The federal government report that is in september the economy lost 33,000 jobs, thats a very unusual job decline, but september was hurricane month, the huge economies of texas and florida slowed because of harvey and irma. Interesting to knows 015,000 jobs of eating and drinking establishments were lost in that month, no surprise. Here is where we stand. Apart from the hurricane events, both manufacturing and Service Sectors of the economy are humming along, business and Consumer Confidence remain strong and profits are way up. The rest of the world growing too. Smile, please, we open very close to 23,000 on the dow. Who would have thought, Varney Company is about to begin. One thing the American Public knows that the elites always protect themselves and they always protect themselves with guns and then they lecture the American Public how you shouldnt do that, but in the heart of the American Public all over this country, they see these monsters and they dont want to be alone out there. They want to be able to protect themselves. Stuart that was wayne la pierre on hannity. Nra putting out the statement calling on government to use the modification device used by las vegas gunman. Allow semiautomatic rifles to automatic rifles should be subject to regulations. Your reaction to what the nra is now saying . Its a green light to do something on the bump stocks either through regulation or through legislation. I think you have to do it through legislation, stuart, because the atfs interpretation that these devices are legal is correct in my mind. Stuart its getting support definitely from democrats and also republicans, thats a bit of a surprise. Yes, this is generally the word loophole is used in gun debate, generally a Loop High School that allows a semiautoattic gun to act like a automatic gun. This one does, if he hadnt had the bump stock it would have been harder to do the horrible act. Stuart nancy pelosi she hopes that a ban on bump stock is a slipperyslope, watch this. Gun owners say, i have background checks and they should have a background check too. But we cant that so what . They are going to say, you give them bump stock, its going to be slipperyslope. I certainly hope so. Stuart she hope that is the bumpstock deal will open the door for much wider regulation of guns. Of course, she does. Stuart you have the write the law in a very tight fashion, right . The distinction here is the bump stocks are a goto function of the weapons thats already been illegal. We heavily regulated in 1930s, banned them since 1986 and this is just, i think, you can put in that category. There should be a deal. You make bump stocks harder to get and silencers or oppressors easier to get which protect the hearing of law abiding gun owners. Stuart do you think its the end of it, if they ban the bump stock is that attempts of getting gun control for now. Stuart okay, rich lowry, appreciate it. Where are we opening the market, slightly lower, down 30, 40 points. Remember, remember please the dow closed yesterday at 22,775. That was the 46th record high of the year. Im going to give you that number again, 5. 12 trillion. Thats how much the value of stocks have gone up since the election. Thats a very big number. Joining us now author of book, economics in three lessons, hunter lewis, hunter, welcome to the program. Thank you. Stuart i call this the trump rally, how about you . I wish i could. I do regard it as a bubble. We have been in bubble and bust land since 1990s and its more of the same, really. Stuart so you think we might be heading for a nasty correction . Yes. A nasty correction. Hopefully just a nasty correction and no worse. Stuart why . You dont know whats going to trigger the bust, in 2007 this fed was raising Interest Rates and that was contributing to the risks but what really got it was obscure regulations called markettomarket accounting. I dont see whats going to kill the bubble right now. I cant identify the factor. Stuart you think its coming . I think its going to come. Stuart when do you think it is going to come . I dont know, any time because theres certainly got to the point where it could bust. Stuart most people that i talk to that i believe that a big bust is coming, they say its a debt crisis, governments around the world owe so much money cannot be repaid, we have a debt bomb about to hit us, does that fall in line with your thinking . It does, of course, to me its just not logical to think that you can cure a problem caused by bad debt by continuing to adding more bad debt. Stuart okay. How about this mornings jobs report. Eradicated, im putting that down to slowing of the economies of florida and texas because of hurricanes, and you . I agree, i mean, hurricanes in the past have caused at least a half percent growth rate in a year and these are much worse hurricanes and the forecast was already for not particularly robust report and now its even lower. Its only one month and also they are going to revise the reports over and over again. By next year, who knows what the figure will be. Stuart would you advise our viewers that a correction is coming, would you tell them right now to get out of the stock market or reduce exposure, sell a little . Diversify, sell a little, reduce, all of those steps would be prudent, keeping in mind when youre in a bubble, it can be hyperbolic. You have to take precautions, diversify and stuart when you say diversify, what do you mean diversify, put some into gold, put some into bonds, real estates . Yes, and i do favor putting money in gold. Stuart theres no inflation . Yes, thats true. Gold is one of the cheapest sectors in the market right now and goldmining companies are very cheap. Its a good moment to add little bit of diversification. Stuart i did not know. Thats very interesting. Im glad i surprised you. Stuart so youre in favor of selling a little stock now yes. Stuart getting into gold because you think the crash is coming . Well, i certainly think a big correction is coming, yes . Stuart you can tell me when . Particularly the people that you were talking about this morning, 401 k plans, small investor needs to be careful. Stuart diversify. Yes. Stuart hunter lewis, you surprised me. Not many people do that. Appreciate it. Thank you. Stuart important guest coming your way, gary cohn, hes in charge of getting the tax package through congress. Thats his job, hes the most important voice on the economy of America Today and he is on this show. Another big guest, dana lash, why did the nra agree to regulate bump stocks, i will ask her, that would be in the 11 00 oclock hour this morning. Congressman Linda Sanchez, fifth ranking democrat in the house, she says its time for a change in her party. She wants nancy pelosi to step down and make way for the next generation of democrats. You will hear all about that. And catalonia expected to declare independence from spain on monday. Spains military waiting on the sidelines preparing for violence. Is the European Union breaking up . We will ask someone who will know. And President Trump posing with a photo with top military brass, maybe youre looking at the calm before the storm. A reporter asked, clarify, what storm, the president responds, youll find out. What does the president mean by that . We will ask embassador next. Think your Large Cap Equity Fund has exposure to Energy Infrastructure mlps . Think again. Its time to shake up your lineup. The alerian mlp etf can diversify your equity portfolio and add potential income. Bring amlp into the game. Before investing, consider the Funds Investment objectives, risks, charges, and expenses. Read the prospectus carefully at alpsfunds. Com amlp stuart cosco is going to be down big at the opening bell. Their profit margin is being squeezed i think from the heat of amazon. Cosco also rolling out sameday and twoday Online Grocery delivery. Still down nearly 5 . Strong results from yum, china, china brand of yum, kfc and taco bell, et cetera, chief executive will step down next year. President trump said yesterday it was the calm before the storm as he met with senior military leaders. Roll that tape. [inaudible] calm before the storm. [inaudible] what storm . Were we have the worlds military people. Thank you all for coming. What storm, mr. President . Youll find out. Stuart what storm, mr. President . Youll find out. John bolton, former ambassador to the united nations, do you have any idea what the president might have meant by the calm before the storm . No, other than it got a lot of attention before dinner, thats for sure. Stuart north korea . A lot of options out there. Theres the coming defeat of isis but the continuing threat of iran both as terrorist state and nuclear program, north korea as you mentioned, south china sea, russia interference in east Central Union and former solve yeet union, there are a lot of potential plash points here and i think it underlines the world that we see. Stuart does it do it deliberately . I dont know, the focus is on Nuclear Threats of north korea and iran and what we are going to do about them or what we havent done about them effective for the last 25 years really the decision for this administration. Stuart you really dont wanting to there, do you . I dont have the idea. I dont have the slightest idea what the answer to the question is. Stuart excellent, mr. Ambassador, just excellent. I do want to talk about you the situation in catalonia. You know, maybe declare independence on monday, the spanish military standing by for violence, it looks like another step in the breakup of the European Union would that be accurate, mr. Ambassador . No, actually i dont think so. You see the successionist movements in regions all around europe, its the nation states, members of the European Unions are broken apart, it doesnt make the European Union less powerful, it makes brussels more powerful because the nation states can stand against flow of power to brussels, breaking up britain, separating whales, scotland, catalonia, spain, you can go on and on here. The tinny government that is would flow from it would be unable to withstand from brussels. Lets be clear, this succession is a distinct minority and led by leftwingers. The referendum that they held a few years ago was illegitimate, the opposition boycotted it. I hope theres no violence. I would love to see this resolved peacefully but this is not a legitimate successionist movement in my view. Stuart do you think we will start hearing from other successionist movements, want out of their home country, northern italy, for example and im thinking maybe belgium, this could really be the start of a splitting apart within the big nations. Well, its possible, but theres also reporting and i think this is likely true that in the rest of spain actually nationalism has increased and the tension with catalonia which obviously isnt new, has inspired the growth of spanish nationalism. It could have the opposite effect but we just dont know, its too soon to tell. The European Union project has had a clearly detrimental effect on the nation states in europe. I think thats bad for europe, i think its bad for the United States, bad for the Nato Alliance and im afraid this catalonia question is just one more example of what the European Union is doing. Stuart we will be watching the news carefully on monday morning to see what happens over the weekend. Mr. Ambassador, thank you for joining us. Appreciate it. Thank you, stuart. Stuart Linda Sanchez calling House Minority nancy pelosi, step down, roll tape. I do think its time to pass the torch to a new generation of leaders and i want to be part of that transition, i want to see that happen. Stuart is this a revolt . Pelosi has been around reagan administration. This is not your Democrat Party anymore. The radical liberal left has overpowered them. Maybe the president should invite Linda Sanchez instead of pelosi and schumer. Stuart do you think the new generation of leaders, mr. Sanchez and ryan, are they going to take the party further to the left . Ashley no, i dont think so. She mentioned pelosi, three Democratic Leaders have been around forever, combine 90 years in congress, nothing wrong with experience. Look where the party stands right now. The republicans are in the house, senate and oval office. Tim ryan got a lot more votes than people realized. I think its absolutely necessary for the Democratic Party to get fresh flood or new ideas. Liz or else they will pull more back to radical left. I dont think they have the wherewithal to push back. They tried but they are being swamped. You need to get fresh blood to take them on toe to toe. Thats the way to bring it back to be your parents Democrat Party. Ashley im quite happy with the current leadership of the Democratic Party. Lever it at that. Stuart Tropical Storm nate turning deadly moved off to the gulf coast of mexico, 22 People Killed in Central America. Could get stronger before it hits our shoe shores. Janice dean, shes next. Stuart where is the price of oil this mourning . It is down significantly, 2 and a half percent. We have a weak jobs report down goes oil. Where is the price of gold this morning . It is down 5 bucks, surprising when the president starts talking about the calm before the storm surrounded by the military brass, some people wonder about military action. Not the gold bugs, price of gold is down. Now this, weather, Tropical Storm nate expected to reach the gulf coast this weekend as a hurricane. Come in janice dean and tell us where, when and how strong when it hits us . Those are all excellent questions, stuart, at this time we are uncertain. What i can tell you is that its close to land right now but it is starting to, you know, get stronger because its got a lot of warm water ahead of it. If it makes its way closer to mexico, cancun u then it also could disrupt it. The storm needs warm water to travel in and so we are going to see what happens as it exits cancun and gets into the gulf of mexico. Here is our best educated guess, making landfall sunday morning, somewhere across southern louisiana, mississippi, florida, panhandle as hurricane. This isnt going to be major hurricanes but areas are vulnerable to storm surge as well as heavy rainfall and winds. Impact along the gulf coast. Potential to strengthen further but the one piece of good news is its going to be a quick mover. By tuesday it is up towards the northeast. We will have to watch it. The next advisory comes out at 11 00 oclock, stuart, we will certainly keep you updated but hurricane watch is in effect for much of the coast of louisiana through alabama. Stuart new orleans looks right under pressure . Close to new orleans, thats the concern obviously. Stuart thank you very much, we will see you later. Where are we going when the market opens up in 4 and a half minutes time. Down but not that much, a very weak jobs report but thats because the hurricanes, we will be down maybe 40 points at the opening bell. Please remember that norm, weve gained 5 trillion worth of stock market value since the election of donald trump. Remember that. We will be back their experience is coveted. Their leadership is instinctive. Theyre experts in things you havent heard of researchers of technologies that one day, you will. Some call them the best of the best. Some call them veterans. We call them our team. Stuart all right, weve got 30 seconds on a friday morning before we open this market again. Ive got a couple of items forming the backdrop of the news today. We crossed the 5 trilliondollar landmark level yesterday. The value of all stocks has gone up 5. 1 trillion since the election of donald trump. Earlier this morning we had a pretty bad jobs report, minus 33,000 jobs but thats because to have hurricane effect in florida and texas. Here we go. It is 9 30 eastern time. We are up and running, we are going to be down. Not that much. Down 13, 14, the opening trend is down but this is by no means a selloff. At this point, we are down a fraction,. 08 after hitting the 46th record of the year just yesterday. Okay, we are down 26. How about the s p 500, broader base indicater, down about the same in percentage terms. 21 there. How about the nasdaq . Its dawn a quarter of 1 . Bottom line we are down all across the board but not that much. How about amazon this morning . You have to look at amazon every single day, down a fraction, onethird of 1 , look at the level, 977 per shire. Netflix, interesting story, raising prices so that it can bring in more revenue to make more content. Big deal. Netflix on the cusp of getting to 200 a share. Oh, look at cosco, way, way down, 5 and a half percent. More on that in a second, clearly its feeling the pressure from amazon. Give me that number again, please, 5. 12 trillion, i love that number, dont you all . Thats how much the value of stock has gone up since the election. Lets have some commentary on this. Joining us Ashley Webster and elizabeth mcdonald. They are all smiling. Jeff seka is with us. Hunter lewis, thank you very much for joining us. Jeff, what do you say about a 5dollar gain for the stock market that you did not see coming . [laughter] thank you for reminding. Hell to the chief, its great, but here is the here is the it has corresponded directly with household wealth. Keep in mind im an advocate of the middle class and this wealth, this appreciation, i knew this was coming, this appreciation 10 of the population hasnt contributed to 70 . So only 10 of the population are participating in 70 of this wealth. Here is the issue i have. Its great that people are making money on their stocks and real estate but the reality is there are a lot of people who arent participat