dossier within the fbi. That seems to be the case. That the bombshell. That means the people behind this dossier, they were being pushed to make it public and it was the fbi and Justice Department people who are pushing make it public and run trump. Employee at the Justice Department took cash payment through his wife while he was simultaneously pushing a document that have been produced by that firm, fusion gps. This is disgusting. He could face jail time. Its one thing if he had disclosed this impropriety, if he had disclosed the conflict of interest but he didnt do that. He doubled down which seems to point that he woul was impacted by this financial payment. Most people cannot follow the names, places, et cetera, but what youre saying is there was a cabal within the Justice Department and fbi that was preparing to support hillary and protect hillary and do the worst they could to President Trump before, during and after the election. Absolutely. It is now unraveling because we are learning more and more. Its complicated but it well down to a coordinated effort between the Democratic National committee, the Hillary Clinton campaign and the Justice Department to produce a document that would undermine the incoming president of the United States and use the full power of the federal government to undermine that president in peaceful transition apart power. This is unprecedented. This is the stuff of a banana republic, not the United States federal government and there should be consequences for these people. You are a former varney sanders supporter. Yes, i will never live it down. I will just quote something. I want you to tell me who you think said this. Socialism only works in two places, heaven where they dont need it, and how were they already have it. I love it. I already know its ronald reagan. Thank you. Well see you soon. Got some video for you, i want to check this out because its happening right now. Nasa engineers performing a spacewalk. They are preparing a robotic arm on the space station and moving some equipment into storage. It will take about six hours. Its the third space walk this year. Ive really got to say, we covered all on varney and company. Extraterrestrial. We will be back now im thinking. Id like to retire early. Lets talk about this when we meet next week. Edward jones came to manage a trillion dollars in assets under care by focusing our mind on whatevers on yours. Tesla is putting some of its batteries to work to help the power grid in new york city. Sounds good to me, is there anything wrong with it. Its putting in places like queens and brooklyn, its a lithium ion pack, there has been concern in the past we saw was samsung, lithium ion packs do combust and cause fire. The new York City Fire department always goes on standby when they hear about these battery packs being put in personal homes. New york power grid dates back to the time of niclas tesla. Its like a century old. Its a very rickety grid. Its an interesting concept. They are using it on a giant scale. They have a lithium ion. [inaudible] i want to talk about the new Hampton Lotto story. Remember, the winner of a half billion dollar ticket, the winner sued to remain anonymous. Now we understand she gets the money but what. This case is still in court. She set up a trust when she won 559 million but this money has to be transferred into that trust. Whether she can remain anonymous is being fought in court because New Hampshire has a right to know law and thats for her name, town is public information. She said i want to live a normal life. Her attorney said her client wishes to continue to work in the community with the freedom to walk into a Grocery Store or public event without being known at or targeted as the winner of a half billion dollars. The Court Decides whether she can stay anonymous. When they decide she will decide whether she takes the money or not. Yes. She sign the back of the ticket. Shes going to take the money but she is fighting hard to remain anonymous. Would you turn down a half billion dollars remain anonymous. I wouldnt. Vice president pence was targeted for his Christian Faith with the view saying it was a sign of Mental Illness. What you think she will say when god has not given her the sign to win in 2020. We are on that story. And next we are going to ask if chipoltes new chief can get the job done. Some upbeat beetles. Got to get you into my life. Big tech, no, to the big board. 70 points up, 73 points higher, well above 25200. The big tech names, previously a mixed bag, now they are all up except for facebook. Apple 173. Alphabet 1105. Microsoft 92. Almost 93. Amazon 1461. These are the gains for apple, netflix and twitter just since february 8. I believe that will be below. You are looking at a very nice bounce back for apple, netflix and twitter. President trump tweeting about the failure of the integration bills in the senate. Heres a direct quote quote. Cannot believe how badly Daca Recipients are being treated by the democrats. Twelve totally abandoned. Republicans still working hard. Attorney general Jeff Sessions to set this to our own maria. We have got to talk about this as a nation. President trumps plans call for ending the evening gallery and having enforcement with the border wall. It calls for meritbased system instead of chain migration. It calls for ending the visa lottery which is a ridiculous policy and always has been. Why we cant get that done baffles me and i think the American People are there and we cannot stop. We have to get this done. It didnt get done in the senate. The bill the president favored went down to crashing defeat. Had the worst defeat of all three immigration bill that the senate considered. It was a complete rejection of what the president was putting forward. Larry oconnor, the Washington Times editor is with us. Do you contest that . It seemed to me that the moderates, the people in the middle said no to just about everything the president wanted. In fact the one amendment that got the most votes when they finally brought up for things for the senate to vote on was defending century citys. For democrats across the aisle , of course they are up for reelection in states that trump won so yeah, that was the only thing that actually got close to 60 votes. As i was breaking down the votes and the bills, it looks like most people in the senate wanted the dreamers to stay but most did not want to build a wall, and chain migration and the lottery. Your right and absolutely everything you laid out in the provisions the president has laid out an attorney general sessions laid out with maria happen to mirror perfectly back in the 90s what barbara jordan, a democrat proposed after she chaired a commission on immigration. Everything is the same from 20 years ago. This tells you where the democrats have got. It is hard to look at what happened in the senate and not think the democrats would much rather have this as a Campaign Issue going into the midterms that actually solve the problem of this immigration status. They want to hang onto the hispanic vote in the midterms this november. They dont want to walk have a wall. I dont think they want to deal. As you say, i think they want to go into the midterms with this issue and hang it around President Trump snack. I agree. Whats interesting is everything shifts to the house. There is a majority around the bill that is more restrictive at grassley proposed. Mitch mcconnell could waive the 60 votes needed for a filibuster just so they can say look, we did something, we granted amnesty for the 700,000 daca people and were ending chain migration. That could get out of the senate and go to the president which would be far more restrictive than what democrats were looking to achieve. Very interesting. Good stuff. I want to move on to joy behar. She criticized mik Vice President pence faith. She said hes talking to jesus and thats a sign of Mental Illness. Oprah said she wont run in 2020 because she hasnt heard the call from god. Speculate for me. What you think joy will say about oprah. If a equal b and b equals c then i guessed oprah is mentally insane. Thats the only conclusion i can reach. Weve seen narratives in the media and pop culture that is quite offensive to christians and faith in america. Not only is she saying if you think youre getting a message from god that in some way youre mentally ill but were also seen democrats seizing on the horrible events in florida, admonishing people because thoughts and prayers arent enough. Your thoughts and prayers are working. We christians, we dont pray thinking god will push a button and an violence in america or end mass shooting, we are praying for the victims, we are praying for the family and they are marketing our prayers but its not a good look for a party whos actually trying to reach out to all of those people of faith that they lost in 2016. Well said larry oconnor. You come back soon. Anytime you want. I will bring in todd. I would go back to the market for a moment. Todd is with us. Your big deal is the debt bomb. You think its there but its going to explode at sometime in the future. I take it you dont believe that the worst on the stock market is over. Morning stuart, no, i dont believe the worst is over. I think we keep ignoring the dead, we keep pushing it down the road and push the can down the road and eventually we have to pay this debt back and will have to explode. Overall, markets in general, i wouldnt get out. I dont sell stocks, i hold them forever but as a traitor i think we have a lot more downside which will be for investors, buying opportunity and traders are selling opportunity to buy back later. Overall the debt will pop in with the Interest Rates going higher, the only thing saving the fed is the weakness in the dollar. If the dollar starts to rise, that effectively raises rates even higher. What you make of these two ideas for consumption tax. A gas tax and online sales tax, apparently to pay for structure program. Would that put a dent in the deficit. Think is a great idea to figure out better ways to raise money instead of having congress and the senate spend all our money on garbage. Like to see ways that this would go back to pay the debt. Like to see fiscal responsibility so we could do that but im not so sure those taxes would go back to pay the deficit. They may find some other place to spend it that would be a problem in my mind because i havent done a very good job spending our money yet. Would you put any fresh money you might have into the bigname tech stocks today . I would not here. I would eventually but i think theyre all little overpriced at this moment. I think youll see some selling and youll see apple go back to 150 were just came from last week. I think amazon has some room to go on the downside. And the Great Companies and have big upside but i think there will be some heavy selling first. I think we will have a better opportunity to buy at a later date. Perpetrating. Com. We appreciate you being with us. Chipolte has a new ceo coming on board. Brian nichol. He previously iran taco bell. Chipolte stock is down 60 . John is with us, the author of dont bs yourself. Its on the screen if you want to read it. John, you are in the business of turning around restaurants. You do it on tv and you do it very well. You think mr. Nichol can turn around chipolte . He has been a massive communicator with taco bell on social media. He is very smart in branding and medication. They are really two issues at chipolte. The second issue they have about 2400 restaurants and they dont have the corporate structure. They grew too quickly. Theres some disorganization in the company. As soon as he steps and we will see more menu items, we will see breakfast i will start to see a lot of organization. I think he will turn it around. Okay, what do you do of this problem of food safety. Ive heard a lot of stories about it, including one that says look, if you microwave vegetables, then you can stop any salmonella. Is that likely to happen that we will use that kind of technology for food safety. Also when you bring it too temperature you will destroy bacteria. So food has to be held at certain temperatures, served as certain temperatures so the bacteria doesnt develop or you kill it once its there. Thats one way to do it, the fact of the matter is its standards, cutting boards have colorcode systems, even knives have color codes. Different gloves for different purposes. Raw product never touches cooked. Its very systematic pad when you think about the problems chipolte has had, they are really an unusual situation. We dont see this happen very often. More often than not its not an issue and it goes back to organizational problems which i think nichol will fix. But you think this guy does have a good shot at turning chipolte around. Okay. I wanna move on to mcdonalds. They are slimming down the happy meal. Theyre taking the cheeseburger out of the menu. Whats that all about. Its actually part of a bigger picture. What they are trying to do is trying to get the happy meal under 600 calories. They are adding fruit, they got rid of the cheeseburger, theyre adding a bottle of water and thats her mission to get it under 600 calories, but, if mom asks she will still get the cheeseburger. 600 calories is a magic number to get below. Get below that never but is happy. Thats it. Thanks for being with us. Hope to see you soon on television. Good luck. Check out that big board. Nice gain, 88point higher. That puts us at 25000 to 88. Very close to 25300. Not bad on a friday morning. 48 hours after the rampage impor parkland florida with everyone asking how we can prevent this in the future, someone who says its not through background checks will be on this program very shortly. Billionaire tech titan cofounded paypal. He was an early facebook investor. He is leaving Silicon Valley because of the politics there. We will deal with that at the top of the hour in the last hours got explained why amazon may stay away from getting into the banking industry. Heres why. The most trusted brand in the world from the consumer perspective is amazon. When you think about banking and Financial Services what is the core asset, trust. So if on a consumer level, it makes perfect sense but the x factor, they make the decision because of what youre talking about not put their toe and not water or not to dive in. Their toe was already in the water but because of the Additional Railway scrutiny. They dont want additional rail tory scrutiny, you do. The only thing standing between amazon and a trillion dollar market cap is washington, brussels or one of the attorney generals solid gain, 83 points higher, 25200. Coming back to the shooting, the horrific shooting in florida. The suspect appeared in court, admitted to killing 17 people. John lott is with us, Crime Prevention research. He joins us now. John, you say, i think im quoting your correctly, background checks are not the answer to solving gun violence. How about tougher background checks that would include any history of Mental Illness. Would that help . Its good to talk to you. Look, one of the things you find when you go back through these types of cases is that many of these people were actually seeing Mental Health care professionals before they engaged in these attacks. What you find consistently is that they never are able to identify these individuals as a danger to themselves or others. It would be great if Mental Health care professionals had magic ability to discern whether or not someone is likely to go do something bad, but you have to keep in mind a couple things. One is people with Mental Health tend to be more likely victims of Violent Crime and they also tend to be less violent on average are just having a blanket rule that says anyone who has any type of Mental Health issue should be banned from having the option to protect themselves could create real problem. Sure. I see your point. Its a very valid point to make. But background checks dont work, you are with the Crime Prevention research center, what will work to cut down on these horrific School Shootings . Just so people know what these background checks, theres not one of the mass public shootings in the last decade that wouldve been stopped by any of the changes people have been talking about with regard to background checks. We all want to keep bad guys from getting guns, but what would work is looking at what determines where these guys attack and time after time, we can get there diaries or look at other statements that theyve made, they go after places where they know victims cant defend themselves. The socalled gun free zones. Since 1950, over 98 of the mass public shootings have taken place in those areas where general citizens arent allowed to have guns for protection. Are you in the camp that says we should arm teachers . I think thats something we really need to think about. Staff and teachers, 25 states that, too varying degrees allowed teachers and staff to go have guns. One can think about things that michael wrong, but its turned out to work very wellin the places i have allowed it. You realize how people feel about that, there is, people just recoil at that, the idea of sending a youngster into a classroom with a teacher who was armed with a gun, thats a little offputting for a lot of people. Ive been in academics most of my life. I understand, but what i would say is there about 17 million americans that have concealed carry permits. If you live in a state other than california or new york or d. C. , about 8 of the Adult Population has concealed carry permit. When you go to a restaurant or to a Movie Theater or any place outside a mall, its extremely likely there are other people there with you who have a concealed handgun with them but you would never know and the same thing would be true with teachers having gone. Would you agree that look, its a real crying shame that weve come to this. Do you agree with that. Sure. I would like to live in a world where theres no violence but the problem is, at the very least i want big signs. I want signs in front of schools or other places where people can attack that they look, there are people here who can defend themselves and will if you try to go do something. You read these statements by these killers, and they may be mentally off in many ways but theyre not stupid and their goal is to try to kill as many people as possible in the amount of time that elapses between when an attack starts and someone arrives on the scene with the gun will determine how much carnage you will have. Look, police are important. But having someone in uniform is an almost impossible job. Its kind of like someone wearing a neon sign saying shoot me first. What you find is that Law Enforcement in those areas, time after time are the first people who are shot at. John, thank you for articulating your point of view. We do appreciate it. Follow the debate. Niclas crews posing pictures, posting picture with guns on instagram, commenting on youtube videos saying he wanted to be a national School Shooter. Could social Media Companies have done more to prevent this . We will be back with that. Liberty mutual stood with me when this guy got a flat tire in the middle of the night, so he got home safe. Yeah, my dad says our insurance doesnt have that. What . you can leave worry behind when liberty stands with you™. Liberty mutual insurance. Attention homeowners age sixtytwo and older. One reverse mortgage has a great way for you to live a better retirement. Its called a reverse mortgage. Call right now to receive your free information kit with no obligation. It answers questions like. How a reverse mortgage works, how much you qualify for, the ways to receive your money and more. Plus, when you call now, youll get this magnifier with led light absolutely free when you call the experts at one reverse mortgage today youll learn the benefits of a governmentinsured reverse mortgage. It will eliminate your monthly mortgage payments and give you taxfree cash from the equity in your home. And heres the best part. You still own yohome. Call now take control of your retirement today some criticism of social Media Companies for not doing enough to stop the Florida High School shooting. Henry bonn has the details. It has been 24 hours since authorities told us they looked into a Youtube Comment made by the Florida Shooter months ago, back in september. They say they couldnt figure out who was behind the social media post, even though the shooter used his own name. Here is a screenshot sent to the fbi in september by a blogger who reported the comment left by niclas crews. It said i am going to be a professional School Shooter. A lot of questions about why they couldnt track him down and whether youtube gave him any help in the process. I reached out to multiple contacts at google but the company has been completely silent, leaving questions unanswered. I asked if the comment was flagged to youtube and if they commented were helped with the investigation. No word with google or no public statement. Authorities call the social media activity very disturbing, but also his post on instagram. Google has been silent and facebook address the facebook an instagram accounting there is no place on our platform for people who commit such horrendous acts. We have found and immediately deleted his account on facebook an instagram. Facebook detailed that in a case like this the social site flags comments to authorities and works closely with them on these cases. Hillary, thank you very much. Now there is billionaire tech investor, peter teal and also a republican part he said hes getting out of Silicon Valleye. Because of the leftist politics. My take on that next hour. Copd tries to say, go this way. I say, ill go my own way with anoro. Go your own way oncedaily anoro contains two medicines called bronchodilators, that Work Together to significantly improve lung function all day and all night. Anoro is not for asthma. It contains a type of medicine that increases risk of death in people with asthma. The risk is unknown in copd. Anoro wont replace rescue inhalers for sudden symptoms and should not be used more than once a day. Tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. These may worsen with anoro. Call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro. Ask your doctor about anoro. Go your own way get your first prescription free at anoro. Com. A Stuart Stuart peter teal cofounded paypal. You may know him from his appearance at the Republican Convention that nominated donald trump. A Silicon Valley guy at a Trump Convention . Except he is no longer a Silicon Valley guy. He is leaving. He says it is a 1party state, big tech is dominated by leftleaning stifling politics. He says that is when you get in political trouble in our society, when you are all in on one side. These giant Technology Companies are extremely powerful and clearly use that power to push our culture to the left. Facebook decides what is fit for 2 billion frequent users to read, filter out what they think is nasty and conservatives are nasty. Mark zuckerberg suggested he would leave the facebook board after he supported trump. Amazon founder jeff bezos owns the washington post, the most avirulent antitrump newspaper in the land. Dont forget google, they fired an employee who criticized googles diverse city policies which he believed imposed an ideological echo chamber, take a liberal line or leave. Peter teal is leaving Silicon Valley and relocating to los angeles. He is going to pursue opportunities in media. Avoid what he found up north. This is more than relocation. It is a declaration that big tech is hopelessly conformist. You got to look left to play ball. Peter teal is the writing on the wall. His relocation is a warning. And back to peter teal in a moment, and 25 of the 30 dow stocks on the upside. This will be a 6day winning streak if this winning moment, up 90 points, if it holds. Same question to you as everybody else. Is the worst over . I dont think it is nearly over. Which we to glorious weeks we saw complacency, turn to surrealism and people began to take profits but the complacency is back this week, the best year we had in six years. When you look at a market that was up 200 , gave back 10 . That is not even a hiccup. That is barely a blip. It is not over. Stuart if it makes you feel better, every Single Market watcher i asked the same question, is the worst over . It is not. And of course what we have is this market has gotten addicted to low Interest Rates. Next year we will have four Interest Rate increases with four Interest Rate increases, that might bring surrealism back into the market. Stuart i want to talk politics with you. We never do that. Peter teal as you heard at the top of the hour leaving Silicon Valley because of the conformist leftist politics that are enforced up there. Any views on this . The irony is you leaving Silicon Valley to go to la to be in a left liberal place. That should say a lot. So much hypocrisy in Silicon Valley. They outwardly proclaim they believe in free speech, but from Silicon Valley, i spent determined amount of time there, they proclaim they believe in free speech but if it is not the freespeech they support, they will ostracize you. See what happens with peter teal on the facebook board. Not only with guys like reed hastings, they wanted him off the board for no other reason than he supported trump, and had libertarian leanings. Stuart at what point the conformist leftist politics of Silicon Valley heard those companies and their stock price . I dont think it is going to heart for a a while, and regulation starts to creep up on them. They have made some efforts but the efforts they have made of been minimal and the effort they made have been more of them saying yes, we allow elements of free speech but very much stating and opposite thing behind closed doors. Stuart you worked closely with amazon in different capacities. They are making a foray into banking, smalltime lending. Are they you think they are going to become a bank . Banking is the most highly regulated industry. I would consider most of the big banks, the Money Center Banks i referred to as the empire of dirt, i would consider a lot of those banks to be subsidiaries of the us government. He wants to own the ecosystem, to own lending, Small Businesses need loans, give this access to loans but it would be a big order because the government is not going to allow him. Stuart subject to regulation. And the government would be too much involved in amazon, it is a good initiative, but if the government is involved too much in amazon they wont grow as they have. Stuart interesting amazon stock has a slight retreat, 1458 is the price. Thanks for joining us on friday morning. Appreciate it. The fbi says it did receive information about a disturbing online comment allegedly coming from that School Shooter, nikolas cruz. The post on a youtube videos that im going to be a professional School Shooter. Fox news legal analyst. Lets go straight at this. Do you think the fbi dropped the ball . Yes. When you look at it, parents hear these stories, they will be outraged because you would think there would be an inquiry. The problem is Law Enforcement, there are guidelines, has to be probable cause that a crime is going to be committed. Law enforcement cant necessarily get to the point although it is outrageous, to get to the point of going and arresting this person based on probable cause because we dont know if a crime will be committed. As relates to inquiry, that is disturbing, it will be more disturbing to all the parents when they see this was out there, parents will also be very upset about the social media here, asking more controls on this. There has to be something to monitor these activities hopefully to prevent it. Stuart two points, the fbi clearly does not have the manpower, staffing required to look into the threats that are made. How do you Police Facebook with 2 billion fairly active users . You have got to bring in artificial intelligence. That will be the filter, online media posts. Anytime we have these horrific events there is another level of investigation to figure out how to prevent this. What is it that has to be done in order to have a thirdparty come in and supervise this because of the amount of people involved with social media. We always go to this discussion if i may for one second, guncontrol. I look at it from the perspective of this. Somebody has to look at the cultural evolution in the last 34 to 40 years. What is it . I would bet you, im not a psychologist or psychiatrist but i am wondering if the numbers of mentally ill people in this country have increased. Or has it remained the same . It is the cultural evolution, things we have seen on television, video games, types of music come all of these things that led to this completely new cultural change of acceptance where my children and grandchildren now have accepted that this is a part of life. There has to be a discussion in order to prevent these types of things in the future and many levels do it. Stuart we are in it already and that is the fact but you are a vegas guy. Update me on the mandalay bay hotel, that is the scene of the mass shooting. They arrested the guy that provided the ammunition to the shooter who wasnt licensed to sell the ammunition. We are not very happy with, the level of transparency by the sheriff, he gave a News Conference a few weeks ago, he was obviously not happy to be there, trying to keep a close investment, us as citizens we want to know more and understand how it happened, why it happens, what could have been prevented. The civil lawsuits will bring out a lot of this information but as a community we are not happy with the progress of information. And a certain amount of protection, come out and talk to us even if you dont have anything to say, talk to us more. And even talking to us, that is our frustration. Stuart we hear you. Thank you very much. Not sure what this video shows, two guys duking it out in the middle of traffic in los angeles. And drivers getting into cars and driving away. It is unclear what sparked the fight but a fight it was. Ugly. That is the way it is. Three immigration plans in the senate. We are asking a member of the House Freedom caucus if he can support any plan that provides any pathway to citizenship for the dreamers. Donald trump says a . 25 increase in the death tax to pay for infrastructure and the ceo of the American Trucking association is a trucking guy and he is all for it. That is a surprise. He will make his case next. Stuart breaking news, israel Prime Minister benjamin and yahoo will come to the white house and meet with donald trump on march 5th. Just got that coming to us now. Donald trump is suggesting a . 25 increase to the federal gas tax in order to fund at least some of the Infrastructure Spending was come in the president and ceo of American Trucking association, crispier. I dont get this. Why are you, a guy who runs americas Trucking Industry essentially, why are you in favor of a gas tax . Over the last 60 years it has built the us Highway Network and trucking pays half a tab into the Highway Trust Fund and we are willing to pay more, this is our backyard, we drive on it every day and understand it is an investment not only in our industry but the economy. Eliminating congestion, providing greater safety, this is why this investment is so needed and we support paying more. Stuart i take it the potholes which we do see around the country take a real toll on a big rig . They do indeed and even on regular motors, Passenger Vehicles cost 1500 a year, 500 spent repairing the vehicle, that is the cost of doing nothing, that is what is regressive here, and we cant afford to let it pass any longer with funding and real money. Stuart Trucking Company can write off the cost of gasoline as a business expense sewing increase doesnt affect you that badly. It is passed through but we have to be considerate of how the economy absorbs an increase, we are advocating a . 20 increase, 0. 05 a year at the wholesale rack so you are not going to notice it because it is baked into the price of fuel. A 0. 05 increase the year over four years will increase and amount of 340 billion over the next we 10 years, real money inroads in bridges, people will see the difference and that 1500 cost will come down dramatically. Stuart a substantial amount of money flowing to the treasury. Your group says you have a shortage of truck drivers. 900,000 needed and you dont have them. Is that number accurate . We are short 50,000 annually, that will double if we dont do anything about a problem. Over the next decade we have dire 960,000 people into the industry just to maintain current economic demand. This is a real problem we need to begin tackling now, not ten years from now. Stuart the problem is you have got to have a really clean license, you have to have a full license for the big rig you are driving, it has to be clean, no infractions, that is part of the problem, right . It is and it is a skilled profession, takes time to get a cd or driving a vehicle of that size, it is a professional trade and we take it seriously. And we need to go after younger drivers bringing them into the industry much earlier. We are not allowed to hire 18 to 21yearolds because the federal government wont allow them to drive across state lines. Will we allow them to serve overseas in war zones and operate multimillion dollar equipment. There are policies that dont make sense and we need to bring that talent into our industry earlier and make them a part of our economy Going Forward. Stuart how do you feel about driverless trucks. They are on the way . I would say it is decades away. It is more about driver assist. We Welcome Technology if it makes roads safer, makes productivity go up. We are in favor of it. We believe in the cityscape you will need a driver to operate heavy equipment and Hazardous Materials like fuels and chemicals you dont want those vehicles being driverless in the environment, wouldnt allow it. We believe drivers will be around a long time just like we have pilots in planes. Stuart what does a truck driver make on average . Can you give me a ballpark figure . And 401 k , dont need a college degree. Stuart you are 50,000 drivers short this year. Interesting. Thanks very much, we appreciate it. Mitt romney officially running for senate. Is announcing came today with a tweet, i am running for the United States senate serving the people of utah and bring use ours values, accompanied by this video, rumors of romneys run have been swirling since september after senator orrin hatch announced he would be retiring at the end of this term. Will Mister Romney become the john mccain of the Republican Party and the senate . California will elect new state leadership this year, Lieutenant Governor joins us later this hour, i want to know if california will ever elect a republican to statewide office. A heavy hitter from wall street making his debut on varney today. His name is hans olson. We will ask of the worst is over and what he is telling investors to buy with the dow up 140 points. Money money money money money money money so, hows it going . Well. We had a vacation early in our marriage that kinda put us in a hole. Go someplace exotic . Yeah, bermuda. A hospital in bermuda. A hospital in bermuda. What . What happened . I got a little overconfident on a moped. Even with insurance, we had to dip into our 401 k so it set us back a little bit. Sometimes you dont have a choice. But it doesnt mean you cant get back on track. Great. Yeah, great. Id like to go back to bermuda. I hear its nice. Yeah, id like to see it. No judgment. Just guidance. Td ameritrade. Show me the olympic winter games like ive never seen before. Xfinity x1, yeah, i always know the scor. Triple corks in 4k. Lookin so sick. Stream live on every screen, every win, every trick. 2000 hours of coverage, get your mind blown. 50 olympic channels, yup, youre in the zone. And if theres something that you want to see, pick up that voice remote and just say show me. Experience nbcuniversals coverage of the olympic winter games like never before with xfinity. Proud partner of team usa. Stuart headlines this friday morning, disney is bringing the rose gold trends, the perfectly pink sugary snack, i am reading this, rolled out on valentines day disneyland they are going to be around another couple months. Here is something you will ashley thank your friends for. Stuart something you will thank your friends for. A collection of hot sauce, the sour fiery for some immortalized in spicy heaven euro and flavored sauces, 72. Back it out. I like this one. The first birthday, a british baker made these lifesized cakes in the likeness of twin baby girls. More than 100 hours of love went into making the cakes which the twins enjoyed very much or the most difficult part, crafting individual strands to make up their golden blonde hair. You dont like that . Ashley you are eating babies. Stuart stop it. You slice them first. Liz he didnt say that. Stuart George Washingtons hair found hidden away in a library book. It was found in the 18thcentury book owned by Alexander Hamiltons father in law. Scholars say people often did this, Exchange Hair as a keepsake. It was more likely gifted by marthas wife washingtons wife martha. I am not reading very well and that is the truth. Ashley my hair goes a long way. Stuart it is not funny. Ever that gun control following the shooting, House Freedom caucus member who is also a Gun Store Owner will join us momentarily. Bid coin making a come back, 10,000 a coin. Hans olson is here, a very big hitter on wall street. I will ask about the germans. Alice is living with metastatic Breast Cancer, which is Breast Cancer that has spread to other parts of her body. Shes also taking prescription ibrance with an aromatase inhibitor, which is for postmenopausal women with hormone receptorpositive her2 metastatic Breast Cancer as the first hormonal based therapy. Ibrance plus letrozole was significantly more effective at delaying disease progression versus letrozole. Patients taking ibrance can develop low white blood cell counts, which may cause serious infections that can lead to death. Before taking ibrance, tell your doctor if you have fever, chills, or other signs of infection, liver or kidney problems, are pregnant, breastfeeding, or plan to become pregnant. Common side effects include low red blood cell and low platelet counts, infections, tiredness, nausea, sore mouth, abnormalities in liver blood tests, diarrhea, hair thinning or loss, vomiting, rash, and loss of appetite. Alice calls it her new normal because a lot has changed, but a lot hasnt. Ask your doctor about ibrance. The 1 prescribed fdaapproved oral Combination Treatment for hr her2 mbc. Stuart i am going to call this a rally, 27 of the dow 30 stocks are green, they are up, the industrial is up 130 points. If we close today, 6 days in a row on the upside, we have a top wall street guy with us, he has not been on the show before. Kind of auditioning for it. I have got a lot of nerve. His name is hans olson, stifle nicholass global head of strategies. Not a member of the norwegian olympic team. Stuart i told the audience i was going to ask why the germans are so good at that but you are a norwegian. Is the worst over on wall street . What a difference a week makes. This is the pod. The good news is the economy appears to have achieved the escape velocity we have been talking about that it needed to. The organic activity in the economy is good enough, inflation, pressure starting to build, money is moving and the challenge is you start to pivot from low Interest Rate environment with quantitative easing to an environment with inflation pressures, quantitative tightening and the market now has to figure out the appropriate multiple to put on earnings even though they are growing. Stuart is the worst over . Will we go down some more and challenge those lows or are we pausing plateauing and going up some more . We will see things get quiet, smooth out for a bit, there will be another round of good Economic News which will push the bond market around which will follow through to stocks and another about of volatility in the stock market and the bond market. Stuart i am in my late 60s. I have done well owning microsoft for many years. I have done really well. That i sell any part of it . No, you shouldnt. Stuart that would be true of our other viewers who are interested now. Dont sell because we might go up a bit more. You should look at this as a portfolio construction problem. Typically when we have been through these periods in the past, 1994 was a case in point, a very volatile year was tough for the equity and fixed income markets. Once you got through that Interest Rate reset 95, 96, 97 were pretty good years for the market and you had to get through that reset which is what we are in the early stages of right now. Stuart we dont know how high Interest Rates will go until we find out. We dont know if the market will respond favorably or otherwise. It will probably respond unfavorably because it is so new. Theres an entire generation of people in this business who have known only one thing, falling or very low Interest Rates which imagine a person a decade into their career dealing with an Interest Rate that is positive in real terms. Stuart a generation out there has never known prosperity or the feeling of prosperity. Tell me about bid coin. Put it on screen, 10,000 a coin, 10,135. It has gone up recently, the market has gone up and it was down as the market went down. Is there a relationship . There is a relationship with the bond market, we have an opportunity cost. Bid coin, there are three things people need to think about. As a currency it is nowhere near big enough, 350 billion, the value of the total stock. Stuart it is not a medium of exchange. But if it were the second problem is this, 350 billion essentially the market, that is not a currency. What if you regulate it . The appeal if it is true currency will be regulated by something, 10,000 or more, have to do a currency report like banks do. What is it worth then . The third thing if you ignore the other two and still embrace it as an alternative to gold, what is the marginal cost of production . It should trade in relation to the marginal cost of production. It trades based on last calculations marginal cost production. Stuart reading between the lines, you wouldnt touch it with a 10 foot pole. There are more interesting ways to lose money. Stuart we appreciate you being with us. The Florida School shooting, 17 dead, North Carolina congressman ted budd joined me now, republican North Carolina. You own a gun store your self. Welcome to the show. A lot of conversation today about background checks, whether they work or not. Should we toughen them up maybe to weed out people who should be not having a gun. What is your input on background checks . We have to broaden the argument well beyond gun violence was we hear gun violence questions over and over, this is a violence problem that is a symptom of our modern society, we have to research what is this . Where do these troubled children come from . As a parent i have three teenagers so my heart goes out to the parents and Law Enforcement and the whole community in florida, absolutely heartbreaking and i cant imagine those phone calls but when it comes to background checks we already have those but lets make sure we get the right data into those databases. The National Instant criminal background check which is maintained by the fbi and those databases can be flawed. Lets upgrade those and make sure when someone is flagged as mentally ill like nikolas cruz in florida, that data the fbi was notified about get into that database so that we dont have a horrible incident like we had in florida. Stuart that is a pretty big expansion of the data that goes into the background check. If everybody or anybody who goes to ca psychiatrist, mentally a little unstable for whatever reason, they are not going to get a gun. That is a big deal. It is too big of a leap to say. Somebody posted on youto that they wanted to be a professional School Shooter. There were multiple red flags. It is not about someone going to a psychiatrist or psychologist for basic counseling and basic medication. This was a deeply disturbed individual. As we have seen with this, other people who were not mentally about radicalized. It is not about a firearm, Pressure Cooker as was used in boston or a van used in paris to go lady people. Lets broaden this to a violence issue in modern society whether it is a radical islam problem or a Mental Illness problem. Stuart would you make any changes to the guns that are available for purchase . Would you take any guns off the market . We need to jump away from who needs an ar 15, that is a design available to the public since the mid1950s. It is not an assault rifle, it stands for our right. In 1958 design available to the public for years. Only recently we had numerous tragedies have copycat tragedies, one after the other. Lets not jump to who needs what, lets think about what is at the core of these problems and deal with it. I was meeting with the local sheriff this morning, how can we prevent this . We need to get research on the table and not just keep through the cycle over and over. We are not going to take this any longer. The left and the right, we want them over the left tries to politicize this together gun control agenda further along but i am not for that which i am for the Second Amendment and the First Amendment as well. We are engaging in the First Amendment right now but lets be careful that we dont use opportunities like this to politicize. If we can figure out what is going on in deeply disturbed individuals causing these problems and head these problems off we can get to some solutions. Stuart on this program in the last couple days some people have suggested Arming Teachers in classrooms. Are you for that . We need to look at the research. You dont want to jump to any conclusions in the midst of this welldeserved emotion. Stuart you have children, i have got children. I am really skeptical of sending my children to a school in which the teachers are armed with a 45 or whatever it is in the teachers desk. Im worried about that. And you . Whatever you do it has to be Law Enforcement quality training. I cant answer that directly, dont want to go handing out guns to protect those children but what you want to do is make sure you have Law Enforcement quality training protecting our children. Stuart thanks for joining us, very important discussion. A couple individual stocks we are watching which are living, Campbell Soup for example, canned soup sales are down. That is part of the story, stock is down 3 . Then there is cocacola who made a decent amount of money, sales of water and their Coffee Division up, soda sales continue to come down. Homeowners in indiana getting a shot, they thought they had beachfront property but the state Supreme Courts is not so fast, those sandy beaches are open to everyone. How this ruling could affect homeowners all across the country. Peter teal leaving Silicon Valley fed up with big techs liberal agenda. We will ask a republican candidate for the Lieutenant Governor what can be done to woo conservatives back to the formerly golden state. Nicole i am nicole pedallides, twitter looking at new ways to bring news broadcasts using live streaming, stock is down 2 at 32. 87 but on wednesday it came to fruition. A new initiative where twitter put out footage from miami, the timeline of users covering the shooting at broward county. In fact, more than 50,000 concurrent twitter viewers at one point, twitters initiative, new ways to bring credible and relevant information to keep people informed across the board. Stock over the last 52 weeks was up 100 . Stuart a wrapup, kanye west has settled a 10 million lawsuit with the insurers of that tour he made, the saint pablo tour. He canceled the last 21 after some erratic behavior on his part which landed him in the hospital for psychic evaluation. Details of the settlement he has reached were not reviewed. California development, peer teal is a hotshot tech guy, cofounder of paypal, leaving Silicon Valley because of its liberal politics. The point, the state continues to push to give illegals the right to vote once they get a drivers license. Joining us now, republican candidate running for california Lieutenant Governor. I am serious about this. If california goes forward with this get the illegals on the books story, you are going to corrupt americas electoral process. Can you stop it . I will work to do that. One party has to break the law to get voters, there is something wrong with that party and it is the same problem driving peter teal out of Silicon Valley. You cant voice a different opinion in Silicon Valley and in most of california, one party rule has stopped us from being able to express ourselves and challenge ideas. Stuart it is a 1party state. It has been a long time since any republican was elected to a statewide office. I know youre trying to change that but you have an uphill struggle. Im ready for this challenge. My parents always said dont be a complainer about what is happening unless you are willing to do something about it so finding this office of Lieutenant Governor is something i can do not as a politician but as a public servant. Stuart what is going to be your line of attack. What are you basing your candidacy on . My ability to think as an economist, challenge ideas and get the Democratic Party to come to the table to talk about what works for the people who are not expressing their opinion because they are afraid of retribution. Not just on College Campuses anymore but throughout Silicon Valley, california, people are declining devastating the wrong party or the wrong idea. That sounds like very much a socialist idea. Stuart you have a free speech problem basically. It is ironic that in the early 1960s mario created the Free Speech Movement at berkeley which swept across the country and now the complete opposite right there in california, lack of free speech. I will help make that pendulum turn around because that is what has to happen and i will be speaking at berkeley, i am proud of the College Republican diversity, these students are on the front lines fighting for their right to speak independently. I want to be there with them. Stuart you are with peter teal, arent you . We mentioned him before we brought you on the show and you mentioned him and he is leaving for exactly what you are talking about. The sort of gridlock of opinion. You are not allowed to break out of the mold. That is what you are talking about. I see on campus all the time come in classrooms. It is a crime we are perpetuating on our students because if we dont teach them how to think and problem solve, they are not going to be able to deal with the issues i cant imagine they will be facing in 30 years. Stuart i used to live in california, 35 years ago. Wonderful place, place of great opportunity and freedom. We wish you well in your campaign, come back and see us again soon. Okay, lets get to the market, individual stocks in the news. Steve win is out as ceo, he was founder of the Gaming Company, he gets no compensation as he goes out the door, no healthcare and a no compete deal for two years, cant go back to the gaming industry in any way, shape or form, shake shack number one, 35 new stores this year, never 2, they gave a weak outlook as they look forward, they saw weakness, dont do that if you want to maintain your stock price, it is down 7 . The Indiana Supreme Court ruling homeowners with beachfront property do not have exclusive rights to that land was how could this affect Property Owners all across the country . Apparently it could. Each day our planet awakens with signs of opportunity. But with opportunity comes risk. And to manage this risk, the world turns to cme group. We help farmers lock in future prices, banks manage Interest Rate changes and airlines hedge fuel costs. All so they can manage their risks and move forward. Its simply a matter of following the signs. They all lead here. Cme group how the world advances. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Stuart keep an eye on the market, we are up 170, fedex the latest company affected by a data breach, thousands of passports, drivers license, customer ids, stored in an unsecure server fedex acquired a couple years ago. Fedex says none of the information was misappropriated and is now secure but no word how long that info sat open to public access. The Indiana Supreme Court says the Lake Michigan shoreline is open to all. That means homeowners with beachfront property have no control over the beach between their house and the water. Jeff flock live in indiana with more on this. Jeff nobody is fighting over the beach today. It is Lake Michigan out there, mainly ice and snow buildup but look at these homes right on the lakefront, pricey homes, milliondollar homes at some had contended owned all the way, walk with me down here. Typically the boats and all that, the water is right there, the beach is right there when it is not frozen. They maintain a owned everything all the way out to the waters edge wherever the waters edge is. The Supreme Court has ruled instead they own only up to the average high water line. You can see with the rows in the water line is right here leaving, this is beach, this is sand, that is the beach. I can walk on this now legally, these folks cant tell me to get off. This may appeal to the Supreme Court in which case it would have implications for Property Owners, beachfront Property Owners on the coast as well as lakes across the country. Stuart in california if you have a nice house in malibu you dont own your part of the beach, i dont think you can in california. All beaches have to be public. In cape cod reporter different states have different laws. Local communities can have laws also. The Supreme Court gets involved in this. Stuart that could be different. That was a good report, very interesting to those of us who do not have beachfront property. I got a tree farm. No trees on the beach. More varney after this. . Its been a pretty good week. We are up 176 points. 25377. About 1200 points away from the alltime high we had in january of this year. We been talking about the lose all morning really come down the track at about 85 miles per hour. Why are the german so good at this . The joke as they come out in lucia position when they are born. They start training when theres two years old. To them, we see learning how to write a bicycle but for them its the sport. Before we did this i would like to add that the germans have three golds in this event and the brits. No i got it wrong, the bread was close to winning a metal which is good for us. [laughter] in five seconds, neil cavuto will appear on the screen. I have a question. Are the italians not very good at this . It depends on whether we are sober or not. What i love about it is anyone can do it. Some of these are guys are significantly overweight and again glass allusions shouldnt throw ice, but im very encouraged by that. I think i could do that. Move on neil. I will. If we got a lot going on. The dow is sprinting ahead. Some possible indications we could have standing trade