tv Varney Company FOX Business March 17, 2021 9:00am-12:00pm EDT
jackie: i went to thank both of you today. that does it for us. "varney & co." is up next. i'm going to send it to stewart's with a big happy st. patrick's day. stuart: i'm wearing the green and good morning, jackie and good morning to everyone. for the radical transformation of america, a radical change in the senate rules. president biden wants to change the filibuster rule to make opposition to major legislation much more difficult. at issue, the coming infrastructure package with big tax increases. the presidents of suggestion would make it easier for democrats to push through their radical plans. here's another headline grabbing statement from the president on abc he told the migrants don't come, that's getting headlights, but went on to say don't come while
way in the process of getting set up in other words don't come yet. meanwhile come the border crisis gets worse more than 500 youngsters, children a day are arriving in the migrants flow is the highest in 20 years. president trump address this in his interview with maria and you will hear from him shortly. 10 year treasury yield will be the subject of that federal reserve press conference or one of the subjects this afternoon as jay powell will address long-term interest rates and a much more and whatever he says is likely to have an impact on your money. long-term treasury yield 10 year up 1.66% right now. as the dow jones come up may be about points, s&p down, but the nasdaq is down sharply again today because higher long-term interest rates got a lot of trouble again for technology stocks. we have a big, guaranteed.
just as the "washington post" editorializes about canceling the canceled culture it rears its head with columbia university proposing six separate virtual graduation ceremonies on race, ethnicity, gender, incredible. rising gas prices, rising natural gas prices. who is to blame? senator rick scott points the finger at the administration and he is on the show. would you pay $69 million for this? hoping to show you that piece of art so called an ft arch, barry loudermilk is on the show and he says he would not touch it with a 10-foot pole. wednesday, march 17 st. patrick's day and our income is about to begin. ♪♪ "varney & co." is about to begin. ♪♪
stuart: lots of news to go after this morning. start with president trump speaking exclusively to our own very maria barter about it listen to what he has to say. >> destroying our country, people are coming by the hundreds of thousands. it's a crisis like we have rarely had, and certainly never on the border. with a little bit of time, you will see those numbers expand. when you go to the covid issue, we did a great job and we get little credit for it. not only did we have the vaccine, when thing we did was take a big bet. we started manufacturing the vaccine before we really knew it work and we saved many months. >> mr. president, are you considering 2024? >> based on every poll they want me too run, but we will look and see stuart: he did have a lot to say
we will bring you more of the interview throughout the show. there is this, senate minority leader mcconnell and president biden, they are definitely at odds over the filibuster rule. roll of tape. >> iq going to choose between preserving the filibuster and advancing your agenda? >> yes. here's the choice, i don't you have to eliminate the filibuster, has to be what it was when i got to the senate in the old days. you had to stand up in command of floor. >> no one serving in this chamber can even begin to imagine what a completely scorched earth senate would look like. senate republicans lined up back in the saddle we would strengthen america with conservative policies. stuart: that's the filibuster rule debate and we are on that and we also is on the border crisis. chief of homeland security says we are facing a surge not to seen in 20 years and president biden's trying
to get a new message to those illegals. watch this. >> migrants are coming in spain because you promised to make things better. seems to be getting worse. was it a mistake and 20 state this surge? >> first of all, there was a surge of them lasted two years and 19 and 20 there was a surge. the idea that joe biden said come because i heard the other day they are coming because i'm a nice guy. >> they are saying this. >> here's the deal, they are not. >> do you have to say quite clearly don't come >> i can say quite clearly don't come while we are in the process of getting set up don't leave your town or city or community. >> stuart: that's the important part, don't come while we are in the process of getting set up, it's a delayed invitation, isn't it? the president has no plans to visit the border.
we finally have a date for president biden's first formal press conference. its next thursday, 64 days into his presidency. that's all politics, the border in the filibuster rule. here's your money. speed had to do the nasdaq down 140 points at the opening bell this morning. on the right had side, shah gilani, look, everyone i know i receive a person i have a spoken to his bullish, but you are cautious still? >> that i'm extremely bullish. this is an excellent time to be extraordinary cautious especially depending on how to chairman jerome powell handles the press conference it could turn the markets upside down. i don't expect him to be aware of the consequences and the weights of his answers in the statement so i don't expect that, but
the markets will parse every single word took its one of most is extraordinary anticipated fed meeting the press conference of her come in my opinion, and i think markets are hanging on a thread because of this. it's entirely possible. stuart: your bid on the show recently-- you are cautious and -- did i hear you say you are wildly bullish mean they seem to be contradictory. >> no, no, we remain bullish. when the interest rate takes up we take a lot of positions off, dropping tech positions we took huge profits on and we had to get back in last week because when the market adjusted , we got back on board and added more position. here we are again and now this juncture today starting at 2:00 p.m. could be a fulcrum for the markets to go one way or the other. i'm wildly bullish. everything is growing
gangbusters with savings at record levels and stimulus, all kinds of positives in the market and the only thing that can interact it is rising interest rates and a mistake by the federal reserve in some respect to. stuart: so, this is a crucial day and how we read the tea leaves is crucial for your money shah gilani, thank you. there is one stock i went to look at in particular and that's tesla down 3% almost 3%. susan, what's going on? susan: i like the saint patty's day look, stuart. there's a big money manager in europe shorting the stock calling tesla a bubble after 700% rally this past year so they predict tesla stock is on its way down. they are pointing to more electric car competition on its way. that is true. volkswagen 56 year high this week in european trade in this morning bmw saying they expect that the sales to be
electric by the end of this decade. gm going all electric by 2025-- 2035 and toyota unveiling its first ever electric suv in the next way for hours so in 2035 will tesla necessarily be the number one winner in this all electric race, morgan stanley says not really will be volkswagen, gm. stuart: competition rears its head and that's a good thing. you have the latest on the housing market, what is the trend? susan: down because there's a pronounced slowing and weakness in the us housing market. this way we saw housing starts down with an expected in the month of february with the drop of 10%, 1.42 million is the annual rate wheels on the month of february , less than economists forecast and the lowest rate we have seen going back to august so looks like higher interest rates bite into the housing boom with building permits also down 10% in
the month of february looks like we are looking at the biggest retreat since may 2006 and if we want to get into mortgage financing in the mortgage refinancing, demand is taking, down 39% as rates continue to climb for buying homes and i thought at 3.8, 30 year fixed which is a the highest? >> to june of next-- last year. stuart: which means it's less attractive to refi rates are going out. i can see on the banner down 39% from a year ago , another big drop in the refinance action. happy st. patrick's day to you to. checking features, of the dow jones, we down to the nasdaq. it is fed a, big day coming up on interest rates with the nasdaq responding. columbia university planning six different graduation virtual ceremonies based on
race, ethnicity and an come. remember when then candidate biden said this on the campaign trail? roll tape. >> we could afford to take and harvey another 2 million people, i would also move to increase number of immigrants able to come to the united states. stuart: here's the problem, we now have a huge border crisis, massive flow coming to the border, yet no clear message from the white house. president biden says don't come while we are in the process of setting up. that's a still an invitation. that's the story and we have got it for you. ♪♪
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stuart: on a rest after eight people were killed in a string of shootings at three atlanta massage parlors. steve hannigan is there. steve, six of the eight victims were asian women steve harrigan is there in atlanta. of the story is this, eight people killed in a series of shootings in atlanta. six of the eight victims were asian women. and these were shooting that massage parlors in atlanta. there is a suspect in custody. steve harrigan is back with us. give me the story. reporter: it started just before 5:00 p.m. i think about 30 miles
north of atlanta and acworth, georgia. there and massage parlor, asian massage parlor with four people shot and killed, too asian women, died instantly. about 50 minutes later a second shooting reported here at golds spot behind me, three asian women killed and while police were there responding to was originally called in as a robbery, just across the street aromatherapy spa another shooting while police were there and they got the report, eighth person killed, asian woman shot and killed some three separate massage parlors yesterday. eight people killed, six asian women. the same suspect seen on surveillance video and in the same vehicle at all three locations identified as robert long, 21 years old from woodstock, georgia, suburb north of atlanta. after a manhunt police him on i-75 headed south about 150 miles south of here and executed up its
maneuver and pushed his car from the back and rear, spun it around and he was taken in without incident. unclear at this point in the motive for the shooting, police were asked if it was a hate crime against asian americans in the wake of the covid crisis. >> well, we are conducting a-- multiple homicide investigations somewhere but the evidence leads us is where investigators will go. reporter: repercussions of these issues are felt all across the us, major cities have increased their assets and asian-american communities across the country and the president has been briefed on the attack took he's been in contact with the georgia officials and the fbi is assisting with the investigation. back to you, stuart. stuart: thank you. now let's bring in georgia congressman barry loudermilk. congressman, this looks like the targeting of asian women.
what do you know about this? >> i have been in touch with local law enforcement officials who are specifically the sheriff of cherokee county, which was the first aside of the horrific events that unfolded yesterday. i warn people don't jump to conclusions. let law-enforcement investigation. it was a tragedy regardless of race-- and there was more than just asians. there were two white individuals that died and one hispanic, so it could be a mental health issue, it could be a myriad of things. stuart: wait a minute, we have to deal with this, all across the country there's been an outbreak of violence against asians, people blaming them for the pandemic. here we have a situation where six of eight people killed our asian women. we have to take this very seriously. we have got to do something about this. we have got to speak out. i know we don't know the
motivation of this person, but eight dead, six asian women. of this demands a response. >> well, it does but i'm warning don't jump to conclusions that it was race oriented. the police will have more information coming out later this morning. i don't want to circumvent what they are doing, but specifically i was told do not jump to conclusions that it was race oriented. there have been alberts of violence across the nation and we should condemn it, i condemn all acts of violence, but in this instance i'm saying let's not jump to conclusions. let the police do the investigation. the perpetrators in custody and cooperating so i think you will learn more this morning. you are correct, there haven't been a lot of violence against asians in our country and that should be harshly condemned. in this instance, let's hold back before we make condemnation. stuart: i just want your response to what president biden told abc last night, that in
terms of migrants, don't come while we are in the process of getting set up. sounds like a delayed imitation to come on in. what to say you? >> if you go back to the campaign, joe biden raised his hand and said you give free healthcare to illegal immigrants. if there is a bill coming before the house this week that would create a new category of agricultural workers which is fine, but the author of the bill is the same author of hr one which was the federal takeover of our election system and one issue or one items in the bill is that if you voted illegally it will not circumvent you from staying in the country as an agricultural worker. opening the door and we are saying you should come to america, but not really, i mean, he is saying don't come now when we are offering all of this three-step and it's ironic we are inviting these people to come to america to go into these cities
unlocked down with the rest of the people? it doesn't make any sense. stuart: congressman barry loudermilk, thank you for joining us on this very difficult day. now this, bill gross says his gamestop short made him millions. wall street talking, susan, what are they saying quick. susan: the one-time bond growth said he made $10 million by shorting gamestop. grosses that he took a shot with options on gamestop and initially lost $10 million by selling these call options during the short squeeze, that he's now made $10 million as gamestop shares dropped from the record high during the reddit wallstreetbets saw that and now he's selling the call options the right to buy a 250 and $300 meaning you make money as long a does it go above that price. he loses money if gamestop rallies above the 250 two my $300.
gross as you know is betting against the 10 year treasury bond meaning he thinks he yields will continue to go higher, which as you know it's a dragged on growth stocks this year. stuart: and gamestop is a 219, up 5%. thank you. looking at futures, this is how the market will open in seven minutes come up with the dow jones, down to the nasdaq visit-- big-time. we will be back. ♪♪
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not today! ha ha ha! ha ha ha! jimmy how happy are folks who save hundreds of dollars switching to geico? happier than dikembe mutumbo blocking a shot. get happy. get geico. fifteen minutes could save you fifteen percent or more. stuart: features a suggest a big drop in the nasdaq. we will wait for that in three minutes when the market opens. in the meantime, dennis gartman. we will get to you in the market. i want to know what you think of the nft? would you think about $69 million for a piece of nft art. what do you think of that, dennis? >> utterly, completely, totally absurd, makes no sense. they are having nft
sneakers now, it can't even wear the sneakers, nonrefundable token. reminds me of the two little bowl mania of the 14th century holland. if you believe in nft paintings and sneakers i have a bridge to sell you. and i have some tulip bulbs that have to go. stuart: if you link it to bitcoin or some spac, i mean, not froth we have seen a strange new asset levels. is a nft all part of that froth? >> absolutely indicative of what's going on as joseph kennedy once said when he got out of the stock market in 1929, he got out because he was getting recordation from his shoeshine guy in the same thing is happening now with people buying nft paintings for $69 million? have to be kidding, three times the rate of a cost so, absurd. the expense of money the federal reserve and
other monetary sources have created, utter and complete nonsense. stuart: real fast, if you call it a bubble, when bubbles burst, is that-- bubble burst, does it take on the rest of the market? >> i'm afraid it probably shall, certainly the high-tech sector. look at what's happening forecasting the highest month and a half, i understand it's up over a year ago, but up 200 and down 27 you aren't that far ahead when you look at mathematics and it took in a huge amount of money from late september to early february and all that money that went into arc is now hurting badly so i think it's bubbly and indicative of the froth in the market and i would tell people the very very careful. stuart: dennis gartman, thank you for joining us on st. patrick's day.
we will see you soon. we are about to ring the opening bell. of the gentleman will reach down, press a button and as you see every single day-- there you go the bell will bring meaning trading is about to begin. it's almost 9:30 a.m. eastern time on a wednesday morning, st. patrick's day. will we see green on the left-hand side of your screen cracks we have something the dow jones, up seven points in the early going, a tiny fraction. move into the s&p, what's happening there? i think it's probably more red than green and it is. nasdaq, the key indicator down 1%. big tech, looking at that, probably taking it on the chin because of higher long-term interest rates. it should be addressed by the fed of this afternoon, it's hurting the big tech stocks now. all are on the downside. how about uber?
they lost a battle in britain about how workers were classified, susan? susan: 70000 drivers will be affected in the uk meaning they will get minimum wages, vacation pay and even pension plans, but not full employee benefits or severance pay. this was a middle ground offered after uber lost the uk supreme court ruling saying uber drivers were workers are not just independent contractors. the uk is not a huge part of their business, just six or 7% of global bookings, but gives drivers benefits in the uk meaning drivers elsewhere say here in the us could get more ammunition and more support for benefits. did you know the uk minimum wages $12.40 an hour? five dollars more than here. stuart: yes, i read that yesterday, $12 an hour.
susan: $12.40. stuart: maybe we should move. susan: you would pay 60% in taxes there, maybe 70. stuart: probably correct. would you know about the cyber security company, crowd strike, now it's up. susan: is very volatile. the salesforce cyber security famous for investigating the hack in 2016, they say 2021 will be even better. we were up five or 6% the premarket and look at the analyst call this morning, a lot of optimism on wall street, most say we will get at least 20% more upside for the stock. ice on average: 250 this morning. stuart: that turned it around the city would go to that level and sometimes it does.
we have dow jones winners, it's headed by mcdonald's, j.p. morgan, travelers. next case s&p 500 winners, i know them well. those are your winners with plenty of green, st. patrick's day. looking at the nasdaq winners, all up, regeneron leads that list. here is a company, a stock which is way down and that is plug power, a fuel-cell maker down 13% as we speak. with the problem? susan: it was down as much as 23% this morning, so it's a bit of a recovery. highflying fuel-cell maker, up 1200% the past year. this is part of the green energy plays that have rallied since election day and they now have to restate their financial results
for 2018 and 2019. they say there were errors made in the accounting, but not financial misconduct so this is nothing like ameron, just saying there's been misclassification of some of their cash holdings. stuart: that makes a difference. if they are up 1200% and now down 15%, not such a big shifts. on my screen, peloton and i have to pronounce this correctly. susan: just called it in it for. this has to do with of course he would come-- cathie wood, guru of the moment. she bought another 173,000 shares of peloton, so that's real confidence. stock is down by a quarter this year, peloton and she's also buying into another china amazon play, which
by the way this morning apparently they have overtaken alibaba when it comes to the number of active buyers on the site. 789 million last year and that's more than what alibaba reported so she bought 1,503,000 shares. stuart: so, she was buying into a declining stock. susan: which is what you should do. you buy in the dip to get the better value. she's buying into economy plays, modern technology and they haven't really support-- performed as yields have gone up in this environment. stuart: she is a true believer and she is buying more. i got it. how about mcdonald's? we put them on the list of movers. susan: but start about mcdonald's upgraded to buy by deutsche bank at $244. they think the restaurant giant has underappreciated-- is an underappreciated opportunity to grab more
market shares from other restaurant chains. this morning there was an important announcement made by amazon looks like they are rolling out their virtual health pilot program called amazon care to all its us employees starting this summer so they have been testing in a pilot program for the past two years and as you know with a company the size of amazon, when they get into something i'm a someone scared and that's tele- dock. pushes his upgraded $175 and that's because the maker has pricing power, the brand is strong meaning they will have a lot of momentum as people continue to buy there's chocolate as the economy hopefully continues on this reopening trajectory. stuart: let's have a look at jetblue. yes, they are headquartered in new york city. that might change. the near post got a company memo saying they are considering a move
to florida. this memo cites tougher economic times, got back. they also say there is an abundance of office space in florida i think there is a abundance of cheap office space in florida as well, but jetblue is considering heading to florida. new york has been their home since 1998. coming up, president biden now supports changing the senate filibuster rule, but that's no way his press secretary said last week watch this. >> senator mansion suggested over the weekend that the filibuster not removed the reformed. for someone who's been in the senate, is that something president biden would be supportive of? >> his preference is not to make changes to the filibuster. stuart: well, he said last night he wants to reform it and we have moronic up here california governor newsom blames white-- right wing extremist groups for his potential recall, wait till
stuart: checking the markets this wednesday morning, st. patrick's day, green for the dow jones, up 81 points, down to the nasdaq. at the yield on the 10 year treasury at the 13 month high, always affects a big-name technology stocks. march madness is back and once again warren buffett is taking it to a new level. i think you know this answer. how does buffett bracket challenge work and how much money is involved? susan: he's putting up a lot of money, million dollars for anyone that gets perfect bracket
in the berkshire hathaway employee march magnet pool pick the odds of getting a perfect bracket is worse than the lottery odds, one in 9.2 quintillion to make it every single game correct and march madness tournament. that's incredible. he says he will give a million dollars if you can get them all right and also offering a million dollars to get off 321st round games correct any million for your for life if you get all first and second round games predicted correctly. multiple employees have gotten close, maybe 31 or 32, but getting first and second round pick correct perfect bracket, those odds are even worse than the powerball stuart: do you remember last week or 10 days ago i asked dave portnoy about his bracket and he said shows what you know about march madness because they haven't started the bracket yet so i was put firmly my place.
susan: if you want to start a tournament on the show, we can do that also. you would have to put up money, though. stuart: probably not. let's look at bitcoin. the price is $805 lower. bitcoin guy, christopher heymeyer joins us now. chris, i went to talk you about taxes and reporting of capital gains. if i buy a bitcoin, and then i sell it and make a profit, is there a paper trail going to the irs to tell the irs yes, he made a capital gains tax is there a paper trail? >> that's a good question. some of the exchanges do provide that information and do a good job of it, is my understanding and i'm not a tax expert, but there's definitely the question for people that are engaging in the bitcoin market. they need to be careful
because bitcoin is a deemed it to be by the irs and the futures trading commission to be a commodity so it's a property, different from a currency and it needs to be taxed as a property until there's a capital gains. like i say, the bigger better exchanges will keep and provide that information for the investors. stuart: but another exchange, different exchange my keep it quiet, which i think is what most bitcoin investors want cement may just need to be careful because they need to report it, us citizens have to report capital gains on bitcoin and bitcoin is a property. stuart: but, you only make the capital gain if you sell it at a profit. if you just keep holding it, do you have to report to the irs you have it and you are holding it and you haven't sold it? >> good questions.
if you just hold it, there is no capital gain until you sell it and then there is long-term capital gain and short-term capital gain, long-term being longer than a year and i'm not a tax expert, that's just my general knowledge, that of course features get marked to the market at the end of the year. your futures company will provide that information, so futures are different, but if you hold the bitcoin and you sell it, you own capital gain, but if you just hold onto it, then it's uncompleted transaction and an unrealized gain. stuart: christopher heymeyer, thank you for joining us and talking about a most uncomfortable subject, tax, bitcoin, capital gain. tech to talk about that. christopher heymeyer, thank you for joining us. listen to this, literally listen to this, elon musk has turned down a
million-dollar offer to buy that song of his about nft. listen briefly. ♪♪ stuart: okay. i heard enough. why is he not selling, suzanne? susan: i love to see you dance to tech no music even if it's elon musk. he says he doesn't need the money. he says actually he doesn't feel quite right selling this. remember, he put this up for auction and bid on twitter saying you can buy this if you want. some of the lyrics were interesting. did you hear the lyrics in that techno song? it says nft for your vanity, computers never sleep, it's verified, guaranteed. do you hear that? stuart: okay. i should have played that for dennis gartman
who would not touch any of this stuff with a 10-foot pole. susan: here are some stats. 250 million-dollar market last year and it's up 300% from 2019th. dennis gartman like you capitalists, you keep the money where it is; right? stuart: whatever you say, susan. here's what we have coming up, serious a stuff, listen to have vice president harris is describing her nationwide to work to sell the nearly to join dollar aid package. listen to this. >> white house has said repeatedly that it's a popular law if that is the case, why do you think it's important to get out and sell it when that it's not selling its. it's literally letting people know they are right. stuart: information as opposed to marketing more on that coming up. fox news confirms nearly 600 unaccompanied minors , children are crossing the southern border each day.
live report from the mexican side of the border coming for you next. ♪♪ omizes your car insurance so you only pay for what you need? just get a quote at libertymutual.com. really? i'll check that out. oh yeah. i think i might get a quote. not again! aah, come on rice. do your thing. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪
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stuart: yes, it is biden's border crisis. fox news has confirmed nearly six-- actually around 550 unaccompanied migrant children are crossing into the united states each and every day. griff jenkins joins us from the mac it's an side of the border. are you at a shelter there. >> we are tracking, you can see a repair and i want to show you a quick shot of the guatemalan family who will be crossing over because remember under the biden administration you have the mpp, it's lifted so folks have organized some to go across to remain as they claim asylum over there, but the stunning number is
one that's leading to the crisis that we really haven't seen perhaps ever and certainly not the last decade or so and that's 565 unaccompanied children are crossing illegally our border every day. that is up from 313 in february. compare that to the 2018 numbers and if you average the entire year it was only 208 a daily talk to some organizers on the mexican side like alex riegel who runs this migrant process like i was talking about he says the big problem is the coyotes in the smugglers. listen. >> we know coyotes are taking advantage, trying to cheat migrants and trying to make them think if they arrived they can cross. reporter: steamer, we quit in the processing center and saw some families with a little children, runny noses and coughing and we asked one of the
migrants if he got the message from president biden to not come in here is what he said. >> yes, listen to the news that they were letting people in. reporter: he has not heard the us president that say is now is not the time to come? >> no. reporter: so that's the situation over here in the shelters we visited are absolutely swelling and they say here stuart, they are at full capacity and have no more room and they know more migrants are coming north. stuart: griff jenkins at the border and to be clear president biden told abc news, he said don't come while we are in the process of getting setup that they delayed invitation, if you ask me. dow jones is up. 10 year treasury yield moving to a 13 month high, 167, that hurts
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♪ don't bring we down, no, no, no, no ♪♪ stuart: don't bring me down. good morning, everyone. 10:00 here on the east coast of the united states. of course it is the march the 17th, st. patrick's day. we're all wearing green for you. ing straight to your money. dow industrials up 60, nasdaq down 114 points. here's the story on the nasdaq's decline. this is it, the treasury's 10-year treasury ticking even higher. we're now at 1.67%. higher long-term rates, bad news for big tech. that will be addressed at the
federal reserve's press conference with jay powell this afternoon. starts around 2:00. you've got to watch fox business for that. now this. the border crisis is out of control and, in my opinion, plieden is making it -- president biden is making it worse. yes, on abc he told the migrants, don't come. but he went on to say to say don't come while we're in the process of getting set up. in other words if, don't come yet. that is a delayed invitation. remember this? an army of migrants marching across europe, tens of -- look at that. just look at that. that was five years ago. an army marching across europe. it was tens of thousands strong. germany let 'em in, and europe was changed forever. no surprise. look at that. the same thing is happening on our southern border right now. central america wants to live in north america, and they're on the way. the migrant flow is already at a
20-year high. 550 children each and every day arriving here. this month, that is, 550 this month, it was 300 in february. this is wrong on so many levels. danger for the children who will be released to heaven knows who, drug-dealing cartels who run the entire migrant business making a fortune, border towns and soon some big cities are overrun. and just as the pandemic winds could be, hundreds of migrant positives, covid-positive migrants, they're being released unchecked. the truth is president biden is politically stuck. the left wing of his party will not allow him to go back on his open border campaign promises. on day one he dismantled president trump's effective border policy, and now he's stuck with a migrant flow that he refuses to stop. and you know what? it's getting worse by the day. second hour of "varney & co."
about to begin. ♪ ♪ stuart: liz peek joins us now. liz, i want to make this real clear again. president biden is not saying don't come, he's really saying don't come yet. that's his response. your response to that. >> stuart, that is just a major blunder. and i think what's so offensive about this is that joe biden knew that rolling back trump's policies -- which basically did contain the flow of caravans coming up from central america -- would occasion just exactly this kind of response. remember are, in december he talked about not doing it too fast because you'd have 2 million people on the border. well, guess what? they're coming. and it is entirely joe biden's fault. this is incredibly risky for the country. we have criminals showing up at
the border, people on the terror watch list are coming to the border and being apprehended there, and you have dozens, hundreds, possibly thousands of people infected with covid coming into our country, coming into our communities basically unmonitored at all. but also, stuart, it's politically risky for biden because what we're seeing in polling now, this is unifying the republican party. the republican party's got some problems right now. there's different factions warring over what they really stand for. this is what they stand for. they stand for a secure border which, by the way, until recently democrats agreed with. it's also risky in terms of dividing the democrats. as you point out, there are factions, the progressive left want to completely open board -- want a completely open border. so i think biden's got himself a real hornets' nest problem here, and it's all of his own making.
stuart: this is the one-year -- just about any day now, it's the one-year anniversary of the beginning of the pandemic lockdown, i should say. you've gotten an op-ed that says on this one-year anniversary the president is out of touch, biden out of touch. this is what he doesn't get about americans on covid lockdown anniversary. what doesn't he get, liz? >> stuart, if he were out and about more, which he is not, not hiding in the white house, he would realize this country is alive. it is the -- all across the country, traffic is up. mobility, people out to dinner. all the people who have gotten vaccinated feel liberated. that's literally what we're talking about, a country being liberated. and what is joe biden's message? maybe by the fourth of july you can have four people over for a hot dog in your backyard. it's preposterous. he doesn't get it, that we are not waiting for his or anthony fauci's okay to go back to
living our lives. there is a real pulse and energy now. honestly, stuart, joe biden has a complete glide path to a successful presidency. stand back, let it happen. but somehow he is going to botch this up with higher taxes, too much spending and now this border crisis. it -- [laughter] you know, it's political malpractice, and i think it's going to come back to haunt him. stuart: you've been talking to far too many englishmen, and that's a fact, liz peek. [laughter] come again soon. >> thank you, stuart. stuart: back to the markets, back to money. look at this, especially look at the nasdaq composite. down this morning close to 1% or thereabouts. that's the nasdaq composite. mark tepper, mark -- market guy of the morning, with us now. some young people have made a very nice profit. i know some of them. what's your advice to the youngsters flooding into this
market right now? >> so, stu, i think the number one rule for any new investor is take the easy win whenever you're getting started. don't get too, don't act a fool, don't set yourself up to take a loss. because there's something to be said about an investor's psyche. when you get a win early on, you taste victory, you feel the adrenaline rush, the dopamine rush, and it makes you want more. and that leads to a self-perpetuating cycle of people investing more and more money which is what we're trying to accomplish. on the flipside, if you take a few beatdowns early on, you might get psyched out of playing the game. so start with some no-brainers, apple, microsoft, amazon, stack some wins right out of the gate, and that'll set you up for life. stuart: do you thinks it is a big new factor in the market? there are millions and millions of people who have never been in the market before who are in the market now almost on a daily basis. i think that's good for
investing, period. right? >> what's good for investing, it's also good for the country because what it's doing is it's teaching these young adultsment capitalism. it's -- adults capitalism. it's teaching them to appreciate success. stu, a couple years ago we were talking about how, you know, the democrats were attacking successful people, right? [laughter] so this is great, man. i mean, we want people to want to win, and that's exactly a what you're getting right now. stuart: everybody's, everybody i speak to on this program and outside the program, everybody is bullish. that kind of makes me just a little nervous, when the whole crowd is surging. what about you? >> yeah. so, i mean, it's tough not to be bullish on the economy. you've got vaccinations being administered, the economy's starting to reopen. consumers have a ton of pent-up demand. they're flush with cash. their going to -- they're going to unleash it. for the market we're bullish,
but people need to understand easy money's been made, but there's going to be more corrections, it's going to be a more normal year. higher interest rates, higher taxes, higher inflation, that's really the perfect trifecta to slow stocks down. i to think growth is going to be -- i do think growth is going to be slower, but we're still bullish overall. stuart: back to those youngsters. do you think they should dabble in bitcoin, gal in gamestop, gal in a w -- dabbling in a spac or two? >> everybody loves to swing for the fences every now and then. as long as you stack those wins first, right? what i would suggest to any youngster is as you think about your portfolio, look, maybe 80% of it is in a more diversified strategy, and then you carve out 20% and step up to the plate and try to hit a home run. if you strike out with that 20%, you're not allowed to dip into
the other 80 to do it again. screw up once, you're done. game over. stuart: took me 20 years to make a decent profit on microsoft. take that, tepper. [laughter] young enough to be my son. mark, you're all right. see you again soon. thanks very much. all right, we've got the movers list. we do this every day at this particular time, and susan has the list. start with apple. susan: okay. yeah, let's start with big tech because the nasdaq is down as treasury yields continue to surge, highest in 13 months. so apple's trading lower. and apple, by the way, is offering to show you vaccination sites on apple maps and also siri. tesla is also down today after a european money manager says that they are now shorting the stock. they're calling tesla a bubble at these levels. teledoc is also down after amazon said they are now extending amazon care, its virtual health service, to all of its hundreds of thousands of employees starting this summer.
so that's big competition for teledoc. now, tech is falling today, yes. but on the flipside of the counter trade, banks, airlines, reopening plays continue to rally. they are outperforming growth by ten percentage points so far this year in this rotation from growth tech to value instead. stuart: all right, susan. here's our chance to get technical and detailed and, oh, so professional. [laughter] susan: yeah. stuart: goldman sachs says cyclical stocks are outperforming the general market. what does that mean? susan: we're always professionals, by the way, stu. so we just highlighted the reopening winners. those are cyclical plays, the ones that benefit when the economy does well. banks, energy, travel, industrials. and some have called this outperformance a dash for trash. ing now, that's actually not the case because there's more upside in these stock winners, and they will eventually catch up with our blowout 8% gdp forecast for
this year. that would be the fastest since 1951. and, by the way, goldman sachs also in this note said that yields will hit 2% by the end of this year. not a problem for stocks and for equity investors. is that professional enough for you? stuart: is goldman always right? susan: no. but, look, if there's a gold-branded investment bank on the street and when they say something, they make predictions, and they have a lot of influential clients, people tend to listen, don't they? stuart: we make sure everybody hears. susan: and also gamestop, you're saying all these youngsters are buying into gamestop. i wouldn't call bill gross a youngster, and he made $10 million in gamestop. stuart: no, no, you're right. what i'm referring to is retail investors generally are on the younger side than people of my age. they're not baby boomers. a lot of them are millennials
with their emergency unemployment checks, etc., etc. got to move on, susan, sorry about this. the white house hitting the road to sell its covid relief plan. vice president harris says they're not selling it, they're explaining it. watch this. >> it's not selling it. it's literally letting people know their rights, right? it's kind of like you, you buy a product, you've already been sold on the product, but you need some directions on the box. stuart: okay. it's so complicated they need a national tour to explain it. tennessee senator bill hagerty, who opposed the trillion dollar plan, joins me next. one california union backtracking after jokingly telling teachers to use their covid checks to book hawaii vacations. [laughter] it's a great story and we've got it. bret baier's going to be here. he'll break down the democrats' plans for the filibuster. very pocketer just ahead. ♪ don't come out, don't start caring about me now.
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income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 >> the white house has said repeaty that this is a very popular law. if that's the case, why is it important to get out and sell it? >> it's not selling it. it's literally letting people know their rights, right? it's kind of like you buy a product. you've already been sold on the product, but you need some directions on the box. stuart: there you go. vice president harris promoting the $1.9 trillion stimulus bill. senator bill hagerty, republican, tennessee, joins us now. sir, there are a lot of people in tennessee, millions who are going to get a check from the government as part of the package relief here. it's very popular.
why did you oppose it? >> well, the reason i opposed it, stuart, is there's so many other things in this bill that had nothing to do with the pandemic and had everything to do with the democrats' socialist wish list. they're bailing out blue states. i don't think tennesseans should be paying for the poor mismanagement of these large cities and states. that's what really is at the heart of this bill. and the reason that they're out selling it, sort of like nancy pelosi saying you've got to pass the bill before you find out what's in it. people didn't know what's in it, and i think if they did, they'd be appalled. vice president harris ought to be standing in front of a penitentiary because inmates are going to get these checks. illegal immigrants are going to be entitled to these checks. i think it's sending all the wrong messages and incentives. stuart: i mean, it's passed, and the checks are already going out. are you looking forward to 2022 the? because the bill is popular now. are you suggesting it won't be popular in 2022 for the elections? >> well, stuart, i think what's
going to happen is the impact of pouring all this economics into the economy, the negative implications of this will be felt. it's putting more debt on the backs of our children, and that's really something that i think many, many people are troubled by. stuart: okay. you are on the senate foreign relations committee. i want to ask you about the olympics in 2022 scheduled to be held in china. should we boycott those olympics? >> well, china certainly wouldn't be my choice for the olympic. the human rights violations there, the genocide that's taking place is very disturbing. i think we should use every bit of pressure and every lever that we can to get the chinese to change their behavior. the chinese communist party are oppressing their own people in incredibly negative ways. we should use the olympics and every other lever we have. i tell you what i am for, and that's for the olympics to take place this summer in japan. that's a great opportunity, something i want to see happen. and as japan recovers from the
pandemic, i really hope our athletes will have the opportunity to compete in japan this summer. stuart: senator, i'm just getting word of this. you've written a letter to the president warning about, quote, increasing aggression from iran. what worries you most? >> well, the biggest concern i have about iran is that we're going to see the biden administration take steps to appease them that's only going to accelerate their malign behavior in the entire middle east region. the administration is very eager to partner up with europe to bring iran to the table, but iran wants to attack americans and our allies in the middle east, and i think we ought to take that into account. we need to take into account our ally in the middle east including israel, saudi arabia and their concerns before we leap to the side of europe and do things just that they want just because they want to be back in business with iran. stuart: the president is suggesting changes in the filibuster rule which mean you've got to talk, talk, talk.
are you prepared to stand up on the floor of the united states and talk against endlessly talking, against the infrastructure package with tax increases? >> listen, we've got a tremendous amount of economic stimulus that we've already poured into this economy. most of it untargetted and undirected. with respect to the infrastructure package, i think we're going to have to see what is moving down the pike in our direction, but we've got to take into account our economy and progress, and i think we're very, very concerned about what may be included in this bill. so, indeed, i'm prepared to do whatever it takes to stand up and fight against wasteful spending in any term. stuart: senator, first hour on the program, we really appreciate it. >> it's great to be with you. thank you so much. stuart: thank you. let's deal with california where it is the final day to submit signatures for gavin newsom's recall. ashley's with us. what is gavin new. >> saying, ashley? ashley: well, i think he's admitting that, yeah, he's just
a little bit nervous if about this effort to have him booted out. here's what he told the cohosts of "the view." >> am i worried about it? of course i'm worried about it. the nature of these things, the up or down question, the nature of the question is challenging, it's vexing. and so, you know, we're taking it seriously. ashley: he probably should. newsom is facing plenty of criticism and controversy over his handling of the pandemic in california. organizers need to submit just under 1.5 million verified signatures by today in order to send this measure to a statewide ballot. they now claim to have more than 2 million signatures. and just a sign of perhaps panic setting in, this week democrats began rolling out supportive videos in california for newsom that, in part, try to tie this recall push to the capitol riot in january. stu. stuart: all right. thanks, ash. a california teachers union made
comments about using covid relief money for a trip to hawaii. i believe they're back pedaling, ashley? ashley: you can hear the backup beeps. beep, beep, beep. the bay area -- [laughter] teachers union says it was just being playful when it was suggested that a proposed $2,500 stipend from covid relief funds, well, guess what? that could cover the cost of an airplane trip to hawaii. now, that hawaii comment was mentioned in a memo to members of the dublin teachers association in the bay area but was also shared online by a group called reopen california schools. the union says, whoa, wait a minute, the comment was taken out of context for someone's political agenda, but sure some angry parents are calling it a slap in the face for people who, as we know, have been struggling all year to try and teach their children at home. it's called being socially tone deaf, stu. stuart: yeah, exactly. i know a lot of very angry
parents, actually. you've got to that right. thanks, ashley. it's the latest crypto craze, that would be digital art going for millions being auctioned off in places like christie's. we've got a report on this coming up for you. look at this, president biden walking off air force one just a few months ago, totally ignoring questions from reporters. however, he is set to hold his first formal press conference next thursday. will he call on reporters, i mean, does he have particular reporters in mind? i don't know. what do his handlers have in mind for that press conference? joe concha, media guy, here on that of after this. ♪ ♪ always right there when i need her. ♪ oh, i think that i found myself a cheerleader. ♪ she's always there when i need her ♪♪
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but the choice that will define you. do you stay down? or. do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪ stuart: i'm going to say the market is, to some degree, on pause because this afternoon we've got the press conference coming from the federal reserve's jay powell. he's going to sort out what fed interest rate policy is. we'll have to read the tea leaves very, very carefully. until we get those statements from the fed, not that much
price movement, although the nasdaq is down about 100 points. that's because long-term interest rates are rising. and jay powell will address that this afternoon. and, yes, we've got a date. we now know when president biden's first formal news conference will be, next thursday, by the way. that's the date. joe concha's with us. joe, what kind of press conference will it be? will he have a teleprompter? will he know the questions in advance? will he call on friendly reporters only? what do you think it's going to look like? >> interesting. i don't think there'll be a teleprompter. i don't know if he's going to to call on reporters however, stu, because i've seen this movie before during the campaign and even during his presidency in the very limited times he's taken a couple of questions where a staffer has called on reporters instead the of the president himself which doesn't look weak or anything. it's going to be nine weeks since this president took office before he gives a press conference. he needs nine days to pear for said press conference -- to prepare for said press conference. and what this does now, stu, is
the anticipation and hype is going to be off the charts when other side if he did it, say, three weeks into his presidency like barack obama did, it may have gone more or less unnoticed. even with the low expectations going into this for joe biden, as it always is with this president as far as speak outside of a teleprompter, this will not go well if reporters ask solid, tough questions with follow-ups. and here's what i mean by that. ask the question, for instance, mr. president, you say there's no crisis at the border, correct? and he will say we inherited a horrible system which is b.s., and we're working on fixing it. but wait a minute, sir, minors are arriving at a quadruple rate than they were in october before you won the election and sent a message to everybody in central america, oh, come on in. and, oh, by the way, some migrants are testing positive for covid, and you're releasing them into the u.s. population. how is that not a super-spreader event during a pandemic?
i'd love to hear how he's going to answer those questions, stu. hopefully, they get asked. stuart: i do believe there'll be a teleprompter which you can just turn on when you need a set response. that would not surprise me at all. and a staffer saying you ask this question, you ask that the question. i can see that coming a mile off. they've got to protect the man. that's where they're this for. let me move on. a washington post headline, why we should cancel the phrase cancel culture. the author says the phrase has become divorced from if reality. i'm sorry, joe, but i think that the cancel culture is reality in 2021. what say you? >> yeah. who wrote that, max boot? i gave up two things for lent, as you know, stu, gave up twitter and gave up listening to max boot. all that said though, 63% of americans believe -- according to the a harvard-harris poll that was just released, that cancel culture is a threat to
freedom here in the united states, nearly two-thirds of americans. we have to start pushing back instead of bowing to this twitter mob that doesn't have any real pour outside -- real power outside of five minutes of something trending. hopefully we start to push back and not just accept all this as, oh, well, we have to cancel dr. seuss, kind of thing. stuart: you're right, cancel culture is the trend of 2021. it is pernicious, as you've reported, joe concha, and we thank you for doing that, by the way. brave man. >> oh, happy st. patrick's day. is it blarney or varney, by the way? if it's blarney, then this is a national holiday for you. stuart: blarney has some unfortunate connotations. i'll stick with varney, if you don't mind. i like the green tie, by the way. >> we kind of match. all right, bye. [laughter] stuart: watch out. thank you, joe. now, show me uber. big legal defeat in britain.
they're going to have to reclassify their drivers as employees. paying them minimum wage. which will be $12.40 an hour in britain, by the way, which is huge. susan: that's right. stuart: i know there's a catch. what is the catch? susan: they're only guaranteeing drivers minimum wage after they've accepted a trip, meaning they are not paid for waiting times in between fares. you got that? and they're not employees, they're workers. this was the middle ground that was reach with the u.k. supreme court. they're getting vacation pay, pension plans but not full employee benefits like maternity leave or severance pay if they leave. this was the olive branch struck between uber and the u.k. after that supreme court ruling that says that uber drivers were workers and not just independent contractors. the 70,000 drivers will be affected in the u.k. not a huge part of uber's global business,
roughly maybe 6-7% of their global booking, but imagine where this could goment if uber gives drivers in the u.k. these benefits, what's the say somebody in california, pennsylvania, even here in new york says why can't i get benefits too if they're getting them elsewhere around the world? stuart: yeah, exactly. i mean, this spreads. this is a clampdown on the highly innovated uber, and i'm surprised that the clampdown started in california and have now migrated to the brits. susan: don't you think it's interesting they won that case in california against prop, the prop rule and a.b. 5, but they lost this ruling in the u.k. and this was probably the middle ground that could be struck, and it only pertains to the u.k. stuart: and that's why the stock is down 3.5%. but wait a minute, i'm seeing something on the teleprompter. which surprises me. lebron james joining a major league baseball? tell me more. susan: as an owner.
we're talking about the red sox and his agent confirmed -- you thought he was going to play baseball? no. stuart: i don't know. susan: that lebron and his business partner maverick carter are now part owners of fenway sport group which owns the red sox, and fenway sports is worth over $6 billion. james and cartersal, by the way, did you know minority owners in liverpool since 2011. apparently liverpool's valued at $2.6 billion at last count. james has 2% of liverpool which is worth $52 million, and he only paid $2.6 million for that stake back in 2011, so there's a lot of appreciation there. stuart: it's not like -- this is new. you are telling me news about english premier league soccer, specifically liverpool. now, that's a breaking news item. susan: i forgot. stuart: and i didn't know that lebron has a 2% stake in it. i did not know that, but i do now. thank you, susan.
all right, tiger woods is back. actually, he's back home, i should say, to be accurate here. yeah, he's recovering from the car crash. update me on this one, please, ashley. ashley: well, let me tell you, three weeks after that horrible car crash, tiger woods, as you say, now back at home in florida. that's the good news. he did tweet out a statement that read in part, and here it is: happy to report that the i am back home and continuing my recovery. i am so grateful for the support and encouragement that i have received over the past few weeks. now, woods suffered injuries and cuts to his face and multiple fractures and compound fractures to his right leg when his vehicle crossed the center divider and crashed as he was driving alone. look at that scene. around 7 a.m. in rancho palace very d.c. neither los angeles, had to be extracted from the vehicle, but the cause of the crash still under investigation. at least he's home, stu.
stuart: yes, indeed. ashley, thank you. democrats looking to change the filibuster rule to get their agenda through congress. roll tape. >> don't think you have to eliminate the filibuster. do what it used to be when i first got to the senate back in the old days when you used to be around there, and that is you had to stand up and command the floor. stuart: that is a big change, that would be a very big deal. bret baier on that coming up shortly. plus, the surge at the southern border hitting numbers not seen in two decades. earlier we brought you a report from the mexican side of the border. next we head to the texas side. we'll update you from there. ♪ ♪ ♪
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♪ stuart: all right, the markets this morning dominated by the upcoming federal reserve press conference. starts about 2:00 this afternoon. market on pause because of, before that except the nasdaq is down another 140 points because long-term interest rates are moving higher. check out the biggest losers on the nasdaq. you won't necessarily have heard of all these companies, but they're headed by fox corporation which is down 4.3%. walgreens down as well plus jd.com. red ink, all. the crisis at the border, yeah, growing every single day. crossings at the highest level in 20 years. griff jenkins gave us a report from the mexican side last hour, now casey stegall in mission, texas. casey, what are you seeing there? >> reporter: well, stuart, we've been live from a different location each day around the mcallen area to give our viewers a sense of how different each part of the border looks.
and also the different challenges that are posing threats to agents in particular areas. and nowhere is this better illustrated than up above. the fox news flight team drone out here with us today, and it gives you this incredible view as it treks down the rio grande river. on one side is mexico, the other america. and all day and all night migrants are crossing on rafts, they are sometimes swimming, just any way possible to get to the u.s. side. adults and families are processed and returned to mexico, but those unaccompanied minors, well, they become the federal government's responsibility, and they're running out of space to house them with talks underway to expand current overflow facilities. >> you're taking a lot of the immigration officers from doing their regular job, and now they're having to do the other jobs like cake care of the una accompanied children and these
family units. this is becoming a bonanza for the criminal cartels. >> reporter: now, there are reports that agents could now be apprehending more than 500 migrant kids a day, but fox news has not been able to independently confirm that. frankly, some of the numbers are really hard to nail down because they're so fluid, and they're changing so much by the day. but to give you a sense of the urgency down here, stuart, the deployment of more than 4,000 national guard troops that were already stationed and working here along the southern border, those deployments now likely extended through at least september. back to you. stuart: casey, it is a crisis. thanks very much, casey stegall. got it. okay, check that market, please. now, it may be st. patrick's day, a day for wearing of the green, but there's an awful lot of red on the left-hand side of your screen. down 40 on the dow, down 150 on the nas cac. let's get to -- nasdaq. let's get to what really is a
new crypto craze, nfts. got that? they are nonfungible tokens. like that thing on the left-hand side of your screen, that's worth $69 million. digital art, that's what it is. [laughter] susan's laughing, i know. explain to me, you've got to explain to me and most of our viewers what is an nft. susan: very complicated, so bear with me. and we're not just talking about art, but music and even tweets. jack dorsey is selling right now. i'll go true the basics because, again, a lot of viewers questions asking what exactly is an nft. it stands for nonfungible tokens. what does nonfungible mean? well, that means absolutely unique. there's no way to change it. so the mona lisa is absolutely unique whereas gold bars are not. does that make sense? let's start with that. the best thing about nfts is there is 100% verification that this is unique, and they do that by using the underlying
technology behind bitcoin and cryptocurrent i called block chain, and that's a digital ledger that will show you who owns that token whether it's art, songs or tweets. that means there are no knockoffs, no fakes, and that's why they're called crypto art or crypto pieces, because it's using block chain to identify everything. now, the fast growing business is worth a quarter of a billion dollars last year, but look at the growth rate, up close to 300% from 2019. also attracting a lot of money, record-breaking interest, as you mentioned, with that $69 million piece that was sold last week. that's the third highest ever paid for artwork from a living artist. and this is with underlying block chain technology. i think that's the crux. people get confused. now, "gronk" is the first athlete to sell his collect arer cards on nfts, dorsey auctioning his first-ever tweet, and elon musk as we know, he said no thank you to a million
dollars of his techno video and song which we love singing and dancing to. does that make sense? stuart: do you remember we add had on the show earlier today dennis gartman and he said he wouldn't touch the nfts with a 10-foot pole, he thinks it's all part of the froth of the market. tough a 20-second response to that -- do you have a 20-second response to that? susan: i i think there is a difference maybe in generational speaking. to me, there's no difference if i have it in my computer or on my wall. to have it absolutely safe and verifiable, you can't even do that with michael ang hoes and da vincis, right? i think you have the ease of being verified, that's a whole game-changer out there for the art world. if you can judge it and say, yes, that's 100% a michelangelo, versus being fraudulent and
people have been able to copy them. does that make sense? you have verification. stuart, no it does. absolutely verifiable, totally unique, one of a kind, brand new form of art. i get it. i do understand it. susan: yea. stuart: $69 million for something i cannot hang on my wall, it's as simple as that. all right, susan, stay right there. yes, it is st. patrick's day, and guess what? we're celebrating with the acting head of william grant and sons, they're the maker of an irish whiskey. we're going to have him on the show next hour. he's not bringing samples at this time of day at least. we'll be back. ♪ shake it off. ♪ breakers gonna break, break, break, break -- ♪ and the fakers gonna fake, fake, fake. ♪ i'm just gonna shake it off. the gold standard, so to speak ;)
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♪ stuart: the mayor of atlanta and his police chief, or the police chief there, they've been holding a press briefing on the shooting in atlanta last night. eight people killed, six of the eight who died were asian women. the shooter, who is in custody -- the alleged shooter, he's in custody -- he hit three separate massage parlors. i want to bring susan into this
because the police are saying they don't know the motive of the shooter at this point. but i want to know, susan, difficult question to ask, what is the feeling in the asian community this morning? southern susan difficult -- susan: difficult. i would say scared. this morning i was talking to my mom. actually, she sent me an e-mail last night and followed up with a text message and first time i've ever heard my mom say this to me, she wants me to go home right after work. don't go anywhere else, just go home and stay safe. of i've never heard her say that before, but this incident really brings home the fact because of coronavirus, rightly or wrongly, there have been fengers pointed at the asian community, and there's been heightened violence. and we've seen the statistics, thousands of percent up in terms of the violence directed towards the asian community. and in this case, the fact that people are being killed, you know, whether or not this is a motive -- and i think we still have to find that out -- but
people are taking, i guess, away the fact that people are being killed for how they look, their skin color and their ethnicity. stuart: and it's a dreadful thing when this kind of thing happens in these united states of america, it is a terrible thing. our feelings go out to the asian community in america today. susan, thank you very much for taking part in the discussion. more on this a little bit later on. still ahead on this program today, next hour florida senator rick scott, texas congressman jodey arrington and larry elder, much more as well. plus, how do you really transform america and ram through socialism? answer, you change the filibuster rules. that is the subject of my take at the top of the next hour. ♪ ♪ come and get your love. ♪ come and get your love ♪♪
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anthony fauci's okay to go back to living our lives. >> this is indicative of a problem at the top of the market and be very very careful. >> consumers have pent-up demand flush with cash. >> everything the economy is going game the pastors, everything is rising interest rates by federal reserve. ♪♪ you will do what i've got ♪♪ stuart: we are showing use st. patrick's cathedral in new york city. it is st. patrick's day, march 17th. let's go straight to your money, you have a federal reserve press conference starting at 2:00 eastern time. that dominates market trading this morning.
we want to know what fed chair jay powell will say about interest rates was that makes an enormous difference to the markets. that is why the nasdaq is down. the yield on the 13, the 10 year treasury is at a 13 month high, 166 now, 167 a few moments ago. that is why big tech is down today. that is what we want to hear about from powell this afternoon. how do you transform america, ram through socialism, you change the filibuster rules, sounds arcane, sounds obscure and it is of great importance to every single one of us, the senate will be deviating massive tax increases. to oppose this, so could simply register his or her opposition, 60 votes would be needed to
pass the measure. the president wants to change the filibuster, he wants a senator to stand up and talk and talk and talk to oppose legislation so it will be easier to push through tax hikes and more difficult to oppose them. these socialists want to transform america and they say limiting the filibuster rule is the way to do it. they have the white house, the house, razor thin majority, razor thin, they want to exploit that position. they want massive tax increases. they want the green new deal, they want open borders, socialized medicine, radical change. that is what is at stake. not really debate about the filibuster rule, it is whether we are prepared to submit to the demands of these socialists. we need a new resistance movement. the third hour of varney about to begin.
the fed wraps up its today policy meeting, they will have a press conference in the subject will be where to interest rates in the future. it is sharply lower at this point, long-term interest rates keep going up and really bad for technology companies. joe durand is in charge of financial management at none other than goldman sachs. you are a heavy hitter. welcome to the show. good to have you with us. >> happy st. patrick's day. stuart: is that a british accent? >> is a bomb when. i grew up in southern africa. i am a colonial in zimbabwe. stuart: great to have you on. are you telling people to stay
in stocks? >> we are. the market has brought the elements and we have a lot of tailwind too. regardless how you feel about the political situation in the stimulus, we are talking $1.9 trillion already approved, talking sometime in the second or third quarter, and infrastructure bill, green bill, $3 trillion and talking in the fall about healthcare, in trillions of dollars. that is a lot of money to the stock market and a significant increase, 90%, they are anticipating a 30% increase in earnings this year, and the fuel to the fire and friendly fed the told us they are not looking to increase short-term
rate forecast. clearly we have a lot of other elements to be concerned about. stuart: what about the expression tina? there is no alternative. that is what you are talking about. >> that is what i am talking about. when you see interest rates going up as we have recently it hurts growth stocks. those are the ones that are the one time high interest rates. we see a significant rotation, small-cap value stocks doing very well and a rotation away from stay at home stocks, when we see valuations of the highest we do, a 70% likelihood
of a 10% decline in those years. we should be prepared for significant volatility much more so than we have seen in a little while, and it is 3 quarters likely we will have 10% decline. you want to invest in a way that you withstand decline. make sure you are not only in growth stocks or value stocks but small caps as well. stuart: america is a wonderful country. you can come all the way from zimbabwe and get to the top of the hill, king of the hill, at goldman sachs. they for being on the show. it is your first time it won't be the last time if you are not careful. see you again soon. how about this one? california's governor gavin newsom speaking out about the recall push. watch this. >> the other proponents, top 10
proponents, members of the 3%, the right-wing militia group, proud boys surrounded -- supported the insurrection, folks that enthusiastically support qon on, that the origin. stuart: that is why he thinks he is being recalled. he was being very serious. what do you make of his reason why he thinks he is being recalled. >> you can tell that he knows there's going to be a recall effort when he blames on qand on, white nationalists, trump supporters. he even mentioned a mike huckabee pack. the man is in trouble. we don't have to million white nationalists and qand on members in california. it is a broad-based moment to
recall is governor and largely because of the lockdowns he has imposed a but beyond that because of hypocrisy. after he imposed the lockdowns, he's at the french laundry restaurant kicking back with healthcare officials whose job is to push down these regulations they were violating. the governor is in trouble and when he starts blaming racism and white nationalists that is when you know he is in deep do do. stuart: they have a 2 million signatures required. i think the recall is going to happen. in the next election for governor of california just suppose the republicans come up with a viable candidate, one or 2 viable candidates is it possible california could get a republican governor? >> that happened last time we had a recall election. arnold schwarzenegger was a republican governor who won. we have several prominent republicans who will run, john
cox, rick grenell and other people. of the republican vote is split, it is possible gavin newsom could retain his office or some other left-leaning democrat or worse than gavin newsom might get the election. republicans need to be real careful and hone in on one candidate like the last time when the governor in waiting was arnold schwarzenegger. stuart: i want to look at this, 6 different virtual graduation ceremony, race, ethnicity, you are laughing, that is extraordinary divisive. what do you say? >> i went to ivy league university and i would have been eligible to go to two graduations or three. the general one, low-income people are black people, if tiger woods a gun to columbia i don't think he would have time to practice.
he would go to so many graduation ceremonies. this is insidious but is part of a deeper problem. in california the top rated high school is a merit-based public high school, 69% of the student body is asian american and they are dropping merit-based initiatives because one school board member called merit-based admissions racist, the top heiskell in the country as thomas jefferson high school assigned to technology in fairfax, virginia. they are dropping their merit-based addition is because the president of the school board said he went to reflect the population of the community. what happens to merit? this is an assault on the productivity and achievement of asian american students and an outrage that so many asian americans are putting up with it. if black people, 70% of the population of thomas jefferson based on merit and wanted to change it because they wanted
to reflect the racial community. can you imagine what our sharpton would be saying? this is an outrage and assault on merit and a hate crime against asian americans. in my opinion. stuart: glad we got you on the show. that is dynamite stuff and appreciate you seeing it. mister elder transferred interest from politics and culture to the markets is what are we seeing? dow up a little bit, nasdaq down a lot. susan is watching bitcoin. >> the record level we saw this weekend, to his wealthy clients, a big point in crypto currency as a whole, are now and investable class. morgan stanley might be buying bitcoin, $150 billion fund, a positive for bitcoin and recommendations. apple is getting lower today despite the fact that apple won
the court case on apps store privacy, tech along with apple and the nasdaq selling off because of the yields going to the highest in 13 months. also selling off, setting up to rollout the virtual clinic, amazon care, to other hundreds of thousands of employees this summer and when a big giant comes into this place it hurt smaller players, plug power has to restate its financial statement for 2018-19 because of accounting errors. it is not fraud, just accounting problems. crowds right, cyber security company was known for investigating the dnc server hack, better sales forecast strong 2021. wall street says there might be fictive -- 50 bucks left when it comes to more upside, 20% up from here. stuart: thank you.
president biden wants to see big and very important changes to the filibuster rule. watch this. >> you have to do what it used to be when i first got to the senate in the old days and that is in the filibuster you had to stand up and command the floor. stuart: you got to stand up and talk talk talk. that is what the president wants. i will ask senator rick scott what he things of a possible change in the filibuster rule. senator scott on the show after this. ♪♪ discover the replenishing power of new pronamel mineral boost. teeth need natural minerals to keep enamel healthy, strong, and white. but every day, acidic food and drink
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>> the suspect went on a shooting spree in atlanta. and at 3 different massage parlors. it was too early to call this a hate crime. >> the suspect is telling them he had some sort of sexual addiction and his thought was to take out these massage parlors that were a temptation for him. they also say, the mayor in atlanta, he planned to go to florida and take out other facilities or spots tied to the porn industry according to officials in atlanta. there was not a hate crime indication because of what he was saying but investigations are continuing. there were attacks on asian
americans. there were several asian americans killed in these attacks in atlanta but it might be something else that continues the investigation. stuart: it is a difficult subject to address because the motivation of the shooter appears to be something about sex addition and not race. nonetheless as you point out, with a background attacks on asian americans throughout the country the asian population in the united states is very worried and very concerned this morning. could you address that? >> we ask what they are doing in atlanta and the mayor says they are stepping up patrols and that sort of thing. in specific asian american communities, it is an issue and
we have seen several attacks. even the white house has spoken out about this was the fbi is in contact with atlanta officials and they are helping with the investigation. if it turns out to be something else, right now it is heading down the sex addiction trail in atlanta, appears to be different than we have seen. stuart: bret baer, cool head at this time. thanks for reporting on this. we do appreciate it. see you tonight. all right, everyone, now this. >> we were energy independence, shortly we will no longer be energy independent, gas prices are going up at a far more rapid rate than anyone seen in a long time. when you see grasses -- gas prices going up and they will go by one dollar, $2, $3, if you look at that, that is a tax increase to the consumer. you have a dollar increase on gasoline, that is bigger than a
tax hike. stuart: that was donald trump in a terrific interview with maria bartiromo as you saw, speaking about america's energy independence and what happened to it. look at this, the national average for a gallon of gas is $2.87. it has gone up $0.60 in a month and natural gas prices are way up as well. senator rick scott, republican from the great state of florida joins us now. who do you blame for this sharp sunrise in energy prices? >> what he's doing to stop it, he is killing the keystone pipeline, saying you can't drill on federal lands and going to get rid of fossil fuels, if you're in that industry do you want to invest more dollars when they want to get rid of you? this is an unbelievable increase in costs for poor families are people in fixed
income. there gas is way up in the last month, utility rates going up because utility rates, so much utilities done by natural gas. it is unbelievable cost increase and joe biden, his rhetoric, his actions are causing this to happen. i asked the white house what they are going to do about it, crickets, nothing, in this country. stuart: president biden wants to change the filibuster rule. makes opposition to major legislation much more difficult. we are about to discuss a sharp increase in taxes. of the filibuster rule is changed it makes it more difficult for republicans like you in the senate to beat that back. are you prepared to stand up on the floor of the senate, with
radical proposals down the pike. >> i stand up as long as i need to to stop these tax increases and radical left agenda. we need to leave the filibuster the way it was. four years ago democrats -- got to keep the filibuster, we have a republican president, republicans control the senate, democrat president, democrat senate, we need to get rid of the filibuster. these guys are hypocrites. the minority parties involved in legislation that passes. and so the democrats, this is all about power and they are out to raise your taxes. oh gosh, they already did it. if you are in bluebird driver, insta card, those are the people they say they care about, not actually. they are raising taxes, they want your income tax go, gas
tax to go up, tax electric cars, they want business taxes to go up. they want bigger and bigger and bigger government and don't want states to reduce taxes that they are tired of people leaving cuomo's new york, sick of people living california and illinois, saying if you take any stimulus money you can't reduce taxes. democrats want -- they are trying to hurt all americans. it is not helping people, it is hurting people. stuart: part of that $350 billion bailout, that is what it was. >> they added 2 million in that bill, it is 360 now. they get $40 billion. i asked all the governors and
mayors other than covid related expenses give us the money back. it is taxpayer money. this is not free money you can squander. be fiscally responsible. take care of your state if you need money for the covid response, we've given you $5 million. if you need that, give us the money back, let's pay down the debt. democrats taking this debt level, $30 trillion, interest rates, one.65 today. one out of every $7 of federal revenue go to interests expense. it is $500 billion a year. just in interest expense. doesn't help social security with the military to create a military, doesn't help social security, medicare, any of these things. stuart: senator rick scott pounding the table. appreciate it. people want their freedoms back and they are taking them back. the tsa has screened 1 million people 6 days in a row and
airports want everything more crowded. st. patrick's day, the super bowl of irish whiskey, the acting head of william grant and sons, irish whiskey on the show next. phil amore is the most popular irish whiskey, jamison the first. they will donate money anytime someone changes their name if it is jamison, on social media. how about that? change your name on social media get 100 bucks from the irish whiskey guys. the famous st. patrick's day parade going virtual this year. more varney after this.
[announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you but the choice that will define you. do you stay down? or.
do you find, somewhere deep inside of you, the resilience to get up. ♪♪ [announcer] and this fight is a long way from over, leonard is coming back. ♪♪ ♪♪ ♪♪ ♪♪ it's a beautiful day ♪♪ make it rain ♪♪ stuart: that is st. patrick's cathedral in new york city and this is of course st. patrick's day was a very calm st. patrick's day. left-hand side of the screen,
we are going to bring in harvey purchase, they make that irish whiskey. you are going to donate $100 every time someone whose name is jamison changes their name to tell amore? how many people have done it? >> the real goal is to bring attention to the challenges faced by bars and restaurants in the united states this year, particularly st. patrick's day, normally one of the highest grossing days, this year it will obviously be more subdued, i encourage everyone to be a little bit more irish and changing their name, we have
built the world's most socially distant irish bar in the middle of the mojave desert to celebrate the irish spirit. there with often has to shine through in the face of adversity, the challenge covid has placed on us all. stuart: that is fine marketing. during the pandemic, the lockdown did you sell a lot of whiskey? >> we sold some shifts. we saw some very big shifts in the channel. we talk about the omni trade, that had a huge decline with covid restrictions. it was offset by big growth in what we call the off trade when consumers consume off premise
in retail outlets and by e-commerce. the off trade almost grew 30% last year as youtube discovered the delight of hendrix, people would drink cucumber lemonade and we saw premium brands. stuart: didn't you sell -- hate to use the word, didn't you sell jugs as opposed to the smaller bottles? >> one.75 meters size last year as people wanted to reduce trips to the supermarket particularly in the early days. >> jamison number one brand,
>> i really drink our products. why would i ever want their alphabet? next year i'll be toasting everyone on st. patrick's day in a bar. stuart: congratulations on a great marketing program and thanks for joining us, we appreciate it. thanks. let's take a look at jetblue, the stockholding around $20 a share. they are considering joining the new york exodus. where are they thinking of going? ashley: how about miami, florida? it was found that all the way back in 1998 but according to a memo from earlier this month the airline indicated it is considering its options in long island city when it runs out in 2023. one option could be orlando where it has a training center
or fort lauderdale where it has a subsidiary or move to another new york city baroque or stay where it is. bottom line seems to me jetblue is shopping for some nice tax incentives and other incentives, very smart market. they will have a have an answer later here. stuart: if you are a highly paid executive at jetblue, and as opposed to new york city where the tax is very high. moving swiftly along, 1 million passengers passing through tsa checkpoints for the sixth straight day yesterday. at the new york -- newark liberty airport over there in new jersey. when do the airlines get a full recovery?
>> experts say this is a good start but a full recovery could take a few years. for now we know confidence from travelers returning based on a survey from aaa, more than half of the americans are planning a trip for some time in the next three months, brand-new from air b&b, we are getting an idea where those americans might be headed. the search for destinations through august. air b&b say travelers crave outdoor experiences with lots of places like south main, round topped texas, those are topping the list. also popular, unique places to stay, to offer a lot of privacy like this cottage like a country church in texas. they are topping.
the most popular destination for travelers this year according to air b&b. how are travelers going to get there. more and more people taking to the skies returning to flying over the past several days since thursday. 1 million people crossed the checkpoint, a far cry during this year, during the pandemic but trending up recently. being here at newark airport and talking to travelers checking in, most are traveling for fun. they are telling me it's time to get back to living their lives, taking a vacation. stuart: times are changing and so is the mood. thanks very much. one of nashville's occasions, the grand old opry shut its doors when the pandemic hit.
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charles: nashville's grendel opry the home of country music forced to shut down and go virtual during the pandemic. and they are raising money to help local politicians and local musicians, i call that a success story. what have you got? >> they don't care about the politicians. raise outside money, they had literally no work.
the big stores kept this place going. it is the cathedral of country music. the grendel opry. ♪♪ ♪♪ when you heard what i told you ♪♪ >> reporter: a live show with the biggest stars every saturday night. since 1925, then covid hits and the street could have been in jeopardy. >> it was pretty harrowing but we didn't panic. we got through it. >> colin reed runs the parent company and knew the chance to hit 5000 straight saturdays later this year the show must go on. >> welcome back to the grand old opry live on the grand old opry stage with avenatti and sitting here. >> reporter: craig morgan has played it 200 times. now he has done it in an empty
building for live stream. which was extremely odd. >> we are used to doing it with a big audience. i don't remember playing the opry when it wasn't sold out. >> a sellout is 1100 instead of 4000. the see of nashville and its vibrant music scene has taken a huge hit over the past year. thanks to a solid balance sheet coming in the opry has done its part to help out starting a charitable campaign to help struggling artists. it is only a matter of time until the cathedral itself is packed again. >> i see that and i know that is going to happen. >> in the third quarter, we are going and going here. >> they have their tuesday night show.
and full crowds packed in a venue like this one. >> can't wait. i love to see that again. you are all right, thanks for joining us. >> working from home, working remotes, freed ford motor company on your screen. and they will remote work indefinitely. amazon, they unseated walmart to become the first apparel retailer in america. president biden has a message for migrants headed to the border. watch it please. >> i can say clearly don't come over, the process of being set up don't leave your town or city or community.
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the one it was a busy night of illegal crossings on the southwest border. griff jenkins is there. during -- can you tell me who crossed last night? >> reporter: i sure can in this sector and i want to bring our view is here so they can see in the distance the hour paso port of entry crossing. you can walk right over that but look here, the rio grande river just inches, so shallow right here and on the other side the end of what was the old wall of the us. in the distance is a train above that and beyond that fencing but a flat road here with cars driving on it, that is the messiah, very easy to cross which i talked to a
gentleman an hour ago, to cross at this spot, it is a weak spot and how he did was he walked right across this very shallow riverbed. he had a car waiting right there for him. he got in with ample people and escaped and later sent back to mexico but just an indication white is so weak in this spot with heavy crossings in the last 24 hours, there were 790 apprehensions, up 138% bringing fiscal year total to 62,000. if you look far in the distance you can see border patrol and even mexican national guard and that is why the mexican officials over here, this is all due to traffickers. >> we know for a fact there are traffickers and smugglers and people telling them, they withhold that. the doors will be open and the
doors are already open. >> reporter: the gentleman who crossed would not go on camera but he indeed when i asked him do you use a coyote for tractor? yes, that is how it is done and they do great business right now, just a part of the indication that this is one sector in el paso. we've seen the others, rio grande valley in laredo just all my lawn all day long. stuart: 790 crossed overnight in the el paso section up 138%. that is a crisis. let me bring in congressman jody arrington, republican from texas. president biden is telling migrants and i will quote directly, this is what the president says, don't come when we are in the process of getting set up. that is an invitation. a delayed invitation to come over.
>> his actions speak louder than his words. it is insulting to the american people he would say don't come now, his policies of repealing all the measures trump had in place to stop the flow of illegal immigrants and secure the border, sending a message loud and clearly that we welcome people to violate our sovereignty, break our laws, cut in front of the line, and enable drug cartels, that is the message being sent because of this administration. the two democrat bills, not only are you accountable for breaking the law, and citizenship. >> four people on a terror
watch list arrested at the border. we have several hundred kayleigh mcenany positive migrants, and what do the people of texas. what are they saying about this. where is your commander-in-chief. it is to protect its citizens. they are inviting a disaster on multiple fronts, the safety of the american people, security of our sovereign nation. it is the risk of another public health crisis. we are just now getting to our feet as a nation. texas is doing well, people going back to work, kids going back to schools and we have manageable capacity at hospitals.
this will all change in the blink of an i, we are allowing public health crisis. not to mention what it is doing to border communities and people at ground 0, private landowners, texas and many states like texas are pulling their local law-enforcement off of their protection of highways and byways and neighborhoods to do the job the federal government has abdicated under the leadership of this president if you can call it leadership. stuart: a busy time for you but thank you for taking time to be with us. thank you. 32,000 is the level. more varney after this.
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♪ stuart: 2:00 eastern time this afternoon the federal reserve chief holds a press conference. the market pretty much on hold until then, although we do have a sharp selloff in the nasdaq, down 170. show me disney, please. ceo says disneyland in california will reopen with limited capacity. ashley, you've read the story. when are they reopening? ashley: yep. april 30th, both disneyland and california adventure park. but get this, stu, operating at just a 15% capacity to start. that is a very low number. and, by the way, only open to california residents for now.
of course, these parks have been closed for over a year. it is a slight, you know, it's good news but, my word, they are being very, very timid with that capacity. stuart: timid, very good word and absolutely right. april 30th, 15% capacity. doesn't make it, in my book. time's up for me though. david is in for neil cavuto. david: you know, you are the antithesis of timid, stuart. timid is a great word to describe just about any politician in america, but you are the antithesis of that world. good to see you, thank you very much. welcome to cavuto coast to coast. i'm david asman in neil cavuto -- in for neil cavuto today. the homeland security chief doubling down on his warning about the migrant surge today before congress. listen. >> we have taken a series of actions to address the increase in the number of unaccompanied children at the border. sometimes the tools of