Transcripts For FBC Varney Company 20240714

A variety of issues. Remember that when you see the speech. After the speech, President Trump will meet with britains Boris Johnson. Now, that meeting should be about a big trade deal. However, earlier today, Britains High Court ruled that the Prime Ministers suspension of parliament was illegal. That complicates an october 31st brexit, and you cant have a trade deal til the brits are out. Meanwhile, democrats are racheting up their calls for impeachment. This time its about that call to ukraines president and a new report that the administration has delayed aid a week before the call was made. The market doesnt care. Despite it all, stocks will open higher again. Now, we have no idea where the markets going to close but at the open of trading the dow is going to be up maybe 50, 60 points. S p up about eight. And a 25point gain for the nasdaq, going up at the bell. But wait tlrn, theres more. Bernie sanders oneups Elizabeth Warren with a wealth tax proposal. And the europeans give google a win. The europeans. Varney company is about to begin. Stuart here we go. Breaking right out of the box. News on housing. The latest numbers on home prices. Susan . Susan we saw the seasonally adjusted for the 20city index see zero growth in home prices from june to july. You want to do a nonseasonally adjusted that was up. 1 but less than what was expected by economists. Year over year, 2 growth in july, weakest annual growth since august 2012. Home prices are not going up as much as they used to. The trend is going down. However, i would say that we did see a turnaround in august for existing home sales. Stuart all right. We will figure that out. Not sure where the Housing Market stands at this point but clearly, home price rises are slowing down. Susan slowing down. Also, the fhfa came up with home prices in july, up. 4 . As for the year through to july looks like were up 5 . You are still getting more money for your homes. Stuart just a little bit. Thank you, susan. Take a look at google. I cant believe this. Theres a big win for google in europe. I want to know in what way, how, ashley, how did google win ashley well, europe as we know is very strong on its regulations. They have this right to be forgotten rule where you challenge every time someone puts your name in in europe, something negative comes up which you say is not true, you have a right to have that erased. What the court in the eu says is you dont have to live under eu rules around the world. You only have to do it for that bloc of 28 countries which makes life a little easier for google, certainly, but it raises a bigger question, who does have jurisdiction over big tech when you are talking about the worldwide internet . Stuart as of now, if i work and live in europe, i could have my past eradicated. Ashley correct. Stuart the past doesnt have to haunt me. Ashley correct. Stuart if i live in the United States or anyplace else, the past comes back to bite me . Ashley exactly right. As it stands. Stuart not sure where i stand on that one. If youre a criminal, should be allowed to cover it all up. Very interesting question. Ashley very good question. Stuart take a look at starbucks. Thats up. They had a win in europe. Their win was about taxes. Susan this is a win for starbucks in europe at the moment. The eu court ruled that starbucks was not given special advantage, was not treated differently by the netherlands with respect to illegal state aid. So starbucks wins here. The eu competition chief, for five years, has been cracking down on big tech and multinationals on u. S. Companies ba and back in 2015, she ordered that starbucks pay 28 million in back taxes because of a tax arrangement she says they had with the netherlands and the eu court ruled thats not the case. Stuart so a minor win. Lauren a minor win but apple is facing a similar situation, 14. 5 billion, much more money in ireland. Does this set the table for what could happen there or do the european investigators sharpen their tools and come down even harder in a different way against apple. Stuart lets not get too carried away with google and starbucks winning in europe. Lauren for now. Stuart okay. Thank you, lauren. Thank you. Next case, Bernie Sanders, hes just unveiled a new wealth tax proposal, much more aggressive than Elizabeth Warrens wealth tax plan. Bernie would have a 1 tax on net worth above 32 million, 2 between 50 million and 250 million, and the tax goes all the way up to 8 on a net worth above 10 billion. This is an annual tax levy. Lets bring in an expert on wealth inequality, he wrote a book about it. Lets suppose this wealth tax either from bernie or from Elizabeth Warren, suppose that was imposed, what effect . I think it gradually slows growth and that has an impact on our middle and working class. Stuart the economy, you mean . Definitely. If you look at europe where they never took the risks to build the institutions like the United States, google, facebook, intel, microsoft, apple, ebay, they produce almost no innovation. We are producing six times as many billion dollar startups as they have. Our middle class is enjoying consumption thats 30 greater than germanys and their incomes are higher because of the innovation that were producing. If you take away those incentives you will gradually see a slowdown in innovation and growth. Stuart if you take it off this group, i think its about 75,000 wealthy families, you take it off them and you give it here, does this group get better off . At their expense . I think in the short run they might, but in the long run they are going to pay a very high price for that. Stuart tell me about Elizabeth Warrens wealth tax plan that would create a 1 million marriage penalty. I heard about this. It seems to me people would get divorced, very wealthy people would be divorced on paper, keep living in the same house, enjoy the same marital relations, so to speak, but be divorced on paper and save money on taxes. As she proposes it, thats certainly the case. She will probably loop around and say for single people we will cut it in half so you wont be able to do that. Whether or not they do that, any time you take the big payoffs for risk taking away, you are going to see a significant slowdown in risk taking and we know this by looking at the difference between europe and the United States. There are enormous differences between these economies that people dont understand, and we are producing this innovation with about half as much talent as europe has. Europe is succeeding by wasting their talent. Its going on vacation, not taking risks, not producing the institutions that create the kind of innovation we are seeing in the u. S. Economy. Thats what gradually happens when you do this. Stuart politically its an uphill struggle because taxing the rich, they can afford it, take it off them, these people are poor, give some to them. Its attractive politically. It wins votes, doesnt it . I agree with that although i would tell you this. Why are they really going down this path . Because in the future, when baby boomers start to retire, they are going to have less income to tax and they are going to be looking for other things to tax. Your savings, your consumption, instead of the income that you produce because when you are 65 years old, and you retire, youre not producing the income, they are still going to want to tax you. This is just a way to condition the public to get used to the idea because once you say okay to wealth tax, okay to consumption tax, then they are going to lower the hurdle. Stuart thats right. You will be taxed at every turn. Income tax, wealth tax, estate tax. Consumption tax. Stuart i missed that one. Exactly whats happening in europe. Stuart tax it all. No growth, no innovation. 30 lower incomes. Stuart glad you could join us on tuesday morning. Thats a grim message. Ed, thank you, sir. Always appreciate it. Another one. Oh, yeah, wait a minute. Ive got more for you. You are saying that lower income americans are moving around a lot and thats a very good sign for the economy. Oh, yeah, definitely. What the president has been trying to engineer is a shortage of low wage workers. Now that we have trade with low wage economies, we have had a surplus of low wage workers for decades. We havent seen increase in their wages. Hes tried to restrict low skill workers at the border, tried to dial back a little on trade, tried to accelerate the economy. All of those are aimed at increasing the demand for low skill workers. We have seen a 3 increase in wages last year, the same thing this year in 2019. We have seen an even higher increase in low skill wages. What you are going to see along with that is more job offers for low skill workers and more of a willingness for them to switch from one job to another in order to get a higher wage. You dont want them to be fired. You want them to quit voluntarily because they have a better job. Stuart i expect to hear it from you but i never hear it in the media. Again, ed, thank you very much, sir. Check futures, please. We are going to be up about 50 points on the dow when we open up this tuesday morning. Better check out netflix stock. I believe its going to be down at the opening bell, down another half percent to 264. This stock has now gone negative for the year. Erased all the gains of the past nine months. Question. Is that because of price, content or the new competition from apple and disney . Weworks chief adam neumann may not hold the top job much longer. His fate could come down to just one board member. We have the story for you. Its not mr. Trudeau from canada. The feds in california are opening a criminal investigation into juul and vaping. The judge as in napolitano up next on that one. We believe your money should always be working harder. Thats why your cash automatically goes into a Money Market Fund when you open a new account. Just another reminder of the value youll find at fidelity. Open an account today. During the fall, everyone who has medicare may be eligible to choose a new Medicare Health plan. But you may be able to choose a new plan right now. If you answer yes to any of these questions are you turning 65 . Do you have both medicare and medicaid . Do you have medicare . And are you losing Employer Health coverage . If you answered yes just once, you may be able to choose a new Medicare Health plan right now. Call humana at the number on your screen to see if you qualify. And well send you this helpful medicare decision guide. The call is free, and theres no obligation. 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Stuart federal prosecutors in california have reportedly taken up a criminal complaint against the vaping companies. Im going to deal with that in a second. First, i want to tell you about the Labor Department expanding overtime for a lot of people. How many people . Ashley 1. 3 Million People. This is an interesting move. What it does is it raises the salary threshold of which you can still earn time and a half after working more than 40 hours. Currently, that number is 23,660. Its been raised almost 12,000 to 35,568. In other words, up until that point, you can continue to get time and a half for every hour you work over 40. Now, the Obama Administration tried to do this that number, by the way, the current threshold hasnt changed since 2004, so thats 15 years. The Obama Administration tried to raise it by even more back during his administration. It was blocked after businesses all protested and said wait a minute, this is really going to hurt us because we are going to have to pay time and a half for so many more employees. But the Labor Department right now has raised that threshold. It will have a big impact. Stuart it will. Lot of people will get more money. I want to get back to this will cred criminal complaint files in california against juul, the vaping people. I want to bring in judge Andrew Napolitano because when i hear the word criminal complaint, that raises the ante. We dont have a complaint. We have an investigation. Like a lot of these investigations, they begin sub rosa. We dont even know whats being investigated. The essence of crime is harm and the essence of crime is an intent to harm someone. So one could speculate that maybe the allegation is that juul misled regulators about whether or not its product was harmful, and if the misleading of regulators was done under oath, as almost everything is, that could be the crime. Im really speculating here. The wall street journal reports that rumors surrounding juul are that federal investigators, criminal investigators, are looking at juul. Beyond that, we cant seem to get anything solid about what theyre looking for. Stuart the word criminal worries me. The word criminal is terrifying. It means the fbi believes theres probable cause, theres a basis to continue devoting assets, resources, to a criminal investigation. Stuart join the discussion about google, please. I was in the hall. I listened to it. Stuart if i live in europe and im a google customer, whatever you call it you live in europe and you dont want that report to live forever. Stuart i can erase it. I can erase my past. Im not haunted by my past. But if im in america, canada, anyplace else, i cant erase my past. That is because of something you and i have talked about over and over and over again. The constitution. Thats because of the First Amendment. The government cannot say to google you shall erase that, because thats infringing upon the freedom of speech. I myself am deeply attracted to the right to be left alone, the right to be forgotten. As a personal right that would give imagine the stuff people have said about me. That would give me a lot of peace of mind. That nonsense is still there. But the First Amendment trumps, lower case t, nothing with the president , the First Amendment trumps my right to be forgotten. The speaker and the owner of the Bulletin Board decides whether or not that language is going to stay there. Stuart this is one of those occasions when judge napolitano would prefer to live in the constitutionless europe than the constitutional United States . No. Stuart im with you on that one. I would rather live in the constitution than that 600yearold tradition. Stuart i would like to be able to edit the information which i provided to google and which goes out there. Today there is a way to do that. They dont have to accept it. You can engage someone to interact with them. If its scurrilous and false, you can bring an action but youre talking about hiring lawyers. Stuart i know. Cost. Most people cant do that and dont want to do that. Yes. Before i did the research on the juul piece, i heard an ad on our network from a law firm saying have your kids been addicted by juul . Let us know. We are about to start a class action on behalf of all the children who have been harmed and seduced by juul. You will see those ads over and over again by your friends, the plaintiffs bar. Stuart point taken. Point taken. Thank you. Sure. Stuart lets get to your money, shall we . Okay. We are going to be up about 70 odd points for the dow. Nice gain, quarter percent. Third of a percentage point higher for the nasdaq. Disney world billed as the happiest place on earth, some employees say its more like a nightmare, claiming they have been physically abused by customers. How about that. That story is coming your way after this. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief stuart apple broke big news during our show yesterday. They are going to start not start manufacturing, they are going to manufacture souptonuts everything in the new mac pro in austin, texas. Curt the cyber guy is with us. He joins us now. You say this is a big win for mr. Trump and for tim cook. Make your case. You know what, out here in california, tech leaders now looking at tim cook, once thought of as a traitor to the lefties in Silicon Valley, and now his bond with the president and staying close to the white house since donald trump took over is really paying off. That dialogue has continued and now here we have the fruits of that labor. In 2013 they started making that mac pro which is a 6,000 super highend computer that is made by apple in austin, but it was assembled all over the place. Now this is brought back to the u. S. You see some success here that you can give to the Trump Administration and then also, you see some concessions that are being made. Youve got some lovefests going on so those tariffs have been forgiven for some of the parts coming in to manufacture that even though they are coming from outside of the country. Apple with 36 u. S. States making parts for their devices. Stuart so you are saying its the relationship that tim cook established with the president , unlike other high tech relations with mr. Trump. They ahave snubbed the white house for a long time and it definitely worked. Stuart the stock is at 220 a share. Thanks for joining us. See you again real soon. Check that market again. We are going to be up about 60 points at the opening bell. The market disregarding all the political turmoil and talk of impeachment. We are going up 60 at the opening bell. We will be back. Ive always been excited for whats next. Im still going for my best. Even though i live with a higher risk of stroke due to afib not caused by a heart valve problem. So if theres a better treatment than warfarin, ill go for that. Eliquis. Eliquis is proven to reduce stroke risk better than warfarin. Plus has significantly less major bleeding than warfarin. Eliquis is fdaapproved and has both. Whats next . Sharing my roots. Dont stop taking eliquis unless your doctor tells you to, as stopping increases your risk of having a stroke. Eliquis can cause serious and in rare cases fatal bleeding. Dont take eliquis if you have an artificial heart valve or abnormal bleeding. While taking eliquis, you may bruise more easily and it may take longer than usual for any bleeding to stop. Seek immediate medical care for sudden signs of bleeding, like unusual bruising. Eliquis may increase your bleeding risk if you take certain medicines. Tell your doctor about all planned medical or dental procedures. Eliquis, the number one cardiologistprescribed blood thinner. Ask your doctor if eliquis is whats next for you. Stuart a discussion about china trade between President Trump and treasury secretary mnuchin. Roll that tape, please. We are going to reschedule that. The timing didnt work. What was the request just out of curiosity. I want them to buy farm products. There was no confusion. We want them to buy agriculture. They committed to buy agriculture. Stuart let me tag that. Reuters reports that china bought, what, 600,000 tons of u. S. Soybeans. Is that accurate . Susan yes, thats ten boatloads of soybeans. This is after, of course, the chinese put 25 tariffs on u. S. Soybeans entering the market. This is the largest placed after the trade talks we saw last w k week. Stuart lets end the discussion here. They bought 600,000 tons of soybeans from us. Susan a lot of them. Stuart that is a lot. Ten boatloads. All right. Ten seconds to go. This market will open this tuesday morning. We are expecting a very modest gain for the three major indicators. Here we go. It is 9 30 eastern time tuesday morning. We are off and running. Look at that. Right from the getgo, we are up 88 points. That puts us back above the 27,000 level. I see an awful lot of green on the lefthand side of the screen. Of those stocks that have opened, only four have opened lower. Make that three have opened lower. Up 82 as we speak, about. 33 on the dow. The s p 500, show me that one, please. It is also up, about. 33 , back above 3,000. The nasdaq composite up better than that,. 42 . 34 points higher, 8,146. Look at netflix, down again. They have turned negative for the year and they are off again this tuesday morning. More on that in just a moment. All right. Joining us, d. R. Barton, ed conard, susan li, ashley webster. I want to start with netflix. As we said, its negative for the year after just going straight up for the first nine months of the year. Its down to 264 right now. D. R. , is this are they down because of competition, price or content . It is definitely not content. They are continuing to outspend everyone on content so some people might have forwardlooking problems with them taking on debt, as susan often reminds us, to fund that content but you will remember they lost 130,000 u. S. Subscribers in the Second Quarter instead of growing, their global numbers did not grow as quickly as they thought. There are analysts that believe 60. 2 million subscribers in the u. S. That they have already hit peak u. S. Subscriber levels, especially with that competition you talked about coming in with disney at 6. 99, apple at 4. 99 coming this fall. Susan 15 billion in content that they spent last year so they are using a lot of debt to get eyeballs to the screen. They lost the office and friends. They spent half a billion dollars on seinfeld for five years. That happened last week when you were away at the farm. Yes. We are looking at astronomical metrics of over 100 times almost to sales, not even to earnings, there arent that many, so why would you buy in at these levels . Stuart would you like to explain to our viewers that i didnt go to some kind of crazy farm. I actually have a farm. Im a very solid citizen. Susan watching netflix there, too. Stuart i could be a negative indicator. As soon as i started watching netflix the stock went down. I promise never to watch netflix again. Look at the dow component walmart. What a stock it is. Shares really riding high, close to alltime highs. Back to you, d. R. What are they doing thats so good . Heres the main thing theyre doing well. As americas top grocer, they are using that platform to bring people in and buy other stuff in the store. Its like the old Convenience Store where you come in to get your gas but then you will go in and buy some ice cream or soda. Because you are coming in to buy groceries so often, that puts you right there where they can sell you other things in the store. They are combining that with the strong online growth where they are outgrowing like amazon stuart you missed it. Im telling you. Im about to get schooled. Stuart im a walmart shopper. Yes, i am. You can have a Delivery Service, a subscription Delivery Service, 98 a year, i think it is, and its delivered from walmart to your door. Subscription and Membership Services like costco, walmart, even netflix. Its the way to go. Susan im laughing because i dont think you have ever used Delivery Service in your entire life. Stuart i havent. But i approve of it. Ashley analysts are loving walmart. They say they seem to make all the right moves. Theyve got momentum in the u. S. And lets face it, their International Stores are a work in progress but room for improvement. So this is a stock on the move. Stuart it is. I remember when it was 60 not too long ago. Susan low margin, high volume. Thats what theyre doing right now. Curbside delivery, recurring revenue, innovating. Also faster lowskilled wage growth. Thats good for walmart, too. Thats where the shopper is. Ashley thats right. Stuart im glad you made an appearance. Hold on. Were not done with you yet. Wework. Adam neumann, ceo, his fate may be in the hands of one board member. Can you explain . Susan one board member, i have interviewed him several times and hes one of these private equity pioneers in the asia pacific. Right now, why this man matters is because its a sevenmember board. Three are against adam neumann, three are for. It depends on one person at this point. Its interesting because wework of course shelved their ipo, delayed it. Nobody thinks its going to go this year. Maybe 2020. Do they need to bring in new leadership, kind of like Travis Kalanick to take the Company Public . Stuart what do you think . Will there be an ipo if mr. Neumann is at the helm . I think theres going to have to be major compromise. When you have the largest shareholder taking his fight public, youve got neumann, who has a super majority, can fire the board, and the fight has gone public and they dont even know how one board member will vote . This is a complete disaster. Theres going to have to be major compromises behind the scenes. I would think that slows down an ipo no matter what happens. Can neumann remain as a ceo . I would suspect you will end up with a compromise where he is not but still has a lot of control behind the scenes. Stuart who would buy that ipo if mr. Neumann is still in charge . Who would do that . Susan especially with the governance questions. With the governance questions and will they be able to get even their 10 billion. Softbank is mad, as you said, they are mad because they bought in at 47 billion valuation. Thats their fault. They are looking at a 10 billion ipo. There is a lot of bad stuff going on there. Stuart it is not a technology stock. Susan no, its not. Stuart its a real estate stock. Thats what it does. They wanted to ride the coattails of technology ipos. You cant do that. You are not a technology company. Susan they say they pioneered the cosharing space. They are the ones that innovated this. They see themselves as Silicon Valley stock in that vein, in that we are innovating something new but valuation matters. 47 billion. I think do you think its also the peak of private placement as well when it comes to valuations in the private market. 47 billion was what softbank bought into earlier this year. Some say these ridiculous valuations you are getting in private markets, that that era might come to an end. Stuart they have gone from 47 billion to 10 billion. Susan yes, if that. Stuart moving on swiftly because we are up almost 100 points for the dow industrials. There you have it. 27,042. We are 300 points away from the record high for the dow industrials. Harley davidson plans to expand to four million total riders in america by 2027. Thats giving the stock an 11 cent boost. Apple has been upgraded. It just hit a trillion dollar valuation. Im not sure what the price target is but they like it and the stock is up this morning, 221 a share. Auto zone, its actually up nine bucks. Nice profit rise there. 9 rise, just. 8 . Its an 1100 stock. Dow component nike reports profits after the bell today, its ever so slightly higher. General motors in day nine of the strike, and they have had to temporarily lay off thousands of workers. The stock still at 37 a share. Other markets. Bitcoin, wheres that . 9,500 a coin. The tenyear treasury, whats the yield . It is wait for it to appear on the screen. 1. 70 . The price of gold is 1526 per ounce, down four bucks. The price of oil, 57, 58, 58. 21. There you have it. Gasoline, average nationwide, 2. 66. Lets get back to google. First apple, now google launching a gaming subscription service. Again, let me get back to this theme. This is all about Subscription Services and membership and clubs. That kind of thing. Ashley nickel and dime you to death. 4. 99 here, 6. 99 there. Stuart but you get a constant cash flow each and every month. Susan recurring revenue for the business world. Technical expression. Susan its important. You are getting 4. 99, 6. 99. Remember when your beloved microsoft used to sell boxes of software, oneoffs . They sell you that, youre done until the next cycle. Now they are also in a revenue model, giving all of their whole productivity suite, you pay it monthly or threeyear plan that you pay monthly and thats one of their great cloud growth ideas, and one of the reasons that that beloved stock is doing so well. Stuart beloved stock. Lets not go overboard here. I do like it. I think microsoft actually has gone to 141 as of this morning. Just saying. Amazon planning, we hear, to release Wireless Earbuds that can be used as a fitness tracking device. Im not sure about this story. Turn me on. Ashley amazon has got smart speakers, smart homes, smart everything, but hasnt really jumped into the health and fitness tracking world. This may be their first real big foray into it. Put your buds in, it can track how far you run, the calories you burn, the pace you were running, so on and so on. This is supposed to come out in the very near future. We have the echo device as well, thats supposed to be bigger, better sound quality. The buds, people love being timed or whatever they do. Susan wireless, too. Stuart one last word to ed. Do you wear buds when you jog . No. Thats because i dont jog. I play tennis. Stuart any good . I am pretty good. Yeah. Stuart really . Yeah. I didnt play in college. As good as you can get without playing in college. Stuart thank you very much indeed. D. R. , thank you. Breaking news. Weve just got some excerpts from President Trumps u. N. Speech. Okay. I think we know a bit more about it in advance. Ashley just a few excerpts literally popped up on my screen. If you want freedom, take pride in your country. If you want democracy, hold on to your sovereignty. If you want peace, love your nation. Thats one little piece taken from the president s speech ahead of time at the u. N. It says the United States does not seek conflict with any other nation. We desire peace, cooperation, mutual gain with all but i will never fail to defend americas interests. Stuart lets listen to the president now, please. India, theyre talking. Im certainly willing to help. I think they would in a certain way like my help but they have to both want it. They have very different views and im concerned about it. On iran, i think were doing very well. Lets see what happens with iran. But we are in very strong position on iran. I think they would like to do something and i think it would be a smart thing for them if they did. Reporter your reaction to the Washington Post story about you holding aid for ukraine and the second one is [ inaudible ] the United States changed their policies [ inaudible ] . Heres the story very simply. We are watching venezuela very closely. As far as withholding funds, those funds were paid. They were fully paid. But my complaint has always been and i would withhold again and i will continue to withhold until such time as europe and other nations contribute to ukraine because theyre not doing it. Just the United States. Were putting up the bulk of the money. Im asking why is that. I want europe and its always been this and Everybody Knows it, every single reporter knows it, everybody in the Administration Knows that what i want and i insist on it, is that europe has to put up money for ukraine also. Why is it only the United States putting up the money . By the way, we paid that money. But i always ask why arent other countries in europe especially putting up money for ukraine . Go ahead. Reporter congress is moving towards impeachment, including nancy pelosi, as a result of the ukraine call. How do you feel about that . I think its ridiculous. Its a witch hunt. Im leading in the polls. They have no idea how they stop me. The only way they can try is through impeachment. This has never happened to a president before. Theres never been a thing like this before. Its nonsense and when you see the call, when you see the readout of the call which i assume you will see at some point, you will understand. That call was perfect. It couldnt have been nicer. And even the Ukrainian Government put out a statement that that was a perfect call, there was no pressure put on them whatsoever. But there was pressure put on with respect to joe biden. What joe biden did for his son, thats something they should be looking at. Reporter [ inaudible ]. Because very important, very important, i want other countries to put up money. I think its unfair that we put up the money. People called me, they said oh, let it go and i let it go, but we paid the money. The money was paid. But very importantly, germany, france, other countries should put up money. Thats been my complaint from the beginning. Reporter [ inaudible ] it seems like a lot of your advisers including Michael Bolton lets see what happens. We are in very good shape when it comes to iran. Okay . Thank you, everybody. Stuart okay. The takeaway from that is several points to be made here. First of all, he was asked aggressively about the call that he had made to ukraine and ukraines new president. He insisted that the money had been paid and he insists that europe pay its fair share of the money to ukraine. He said what about well, he didnt say this, he was asked what about impeachment. The president said im leading in the polls, this is their only way of getting at me, let them go ahead. And i think the main point here is that he did say you will get a readout of the call, thats the call to the ukraine, you will get a readout of the call which you will see. Now, thats an important move because that is the transcript from this contentious call which has been made a great deal of by various people, especially the media and the left. He is going to, by the sound of it, you will see the transcript of the call. You will see it. Thats what was urged by the wall street journal this morning in an editorial. Show us the transcript. Let us know what everybody was saying and wrap this up in public. Sounds like the president is going to do that. What have i missed here . Ashley nothing. Very good. Stuart okay. The dow industrials were up 100 points when he started to talk and we are still up 111 points at the end of that. Tell me more, producer. Peter morici is next. Is he with us now . Yes, he is. Peter, sorry. Little confusing there with whats going on. This is a live wire news broadcast. Peter, President Trump is going to meet with Boris Johnson later on this morning. You want to revive the special relationship between the u. S. And the uk, but this decision by Britains High Court this morning that suspending parliament was illegal, thats thrown the whole thing, the whole meeting, the whole idea of a trade deal, into absolute confusion, hasnt it . Its up to boris to define it. Essentially, the people of britain have voted for brexit. And the establishment, the deep state, if you will, happens to reside in parliament and on the Supreme Court. You basically have the labour party and renegade conservatives teaming up to oppose the will of the people because you cant negotiate a reasonable brexit unless you have the absolute leave option or basically, they will compel britain to stay inside of the eu without a vote. Thats the deal theresa may brought back. As for the Supreme Court or the high court, basically they abrogated power. They arrogated power, excuse me. They went into a political area that customarily, and custom is everything in britain, they shouldnt go into and they dont go into. What you basically got are people who have comfortable lives inside the eu telling ordinary working people you may have voted for this but were going to block it. By the way, if its not true, why wont jeremy give them an election . The reality is jeremy is clinging to 20th century socialism. But thats all hes comfortable with. Thats all he knows. Stuart peter he wants the membership of the eu to provide that. Stuart im with you all the way but if you read this judgment from Britains High Court, it absolutely slams the Prime Minister for what he did in proroguing, suspending parliament. Theres no question about it. It is illegal. The speaker of the house of commons has already said right, parliament, get back to business tomorrow morning, 10 30, whatever it is. Hes bringing parliament back. This idea that somehow or other Boris Johnson will be allowed to just take britain out of europe by october 31st, thats not going to happen. That is not going to happen. Only Boris Johnson can apply for an extension. Doesnt have to take britain out of europe if the clock ticks off october 31, midnight, hes gone. The reality is if they want him to apply for an extension, he should basically say lets have an election. Im not going to apply for an extension. Only he can do that. Stuart then thats whats going to happen. I dont know if it will happen. But its how he couched it. He has to couch this in terms of the democratic rights of the british people which they exercise, and british sovereignty, because essentially, if he does what parliament wants, hes handing over britain as a nonsovereign colony to brussels, because they will dictate the rules of british commerce, the European Court will dictate british law and so on and so forth, and the british people will have no say. Do they really want to surrender to france after all these centuries . Stuart im with you, believe me, i am with you, but essentially what has happened here is that power has been handed back to the legislature. Can the legislature ask for can the legislature ask for an extension . Only boris can do that. Stuart right. So it isnt really in their hands. What boris can do is force an election. Essentially force a constitutional crisis that forces an election. Stuart i think theyve got a constitutional crisis. I think an election has to come. That would be my bottom line. Then settle it that way. Stuart i have no idea which way that election would go. But its certainly thrown british politics into absolute turmoil and it is a constitutional crisis over there. Even though they dont have a written constitution. Justice roberts. Okay. Peter, thank you very much indeed. I want to get back to the market. Because we have some winners. Look at that on your screen. Big tech clearly winners. Apple is up 1. 60. We have nike, they are coming out with their earnings after the bell today. Cisco is up. Look at microsoft, up a buck, 1. 45 now at 140. Look whos with us now. Congressman lee zeldin, member of the House Foreign Affairs committee. May i ask you, congressman, what do you want to hear from the president in his speech to the United Nations today, bearing in mind moments ago, he said we are in a strong position on iran and it is coming along well . What have you got to say . The president im sure is going to get into iran. Its not the only topic, i would imagine, hes going to get involved, incorporate into his speech, whether its north korea, talk about trade, china, even brexit which you were just talking about could come up. There are a lot of topics around the globe, venezuela. Alliances. United states will be communicating not just to our adversaries, our foes, but also to our friends. We have some countries that throughout the trump presidency, the president has been focused on getting some of our friends to step up more, but going back to iran that you specifically asked about from the outset, thats where we especially need certain allies of ours to step up further. Whether its the uk, france, i think germany is a little bit further behind uk and france as it relates to the Iran Nuclear Deal. The deal that was cut was not progress. The deal that was originally cut in 2015 was a setback, fatally flawed for what was in it. The sunset provisions, the verification regime, fatally flawed for what wasnt in it, not dealing with a lot of other nonnuclear bad activities so the president was right to withdraw. The president is looking forward to deal with iranian aggression. I think the president would like to have a new deal but hes not going to cut a deal just to cut a deal, which is what really went wrong drastically with the last administration. Stuart do you agree with the idea the president will move heaven and earth to keep out of a war with iran . The president does not want to be responsible for starting any new wars anywhere in anywhere around the world. The president is sensitive to the loss of u. S. Service members lives. He is someone who wants to protect Americas National security and this is not a new position. This is one that predates his really running for the presidency in the first place. Whether its his outspoken nature related to iraq, comments that hes made with regard to north korea and vietnam, going back literally decades, but the president also at the same exact time puts the military option on the table as real. Doesnt want to use it, but understands that economic pressure, diplomacy are all more effective with a real military option on the table. In this particular case with what happened most recently with iran attacking saudi arabia, in my opinion, i think it would be best for saudi arabia to take a lead in defending itself because they were the ones who were directly attacked. They have the resources to respond. I believe it should be limited, proportional. Nobody wants to see a military conflict in the middle east, but i also dont believe it should always be the United States responsibility to be the ones taking that lead, especially after what we saw last week with iran attacking saudi arabia most specifically. Stuart congressman, ive got to tell you, as you were speaking, the price of oil started to come down and the price of gold has started to come down. Probably because of what the president was saying about iran. Congressman lee zeldin, thank you for joining us. Appreciate it. D. R. And ed still with us. I want to ask about the relationship between politics and the markets. First of all, d. R. , we have seen an astonishing degree of political turmoil surrounding ukraine, the call, impeachment, et cetera, et cetera, but the market doesnt care. Look, you are up 115 points. Well, i think that shows the market is the discounting mechanism that it is, looking to the future saying we dont put much credibility into this because i think any type of impeachment proceedings would be very negative for the market. So thats what were seeing here. I think that when we see oil drop and we see gold drop after we got some thoughts of what the president was going to say, especially regarding iran, what the markets are telling us is that that seems like that is deescalating from a military perspective. They are going less uncertainty, price of gold goes down, price of oil goes down. Stuart let me add to that, we just heard that Angela Merkel, germanys chancellor, will meet with President Trump. By the way, Angela Merkel will also meet with irans president rouhani so whether theres some kind of threeway interchange of views going on there, i dont know, but thats whats happening. Merkel meets trump and merkel meets rouhani. How about that. Ed conard still with us. No impact at all, this political turmoil, on the markets. I think thats what you have seen historically especially in the middle east, has very little impact on the markets. You have to have allout war, real change in the supply of oil, Something Like that, for it to have an impact. Otherwise you see it in none of the markets. You dont see it even in the vix market thats measuring volatility. You see almost no blips at all. Stuart thank heavens for americas frackers. If it wasnt for them, the price of gasoline would be five bucks a gallon. It would have enormous impact on energy prices. Stuart Americas Energy dominance. Excellent stuff. Ed, d. R. , thank you very much indeed. We are winding up now to the speech by the president. Should be around 10 15. We will take you through the day. The markets up nicely, well above 27,000. You are going to hear President Trumps address at the u. N. General assembly. And i say, by the way, im going to say this forcefully, america has a lot more allies than the president s critics realize, and they will be at that speech today. Coming up, top of the hour. Here we go. I get it all the time. Have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Looking good, patrick. I know. vo go national. Go like a pro. Stuart moments from now well take you live to the United Nations for the president s speech to the General Assembly. We do know some of what he will say. I have a key quote for you. He will say, if you want freedom, take pride in your country. If you want democracy hold on to your sovereignty. At this moment we have breaking news on the economy. This is Consumer Confidence numbers. This may have moved market. Have we to the the number on Consumer Confidence . Looking into our consumers . Ashley 125. 1, down from august that came in at 135. 1. It was 135. 8 in july. There is a big miss on Consumer Confidence. Stuart im reading that as a big miss. Come in scott shellady. Scott, im reading this if you to from 135 last month to a reading of 125 on this month from Consumer Confidence, im reading that as a big miss what say you . Its a big miss. That is unfortunate. We need to look at things, three numbers in a row, to feel maybe there is a trend. One off not that big of a deal. We have to put a lot of importance on the next one we get that month but the way the economy is going, stuart, it is not showing the signs of the consumer getting nervous. We had things geopolitically that might have rocked the boat. Look at things on quarter by quarter basis rather than month on month. Stuart arent that, this looks pretty strong at the moment. The dow were 300 points away from the alltime record high. Real strength in this market, right, scott . Are we staring at better Consumer Confidence number than the market we got this morning . The market is strong that way. There are folks trying to bet against the market. It is still not panning out for them. China may come through. There will be a deal, that will burn fingers of the guys that think the market can go down. When we get a whiff of something happening this thing takes off. Stuart scott, stay there, please. Look at the big board. Weve gone from a gain of 115 points to a gain of 80 points on the back of a Consumer Confidence number. All right, now everyone, now this President Trump about to address the worlds leaders gathered in new york for the u. N. Summit. Surprise, surprise, there will be powerful allies and friends of america in the audience. While democrats fuss about impeachment, our president will stand up for those bullied by china, attacked by iran and impoverished by socialism. Ignore the media, america is respected and admired in some quarters. Well start with india, fresh from the howdy modi rally in texas. Prime minister modi is very much a friend and ally of the United States. Trump and modi stood together, representing the worlds two largest democracies. I would call him a friend. Japan, firm friend. Prime minister shinzo abe needs american support to rein in china and asia. He will sign a trade deal tomorrow, advantageous to american farmers. Britain looks like a return to the special relationship days between Margaret Thatcher and ronald reagan. He says President Trump is the man who can do it. Separately a trade deal in the works which would be americas most extensive freetrade agreement with any single country. Could be complicated by Supreme Court decision earlier today in britain. More on that later. Brazil the largest economy in latin america. The new leader, president bolsonaro, big trump supporter, opening up brazils economy, cutting tariffs. Saudi arabia, its young leader needs america as he faces off with iran. Israel about as strong as ally you can get while Benjamin Netanyahu is in the top spot. That is a pretty good list would i say. The president speaks moments from now. We dont know how his rivals or our rivals and enemies will respond. Just dont go with the medias line that we are friendless because of donald trump. I want to bring in joel rubin, former state Department Official who is with me now in new york. Joe, i say we have got plenty of friends, powerful friends, theyre there at the u. N. Meeting today, contrary to what you hear in the media. What say you . We absolutely have friends. It is good. The United States does not stand alone but what is concerning will trump mobilize these friends to achieve goals on peace and security that we need . On iran is a good example. There is a danger spot. Were heading towardses a war and a situation that will be counterproductive. How does he work with the friends and allies that is the most important question. Stuart Angela Merkel will meet with President Trump. Angela merkel is also meeting with rouhani, the president of iran. That sounds like the president is trying to marshall our allies against iran . That is a step that we need to see followed through with. The germans have been asking, for example, for the United States to come back into the Iran Nuclear Deal as part of that. So well see if president macron of france as well. He offered 15 billion in loan guarranties to iran. President trump said no in terms of getting back into the deal. So the europeans, theyre key. Theyre trying to bridge the gap. Will we work with them or not, that so far has not come to fruition. Stuart okay now the president spoke to reporters, it was a chaotic scene as he walked into the United Nations, it was a mess, but the president did say on this call to ukraine, which is such turmoil created today, he said a readout of the call by that, i think he meant a transcript of the call which you will see at some point. In other words, the transcript of what was said in that call will be released for all to see. That is my reading of it, i hope im right on this, that is my reading. That is a big deal. Thats a big deal if that is the accurate reading. That is Vice President biden is calling for and his allies. Right now he is getting in worse shape with the House Democrats with question of impeachment. Stuart joel, hold on for one second please. I want to turn to Brad Blakeman who joins us for political commentary freakily. Brad, you heard what i said, what the president said about, i will say it again, a readout of the call, this is the ukraine call, which you will see at some point. That to me is a breakthrough. Were going to find out what was said. I dont like it, let me tell you why. I served three president s. Im a lawyer. And i think that this sets a dangerous precedent not only for this president Going Forward in his second term but also for other president hose will come after him. A faceless, nameless, bureaucrat who now we understand could be somebody who wasnt on the call, that it was a third party who told him. Then he went and exposed this. This is dangerous for Foreign Policy. It is already hurt our relationship with ukraine. It is hurt our relationship with other countries who are now going to be less than candid when talking to our president , believing that maybe these calls will be leaked. It is a dangerous, dangerous slope to go down. Stuart well, yes, understood but at the same time if the president the said this, i have to assume that he has seen a transcript of the call and knows that if it were to be released publicly as he said it will be he has got nothing to worry about. The principle that worries you . Exactly. Im not worried about the content at all. What im worried about a precedent being said by a faceless, nameless bureaucrat interfearing with the president s constitutional duty to conduct Foreign Policy. Stuart hold on one second, brad. Joel, you heard what Brad Blakeman was saying there. In principle thats a problem. You say . The reason were at this point because the whistleblower complaint that the Inspector General is required to spend to congress has been held by the administration. If that were released supposed to be by statute, we wouldnt have a conversation over the phone call. Brad wouldnt have to worry about the precedent . Yes i would. Stuart make your point, brad. You bet i would. Here is why. Congress is not entitled to conversations. By the way the internal investigation wasnt even complete. It was leaked. That was so damaging if they gave a fair shake to the president and were true to the principles that you just said we should have never known about what was going on internally. It was leaked to damage the president and hurt the country. That is what im most concerned about. Stuart i will bring that particular point to an end. Joel, what do you want to hear from our president visavis china today . I want him to continue to talk tough about china. Stuart talk tough . Talk tough about china. Tariffs insuring that we get something out of the position were in right now. Because the position were in is costing americans but theres a reason for it. We need to insure that the trade relationship with china is fair and real. But the president also needs to lay out a path on negotiations that will get us to an end point. We cant have unnamed flowing trade conflict without a real message on how were going to deliver the goods for the American People. Stuart im reading between the lines, joel, sounds like the democrats are on board, im going to call it confrontation on trade with china but theyre on board with the president on this . There has been a consistent concern and anger frankly amongst democrat about how china has taken advantage of the american workers, yes. We want to get tough but were concerned that the approach right now is harming americans without a clear path for successful negotiation. Stuart were you in the state department under president obama . Yes. Stuart i will call you a democrat, that legit . Yes, sir i am. Happy to be so. Stuart on the set, good stuff. What else do you want to hear from our president , Brad Blakeman . Our president sees the world as it is, not the world he wishes or wills it to be. He will take it to our enemies and adversaries. He will also tell about the strong relationship that we have with our friends and allies around the world. As you pointed out previously we have a very Good Relationship around the world. Were respected again. You may not like us, that is fine but you sure as heck will respect us. President trump is taking it to china . Why . Because theyre a country of makers, fakers and takers. They take our products, make our products and fake our products that has to come to an end. A little bit of pain america will feel much better in the long term for the gain were going to see when there is finally free and fair trade. With regard to south america, brazil is going to be one of our strongest allies. What better country to take charge of their part of the world . When i say take charge, they have got, President Trump believes in home rule. You have to clean up your own neighborhoods. Dont always look to the United States. I think the president will go around the globe, take it to some folks and also give us hope. Stuart by the way, brad, president bolsonaro of brazil just wrapped up his comment. That was on the lefthand side of the screen. You may have not been able to see it. He just spoke moments ago to the General Assembly. I want to go to the subject of trade. And bring back scott shellady. President trump is scheduled to meet Prime Minister Boris Johnson. This is supposed to be about the big trade deal of july of next year. I put it to you, that is now surely in jeopardy, bearing in mind the high courts decision earlier today in britain that president , that Prime Minister johnsons suspension of parliament was illegal. All bets are off at this point, arent they . Well, yeah in the short term that has got to be the case. In the long term this could embolden him. He could come out of this looking very good, again, stuart, he is there working for the will of the people and this court, this faceless, nameless court struck down what he is trying to get done is starting to anger people there. My twitter feeds, the folks i talk to on a daily basis every day getting more and more angry why cant Parliament End act what people voted on 3 1 2 years ago. This will come back to hit them in the face. Stuart that is interesting. This might actually help Boris Johnson. It will. I think so. Stuart really . Yeah, because stuart i want to bring in ashley on this you followed it very closely. Tell me Ashley Scotts right, it will be framed as the people versus parliament. No doubt. Stuart my apologies. The president is about to speak. Thank you very much, mr. President , mr. Secretarygeneral, distinguished delegates, ambassadors and world leaders, seven decades of history have passed through this hall in all of their richness and drama. Where i stand the world has heard from president s and premiers at the height of the cold war. We have seen the foundation of nations. We have seen the ringleaders of revolution, we have beheld saints who inspired us with hope, rebels who stirred us with passion and heros who embolden us with courage. All here to share plans, proposals, visions and ideas on the worlds biggest stage. Like those who met us before, our time is one of great contests, highstakes, and clear choices. The essential divide that runs all around the world and throughout historythrown into s. It is the divide between those whose thirst for control, deludes them into thinking they are destined to rule over others and those people and nations who want only to rule themselves. I have the immense privilege of addressing you today as the elected leader of a nation that prizes liberty, independence, and selfgovernment above all. The United States having spent over 2 1 2 trillion dollars since my election to completely rebuild our great military is also by far the worlds most powerful nation. Hopefully it will never have to use this power. Americans know that in a world where others seek conquest and domination our nation must be strong in wealth, in might, and in spirit. That is why the United States vigorously defends the traditions and customs that have made us who we are. Like my beloved country, each nation represented in this hall as a cherished history, culture, and heritage that is worth defending and celebrating and which gives us our singular potential and strength. The free world must embrace its national foundations. It must not attempt to erase them or replace them. Looking around and all over this large, magnificent planet, the truth is plain to see, if you want freedom, take pride in your country, if you want democracy, hold on to your sovereignty, and if you want peace, love your nation. Wise leaders always put the good of their own people and their own country first. The future does not belong to globalists. The future belongs to patriots. The future belongs to sovereign and independent nations. Who protect their citizens, respect their neighbors, and honor the differences that make each Country Special and unique. It is why we in the United States have embarked on an Exciting Program of National Renewal. In everything we do we are focused on empowering the dreams and aspirations of our citizens. Thanks to our progrowth economic policies, our domestic Unemployment Rate reached its lowest level in over half a century. Fueled by massive tax cuts and regulations cuts, jobs are being produced at a historic rate. Six million americans have been added to the employment rolls in under three years. Last month africanamerican, hispanicamerican, and asianamerican unemployment reached their lowest rates ever recorded. We are marshalling our nations vast Energy Abundance and the United States is now the number one producer of oil and natural gas anywhere in the world. Wages are rising, incomes are soaring, and 2. 5 million americans have been lifted out of poverty in less than three years. As we rebuild the unrivaled might of the American Military we are also revitalizing our alliances by making it very clear that all of our partners are expected to pay their fair share of the tremendous defense burden which the United States has borne in the past. At the center of our vision for National Renewal is an Ambitious Campaign to reform international trade. For decades the International Trading system has been easily exploited by nations acting in very bad faith. As jobs were outsourced, a small handful grew wealthy at the expense of the middle class. In america the result was 4. 2 million lost manufacturing jobs and 15 trillion in trade deficits over the last quarter century. The United States is now taken that Decisive Action to end this grave economic injustice. Our goal is simple, we want balanced trade that is both fair and reciprocal. We have worked closely with our partners in mexico and canada to replace nafta with the brand new and hopefully bipartisan u. S. , mexico, canada agreement. Tomorrow i will join Prime Minister abe of japan to continue our progress in finalizing a terrific new trade deal. As the United Kingdom makes preparations to exit the European Union i have made clear that we stand ready to complete an exceptional new trade agreement with the uk that will bring tremendous benefits to both of our countries. We are working closely with Prime Minister Boris Johnson on a magnificent new trade deal. But most important difference in americas new approach on trade concerns our relationship with china. In 2001 china was admitted to the World Trade Organization. Our leaders then argued that this decision would compel china to liberalize its economy and strengthen protections to provide things that were unacceptable to us and for private property and for the rule of law. Two decades later, this theory has been tested and proven completely wrong. Not only has china declined to adopt promised reforms, it has embraced a economic model dependent on massive market barriers, heavy state subsidies, currency manipulation, product dumping, forced Technology Transfers and the theft of intellectual property. And also trade secrets on a grand scale. As just one example i recently met the ceo of a terrific american company, Micron Technology at the white house. Micron produces memory chips used in countless electronics. To advance the Chinese Governments fiveyear economic plan a Company Owned by the Chinese State allegedly stole microns designs, valued up to 8. 7 billion. Soon the Chinese Company obtains patents for nearly an identical product and micron was banned from selling its own goods in china. But we are seeking justice. The United States lost 60,000 factories after china entered the wto. This is happening to other countries all over the globe. The World Trade Organization needs drastic change. The second largest economy in the world should not be permitted to declare itself a developing country in order to game the system at others expense. For years these abuses were tolerated, ignored, or even encouraged. Globalism exerted a religious pull over past leaders causing them to ignore their own national interests. But as far as america is concerned those days are over. To confront these unfair practices i placed massive tariffs on more than 500 billion worth of chinesemade goods. Already as a result of these tariffs supply chains are relocating back to america and to other nations and billions of dollars are being paid to our treasury. The American People are absolutely committed to restoring balance to our relationship with china. Hopefully we can reach an agreement that would be beneficial for both countries. But as i have made very clear, i will not accept a bad deal for the American People. As we endeavor to stablize our relationship were also carefully monitoring the situation in hong kong. The world fully expects that the Chinese Government will honor its binding treaty, made with the british and registered with the United Nations in which china commits to protect hong kongs freedom, legal system and democratic ways of life. How china chooses to handle the situation will say a great deal about its role in the world in the future. We are all counting on president xi as a great leader. The United States does not seek conflict with any other nation. We desire peace, cooperation, and mutual gain with all but i will never fail to defend americas interests. One of the greatest security threats facing peaceloving nations today is the repressive regime in iran. The regimes record of death and destruction is wellknown to us all. Not only is iran the worlds number one state sponsor of terrorism but irans leaders are fueling the tragic wars in both syria and yemen. At the same time the regime is squandering the nations wealth and future in a fanatical quest for Nuclear Weapons and the means to deliver them. We must never allow this to happen. To stop irans path to Nuclear Weapons and missiles i withdrew from the United States terrible the terrible Iran Nuclear Deal which has very little time remaining. Did not allow inspection of important sites. And did not cover ballistic missiles. Following our withdrawal we have implemented severe economic sanctions on the country. Hoping to free itself from sanctions the regime has escalated its violent and unprovoked aggression. In response to irans recent attack on Saudi Arabia Oil facilities we just imposed the highest level of sanctions on Irans Central Bank and sovereign wealth fund. All nations have a duty to act. No responsible government should subsidize irans bloodlust. As long as irans menacing behavior continues sanctions will not be lifted. They will be tightened. Irans leaders will have turned a proud nation into just another cautionary tale of what happens when a ruling class abandons its people and embarks on a crusade for personal power and riches. For 40 years the world has listened to irans rulers, as they lash out at everyone else for the problems they alone have created. They conduct ritual chants of death to america and traffic in monstrous antisemitism. Last year the countrys Supreme Leader stated israel is a malignant cancerous tumor that has to be removed and eradicated. It is possible and it will happen. America will never tolerate such antisemitic hate. Fanatics have long used hatred of israel to distract from their own failures. Thankfully there is a growing recognition in the wider middle east that the countries of the region share common interests in battling extremism and unleashing economic opportunity. That is why it is so important to have full normalized relations between israel and its neighbors. Only a relationship built on common interests, Mutual Respect and religious tolerance can forge a better future. Irans citizens deserve a government that cares about reducing poverty, ending corruption, increasing jobs, not stealing their money to fund and massacre abroad and at home. After four decades of failure it is time for irans leaders to step forward and to stop threatening other countries and focus on building up their own country. It is time for irans leaders to finally put the iranian people first. America is ready to embrace friendship with all who genuinely seek peace and respect. Many of americas closest friend today were once our greatest foes. The United States has never believed in permanent enemies. We want partners, not adversaries. America knows that while anyone can make war only the most courageous can choose peace. For this same reason we have pursued bold diplomacy on the korean peninsula. I have told kim jongun what i truly believe, that like iran his country is full of tremendous Untapped Potential but that to realize that promise north korea must denuclearize. Around the world our message is clear, americas goal is lasting. Americas goal is harmony and americas goal is not to go with these endless wars. Wars that never end. With that goal in mind, my administration is also pursuing the hope of a Brighter Future in afghanistan. Unfortunately the taliban has chosen to continue their savage attacks. We will continue to work with our coalition of afghan partners to stamp out terrorism and we will never stop working to make peace a reality. Here in the western hemisphere we are joining with our partners to insure stability and opportunity all across the region. In that mission one of our most critical challenges is illegal immigration, which undermines prosperity, rips apart societies and empowers ruthless criminal cartels. Mass illegal migration is unfair, unsafe, and unsustainable for everyone involved. The sending countries and the depleted countries and they become deplete the very fast, but the youth is not taken care of and Human Capital goes to waste. The receiving countries are overburdened with more migrants than they can responsibly accept and the migrants themselves are exploited, assaulted and abused by vicious coyotes. Nearly 1 3 of women who make the journey north to our border are sexually assaulted along the way. Yet here in the United States and around the world there is a growing Cottage Industry of radical activists and nongovernmental organizations that promote human smuggling. These groups encourage illegal migration and demand erasure of national borders. Today i have a message for those open border activists who cloak themselves in the rhetoric of social justice, your policies are not just, your policies are cruel and evil. You are empowering criminal organizations that prey on innocent men, women and children. You put your own false sense of virtue before the lives, well being and countless innocent people. When you undermine Border Security you are undermining human rights and human dignity. Many of the countries here today are coping with the challenges of uncontrolled migration. Each of you has the absolute right to protect your borders. So of course does our country. Today we must resolve to Work Together to end human smuggling, end Human Trafficking and put these criminal networks out of business for good. To our country, i can tell you sincerely, we are working closely with our friends in the region, including mexico, canada, guatemala, honduras, el salvador and panama to uphold the integrity of borders and insure safety and prosperity for our people. I would like to thank president Lopez Obrador of mexico for the great cooperation were receiving and for right now putting 27,000 troops on our southern border. Mexico is showing us Great Respect and i respect them in return. The u. S. , we have taken very unprecedented action to stop the flow of illegal immigration. To anyone conducting crossings of our border illegally, please hear these words. Do not pay the smugglers. Do not pay the coyotes. Do not put yourself in danger. Do not put your children in danger, because if you make it here, you will not be allowed in. You will be promptly returned home. You will not be released into our country. As long as i am president of the United States we will enforce our laws and protect our borders. For all of the countries of the western hemisphere, our goal is to help people invest in the Bright Futures of their own nation. Our region is full of such incredible promise, dreams, waiting to be built. And national destinies for all. And they are waiting also to be pursued throughout the hemisphere there are millions of hardworking patriotic young people eager to build, innovate, and achieve but these nations cannot reach their potential if a generation of youth abandon their homes and in search of a life elsewhere. We want every nation in our region to flourish and its people to thrive in freedom and peace. And that mission we are also committed to supporting those people in the western hemisphere who live under brutal oppression. Such as those in cuba, nicaragua and venezuela. According to a recent report from the u. N. Human Rights Council women in venezuela stand in line for 10 hours a day waiting for food. Over 15,000 people have been detained as political prisoners. Modernday death squads are carrying out thousands of extra judicial killings. The dictator maduro is a cuban puppet, protected by cuban bodyguards, hiding from his own people while cuba plunders Venezuelas Oil wealth to sustain its own corrupt communist rule. Since i last spoke in this hall the United States and our partners have built a Historic Coalition of 55 countries that recognize the legitimate government of venezuela. To the venezuelans trapped in this nightmare, please know that all of america is united behind you. The United States has vast quantities of humanitarian aid ready and waiting to be delivered. Were watching the venezuela situation very closely. We await the day when democracy will be restored. When venezuela will be free, and when liberty will prevail throughout this hemisphere. One of the most serious challenges our countries face is the specter of socialism. It is the wrecker of nations and destroyer of societies. The events in venezuela remind us all that socialism and communism are not about justice. They are not about equality. They are not about lifting up the poor. And they are certainly not about good of the nation. Socialism and communism are about one thing only, power for the ruling class. Today i repeat a message for the world that i have delivered at home, america will never be a socialist country. In the last century socialism and communism killed 100 Million People. Sadly as we see in venezuela the death toll continues in this country. Peace, totalitarian ideologies combined with modern technology have the power excise new and disturbing forms of suppression and domination. For this reason the United States is taking steps to better screen Foreign Technology and investments and to protect our data and our security. We urge every nation present to do the same. Freedom and democracy must be constantly guarded and protected. Both abroad and from within. We must always be skeptical of those who want conformity and control. Even in free nations we see alarming signs and new challenges to liberty. A small number of social media platforms are acquiring immense power over what we can see and over what we are allowed to say. A permanent Political Class is openly disdainful, dismissive and defiant of the will of the people. A faceless bureaucracy operates in secret and weakens democratic rule. Media and academic institutions push flatout assaults on our histories, tradition and values. In the United States my administration has made clear to social Media Companies that we will uphold the right of free speech. A free society cannot allow sewing media giants to silence the voices of the people and a free people must never, ever, be enlisted in the cause of silencing, coercing, canceling, or blacklisting their own neighbors. As we defend american values, we affirm the right of all people to live in dignity. For this reason my administration is working with other nations to stop criminalizing of homosexuality, we stand in solidarity with lgbtq people who live in countries that punish jail, or execute individuals based upon sexual orientation. Were championing the role of women in our societies. Nations that empower women are much wealthier, safer and much more permanently stable. It is therefore vital not only to a nations prosperity but also as vital to its National Security to pursue womens economic development. Guided by these principles my administration launched the Womens Global Development and prosperity initiatives. The wgdp is the firstever governmentwide approach to womens economic empowerment, working to insure that women all over the planet have the legal right to own and inherit property, work in the same industries as men, travel freely and access credit and institutions. Yesterday i was also pleased to host leaders for a discussion about an ironclad american commitment protecting religious leaders. And also protecting religious freedom. This fundamental right is under growing threat around the world. Hard to believe but 80 of the worlds population lives in countries where religious liberty is in significant danger or even completely outlawed. Americans will never fire or tire in our effort to defend and promote freedom of worship and religion. We want and support religious liberty for all. Americans will also never tire of defending innocent life. We are aware that many United Nations projects have attempted to assert a global right to taxpayerfunded abortion on demand. Right up until the moment of delivery. Global bureaucrats have absolutely no business attacking the sovereignty of nations that wish to protect innocent life. Like many nations here today we in america believe that every child born and unborn, is a sacred gift from god. There is no circumstance under which the night will allow International Actors to trample on the rights of our citizens including the right to selfdefense. That is why this year i announced that we will never ratify the u. N. Arms trade treaty which would threaten the liberties of lawabiding american citizens. The United States will always uphold our constitutional right to keep and bear arms. We will always uphold our second amendment. The core rights and values america defends today were inscribed in americas founding documents. Our nations founders understood that there will always be those who believe theyre entitled to real power and control over us. Tyranny advances under many names and many theories but it always comes down to the desire for domination. It protects not the interests of many but the privilege of a few. Our founders gave us a system designed to restrain this dangerous impulse. They chose to entrust American Power to those most invested in the fate of our nation, a proud and fiercely independent people. The true good of the nation can only be pursued by those who love it, by citizens who are rooted in its history, who are nourished by its culture, committed to its values, attached to its people, and who know that its future is theirs to build or theirs to lose. Patriots see a nation and its destiny in ways no one else can. Liberty is only preserved is only secured. Democracy is only sustained, greatness is only realized by the will and devotion of patriots. And their spirit is found the strength to resist oppression, inspiration to forge legacy, the goodwill to seek friendship, and the bravery to reach for peace. Love of our nations makes the world better for all nations. So to all the leaders here today, join us in the most fulfilling mission a person could have, the most profound contribution anyone can make, lift up your nations, cherish your culture, honor your histories, treasure your citizens, make your countries strong and prosperous and righteous, honor the dignity of your people, and nothing will be outside of your reach. When our nations are greater, the future will be brighter, our people will be happier and our partnerships will be stronger. With gods help together we will cast off the enemies of liberty and overcome the oppressors of dignity. We will set new standards of living and reach new heights of human achievement. We will rediscover old truths, unravel old mysteries and make thrilling new break breakthroughs and we will find more beautiful friendship and harm money among nations than ever before. My fellow leaders, the path to peace and progress and freedom and justice and a better world for all humanity begins at home. Thank you, god bless you, god bless the nations of the world, and god bless america. Thank you very much. [applause] stuart president of the United States addressing the United Nations General Assembly. Here in brief is what he said. He started out with this statement, the future does not belong to global its. It belongs to patriots. That was almost his opening line of the day. The two take wais from this speech are how he dealt with china and iran. Lets deal with china first of all. The president said that china had failed to reform. That they were still stealing intellectual property, and trade and Technology Secrets on a grand scale, direct quote. China is gaming the system at others expense. The president said we will not accept a bad deal with china. He says he is counting on xi xinping as a great leader. And the president said, i will never fail to defend american interests. Clearly a hardline. On iran the president was talking about iran pursuing a Nuclear Future and the president said this must never allow this to happen. Iran, he said, has a bloodlust. Sanctions will be tightened. It is time for irans leaders to step forward, build your own country, put iranian people first. That is what he had to say. Other subjects of course were covered but that is what the man had to say. At the time of the beginning of his speech the dow was up 64. It is now up 64 point. In other words the market was very limited impact from the president s speech. I want to go to Myron Brilliant, u. S. Chamber commerce guy sitting next to me in new york. You were listening to all of this. China, it looked like a pretty hardline but i noticed looked at his statement that the president is counting on xi xinping as a great leader. What do you make of that . It is great to be back on. I tell you what i make of it. I think he was really send two messages in his speech. One were not going to back off demands were asking of china in the area of intellectual property or forced Technology Transfers. Were asking china to deal with a range of industrial policies that create an unfair level playing field. He is going to keep pushing that. He will push hard. He is also saying i have a great relationship with the president of china. I want to find a way to get a deal done. How he puts that together will be the challenge ahead for the negotiators. First for ambassador robert lighthizer. Stuart myron, sounded to me like the president does not want a intermediate small scale deal and keep talking about the big issues later. It sounded like we will not accept a bad deal. That is a good thing because im actually encouraged. A small mini deal doesnt get us anywhere. Doing something for agricultural purchases isnt enough. If he says im waiting until china is prepared to give us the big deal we asked for, that is a good sign. We need the two countries to realize a big deal is the only way to get out of the box were in. The markets will not react to a small deal. They want assurances that china is taking the necessary steps that the administration is asking them to do. We may not agree with all the tactics but we definitely agree china needs to do more here, bring more to the table, negotiate something with the United States in good faith. Stuart hold on a second, myron. I will turn to you for iranian coverage in a moment. Well go to Brad Blakeman who watched it all the way through. Brad, bret baier, fox news bret baier, quoting senior official houseworked on the speech, bret says this was direct defense ever trump Foreign Policy and priorities, and american freedom. More to the point it, was a somber straightforward delivery by design. That is something i noticed. It was a very subdued speech by the president. What did you see . I think it was sobering it, was factual, it was hopeful but he took on the good, the bad, the ugly and gave aid and comfort to our friends but if you notice, if you go back to similar speech by president s, there were moments of applause. There were not any moments of applause. Why . Because this was a very serious speech. There were intended audiences awe pointed out, most critically china and iran. And it didnt call for applause lines. This is a speech that was a statesmanlike speech. The president stood up for america. There wasnt any apology and appeasement. There was challenges, into the only to our friend but also to our adversaries, our enemies. Dont mess with america. We want to be a good friend but everybody has got to do their part. Were not, dont expect america to be a member after globalist society. Were a country of a people, were a nation, were sovereign. Yeah, well be a Good Neighbor but everybody has to put their country above global interests. If we all do that, well all be responsible members of a global community. Stuart lets deal with what the president had to say about iran. Im turning back to Myron Brilliant here, u. S. Chamber of commerce. The president was pretty strong there. He said iran has a bloodlust. Sanctions will be tightened. It is time for irans leaders to step forward, build your own country, put the iranian people first. But i noticed he didnt threaten any kind of a military retaliation for what iran might do in the future . Thats right. He was pretty measured. He basically said were going to tighten it on economic sanctions. He indicated, previously he might do something with the banks but he didnt go as far as threaten military action. I thought it was pretty restrained actually. Tough on messaging rhetoric but light on details i dont know tightening on the economic sanction front. Stuart now you represent the u. S. Chamber of commerce, can i put it like that bluntly. Of course i represent american business. That is what us chamber represents. Stuart earlier today you met with Boris Johnson and significant investors that might put money into britain of the as you know Britains High Court turned down Boris Johnson you cant do that, that is illegal suspending parliament. Did Boris Johnson address that in your meeting this morning . First thing he said he reminded us he is a new yorker, a fighter. He mentioned the high court decision. What he basically said, i am Going Forward with our plan. Were uncertain what that plan is. A hard brexit is not a good thing for american business. That lack of certainty is going to be problem. Stuart yes, but his plan is out by october 31st, an youre telling me is saying were doing it . What we want, we want to know how europe and the uk work out the rules of the game. The other day we have a special relationship between the United Kingdom and the u. S. We want to support trade agreements we need first europe and the uk to figure out what the rules of the game are going to be. His message was hard. Stuart his message was hard. He has to keep with his plan out by october 31st, come what may, is that is what he said . That is what he said. Stuart the grass is greener on the other side . That may be his implication. Well see if the grass is greener. Well focus on what europe and uk does first. Stuart thank you very much for being with us. Brad blakeman. Same story we appreciate you being here. Two big tore veries, your money and the president at the United Nations. Were off the highs of the day for the dow industrials after the president made a hardline challenge to china n a few minutes President Trump meets with uk Prime Minister Boris Johnson. Well bring you that live as well. Plus, nigel farage, what a show. Back in a moment. 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The two leaders are determined to get a trade deal done by next summer, but that High Court Ruling in britain will surely complicate that trade deal. As for the markets, there was a slight drop after the president called out china but no big selloff. We will see if china responds. High level trade talks are still planned for two weeks from now and as of this moment, the dows holding right around 27,000. Hardly any difference in the level of the market now from when the president started to speak. Lets get specific about what the president said and how he said it. First of all, mr. Trump called out china right there on the world stage. Roll that tape, please. Heavy state subsidies, kre currency manipulation, product dumping, forced Technology Transfers and the theft of intellectual property and also, trade secrets on a grand scale. Stuart Christian Whiton joins us, former state department guy. By the way, we have Background Information on this speech from bret baier at fox news. He said sources he talked to, the president delivered a direct defense of the president s policies. What do you think about the president s speech vis a vis china . I think its a reiteration of what weve heard before in the sense that trump is not going to take a partial deal. A lot of people, you know, frankly a lot of wall street people wanted a deal badly and its interesting to me that so this is like the second or third time trump says no, its either all or nothing. You cant have a deal where its sort of can you half stop stealing our intellectual property or half stop subsidizing stateowned enterprises. The fact the market is not reacting to what looks like a fairly high hurdle to a china deal leads me to believe the market doesnt want higher tariffs or isnt expecting higher tariffs but also isnt expecting a big deal, that its really to settle with the tariff regime we have now. Stuart it did sound like the president would not accept an interim deal. He said we will not accept a bad deal with china. But christian, he also mentioned hong kong and i have not heard him speak directly about hong kong before. He said he expects china to honor its agreement with the british for the handover of power in 1997 from the British Colonial authorities to china. The president says were going to monitor this and we expect china to live up to the agreement. I have not heard this from the president before. Have you . I think that is specifically an additional step. I believe we have heard something along those lines from secretary pompeo and Vice President pence. The president previously has said he wants things to end up in a humane manner in hong kong and of course, has said we are watching. But this is a key point because the reason its hard to get to a deal with china is because they are willing to sign anything and say anything but they just break literally all the International Agreements and hong kong is a key reminder of that because they promised hong kong universal suffrage, direct election of their leader, gradually improving democracy that was supposed to happen and beijing reneged. Stuart im going to say the president went full scale ahead with a full scale deal with china. Thats what he wants and he wont accept much less. Thats my take from it. Let me get back to you, christian, on iran. The president says iran has a bloodlust, sanctions will be tightened, its time for irans leaders to step forward, build your own country and put the iranian people first but, christian, the president did not threaten in any way military action on iran if they step out of line in the future. Yeah. I think it would be a mistake to interpret this too dovishly. Yes, hes not going to get up there and say we are going to war. What hes doing up there is real diplomacy with the countries that matter in the gulf, saudi arabia, the uae and others, countries who sort of still believe in themselves and defending democracy. And most importantly, sort of oppose brexit uk led by Boris Johnson whom hes meeting. I think theres still a possibility, the market is telling us theres not, but still a possibility of military action against iran. But the president is doing real diplomacy and building a real coalition. Stuart Christian Whiton, thanks for being with us on an important day. We appreciate it. Lets get to the subject of money and bring in jeffrey cleveland, chief economist at payden and rygel. The president said during his speech we have embarked on a program of National Renewal. He almost said look, this is how you do it, this is how you get prosperity. What do you say . Well, i dont think tariffs are the way to prosperity, stuart. We have discussed this before. Tariffs are a tax. Its disruptive to the Global Supply chain. Much of the prosperity that we see in the world, in the u. S. Since 1995, is due to the Global Economy growing, the integration of more countries into the Global Trading system. So any rollback of that, i would say would be counter to prosperity. That being said, stuart, we have a lot of good things going on that arent getting the proper attention due to the bigger headline issues. I would like to name two of them. Number one, if you are a lower earning wage percentile in the u. S. Right now, you are seeing excellent wage growth. The best of this Economic Cycle so far. So lower wage people are making 4. 4 year on year in terms of wage growth. People are switching jobs at a rate we havent seen in 18 years. Usually when someone is switching jobs that is a good sign for the overall economy. So thats great. The second area i wanted to point you to, housing. In the latest data, 3. 6 million at an annualized rate, a cycle high. When housing is doing well, usually the economy is doing well. We have general prosperity. Usually when housing is doing well, a recession is not right around the corner. The latest set of housing data is good. I think people are very negative and bearish, they are missing some of the key turning points here in the cycle. Stuart thats very interesting. Because we just had a speech from the president where he lays down a hard line on china, and a fairly hard line on iran. The market really doesnt move that much. We are still up 30 odd points for the dow industrials. I take it you believe this market strength is because of the underlying strength in the economy which is not making headlines at all. Yeah, ultimately at the end of the day, what matters for stocks, what matters for making new alltime record highs on equities will be the underlying fundamentals. We can have volatility in the interim from politics and headlines and that grabs a lot of investor attention, but its going to be the fundamentals that drive the market higher. To me, the fundamentals still look sound. Solid wage growth, even for your lower wage earning individuals, and now housing. If Housing Starts to contribute, we will have a Consumer Spending at a good clip, plus Housing Starts to contribute positively in q3 to overall u. S. Gdp, that is a really good sign. Stuart thank you, jeffrey cleveland. Appreciate you being with us. Very timely appearance today. Thank you. See you soon. Thank you. Just a few moments from now, the president , President Trump, will meet with britains Boris Johnson. This comes just hours after Britains High Court ruled that boriss suspension of parliament was illegal. Guess whos coming up on that . None other than nigel farage. By the way, hes next. Stay there, please. Stuart were waiting. Happening moments from now, President Trump and britains Prime Minister Boris Johnson, theyre going to meet at the United Nations. A trade deal will be under discussion as well as brexit, of course. But i want to bring in nigel farage at this point. I think weve got him with us, joining us from london. Nigel, as you know, the high court in britain ruled that mr. Johnsons suspension of parliament was illegal. Now, we have spoken this morning to someone who spoke to mr. Johnson earlier today after that news was revealed, and boris says hes going ahead with his plan, hes out by october 31st, thats what hes saying. How does it look from your side . That looks pretty unrealistic. In fact, to be honest with you, it looks fairly unrealistic even before this judgment by the Supreme Court today. It is an extraordinary judgment, stuart. You know, it says that the Prime Minister was untruthful in the advice he gave to her majesty the queen. Now, whether or not we think the Supreme Court is part of the remainor conspiracy or not isnt relevant. The highest court in the land has found the Prime Minister guilty of wrongdoing. The queen has been involved and parliament which was supposed to be closed for the next month or so, will be back tomorrow at 11 30 a. M. London time. I think boris is pretending as if nothings really happened. The truth of it is, i think tomorrow in parliament, there will be a direct challenge. There will be a motion of confidence whether he can continue as Prime Minister. Its that serious. Stuart that means a general election fairly soon. Yes. I mean, its possible. I hope to goodness it doesnt happen but its possible there could be a shortterm caretaker government possibly with the marxist Jeremy Corbyn in charge which would be truly horrible, but i think youre right. I think a general election is coming. I think novembers the likely month. Actually, given what has happened here in the last few weeks, with parliament willfully trying to stop brexit from happening, trying to overturn the will of the majority of british people, the sooner a general election comes and gives us a chance to clear this logjam, the better. Stuart okay. If that happens, if there is a general election and in november, that means britain is not out of the European Union by october 31st, correct . Thats right. I mean, the 29th of march early this year was the big day. We were told we were going to leave, we didnt. Boris has said well leave on october 31st do or die and if we dont, that presents him with a real problem. Over the last couple of weeks, i have been concerned that despite the good words from Boris Johnson, hes gone back to mrs. Mays withdrawal agreement, hes gone back to that new eu treaty seeking some amendments to it, and frankly, even if the irish backstop as hits called is changed, if we did sign up to that, we would be stuck for years in transition with the European Union. We would be unable to sign trade deals with the usa or anywhere else and what i am advocating is a clean break brexit. Lets just go. Lets just take back our independence, our democracy, our government, and our borders and that increasingly is becoming the most popular opinion in this country by some margin. Im kind of hoping that this crisis pushes boris into that position, and then logically, if boris john sson, and if i, leavg the brexit party, did a nonaggression pact in a general election, i would help boris win a big majority. In doing it, we would defeat marxism with corbyn. In doing it, we would get brexit delivered. I know that the president is meeting Boris Johnson within the next half an hour and i hope the president urges that on him, too. Stuart but Boris Johnson cannot remain as Prime Minister if he loses a vote of confidence in parliament, can he . No. That is right. We will enter into a twoweek period where a new government will attempt to form. Either way, whether he stays as Prime Minister, he will stay as leader of the conservative party. He will lead the conservative party into that general election and much as the hard left, the remainers, the globalists, are gloating in westminster and outside our Supreme Court today, at some people, at some point, the public are going to judge them and in my view, they will be very very harsh on the way. Stuart in just a few minutes, Prime Minister johnson will meet with President Trump at the United Nations. This is a meeting thats scheduled. The reporters are waiting to talk to them. Is the trade deal now a moot point, because if boris is no longer Prime Minister, if we are still in brits are still in the European Union, aint no trade deal. No, thats right. Equally, if Boris Johnson stays as Prime Minister, and goes back to mrs. Mays new eu treaty, no withdrawal agreement, that too would mean no prospects of a trade deal before the american elections next year. And i know, i have just watched what President Trump has said at the United Nations and its strong, its powerful stuff. He said only, you know, can you have liberty and democracy through the nation state and i think the president will be urging Boris Johnson, whatever happens in the next few hours, to stay strong and to go for a clean brexit to get ourselves properly out of the globalist European Union and then were free, and then we can do trade deals with america and other great friends around the world. Stuart i just want to wrap it up, nigel, with this. Your prediction is parliament goes back tomorrow, tomorrow morning, there will be a vote of no confidence which the Prime Minister would lose, there would be a caretaker government until such time as a general election could be held, probably in november, and at that point, you will fight it out, leave or stay. Thats it. Yes, yes, we will have the liberal democrats standing on revoking article 50, literally canceling the results of the referendum. The Labour Party Want a second referendum with a choice of remain or virtually remain. My party, the brexit party, says clean break and lets see what Boris Johnson comes up with. I have made the most generous offer ever made by a political leader in british history to boris. I said to him drop the withdrawal agreement, go for a clean break, well Work Together and we will then be unstoppable. I really, for the sake of brexit, for the sake of our democracy, for the sake of how our country looks to the rest of the world, hope and pray that he takes up that offer. Stuart nigel, thanks for joining us as always. Im sure you and we in america will be watching this meeting thats coming up in a few minutes. We will see you again real soon. Thank you, sir. All right. Ashley wow. Stuart i think its time to regain a little breath here and take an assessment of what we have seen so far this morning. Let me try to wrap this up. The president speaks at the United Nations, it was a somber speech, very serious, laying out americas position defending americas interests. Earlier, British High Court said no, mr. Johnson, you may not suspend parliament. In fact, its going back into business tomorrow which means were likely going to get a general election in britain. The market taking all of this in stride. The dows up 21 points. Next, good news on the economy while we wait for mr. 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We are just waiting for them to get together. Top of the agenda here is going to be a trade deal. It would be, if this were concluded, a huge trade deal because they want to conclude it by july of next year and if it was concluded, it will be americas biggest single Free Trade Agreement with any single country overseas. It would be historic. Ashley it would be, but they cant do anything until the uk actually gets out of the eu and they appear to be unable to do that. They cant even get into the details of a deal. We know its going to be big. We know its going to be magnificent to quote the president. But until the uk can actually get past the eu, get out and be its own sovereign state, it cant happen. Stuart on the lefthand side of the screen you can see the reporters assembling ready for this meeting of boris and President Trump. They all want to ask boris what is he going to do next. He hasnt spoken publicly at this point. He did speak to Myron Brilliant, who was with us earlier, and told him that he was going to pursue his existing course which is youre out by october 31st. Brexit by october 31st. That does not appear to be possible at this point. So maybe this trade deal is a moot point and they are now working out what on earth they are going to say when they meet the press, supposedly eight minutes ago, maybe ten minutes from now we will see them get together. We dont know. As we wait, yes, we have good news on the economy. The first of all, two items here. First of all, the Labor Department is expanding overtime for a large number of people. How many people . Ashley 1. 3 Million People will now be eligible for overtime. For those hours worked above 40 hours a week, you will get time and a half. There used to be a salary threshold. That threshold as it stood was 23,660. If y you couldnt get time and a half after 40 hours. They have now gone up nearly 12,000 to 35,568. This hasnt been changed, this amount hasnt been changed in 15 years. The Obama Administration tried to raise it even higher, but was shot down from complaints from states and businesses saying its going to put an extra burden on businesses because they have to pay overtime to more people. In this case, 1. 3 Million People. Stuart boosting their income. Ashley boosting the income. Stuart okay. One more item of good news. I will call this positive. More lower income people are leaving their jobs to look for new ones. Why is that positive . Deirdre they have more opportunities so the larger point is we are in the largest u. S. Economic expansion on record, so it is benefiting everyone as we say rising tide lifts all boats. This includes people that we define as low income, which is a Household Income of 60,000 a year or less. So for april, may, june, july of this year, that group of people who make 60k or less for a family has moved 12 more. You compare that to 8 in years past and this is the Biggest Group number if you like, on record since they started keeping records, the new york fed, in 2014. So essentially, the large takeaway is that even lower income workers have more opportunities, if they feel like theyre not being paid where they are, they can go somewhere else and make more. Stuart we hear constantly from the left that the poor are really hurting, that this economy is not working for everyone. That gives that the lie. Because it is working for the lowest paid people. It is working. Deirdre oddly enough, job changes among higher income workers have been declining since early 2018. You could even put a little bit more juice in that argument, where the lower income workers are benefiting more than higher income ones. Stuart thats very interesting. There are lies, damn lies and statistics. Remember that one. Okay. You heard the positive news. Add to that apple building the mac pro in texas. That is souptonuts, all of it built in texas. Thats big news. We broke it here on Varney Company yesterday. We will get more into that. We are still waiting, of course, for the president and mr. Johnson to get together. Looks like they are trying to assemble, trying to work out what theyre going to say. More varney after this. Oh, wow. You two are going to have such a great trip. Thanks to you, we will. This is why voya helps reach todays goals. All while helping you to and through retirement. Can you help with these . Were more of the plan, invest and protect kind of help. Voya. Helping you to and through retirement. My body is truly powerful. I have the power to lower my blood sugar and a1c. Because i can still make my own insulin. And trulicity activates my body to release it like its supposed to. Trulicity is for people with type 2 diabetes. Its not insulin. I take it once a week. It starts acting in my body from the first dose. 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Meanwhile, i can show you that the dow industrials are holding on to a very modest gain, despite a day of political turmoil and a president ial speech to the United Nations. Now, interestingly, ive got two stories on apple. First of all, the story which we broke yesterday that apple is going to build entirely its mac pro in austin, texas. It already builds some of it there, i believe. Ashley yes. Yes. Stuart the new model, the top of the line mac pro, all of it in austin, texas. We also have news that jaffaries has raised its target price for apple, saying it will go to 260 a share. Its at 220 now. What do they say about 5g . Ashley they say they are wellpositioned and people underestimate how good 5g can be for apple which we expect to start sometime soon. For apple, maybe next year. They say dont count apple out in the 5g cycle. Stuart okay. At 220, apple is roughly a trillion Dollar Company along with microsoft which they have a couple trillion dollar winners here on the big board. Now, lets talk wealth tax. Because its in the news. Bernie sanders playing hardball with senator warren. He just released a wealth tax of his own. It would tax the rich even more than senator warren would. Cutting the wealth of billionaires in half over many, many years. Look, i think this is a terrible idea. Ashley yes. Deirdre over 15 years he says cutting somebodys wealth in half. We have heard from people such as sandy wild, former ceo and chairman who was on our air this morning saying i would rather give my money away than let the government take it. We have seen a lot of billionaires, even prior to mr. Sanders comments, set up giving pledges so at least they choose to which cause their money goes. I think the idea of being forced to give it away seems strong. Then you just get people leaving your country. France tried to do this, remember. Stuart what are the consequences . Deirdre people leave. Stuart these people have capital. They dont just have it sitting around in dollar bills in the basement. Come on. They have it in capital. Its in stock, in real estate. Deirdre forced investing in next generation ideas, a lot of them support a lot of Biotech Research thats going on. Ashley didnt i see Bernie Sanders said there should be no billionaires . Deirdre he did say that. Ashley did he make that statement . Stuart he used to rant about millionaires and billionaires. Then we found out he is a millionaire, he dropped the millionaire and now just rants about billionaires. Really, you start taking money away from rich people, introducing a whole new type of taxation, the wealth tax, its not consumption, its not income. No, its a wealth tax. Ashley purely because you have wealth. Stuart yes. I have heard this all my life. All my life, socialists come at you with a totally humorless people, they never crack a smile, theyre angry as all hell let loose. Deirdre there is a reason why people want to come here. Theres a reason why we have people from all over the world stuart i want to be rich. Whats wrong with that . Deirdre being incentivized to create something, have your i. P. Protected here and build a business, hopefully do very well. Stuart not me. Rich people will do more good with their money than the government will do good if you give it to them. Ashley is there any doubt . Stuart the government will always want more money. Ashley never enough. Stuart tax billionaires to the hilt. Doesnt matter. Take it all off them. They will still come back for more. Deirdre i think bill gates has been amazing fighting malaria. Very specific causes that have been picked up and championed and really made progress. Ashley have you been to the dmv . I hate to use it as an example but its true. Stuart all right. Lets go back to the United Nations speech because it was a good one. Very somber in tone. The president took what i would call a pretty hard line approach to china and he took a similar stance on iran. Roll that tape, please. Not only is iran the worlds number one state sponsor of terrorism, but irans leaders are fueling the tragic wars in both syria and yemen. At the same time, the regime is squandering the nations wealth and future in a fanatical quest for Nuclear Weapons and the means to deliver them. Stuart that was pretty strong stuff. The president did say iran has a bloodlust. He used that word. And that sanctions will be tightened. However, one thing occurs to me here, ash and deirdre, the president did not threaten military action. He didnt say you make one more wrong move and all hell breaks loose. De n he did not say that. Ashley economic sanctions with regard to iran have been working. They are working. Its a desperate country, in desperate economic straits, and you know, it was a strong message to iran, always has been, but youre right, no military threats. I think the economic sanctions were strong enough. Stuart the result of that statement has been to cut the price of oil a little bit more. Last time i checked the price of oil, see if we can do it again, we were down to 55, 56 a barrel. Down a buck on the day. Much of that 1 decline occurred as we were watching the president not threaten iran militarily. I think weve got oil right now at 57 a barrel. Its down 86 cents. Bottom of your screen. I want to also mention google. They had a big win in europe earlier today. Surprise, surprise. Google, an american high tech company, wins in europe . What is going on . Ashley its to do with the issue of the right to be forgotten, meaning the eu, the 28bloc country area, you have a right to be forgotten. You can challenge every time someone puts your name in, if theres something negative, you say wait a minute, thats not true, it began with a Property Case out of spain where a guy said look, i was accused of defaulting and losing my house. That wasnt true. Every time my name was put into the search in europe, up came my picture next to foreclosure. So he argued successfully for the right to be forgotten. The issue now is does google have to use that same strategy or that same formula around the world and the eu says no. Stuart thats right. Ashley so in america, it would be different. You could put your name or anyones name in and whatever comes up, comes up. We had the judge on earlier who said its First Amendment. Its a constitutional right. You cant just wipe away things. Stuart unfortunately. I wish we could edit, you punch up somebodys name, i wish that person could edit whats in there. You could cover up criminality. Nasty charges, erase it, didnt happen, you can forget your past. I like the idea. Ive got to say. Ashley we wont ask why. Stuart all right. This is the time of day when we often check other markets for you, as we wait for Boris Johnson and the president. First of all, bitcoin. You are down to 9,481. During a period of market volatility, a week or so ago, we were well above 11,000 so we are 9400 as we speak. The treasury still at 1. 70 . Much higher than the yield, say, three or four weeks ago when it dipped to 1. 40. We are back up to 1. 70 as of now. The price of gold this morning is at 1534, a gain of 3 an ounce. Oil, bearing in mind the president did not threaten military action against iran at his u. N. Speech, oil is now down 1. 5 , about 90 cents lower, at the 57 level. Look at that, the price of gasoline holding right there. Its been right there for five or six days. The National Average is 2. 66 per barrel. Got it. Better check tesla. The stock is down almost 5 today. Yes, it is. Look at that. 5 down. Thats after the chinese rival, an electric car Company Called nio, they posted lower sales. They will be cutting their global staff by 20 . Bad news for the chinese electric car company, becomes bad news for tesla. Big drop, down 11 bucks. 4. 8 . Can we show the big techs . The Big Tech Companies . Because i just want to see them because earlier today, they were all up, very nice gains pretty much across the board. Apple was up, microsoft was up, even google was up despite it all. Look at it now. Microsoft is now down just a fraction. Facebooks back to 185. Amazon is actually now down 18 per share. They are the subject of some congressional hearings today. That might not be going well. Amazon down 18. Google, they won in europe but its not showing up in the stock price. Its down a couple of bucks. Only apple is a winner among the big, bibbig techs. We are waiting for boris and the president. The cameras are about to go in. We will have that meeting for you. Ashley like waiting for godot. Stuart in Television News this is called tap dancing. You are waiting for something to happen, you know its eventually going to happen but it hasnt happened yet. Deirdre the headline i think most investors are waiting for is about stuart how many of our viewers know fred astaire . Ill tell you this. Coming up next, kennedy. She has a headline. She wants hillary to run in 2020. Now, theres a change of subject. Let kennedy make her case after this, please. Now you can, with shipsticks. Com no more lugging your clubs through the airport or risk having your clubs lost or damaged by the airlines. Sending your own clubs ahead with shipsticks. Com makes it fast easy to get to your golf destination. With just a few clicks or a phone call, well pick up and deliver your clubs ontime, guaranteed, for as low as 39. 99. Shipsticks. Com saves you time and money. Make it simple. Make it ship sticks. Stuart well, you have been very patient. You have been waiting along with us for that meeting between Boris Johnson and President Trump. Heres the word. The cameras went in but the camera failed. However, we do have some its not our camera. We do have some headlines as to what they were talking about. Ashleys got them. Ashley Boris Johnson saying look, obviously disappointed with what the high court had to say in the uk today about you cant suspend parliament for five weeks, but he says he will respect what the court has to say. The president says look, the uk clearly has to get brexit done, easier said than done. He does not see another vote having to take place, though. We will see. Boris johnson says he hopes to make fast progress on trade with the United States but he says the National Health service is not for sale. That has been something thats been bandied around a lot in the uk, the u. S. Will come in, do a big trade deal but try to interfere in some way in the National Health service in the uk which is not popular. They say leave it alone even though its got big problems. Stuart the trade deal is a moot point at this stage . Ashley nothing can be done until the uk actually gets out of the eu. That could be, you know, how long is this going to go on, its three and a half years now. But the president says the u. S. Can quadruple its trade with the uk once they manage to do that, quadruple. Its tempting, right . They just have to get parliament on board. Good luck. Stuart well, i think its about time i changed the subject. Ashley please. Stuart im going to change the subject so radically you can hardly believe it. We have been talking about the 2020 democrats a lot recently. Elizabeth warren, Bernie Sanders, wealth tax, et cetera, et cetera. However, listen to this, our next guest wants another different democrat to run, from way back in 2016. Roll tape. Her party, her gender and her generation has all passed her by but i personally hope beyond hope there is something to these impulsive british bets. I wouldnt be surprised if hillary shook the Clinton Foundation piggybank loose of a few thousand dollars to place random bets on herself to get a little chatter and mojo because thats the only way shes included in the 2020 discussion. I want her to run so badly it hurts my feelings. I will volunteer in the hillary lady army to knock on doors and twist arms, whatever it takes to make her the nominee. Am i so sadistic i only want hillary to run and steal the nom just to watch her lose again . You bet. Stuart do not adjust your sets, ladies and gentlemen. Kennedy is with me this morning. Youre not serious, are you . I think it would be amazing. Like it is the only thing that would make this election even more strange, is Hillary Clinton running again. Because you know, isaac newton famously said, he developed newtonnian physics and said i didnt do it alone, im standing on the shoulders of giants. Hillary clinton is like im the giant, liz warren is standing on my shoulders and my shoulder pads. And this pantsuit will not be taken lightly. Stuart you have a great sense of humor. That was great humor. I have no sense of humor whatsoever. Thats not true. We have a ball of laughs. Stuart now, look, that was i cant work you out. You are libertarian. Do you want trump for a second term . I dont really care. My persons not going to be elected. I dont even know who that person is. Stuart would you waste your vote on Hillary Clinton . Stuart on a libertarian . Its not wasting my vote. I vote in california. Its not going to make any difference. A libertarian is not going to be pushed over the edge by my vote. I always vote. I love voting. Votings great. Stuart you do it every day. From the grave, probably. Do you think that in my lifetime, my lifetime will probably be a lot shorter than yours i dont know, man. You are known as the yoda of fox business. This is a compliment. Wisdom. Ashley yoda. I kind of like that. Stuart dont call me yoda. The irs thinks i have a Life Expectancy of about 20 years. Stuart varney can fit a lot in 20 years. Stuart he sure can. Do you think in the next 20 years, a republican will ever win statewide office in california . No. Absolutely not. The party is done. Between gerrymandering, redistricting and all sorts of conservative voter suppression, republicans are done in california. They run really bad candidates. Then the good ones retire. Stuart thats the way california is. Its all weed and beaches. What selfrespecting conservative is going to show up at the state fair . Stuart a libertarian. You favor the legalization of marijuana . I do. I favor freedom in all its forms even when its inconvenient and untoward. Stuart other drugs . What have you got . No, thank you. Stuart im not offering. Im a mother. Yeah, i do think that the drug wars have failed and a lot of people have died and unfortunately, a lot of people die now through the Opioid Epidemic because they dont know whats in what theyre putting in their body. That puts them at much greater risk and if something were legal and they could make a rational choice, do i want everyone to do drugs, absolutely not. I would like people to exercise more and eat better food, but im not the empress of the universe and i cannot force them to make those good decisions. Stuart i dont like addictive substances. Shopping is addictive and so is exercise. Ashley social media. Oh, my gosh. Phones i think are more addictive than sugar. Stuart yes, they are. Are you on your phone all the time . I try not to be. I tell myself that im not, then i look at my screen time and im on the phone 23 1 2 hours a day. The other half hour, im shuttling through your show, picking out the best parts for good material for my show at 9 00 p. M. Eastern. Stuart we are very glad you were on our show this morning dealing with hillary as a potential candidate. Its the best. Shes going to save the race. Stuart the ratings will be astronomical. Can you imagine . Shes so mad that Elizabeth Warren is surging because she really feels Elizabeth Warren has stolen her playbook. Shes plagiarized her. Stuart i love your sense of humor. What are you doing tomorrow . Thank you very much indeed, kennedy. We shall see you anon. Thank you. This morning, we received the home price index. Actually slowing a little. Its at a sevenyear low. Jerry howard, ceo of the National Association of Home Builders, will join us. Whats the end game, i will ask. Stuart the camera did work and heres the feed. Listen. Oh, dear. It appears that the tape is jammed. We dont have tape these days. We trying to get whatever it is, that digital operation rolling again so that you can see exactly what we ashley gremlins working overtime. Deirdre im thinking new york pigeons. Ashley any time you mention brexit, everything falls apart. Have you noticed . Stuart let me assure you that on live television, this is an anchors worst nightmare. We were expecting five minutes of tape and we dont have it. While we wait, i want to bring in, we have new poll numbers this morning on home prices. The rate of growth of home prices is slowing, down to a sevenyear low. Jerry howard is with us, ceo of the National Home builders association. All right, jerry. If the pace of price increases is slowing down, back to the level of 2007, for heavens sake, what does that mean . Well, i think it means a couple of things. I think it means first of all, that you have seen Interest Rates have come down a little bit. That means the cost is lower so prices are somewhat lower. Its still a Pretty Healthy number. Its about 3. 2 year over year. Thats not bad. But i do agree with you, its slowing down and its been slowing down consistently for a little over a year now. Its something we are keeping our eye on. As you and i have talked about before, we dont see a recession coming. We are seeing a little bit of a slowdown in the industry but the fundamentals are still positive. Stuart it would seem to me to make it more of a buyers market as opposed to a sellers, because Mortgage Rates are pretty low, the rise in prices is really slowing down, the economy is pretty strong. I would say thats a buyers market. Not a complete buyers market but a switch away from a sellers market, getting an increase in price, to a buyers market getting a better deal. I think youre spot on. It is a buyers market. The one cautionary tale is supply. We are not building as many houses as we need and so if you are a buyer, the time is now before the supply shrinks and the prices go back up again. Stuart okay. Whats this about the building of new homes . Isnt that at a cycle high over a million . Give me the proper numbers. We will probably do a little less than a million home starts this year which is still pretty good. But we need to be doing closer to a million three, a million four, in order to meet the need thats out there for new housing stock. So were doing okay relatively speaking, but we are still not firing on all cylinders and that can lead to price increases that are almost artificially inflated because of a supply shortage. Stuart whats your biggest problem as a home builder, ceo of the Home Builders association, whats your biggest obstacle . Regulations and labor. Stuart okay. In that order . Yes, sir. Stuart is there a shortage of labor . There is a shortage of labor. There has been for the past several years, even during the recession, although obviously it wasnt something that was really on the front burner then. Since we have come out of the recession all the way through it, we have had labor issues. Stuart is that because its a fully employed economy or because we have fewer immigrants coming in who would do those kind of jobs . Its because of two things. One is our immigration policy, but the other is the culture that we have created in the United States since world war ii is that every kid should go to college, and every kid should have a fouryear degree. Well, the fact is not every kid wants to, not every kid can afford to, not every kid is cut out to, and we have got to get those people that are contributing mightily to the opioid crisis, by the way, what can you expect from a young person who has nowhere to go in their future than to hang out on the street corners and get into trouble . We need to change that culturally here and let people know that the vocational trades offer a good career, good jobs and opportunity to own your own business . That can help us a lot. Stuart now, if somebody asked me wheres the strongest market for new homes, i would say its got to be florida, its got to be texas. Am i right . Texas is very strong but carolinas are very strong still, florida is doing okay, las vegas is doing very well. Stuart whats the up and comer here . I would say the up and comer is probably still the carolinas and the rocky mountains, idaho and nevada. Stuart california, oregon, washington state, youre shaking your head. Not good . Its very difficult to get anything done in those states right now. At least at an affordable level. In those states youre creating housing haves and havenots and until they change some of their state and local policies, its going to be difficult to turn that around. Stuart how about new jersey . New jersey, new york, massachusetts are sort of the east coast versions. Stuart oh, okay. Im glad i asked. Jerry, thanks very much for coming on the show. Great interview. Great guest. We always appreciate you. See you soon. Thank you. Stuart thanks very much indeed. Okay. We turned negative, by the way, on the dow industrials. We have been up almost all morning. A few minutes ago we turned south. Now we are down 35 points. We are below the 27,000 mark. More varney after this. You wouldnt accept an incomplete job from anyone else. Why accept it from your allergy pills . Flonase sensimist. Nothing stronger. Nothing gentler. Nothing lasts longer. Flonase sensimist. 24 hour nondrowsy allergy relief have you lost weight . Of course i have ever since i started renting from national. Because national lets me lose the wait at the counter. And choose any car in the aisle. And i dont wait when i return, thanks to drop go. At national, i can lose the wait. And keep it off. Stuart this has been a very big day for President Trump on the world stage. Let me recap what he had to say at the United Nations General Assembly this morning. He opened the presentation with the following, the future does not belong to globalists. It belongs to patriots. He went on from there. He was not critical of china but took a very hardline on china. He said they failed to reform. They keep stepping intellectual property. They steal technology on a grand scale. His words. China is gaming the system at others expense, hardline. On iran the president said they are pursuing a nuclear path which must never be allowed to happen. Iran he says has a bloodlust. Sanctions will be tightened the president said. But he did not say anything about a military attack on iran if they cross another line. The result of that was a sharp drop in the price of oil since the oil patch is not going to be threatened by American Military pressure. David asman, in for neil. It is yours. David the president is meeting with Boris Johnson. He was dealt a setback with his nation. As soon as we get tape of the meeting. In fact here it is, lets play it. [inaudible]. Thank you very much, everyone. It is great to be with my friend Boris Johnson. Just got a position that he is having a very easy time with. Much easier than he thought. To