Holiday. The president bushed hard for it last night and middleclass tax cut that would put 4,000 into the pockets of middleclass families. One more for you. The Justice Department is confronting 7 sanctuary cities, obey federal law or lose federal funds. Last chance. With all these policy statements, whats going on with your money . Stocks will open slightly lower. Lets not forget after hitting the 56th record on wednesday the dow is just 127 points away from 23,000. We say it every day, could you believe this . Varney company is about to begin. Stuart the news from Northern California is grim, the fire still rage through wine country. 23 now dead. 3,500 homes and businesses damaged and the fire has burned, now 170,000 acres, its a very human tragedy. The fires concentrated around the vineyards. Ashley, do we have any handle of the Wine Industry . Extremely difficult to figure out what damage has been done to wineries. Two things, theres the wineries and vineyards, five win ris, the buildings have been lost completely. But does that mean that the vineyard itself has been lost completely . Its really unknown because wineries can be rebuilt relatively quickly but vineyards, if they have to be replanted, it takes several years for grapes to mature, huge hit. Some are reporting partial damage, others just dont know. Five wineries have been lost, nine have suffered significant damage but i think the final picture would be a lot worse. Stuart the owners cant get back in at this point . Thats the problem, you dont know exactly. Ashley significant, lets put it that way. Stuart President Trump is going to start unwinding obamacare today. Hes going to use an executive order. Congressman lou gohmert republican from texas is with us. He had to use the pen, the Republican Party, your party couldnt get it done. Im not blaming you, but im asking you youre not doing the same with tax cuts, please . We still have to get it done. We heard rumor that they might do capital gain cuts and let it go with that. Theres been so many in the senate who got elected promising to repeal obamacare, to have massive tax reform. God bless donald trump, hes doing everything he can despite dealing with dishonest senator that is got fraudulently elected. Stuart the writing is on the lou. The writing is on the wall. You couldnt get it done with obamacare, now we have a limited amount of time, 13 legislative days to do tax cuts. Stuart, one of the things i love about donald trump, if you heard him yesterday talking to sean hannity, he says, i love this, we are not giving up, we are not giving up. Thats my guy. We are not giving up on health care. We cant give up. There are too many people that are paying too much in premiums, premiums are spiking, deductibles are spiking. Some are saying what President Trump is proposing is junk insurance, no, i tell you whats junk insurance, like a guy told me this week, paying 20,000 for insurance and has 12,000 deductible and cant do either one and if he doesnt do it, he pays penalty to the irs. That is junk. Stuart today when the president is taking action, hes going to get rid of to some degree mandates on what has to be covered so you have a skinny policy available which should be cheaper, do you agree . Hes doing something president obama did in eliminating the mandate, the difference is obama eliminated the mandate for supporters and trump is going to eliminate the mandate for everybody it may hurt. So theres a little difference there. Its not a partisan effort to help. Stuart okay. Lou, thank you for joining us, we will see you real soon. Thank you. Stuart yes, sir. Staying on the executive order comes in two hours time, judge napolitano is with us. Louie gohmert referred to it right there. Are you comfortable with the president doing with a pen and a phone exactly what president obama did and you didnt like it then . Yes and no, if i may. There are areas of the Affordable Care act, obamacare that give the president the ability, suspend this, change that, modify that. So he has the authority under the statute to do it. But there are other areas of the Affordable Care act which if he attempts to tamper with them, hell be violating oath to uphold the law. I will give you an example. The president signs an executive order, which allows me in new jersey to buy a policy in montana, nancy and chuck already thought about a republican president enforcing the statute. Guess what the statute says, you can buy it but same cadillac statute that you would buy in new jersey. The idea of a skinny policy, one tailored to individual needs which the free market is begging for, is not permissible under the Affordable Care act. Stuart wait. Part of the executive order is that you can buy a policy for just 364 days, one day short of a year, under the terms of the obamacare act, you can do that, you can change what you have to cover if the policy is for less than a year. An Insurance Company would ball bulk at a policy because its not enough of a commitment from the premium payer to justify the risks that theyre covering. Stuart not if its renewed at 365. Much tampering with the Insurance Market as obamacare. He wants to get rid of the whole thing and start over. To attack piece mail, its going to make it worse. Stuart he has no choice. He has no choice. He has no political choice. He could start negotiating with republican senators. Stuart how long is that going to take . If the president signs executive order stuart the president has no judge. Thats going to make matters worse. Stuart we will see. Okay. I know you love when i say this, i hope im wrong. [laughter] stuart this is just breaking, judge, the Justice Department is giving sanctuary cities, seven of them, i believe, a last chance to follow the law. If you dont follow the law, no money. Right in the middle is chicago. A federal judge in chicago has ruled that the federal government cannot do this. They cant change the law retroactively. They can put in the new budget, you want money from us, you will cooperate with ice but they cant add as requirement. Stuart can they get around this . Not only can they get around this but a federal judge told them they cant get around it and they know that. Stuart we have obamacare which is a chronic mess, sanctuary cities interfering with our rights as citizens, for heavens sake . Federal fiscal year began october 1st, thats 1012 days ago, no budget. Had there been a budget, had the president and republicans agreed on a budget, for every nickel that goes to the cities, they have to sign a statement that they will cooperate with ice, can they do that going forward, yes, can they change that retroactively, no. Stuart okay, judge, my head is exploding. I want some change. I want the swamp to get out of the way because im fed up with it. Youre challenging the frustration that a lot of people feel. Challenge it to the republicans in the senate, will you . Stuart before i explode but you will come back to the 11 00 oclock hour. If youll have me. [laughter] stuart where are we going . Modest loss at opening bell, but we said that many times, we often end up with record high. Thursday october 12th, yes, the profit reporting season has begun. Big banks kicking ill off. Jpmorgan chase, no big surprise, little change for the stock before the opening bell. Same story at citi, more money coming in, very little change in the premarket price of the stock. President trump calling for onetime tax holiday for corporations to bring money back from overseas. Roll that tape. We will totally eliminate the penalty on returning future earnings back to the United States and we will impose a onetime low tax on money currently parked overseas so it can be brought back home to america where it belongs and where it can do its job. Stuart thats new to me. Which companies have Companies Overseas . Apple, alphabet and oracle and Goldman Sachs says it matters because its a big chunk of market value. Its 25 of their market value, thats the same for most of the other companies. Stuart are we talking half trillion dollars . 2. 6 trillion. Stuart you give them a tax holiday, no tax, you dont pay any tax, that should bring back some money. Liz one final point, they will say the companies layed off workers, they fail today recognized it when bush did it in 2004. It was under weakness, thats why there were layoffs. Stuart much more on the president s tax plan. Gary cohn, hes going to join news 10 00 oclock hour this morning. Very big day at the white house as we told you, President Trump will sign executive order on Health Reform, 11 15 eastern. We will take you live when it happens. Cyber attack, hackers stealing data on u. S. Weapons system from Australian Defense system. They roamed the contractors Computer Systems for four months before they were detected and the fallout from Harvey Weinstein continues, nbc is now in hot water for ailgedly burying allegedly burying the story. Why the delay . More varney after this ent . Then we found out how many years that money would last them. How long do you think well keep oooooohhh you stopped youre gonna leave me back here at year 9 . How did this happen . It turned out, a lot of people fell short, of even the average length of retirement. We have to think about not when we expect to live to, but when we could live to. Lets plan for income that lasts all our years in retirement. Prudential. Bring your challenges. Stuart we are concentrating heavily on general electric. Look at the stock. Fouryear low, really taking it on the chin lately, it used to be owned by everybody. Morgan stanley very bearish on the stock. One Investment Bank says its going down to 20. Harvey weinstein, nbc news being questioned for killing an expose that it had. Youre not surprise bid this, are you . By the way, i read report and it was absolutely disgusting and if they sat on that, i want to know why. Its just it really is disgusting. And, no, im not surprised at all. You think the swamp is bad around here, and it is, its nothing like the relationship between some of the media and hollywood, this is the same network that had all the time put resources into figuring out, finding out who called whom a moron inside the west wing but when they get confronted with a real story, Harvey Weinstein, being a serial assaulter, abusing women, they turn a blind eye. Stuart do you remember when governor romney joined the election campaign, spoke candidly of binders of women, i think the late night socalled comedy shows spent a couple of weeks on that one having a field day . It was game on with that. Remember, when he said that, he was talking about empowering women in real genuine way. He said it some stupid way, whatever, but he was talking about empowering women, respecting women, how women can contribute to his administration and to the companies that he had, Harvey Weinstein, is a disgusting pig and he has been for a long time and a lot of powerful people have known it and i understand that that part of the problem with this kind of behavior is that, of course, the women who are victims of it cant come forward but at some point after you won like ten Golden Globes or whatever the things are called, statutes, at some point you become powerful enough that you can blow the whistle. Ashley judd, huge rock star, why was she not powerful enough to blow the whistle on this guy sooner . I dont get that. Stuart the fallout for a long time. I dont want to hear a moral lecture on the next oscars. Thats the only result of this, it would have been a positive revelation. Stuart i might watch. President trump is taking on the media, media licenses, i should say. [laughter] stuart here is the tweet. Network news has become so partisan, distorted and fake that licenses must be challenged and if if appropriate revoked, not fair to public. Now, does this have teeth or is it bluster . I think its bluster. I think its donald trump, as the kids say trolling the media because he knew that i was with reporters when the tweet came out and, of course, they freaked out, its just its an assault on the First Amendment and its i think hes just trying hes needling them, hes having fun with them and quite frankly i think he enjoys, you know, the whole spat over moron. Stuart you enjoy commenting on President Trump who enjoys they need to be tweet. They dont realize all of failings and so here you have this guy who is unafraid of all of them, hes willing to get into any fight with anyone of them and its about dang time that we had somebody that was willing to do that. Stuart well said, charles, no wonder we like you so much. You come and see us any time. 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Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. Stuart breaking news of great importance coming out of washington. House Speaker Paul Ryan says he will keep the house in session all the way through crusm if need be to get tax reform done. Paul ryan making the comments during q a in heritage foundation. Ashley whatever it takes, good. Liz they did take august recess stuart all right, lets get to the nfl, team owners have made millions off obscure tax break. Ashley break that was put in 2004 allows owners to write off all Purchase Price of teams against profits over 15 years, and that is a huge brake estimated at about 5 , 5 to team value or 122 million. Stuart is the president going after that . Ashley why is the nfl getting massive tax breaking while at the same time disrespecting flag, anthem and country, change tax laws. By the way, the anthem and the flag issue. Liz media mocked them, the nfl gave up nonprofit status in 2015. Entirely different tax break that the president is referring to. Stuart the president is exerting pressure, financial pressure on sanctuary cities, california the sanctuary state, the nfl liz obamacare. Stuart financial pressure, tax laws, the president has the pen and hes got the power, hes exerting financial pressure. Brendberg is here, what do you say about that . I love what hes doing with the nfl in particular. For year economists have been talking about how little sense it makes to subsidize stadiums, the president is saying, yeah, lets change that, lets change at federal level and state and localities, you change it right, years too late. Stuart nfl football down and College Football up, love it. The opening bell. [laughter] stuart across the board a minor loss tat opening bell, we will take you the wall street when the bell rings. You can see for yourself. How do we do, how is your money doing . Stay there. 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