tv Varney Company FOX Business March 23, 2021 9:00am-12:00pm EDT
maria: the opening bell is about 30 minutes away and we expect a mixed opening. nasdaq is up 34 and s&p lowered by nine and a quarter. have a good day and i will see you again tomorrow. thank you, gentlemen. "varney & co." begins right now. take it away, stu. stuart: good morning. trouble for the astrazeneca vaccine, an independent group finds fault with the data the company used in its critical trials bad news for europe which relies heavily on the vaccine, but doctor anthony faucher told abc this morning that the data is quote likely good. getting difficult to follow the science. box-- by the way doctor anthony faucher poured cold water on the reopening moves in america. president biden going really big on spending
with a three trillion dollars spending plan in the works on top of the $1.9 trillion package already approved and to pay for it, being tax hikes. this is tax and spend august super steroids, the market not having much of a reaction, no impact really with the dow jones down about 100 points-- not much when the index is 32000, small loss for the s&p infraction gain the nasdaq. the yield on the 10 year treasury retreating from the 1.7% level, 1.65 right now. that is not helping technology that much this morning. as for bitcoin, $55000 per coin. the border crisis is only getting much more intense. these pictures of credit conditions came from democrats representing border constituents. of the media still not allowed in.
if the administration will not address it, in fact president biden called it a-- quits at lunchtime yesterday. it's tuesday, march 23. "varney & co." is about to begin. ♪♪ stuart: we are really big on the reopening moves across america particularly big on what's going on in a florida and also in texas. listen to this, i don't know if you heard that are not, but i'm saying we are really big on the reopening moves going across the country. florida, texas, we are big on covering this, but doctor felty pouring cold water on the reopening. watch this.
>> the number of cases in this country have plateaued, that's not good. they should keep going down and down. we have seen this before. when the plateau like that, there's a danger of a resurgence. we are seeing that in europe and quite frankly we generally are about three to four weeks behind the dynamics of the outbreak we have seen in europe, so given the europeans are surging back up, that's clear that it's a risk of that we will we doing the same thing if we don't hold back. stuart: okay, look, let's be clear, covid is increasing, caseload is increasing in 21 states, but not in the open states of a florida, texas or mississippi. by the way, in germany they are about to embark on the strictest walked and they have ever seen. over they four-day easter weekend germany will be totally locked down including grocery
stores, nothing will be open. grocery stores can open one day in those four days but that is a locked down and a half and following the science of interesting question, where do we stand. we will hear more about this at the top of the hour, 11:00 o'clock. president biden's team preparing up to a three trillion dollars spending package, new spending. susan, break it down. susan: the number could go up to $4 trillion if he includes tax incentives and credits and it will likely be broken up into separate spending bills making it easier to use the budget reconciliation process when you just see a simple which is democrats. we are talking about $400 billion in green spending, renewable energy like wind and solar with hundreds of billions of dollars in the 5g broadband, millions in energy efficient housing and another trillion dollars-- this is a lot
of money, trillion dollars in spending like infrastructure. to offset that, biden was to raise the corporate tax rate from 21% to 28% in the top tax bracket, 39.6%. he will also dole out more tax incentives for child care, cutting taxes to fight poverty and that is likely to blow at the us debt which is putting $28 trillion, one and a half times the us economy. stuart: 30 trillion, here we come in no time at all. susan: who's going to pay for that eventually? stuart: my grandchildren, my great great great grandchildren, who knows, maybe we will just print it and hope for the best. look who is here, bob dole. my obvious question is a three chilean dollars spending plan on top of the 1.9 trillion we
hardy plus massive tax increases, when is the stock market going to respond? >> a trillion here, a trillion there, i don't know how you count that. the stock market in my view and the focus on how good the earnings and economic growth will be because of the massive stimulus and that's the positive side, but to your question, interest rates will go up. at some point the stock market will wake up and say higher taxes along with higher regulation, it's not all the panacea of this economic growth and we will have to have more of a balancing act, so for now damn that hard-- damn the torpedoes, but eventually the stock market won't like this, significant trillion dollars of tax increase. stuart: what about the economic growth rate for this year, 2021.
>> i missed six plus, but i would not be surprised to see a timing this is unprecedented. you have to go back to the 1950s to see growth like we are talking about. remember, americans depending on who you talk to have two to $3 trillion of excess savings from the government checks, from wanting to do things and they can because they are closed or because they are afraid. as vaccines proliferate in the economy opens up, some of the money will get spent and it will be amazing to see how strong our economy is. stuart: i just got the feeling the crunch for the stock market comes earlier than people think because-- the money supply is up 26%, the amount of money circulate-- we've never seen anything like this before, but i
have to move on. i have to say, bob doll, i understand you're considering retiring either at the end of this month or next month i will put it to you, bob, if you are looking for something to do, you cannot have this job. last 20 seconds to you. >> i'm not finished in our business. retiring from where i have been looking for the next opportunity, so i look forward to keeping this dialogue going. i will not challenge you for your job. [laughter] stuart: if you did, you would win. bob doll, always a pleasure. keep coming back. have to get to astrazeneca. look at the stock, down 20%. health officials in america raising questions about the vaccine and of the trials. what is this, susan, about the outdated information?
susan: unusual statement coming from the us health officials, which is led by dr. fauci and they say the board has overseen astrazeneca's trial and express concern they may have outdated information, no specifics on the affirmation that could be outdated that you heard dr. fauci says the latter-- that is likely good, but probably not accurate. and iad is urging astrazeneca to work with the board to review the efficacy data. yesterday they announced their two shot vaccine was 79% effective and 100% effective against severe disease and hospitalization, but astrazeneca facing controversy after it was halted in several european countries including germany and france due to blood clotting concerns. astrazeneca was hoping to apply for fda approval in the next two weeks, but it might be pushed back at least for now. stuart: that's bad news for the europeans which rely on
astrazeneca with the germany going in for a full-scale lockdown over easter. said chair jay powell issued a warning on crypto currencies. originally i thought this was a severe warning, not quite sure how severe it was, but it was a warning. susan: bitcoin prices by $5000 a coin so in some ways it was severe if you are trading in bitcoin and he said bitcoin won't replace the us dollar that it's too volatile. it's probably a better substitute for gold rather than the dollar but adding in the us is in no hurry to come out with their own a bitcoin competitor, a us digital coin. it could happen in the next two years and in powell's words it took prices down to 153,000 at the bottom yesterday. i'm going to venture to
say they will add a bitcoin or digital coin at some point in those two days. stuart: i wonder if the central bank could kill bitcoin and say no bitcoin is out? susan: it's different people by bitcoin because they don't believe in governments and they went to decentralized so i think it's a different philosophy outplay. stuart: two different worlds, actually. let's move on from bitcoin to the border. we have a real serious crisis at the border, as viewers of this program will know, so why is vice president harris laughing so much? roll tape. >> do you plan to visit the border-- >> not today. [laughter] but i have the boring i'm sure i will again. stuart: okay, brian kiilmeade will join us shortly to take that on. now an op-ed in the "new york times" from none
other than paul, how not to panic about inflation. remember the lessons of 2010 and 2011 took larry kudlow will be here and i will ask you what he thinks about that next hour. checking futures again, please, small gain for the nasdaq, dropping the tao about 120 points. back 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.
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say at 12 noon eastern. looking at big tech, always interesting. anyone with any piece of the stock market has a piece of big tech. mixed picture, no big moves either where they -- either way for any of them. 12 noon today janet yellen and jay powell testify on capitol hill about president biden's pandemic response, but i bet there will be questions about taxes. susan: i think they will also talk about the massive spending packages and that where it's going and how long they plan to keep the speak it turned on. the federal reserve ended one of their covid era policy friday. i think there will be question as to how long the monetary policy is turned on. they will be asked about higher rates and higher prices and inflation where yields plan to go so we know it's hard tech stock so far this year, but how they plan
to pay for the trillions of dollars in spending. president biden likely pushing for hiking corporate and income taxes. goldman sachs came out with a note yesterday and that if business taxes go up to 28% from 21%, no big deal in their view and j.p. morgan says past tax hikes it didn't have a huge impact on the stock market, so 21 to 28, not a big deal. i think 35 would be a big deal. stuart: i'm not so sure any time you tax rates by 21 to 28, it has some impact, certainly an impact on the profitability of corporations and that therefore are within impact on their stock price. susan: goldmans put a number to it, below 5% which in their view is negligible, i mean, if it went up to 35 like during obama that would be a big deal. stuart: yes, it would, but even 21 to 28 i think it would affect
me if i'm running a corporation and i want to make more profit, i think, i think, think. why don't we bring greg valliere into this. i want to change the subject for a minute. 21 states in america have a rising covid caseload. the open states them off florida texas and others it's not rising and it seems to me too be a strong indicator that we should be reopening and get the economy going that way. what say you a mac i would say let's see florida in about a week. let's see how the numbers look there after what we have seen the last few days. the numbers could be higher, but yeah, there's a growing consensus it's time to reopen everything up. stuart: at what about the big stimulus package, $3 trillion, what impact will that be on the market? >> based on-- it doesn't
have the votes. i don't think there's more than a handful of republicans who would even consider it and i do think from 21 to 28 is a negative for businesses and i think other tax hikes had virtually no support. 3 trillion is way too much money and i would argue they may not have enough votes among moderate democrats like joe mansion of west virginia, so when i look at it, i think maybe they could get a mere one and a half trillion instead of three, maybe 1 trillion. of there could something, but first there has to be an emotional debate on background checks on guns, there will be an emotional debate on illegal immigration, so with this not going anywhere for a while. stuart: what happens by the middle of the year when we have figured out how much we will be spending, how much we will be taxing, i assume we get it done by the middle of the year, will
the market then start to react to a the suspending this gigantic 26% increase in the money supply year-over-year cracks doesn't the market at some point have to react? >> at some point, yes, but it's worth noting the treasury 10 year bond deals dropped by 10 basis points in the last few days the bond market realizes 3 trillion is pretty unlikely, but if it starts to make progress, if you can get through both houses, which i doubt in its present form, then i think everyone will look at yields and if yields spike well above 2%, i think it will be a growing consensus that 3 trillion is too much money. stuart: greg valliere, welcome back to the show. we hope to see you in the future. thank you. take a look at this, it's a new billboard in times square, new york city, and it rips
president of biden. you don't see that often in new york city mr. biden is considering eliminating a small business tax deduction, increasing tax rates and the job creation network response output of the building, heck no with what they are saying. we will bring you the story. the dow jones will be down about 100, nasdaq of about 40. back after this. ♪♪ lately, it's been hard to think about the future. but thinking about the future, is human nature. ♪♪ at edward jones, our 19,000 financial advisors
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stuart: john layfield joins us this tuesday morning. one of the themes of the show is reopening or not reopening. dr. fauci is pouring cold water on reopening and in germany they are about to engage in a full scale lockdown. i don't like the sound of this, john. how about you? >> i don't like it and i think we are seeing what is working in florida and texas. i live in montgomery county in maryland, maine city here and they are going to open up for
number couple years if they have the opportunity to close. they are liberal with a different mindset as far as this pandemic but at least we will see what's working and right now, we have not got the covid numbers, say in a week or two when things get worse in texas and florida, but right now things are working better in states that are open then states that are closed. stuart: you have been on the show before. you like pfizer stock any think it's going places, but this morning it's still hanging at $35 a share. >> it started the year at 36.81, so it's actually down. this is the number one vaccine in the world is suffering from a pandemic so it blows my mind that the stock has not moved at. $41 billion revenue company at pfizer with about 20 billion plus revenues of 50% growth and then you get 50% of that away with about 10 billion to biotech,
but i still think it's street like an accounting one off like a one-time game. you will have the same game next year and it looks like they will be in the business of vaccinations for quite some time. stuart: i'm surprised because we had bad news on astrazeneca vaccine with questions about the data used in the clinical trial. astrazeneca is down to a half percent. is there some mechanism which prevents pfizer from taking the profits out of the vaccine that is leading with? is there some limit on profits that i don't know about? >> there is not. political pressure and public pressure and that's all. they were not a part of operation warp speed but they got the benefits of operation warp speed especially the buying of the vaccination before the last clinical trial, but because they are not in it they can price how they want. they will make about 25 to make 30% per vaccination sold.
they sell it for about $20 so they make about five or $7 per vaccine. this is way below what you normally sell a vaccine. you would sell this over a hundred dollars if it wasn't a pandemic world appeared they had pricing pressure especially with what's happened with astrazeneca in europe. they boggled this in europe. they do have pricing pressure. stuart: thirty seconds, where is pfizer stock at the end of this year? >> $50. i believe $50. i still think it will be of up about 50% putting it about $50 and once they sell more and more the vaccines, they will sell every vaccine they produce and i think it is a $50 stock. stuart: thank you for joining us. the opening bell will
bring in 10 seconds and 10 seconds after that we will start trading. looks like in this opening with notes huge moves either way for any major indicator's appeared the yield on the 10 year treasury is down to about 1.53%, they yield is down, that's normally good for tech stocks. we are often running this tuesday morning. the dow jones is down 100 points. there is some green amongst the dow 30, not much. now, we are down 110, one third of 1%. s&p 500, slightly lower ever slightly lower, .17% down. the nasdaq with the yield on the 10 year treasury coming down you might expect a nice gain , but it is not there. up .03%. a quick look at gamestop , their chief customer officer leaving the company and by the way they report after
the closing bell this afternoon. it's going to be there first earnings report since the reddit rally sent the stock soaring. $196 is the price right now. amc was another reddit rally stock and now it's down to $11 a share, up 8% as of this morning. big tech, let's see where they are. all of them except facebook are on the up side. no huge gains. how about tesla, a new report reveals the former tesla employee complaint has been classified as evidence in a federal probe. doesn't sound good to me, susan. susan: tesla bought up solar city that make solar panels back in 2016 and the $2.6 billion deal at the time i'm now a us federal agency is considering using as evidence a former tesla employee complaint that tesla hid and not communicating to
customers about the threat of fire so tesla solar insulation has fire in the past. the whistleblower says there seems to be a real threat of fires due to numerous defects in the tesla insulation, but hasn't had an impact in tesla stock. of the focuses more on selling cars going forward, self driving and even insurance according to cathie wood stuart: yep, but 671 is the current quote despite the 3000-dollar forecast from cathie wood. viacom cbs and quantum skate, by the way that's a lithium battery company, both down big. susan: in this environment i feel like day after day there is a new companies looking to raise cash by selling stocks especially if you are trading near record highs which viacom cbs is. viacom taking advantage
of the high levels. breezing $3 billion in stocks to make some cash in cbs says the money will go back into streaming efforts with their newly launched paramount plus. quantum skate the stock is volatile with all these new energy type of stocks, so bill gates invested lithium battery company also selling more stock to raise cash and then it dilutes the value of the existing shares out there. stuart: we have seen that a number of times recently with companies cashing in on the stock price rise and down comes the stock for dilution. doordash, guess i know that's a food delivery service and it now delivers at home covid test kits in several cities with a partnership with everly well, it allows customers to order kits directly through the took tickets are available at 12 locations with more cities rolling out in
the coming months. it's on your screen. doordash on-demand delivery of at-home covid test. microsoft in talks to take over the chat gaming up known as discord. that would be a 10 billion-dollar deal, but might discord go public itself anyway to the price is not that much of a premium. discord raise cash last year at roughly $7 billion valuation and they might get more in this unicorn ipo frenzy we are in since stocks on day one go up by at least 40%. discord has 100 monthly -- 100 million monthly active users and it's been pretty popular during covid as a gaming chat platform interesting to know, what i think you should take away from this possible purchases microsoft is clearly interested in expanding its social media. remember they tried to buy tiktok and they'd thought up linkedin,
that's the way microsoft was to go and for discord in ads to their gaming and xbox platform. stuart: and because of that, that i didn't into social network i think that is why microsoft is only $8 shy of its all-time high. susan: cloud as well, as you know. stuart: doesn't hurt to doesn't hurt. they have a hundred million dollars on the balance sheet. stuart: that also, forgot about that. tell me about by due, that's internet search firm. i think i know that. i thought they were doing well but it's down 5%. susan: had its debut in hong kong for the secondary offering. they did raise over $3 billion there on the hong kong side and it will likely going to research and development i guess investors think if people aren't willing to pay in hong kong why should we do that in the us market.
stuart: indeed. down 90 on the dow jones, a quarter of 1%. 32000 is the level. checking that airlines, the travel industry what they are calling a roadmap to open international travel. susan, when can i expect to visit my sons in new zealand and australia? susan: when are you willing to make the 24 hour journey? you can think about it after may 1, according to the travel association. they want that date to be where there's enough vaccine problem americans according to president biden and that's when they hope to get a roadmap to reopening international travel. they said if we can keep the masks in place of required testing with the social distancing and if travel into the us resumes by the july 4 holiday, that would mean 40% in 2019 travel levels will be restored and also returning to it are 20000 jobs. i went to show you cruise lines because
there's a report today in the "wall street journal" that it looks like the cruise lines are dreading the loss of another season another sailing season because of the ongoing lockdowns and of the bumpy rollout of vaccines on the european side. stuart: we reported yesterday royal caribbean, one of the cruise companies is doing to cruises out of the caribbean, not out of the us ports. i thought that was important distinction. susan: they are also sailing from italy and the uk-- you know they had the same problems they are. stuart: they do. let's look at some of the dow jones winners with 30 stocks in the dow industrial average led by microsoft up over 1%. home depot, nike, united health all doing well. s&p 500 winners headed by netflix up to and a quarter precent. etsy is doing well. as for the nasdaq, where
are the winners? netflix at the top, adobe, synopsis, autodesk all on the winners list. the market has been open for seven minutes in the dow jones is down 47. new york governor cuomo list of accusers might be growing, but cuomo seems unbothered. watch this. >> i'm staying. i'm not going anywhere, darling. stuart: darleen? brian kilmeade sounds off on that in our next hour. you are about to see jack dorsey's first-ever tweaked and it just a sold as a nft, for millions of dollars. that is worth millions. we have the story for you, i promise after this. ♪♪ ♪♪
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stuart: we showed to jack dorsey's first-ever tweaked and told to it was going up for sale by the way this is an nft, nonrefundable token. what is the price is. >> 2.9 billion-- $2.9 million after eight bidding war. it is the malaysian businessman, the first ever tweet by jack dorsey and the bidding war was between justin sun, a lot of famous tech names and it's interesting the winner was also the person that bid for elon musk nft techno song. elon musk a sad note thank you but looks like
jack dorsey will use the 2.9 million and give it to charity because he doesn't really need the money, but an early adopter when it comes to bitcoin and we know square has a bot bitcoin as well. stuart: i want you to deal with this, we hear robots are now making and selling these nft's, if a robot can make it, where's the value? susan: where's the artistry and the uniqueness took apparently, novelty. you are looking at this video from hong kong. this may add knowledge to to the bidding, so this humanoid has been around since 2016 and she's greeting digital artwork in collaboration with another young artists some of which depicts famous people including elon musk but her nft is marketed as the first sale of such art pieces created jointly with artificial intelligence. you are correct, where's the individual unique artistry and the artist
in collaboration most of that commission, she should probably. stuart: well, put it like this, i'm not paying for it. thank you. bring in ed yardeni. let's please change the subject. welcome back peer good to see you. massive spending, massive taxes, increases, i know we might not get it all, but when will the market react to tax and spend on steroids? >> right now the market is reacting to what massive spending. taxation is down the road. i think there's expectation that biden will certainly push for another multi- trillion dollar program of spending on infrastructure, green new deals, but also perception that will be paid for with taxes are good the market is not ready to discount that. the market is ahead by six months and over the next six months especially the next few months a lot of
americans over 250 million americans are getting checks of $1400 and i mean come on , it's hard to imagine relief checks-- a lot of americans are getting the checks that don't need the money and i would be surprised if best buy has one of its best months ever selling $1400 flatscreen tv system one when does the crunch? we know there's a lot of money that either-- >> that's exactly right. stuart: when does the stock market take account of this while the money? >> well, right now the wall of money is bullish and tell it isn't, i mean, the reality is-- and to is up $4 trillion on a year-over-year basis, literally off the charts. every month i increase the scale because of that amount of money provided not only back checks from the treasury, but let's not forget buying
$100 billion a month in securities creating deposits as well, so right now the liquidity is bullish and it's offsetting what we see as papering by the bond market, the fed decided to outsource papering and let the bond market do it. it has created rotation the market, the market is near its all-time record high. stuart: real fast, what do you make of paul writing in the "new york times" to not worry about inflation, money supply of 26%, don't worry about inflation. >> maybe he had a happier childhood than i did. i thought i had a good one, but i'm worrying about inflation simple because we've never seen anything like this in terms of the stimulus and another democratic economists said worry about it. stuart: yup, yup. ed yardeni, we are waiting for the crunch
and i'm sure you will alert us to as-- to it when we get there. thank you. back to bitcoin. bank of america sounding the alarm saying it's bad for the environment speeches really bad for the environment. susan: the mining of bitcoin according to bank of america emits more carbon emission that american airlines does by flying play. american airlines flies over 2 million passengers a year and bank of america says per every 1 billion-dollar inflow chasing bitcoin that's driving 1.2 million cars right there, that's the carbon emissions. in their view bitcoin counts for .4% of global energy usage more than countries like argentina is slightly below the us government. to be fair, we know they are bearish on bitcoin on the one of the few at saint bitcoin doesn't have that strong of a future. stuart: okay.
bitcoin $55000 a coin as of now. next, the administration , they do not want the public to see these photos. migrants in really overcrowded texas facilities during a pandemic. listen to janacek eat trying to defend it. >> in the country where would it be okay to have 400 people in a space bar 200 people during the pandemic? >> peter we are following the cdc guidelines. stuart: more on that coming up, guaranteed including more pictures. we will take you to a border town in arizona where migrants are being bused in and dumped. the town's mayor said they cannot handle it. a live report coming up. ♪♪ some say this is my greatest challenge ever. but i've seen centuries of this.
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tell us how much this is costing the city. reporter: well, covid tests, the way they budgeted it, if they drop to busloads of migrants every year-- every week this will cost this town $600,000, that's over a third of the cities entire budget for the year and that is why mayors in small towns along the us-mexico border are telling us that they are being left behind by president biden's border policy and chris riggs, the mayor here tells me president biden is creating a crisis in his community by dumping migrants off by the busload here in gila bend, arizona. >> border patrol agents no they were going to be dropping migrants that had been detained for more than 72 hours in our town, which we really didn't understand because we have nothing
here. it's a huge monetary issue. criminal activity. we have no facilities. we do not have a hospital here. reporter: this is exclusive video, the very first drop off that happened in a town yesterday, 50 migrants loaded up into the town, but until yesterday the mayor diverted the first two buses full of migrants that were supposed to head to his town. he could not stop this one. he says it's putting a massive strength on his community financially and they have an uptick in crime. it's not just a drain on their budget that they are worried about. us border patrol has encountered over 4000 illegal immigrants that have been convicted of a crime, that's double the number of migrants they encountered last year. arizona ranchers on the border say they have an increase in illegal border crossing's crossing into their backyard and one rancher told me that it's caused 15 of his neighbor
ranchers to sell their ranch along the border. >> they can to deal with it. they can afford to. they don't want to raise their children where they had to do that to the thing and protect them all the time and it's not just president biden that is out of touch, it's the whole administration. reporter: stuart, to have a ranch along the us border costs 35% more just because you have to repair broken fencing and stolen water that is illegal border crossers is steel that they used to feed their cattle. stuart: that's absolutely outrageous. it's an invasion anyway you slice it. thank you, hillary. still to come, larry kudlow, florida congressman greg steube. we will be back after this. ♪♪
secretary yellen to testify at 12 noon today before congress. maybe they're waiting for that. there is not much price movement despite this, the yield on the 10-year treasury down to 1.65% today. you would have thought that would help big tech. look at the big tech stocks. see if it is helping that much. and the answer is, it is not helping that much. apple, facebook, are down. small gains for microsoft. gamestop they report after the bell this afternoon. they're below $190 a share. by the way their chief customer officer is leaving. factor that in as you walk up to the report gamestop is down. vital numbers just in, new home sales, what do we have, susan? susan: slightly less than economists forecast. annualized rate in the month of february of 775,000 homes that were sold. that is roughly 100,000 less
homes than economists have forecast for the month. also shows a decline, sequential decline in february from january of roughly, would i say probably more than 8% at this point. here is the problem. we discussed this yesterday. it is the supply concerns because there are not enough homes to buy. look at the price. the price went up to 344,000. that is up 5% from last year, continuing near the record levels. stuart: susan, that was the price of a new home, right? susan: yeah. stuart: the median or average price, 344,000? susan: that is correct, up 5.3% from last year. so when prices are near records but you have sales down, that shows there isn't enough supply to buy out there. stuart: yeah. same story yesterday. susan: correct. stuart: when we came out with existing home sales, down over 6%. same problem. rising mortgage rates, limited supply of homes coming on to the market. that's the story. susan, thank you very much indeed. and now this.
the democrats see this as their opportunity to reshape america and president biden is all in. he is going big, big on climate change, big on free stuff, really big on spending and yes, big on taxation. that is punishment for capitalist success. after the $1.9 trillion covid relief package, here comes a 3 trillion-dollar catch-all plan. it is yet another far left wish-list. free pre-k. free community college. government retraining for millions of fossil fuel workers. electric vehicle charging stations. one million new energy efficient housing units. throw everything in. why not? whatever happened to the moderate joe bide? he got the democrats nomination on the grounds that he could win and bernie sanders could not. well he did win.
now it is bernie sanders who is calling the shots. two months into this presidency what we have is the most left-wing agenda in modern history. but you know, not going weapon. open borders have given us a border disaster. that is an understatement. the green new deal has already given us higher energy prices and thousands upon thousands of lost jobs. what do you think is going to happen when we spend $5 trillion and print trillions more? inflation. higher interest rates. here comes massive unsustainable debt. the irony is, it's popular. everybody likes to see their check arrive. that's the bet. buy votes, buy popularity now, with free money and free stuff. worry about the consequences later. all that matters is that the transformation of society. regrettably the left is well on its way to doing just that. joe biden is tax-and-spend on
super steroids. second hour of "varney & company" about to begin. ♪. look at this, from paul krugman, professor paul krugman, "new york times" op-ed opinion writer. remember the, how not to panic about inflation. remember the lessons of 2010, 2011 scare. look who is here? larry kudlow is with us. larry we have a 26% increase in the money supply year on year. we propose to spend $5 trillion pretty quickly right out there. what do you think about inflation? shouldn't we be worried? >> you know, stu, first of all i discuss wanted to say your riff was terrific. i couldn't have said it better myself. in fact i do say it almost every
evening on "kudlow." i just want to put that in. i am with you 100%. i don't want to transform america. i don't want to make america green, et cetera, et cetera. regarding krugman and inflation, this really pains me, this really pains me but i have to basically agree not with all of his analysis but with his conclusions. any inflation, it is individual prizes running up, commodities supply shortages. it will be transitory and temporary. i don't see any fundamental inflation. i would offer this point, watch the value of the dollar. if the dollar starts falling rapidly, that is going to be inflationary problem. it always is, always that in '70s. that is how inflation got started. you're ruining the value of the money in your pockets and wallets and handbags but so far the dollar is actually up year-to-date a couple of
percentage points. it seems very stable and, as real interest rates are going up, that probably helps the dollar some more. so, i just don't see the inflation problem, stu. i just don't see it. stuart: okay. >> as i said, it pains me to agree with krugman, on this one i'm afraid i have to. stuart: what about the other side of the coin which is the accumulation of massive debt? i think the outstanding debt at the moment is about 28 trillion. we're going to be at 30 trillion real fast and above and beyond that, relatively quickly if we spend all that we're supposed to spend. if we're not setting up inflation, as you believe, are we setting up a debt bomb that will explode at some point? >> well i don't know. a lot of my conservative friends think so. i'm kind of soft on debt. you know, borrowing and debt is -- stuart: this is not the larry kudlow that we're used to,
larry. we're not, we don't have inflation problem. we don't have a debt problem. where are you coming from, larry? >> i have never been, i have never been a deficit and debt warrior, never. look, one way to look at the debt is, i mean i'm not thrilled about it but in these difficult times, i wish all this spending had been tax cuts. that would allow people to keep their own money that could give them incentives work, save, invest, take risk. that is my problem we're spending too much around we're spending too much like welfare that will damage incentives over the long haul and, probably show up in 2022 or 23. it will slow down the economy. but look, don't forget this, you have got, call it $30 trillion in debt. that's too high. debt in the hands of the public is really under 25 trillion, but whatever. we have 130 trillion of
household net wealth. so if you look at it like a company, you know, your debt to equity ratio is really rather low. it is about 25%, something like that. so we have plenty of assets, plenty of wealth, to back up that debt. and i've always looked at it that way. i just don't think debt is such a big deal. sometimes you know, you have to go into debt to make a wise business decision. if you're borrowing for good purpose. now i don't think we're borrowing for fabulous purposes right now, no, as i said, i would rather lower taxes across the board, let folks keep their own money. on the inflation thing, most of the rise in bond yields is a real rate increase. that shows you the market is expecting stronger and stronger growth. i agree. and secondly, the key to unlocking the supply shortages which may show up in a one month or two month cpi, i don't disagree with that including commodities but the key to unlocking any supply shortages
is the vaccines and reopening the economy. stuart: yes. >> that is the absolute key. i don't want to spend on welfare programs that don't have any work requirements. i want to vaccinate and reopen everything. schools, businesses, restaurants. stuart: me too. >> hotels, airplanes, you name it. stuart: all right, larry out of time. you know how it goes. i have a hard break. i will watch you at 4:00 this afternoon if you repeat my spectacular riff i delivered a couple minutes ago. see what you say about reopening, getting things going again. larry, i think you're all right. see you later 4:00 this afternoon. check that market again, no real movement, look at that. two points up for the s&p. four points up for the nasdaq. 16 down for the dow jones but susan is watching netflix. i think we've got some movement there. susan: i can watch you and lair riff all day long as well. we have netflix rallying today
because of an upgrade coming from arguss research to buy the stock. that is 20% upside. microsoft is trying to buy the popular gaming chap app discord. discord might just go public instead. it is pretty obvious when it comes to strategy microsoft is keen in getting in social media. they stride to buy tiktok and pinterest last year. shows ryan cohen, chewy cofounder, turn around plan moving gamestop from bricks and mortar to digital seems to be taking home. viacom cbs down on a 3 billion-dollar cash raise. most much that economy will go back into streaming including paramount plus. chipotle opening its first canadian restaurant in three years. in act eight of them over the
next 12 months. canada is ready for more expensive guac and chips. stuart: susan, one more before you leave, not that you're leaving, elon musk, what, he is setting a deadline for when spacex will get to mars when? susan: so remember our efforts to try to send you to mars, stu? well elon musk says that could happen before the end of this decade. in a tweet this morning elon musk tweeting that spacex will be landing starships on mars well before 2030. the really hard threshold is making mars base alpha self-sustaining. so if you read between the lines he thinks he can get you there, but there isn't much there to keep you alive, you get it, when you get there? 2030 might be a bit optimistic i think at least since we've seen three fireball landings on that starship that he plans to fly people in mars to in. funds, they're still lining up to give him cash. spacex raised $650 million in
february. a lot of interest. people were literally lining up and calling him, valuing spacex at $75 billion. starships landing on mars before the end of the decade. first orbit tall flight before year's end. musk will fly the japanese billionaire around the moon in a star shoop in 2030. these are optimistic headlines, don't you think. stuart: he knows how to make a headline and on a news show like this. all right, susan. the border crisis, no laughing matter. so why is vice president harris, what is with her response when she was asked about the border crisis? just watch this. >> do you intend to visit the border? >> um, not today, [laughter]. but i have before and i'm sure i will again. stuart: the vice president laugh as lot, doesn't she and we're
covering it. first though, more restrictions, less covid, not in california. the number of new cases there outpaced wide open florida yesterday. florida congressman greg stuebe is here to cover that for us. ♪. i have an idea for a trade. oh yeah, you going to place it? not until i'm sure. why don't you call td ameritrade for a strategy gut check? what's that? you run it by an expert, you talk about the risk and potential profit and loss. could've used that before i hired my interior decorator. voila! maybe a couple throw pillows would help. get a strategy gut check from our trade desk. ♪♪
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is introducing zoom-free fridays for city group workers. it is all part of a well being push that includes taking more vacation time. the stock is up a fraction. zoom video up 4%. how about that? florida, california, virtually the same rate of covid cases. however, one is under heavy restrictions, california, the other is open for business. that's florida. here is congressman greg stuebe, republican from florida. congressman, aren't you sick and tired of being told that by opening up you increase the death rate and the virus rate in florida? you sick and tired of that yet? >> well, remember a year ago we were told three weeks to flatten the curve. three weeks to stop the spread. you don't have to wear a face mask unless you're sick. now a year later we actually know the facts. because you have facts from florida, a very different approach. in fact like california and new york. we've been open in florida since may. our kids have been in school
since may. our numbers are very comparable to california despite the fact that we have a more diverse population, a more elderly population. if you look at numbers compared to new york, we have less deaths, less probability of covid, people getting infected with covid here in florida. we've been open. all of that in the beginning of the scientists telling us we needed to lock down. there is no science behind that. there is no fact or truth behind that. you have a year's worth of facts and evidence and real numbers to look at you can open up your economy safely, you can open up your states safely. your kids can go to schools safely. for schools continue to lock down the states at detriment of their businesses and kids, it is absolutely atrocious. stuart: are you having, is the state of florida having any second thoughts about spring break after what we've seen recently? >> no. absolutely not. you're not seeing, this is the same type of thing we saw a year ago around this same time. everybody said it would be a
superspreader event and everybody will get covid. that didn't turn out to be anything. we have our leaders, our local leaders, those breaking the law, we stand up for our law enforcement, our local leaders, support our law enforcement. this isn't going to be minneapolis, portland, seattle, if people are out of line, the crowds will be dispersed. we have a safe place here in florida. the fact the prove we can do it, open safely, our kids can go to school. stuart: watch out, congressman, you will get a lot of new yorkers and jersey folks in florida. 50% restaurant capacity, oh, we got to stop there. in new jersey governor murphy says no further reopenings. are you prepared for new flood of people coming down to florida, 20 seconds left? >> they have been coming to florida for months. we've seen almost every day i'm out in my district and in my community. i meet somebody from michigan, from new york, or from
pennsylvania, states that have been shut down that are not only coming here. but they're bring bringing businesses here. jetblue is they having about moving headquarters, some of their administration. that will continue. people live want to live in freedom and freedom is infectious. stuart: open up, be free. this is america. greg stuebe, thanks for joining us, sir. we love to hear that stuff. come again please, thank you. now this, a health safety board questioning astrazeneca's covid vaccine trial data. come on in, ashley, let me say good morning to you. still got the suntan. what are the big concerns about this data? ashley: tan has not faded yet but astrazeneca may have used outdated information in the results of a large-scale vaccine trial here in the u.s. now, the trial showed that the vaccine was 79% effective in preventing symptomatic illness and 100% effective against
severe forms of the disease. also it posed no increased risk of blood clots. that is an issue as we know created a lot of concern in europe. according to the u.s. national institute of allergy and infections, infectious diseases, the results may not reflect a complete view after the data safety monitoring board flagged the potential of outdated information being included in the results. astrazeneca now being asked to review its data but anyway you look at it, this very well could delay the roll out of the vaccine. astrazeneca has been snake bitten, first with the clot issue in europe. now with this potential of outdated information. stuart: real fast, ashley. know what happened in germany. they will lock down. 100%, everything shut down for the four-day easter period. that is dramatic indeed. that has something to do with astrazeneca's bombs. a different subject or it is related, ashley. what is this about a children's
book based on dr. fauci's life? ashley: strange but true. this summer simon & schuster will release illustrated biography of dr. fauci designed for young children. dr. fauci, how a boy from brooklyn became america's doctor. there he is on the cover. it is set to hit the shelves on june 29th. basically details the life story of the doctor, who has become a central figure in the covid pandemic. also features a list of his recommended reading material, vaccine information and tips for aspiring scientists. that is for the kids. let's not forget this comes after simon & schuster earlier this year canceled publication of republican senator josh hawley's book, the tyranny of big tech after hawley led objections to the count of electoral votes. hawley slammed the publisher, calling it a orwellian move. the book was later picked up by
a conservative publisher and will be released this summer. there you go. mississippi is doing this, mass vaccinations. i will ask the state's governor about the program and more. my next guest says there is no subprize central americans are flooding into this country when democrats openly support things like this. roll tape. >> raise your hand in your government plan would provide coverage for undocumented immigrants? [cheers and applause] stuart: yeah. give them everything. the daily wire's cabot phillips is here on that. he is here next.
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susan, ford is not the only car company that has been hit with it. it is getting serious, isn't it? susan: almost everybody. i will give you a big number. last night volvo is getting hammered on the european side, worst selloff of the stock in a year. lack of chips means factory a alliance come to stand still worth two to four weeks at the start of the second quarter. according to analysis, enclouds renault, toyota, carmaker that says being impacted, ford mentioned having to idle plants because of lack of chips. that includes cutting shifts at kentucky, ohio plant. forced to make f-150 pickups without the chips at least for now. one analysis, global carmakers lost whoever $60 billion in lost sales because of this ongoing chip shortage. that is a lot of money, don't you think? stuart: yeah. you would have thought that the chip shortage could have been rectified relatively quickly.
susan: that is difficult. especially during covid. such an international supply chain. that, that is hard to do. stuart: okay. got it, thank you, susan. we just got these new pictures released just, by the border patrol people actually. they gave us these numbers. they released these pictures. casey stegall, he is in dallas. casey the convention center there is housing hundreds of unaccompanied minors but will it have to take in more? >> stuart, it is entirely possible. we should point out that those pictures you are showing are not from inside of the dallas convention center here. that is in a different temporary location. i believe you were showing donna texas, which is down near mcallen. the problem we were talking about down there at the border, those facilities are so tight, there is nowhere to put them. so these additional overflow facilities have been opened. one of them is here at the
dallas convention center. the lease here is for at least 75 days and this particular location is designed to house migrant teen boys, specifically ages 15 to 17 years old. officials say there are roughly 400 of them currently being housed here with the capability of detaining up to 3,000. should that be necessary. the site run by fema, hhs, and the orr, the office of refugee resettlement, while religious organizations volunteered to help with some logistics like toiletries and covid testing. >> we have at our disposal quite an extensive network of volunteers, pastoral care, resources to bring to bear. we sort out thorny issues later, when people who are there, we want to help. stuart: there is another one
of -- reporter: there is another one of these decompression sites as they're called in midland texas. that is inland. that is not near the border. both are designed to take pressure off overcrowded facilities near the border. dallas officials are receiving $8 million from the federal government for use of this space over the next 75 days. stuart? stuart: casey stegall in dallas, thanks very much indeed, casey. vice president harris, she was asked if she plans to visit the border. she laughed. watch this again. >> do you intend to visit the border? >> um, not today. [laughter]. but i have before and i'm sure i will again. stuart: all right. cabot phillips joins me now. cabot, the white house won't call it a crisis and vice president harris laughs at this. what do you make of that? give me your take on this?
>> well this is the clear result of what happens when you incentivize people to come here illegally. you create a crisis, try to complete make everyone not seeing what they're really seeing there is shift in the biden administration messaging happened this week. initially, don't look at the southern border, there is nothing going on, nothing can see. news getting out, pictures getting out, they say there is something going on but it is president trump's fault, it is not a crisis which is ironing nick. when joe biden was president or vice president under obama they said that a border crisis should be declared if 1000 migrants are detained each day at the border. we're at 6,000 a day in the month of march. they have the gall to try to convince us there is no crisis. this is what happens you stand up on the debate stage, we'll give health care to those living here illegally. if you're a illegal immigrant coming from south or central america, my options coming right way legally, maybe not getting in, jumping through the hoops, paying a price. coming here illegally.
worst that happens i get slap on wrist. best that happens i get free health care and education. we're seeing numbers in the southern border we've not seen in two decades this is no coincidence happening in joe biden first two months no office. this is happening because of incentive structure he created people to come here the wrong way. this is a crisis but you can't fix it if you keep saying it is note. stuart: what is with the laughing? i'm sorry i do find that inappropriate when you're dealing with children, that is what they are, keeped up in these centers, packed together and our vice president, not going to go to the border, at least anytime soon, laughs about it. i don't think that goes down well, i don't. >> stuart, she is laughing, because she cast caught off-guard, sheave was caught off-guard because she is not used to being asked tough questions. the biden administration, are note used to the media holding their feet to the fire which the media is having to do because the american people are outraged by what is going on.
that is what happens. president biden has not had to give account of his own of this. would be nice to hair hem answer questions like that. he hasn't had a press conference. he broke 100-year-old record because don't want to give a press conference because he doesn't have an answer. the other thing the biden administration is despicable, they're portraying about morality. it is moral thing to do, to announce to the world if you're a child comes here on your own we will not send you back, we'll keep you here. that tells parents in other countries, certain the kid here, any way possible. they will stay. there is nothing moral about telling parents give your kids to a smuggler that will give them across. give your kids to a system where one in three women are sexually assaulted or raped crossing the border illegally. there is nothing moral about incentivizing a system that. that is lack of accountability is one reason this has been able to go along so long. stuart: don't create a moral high ground when you're creating
a moral crisis at the border. cabot, thanks for joining us. we'll see you again soon. bitcoin, 55,000, $54,000 per coin as we speak. by the way, bitcoin's carbon footprint is bigger than a major airline. did you know that? we're going to tell you how much energy it takes to mine these things coming up. first though, president biden selling stimulus plan in ohio today. not everybody in the buckeye state is buying it. we have a live report for you from columbus. ♪
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some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) stuart: rather dramatic news from new york city. the mayor is urging the city's 80,000 municipal workers to get back to the office on may the
3rd. he is telling them they have got to go back by may, on may the 3rd. that is mayor bill de blasio. this is seen as a message to other businesses that may be thinking of return together office. think about that. what would unions say to that, you got to go back to work by may the 3rd. i don't know how many office workers are unionized but some will be. the unions will have something to say about it. may the 3rd is some way away. that is new york city. president biden is in ohio, selling his covid relief plan. not everybody is buying it. ohio's attorney general suing the at administration for telling the state how to spend its portion of the money. mark meredith in columbus, ohio. give me the latest, mark. reporter: stu, good morning, president biden will be going to a cancer hospital later on today, because that facility is set to receive the millions of dollars through the american rescue plan. this is visit is also about politics. suing federal government over
the rescue plan because they are not able to whether or not send money their way to cut taxes. the attorney general this is tradeoff. he released a statement, it seeks to drive the state legislatures under the whip of economic pressure into enactment of congress' further tax policies. democrats passed the package without any gop support in house or senate. the whiteouts insisted voters approve of it, like the 1400-dollar checks going out a few weeks ago. the white house feels the need to sell this. this week alone we have the president, vice president, first lady, several cabinet secretaries making trips across the country to talk about it. most of the focus on battleground states, like iowa, nevada, right here in ohio. speaking of ohio, next year, both parties will focus heavily on the buckeye state. because republican senator rob portman decided not to seek reelection. an open senate seat means fierce primary with a lot of money and candidates coming in from both
parties. back to today, we expect ohio's republican governor mike dewine to meet with the president one-on-one. more focus on the vaccine rollout as ohio tries to reopen. stu? stuart: got it. thanks, mark. take a look at markets real fast please. we are developing a downtrend here. we are. dow is off 100. nasdaq is off 66. susan is watching the travel stocks. what is the story? susan: we have travel stocks down of course in the session, especially with that astrazeneca news that they might have outdated numbers and wave of covid over in europe and might hamper summer travel. maybe itineraries might be canceled especially comes to cruising. if we check in on some of the cruise lines, some itineraries originate in the uk and italy. so yeah, there is some big concerns there. boeing striking a deal to get more money and credit just in case, over $5 billion worth. which is good news for bowing,
especially, if international travel is still sluggish, that is not good news for boeing if the airlines don't buy more planes. tell you what is happening with peloton. peloton is up in the session. recent acquisitions that involves expansion, comes to artificial intelligence, wearables, hardware. i want to show you roku, they're starting in-house advertising brand agency up fronts start in a few weeks time. stuart: stuart, i want to clarify something here. new york mayor bill de blasio office workers will return starting may the 3rd. how much compulsion is involved in that i don't know but they start to return may the 3rd. president trump says who he thinks will be the future republican party. we'll tell you who is on the
list. governor andrew cuomo facing sexual harass man allegations. yet this is what he told a reporter yesterday? >> i'm not going anywhere there. stuart: darling, question mark? i will let brian kilmeade have at it. next. ♪. so you're a small business, or a big one. you were thriving, but then... oh. ah. okay. plan, pivot. how do you bounce back? you don't, you bounce forward, with serious and reliable internet. powered by the largest gig speed network in america. but is it secure? sure it's secure. and even if the power goes down, your connection doesn't.
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stuart: bank of america just released a report on bitcoin's energy consumption. extraordinary. uses more juice than american airlines, susan? i don't yeah. more than american airlines who flies 200 million passengers a year but also more than conocophillips and nike. conoco is a large oil producer. isn't that amazing? bank of america says only two entities in the world actually emit more carbon. that is exxonmobil and u.s. federal government but they are third in the world. bitcoin mining now accounts roughly .4% in global energy usage. more than greece, the czech republic, and chile. climate crusaders, elon musk, jack dorsey, bitcoin eadvantage gellist. some might point a finger this is a little bit hypocritical.
driving 1.2 million cars. so if you buy bitcoin, there are some carbon emissions involved in it. that is contributing. stuart: yeah, i really thought that the climate guys were very much in favor of bitcoin. i wonder what they make of this? susan, it is now exactly, 10:51. you know what that means. that means brian kilmeade joins us. brian, vice president harris, been showing our viewers all morning, she laughed when it was suggested that she might want to go to the border. after she laughed she went on to blame president trump for the what is going on at the border, saying they were left with a very challenging situation. how long can they keep blaming president trump for this? >> i don't think anyone is buying it. i flip around, stuart. i watch the sunday shows. my goodness abc came to the story from the border. did a whole hour. at the time that wait a minute flying.
mayorkas, homeland security secretary, he kept saying it, it is a joke. he was not really pressed on it until our own chris wallace made him defend it and he couldn't. see what this guy has done, see what the president has done. cut 100 day moratorium to deportations. what message is that sending? he halted part of title 42. now minors can stay in the u.s. that is go sign for every minor to come to the u.s. if they have a note in their pocket they get to stay. a note in their pocket with an address. maybe your address will pop up on that. the worst is third country. if you step into country from guatemala, next country you have to apply to go to the u.s. from there. you do that, stop building the wall, say what joe biden said when he was a candidate, next thing you know you will have thousands streaming in with your t-shirt and logo on it. that is not donald trump's fault. stuart: it is moral hypocrisy that drives me up the wall, brian. i mean nobody give as damn, excuse my language, they don't care about those children.
they don't care. they were political pawns. they have served their purpose, now forget about them, dismiss them, that is terrible. >> it is terrible. by the way, "axios," was given pictures by democratic congressman henry kuellar. the pictures were from president biden's era. the border is overrun. there is no question. it is overreturn now. they're trying to keep cameras away saying the pandemic is the reason. it is okay to pack these kids right next to each other but worried about the press bringing in the virus? are you kidding? ted cruz is going down to create hell on the border today. stuart: good. >> he will show us exactly what is happening there. it is only going to get worse unless they address it. do you think joe biden will get that question today as he goes to ohio to take a bow after he jammed that 1.9 trillion down
all our throats? he better get that question. he has to have an answer for it. and he needs a program to stop it. stuart: you're a new yorker. i want your comment on governor cuomo and what he had to say to a female reporter. watch this again please. >> i'm staying. i'm not going anywhere, darling. stuart: i'm not going anywhere, darling. is he going to ride this out, brian? >> he is going to try. it is up to the fbi and the attorney general to do real investigations to find out what's there. eight accusers. you have one is still working for him. or working in the government. and number two is, i'm very disturbed by the fact one of the accusers said that the their attorneys were talked to and people on the staff were talked to, having attorneys walk through there, kind of brief some workers about what their options are, want to go into the meetings with the attorney general, even if they're virtual. i think that is manipulating a
little bit. it certainly upset attorneys of the accusers. you have the nursing home being investigated by the fbi as well. the new jersey governor and michigan governor in trouble as well as the pennsylvania governor but the cockiness and swagger make me believe he has no intention of stepping aside. he has no self-awareness. his arrogance won't allow it. just to use that term, darling which is exactly the condescending tone many people say is towards women, that they claim is taking place constantly in his office. for the last 18 years? to go ahead do that on the seats in new york, is unbelievable. it is brash but the polls show he is still popular enough to stay in. it is not overwhelming to get him out. stuart: cheer up, brian. the mayor of new york city says office workers will return to new york city starting may the
cheer up, lad. >> go get em, stuart. stuart: big hour coming up, will cain, the governor of mississippi tate reeves, border patrol agent, art del cueto. the politics of pandemic recovery, has some states debate reimposing restrictions in "my take" coming up at the top of the hour. we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. ..
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inch at some point the stock market will wake up, high taxes and high regulation is not the panacea of economic growth. >> if you start to m, a growing consensus that 3 trillion is too much money. >> massive spending, taxation is down the road. >> extremely bullish until it isn't. >> watch the value of the dollar. if the dollar starts falling rapidly it will be an inflationary problem. i don't see the inflation problems do. i just don't see it. ♪♪
stuart: 11:00 eastern time, a check of your money. a downside movement for the dow jones industrial average, we are up 80 points and the nasdaq is down 9 points, most of it to the downside. look at the 10 year treasury yields, a key barometer recently and it is down. 165. talk about going backwards. germany is about to impose the most tony lockdown ever. after the 4 day easter weekend, everything in germany will be shutdown. even grocery stores. they will be allowed to open one day. the virus caseload, angela
merkel goes the authoritarian route locked down site. nearly all democrat administration put a pause on reopening. bill deblasio says you have to stop at 50% restaurants capacity. in new jersey governor murphy says there will be no reopening for now. what a contrast republican-led states, florida and texas which continue their open for business policy. the politics of pandemic recovery are very important. the left both in europe and america goes for lockdowns and what they think is safety. they don't seem to care about business and never consider the social damage from stay-at-home orders or the educational damage from school closures. they are all about opening up
and personal freedom. they are booming. you can't ignore politics. angela merkel had to spend 11 hours with her cabinet pushing through this latest draconian lockdown. new york city and new jersey have to wrestle with bringing business and people back, pausing the reopening will not help. there are questions about the data astrazeneca used in its vaccine trials. doctor fauci told abc astrazeneca data is likely good. it difficult to follow the science. the lockdowns are passed policy, liberty with vaccines should be the future. the third hour of "varney and company" is about to begin.
we are talking open, not open, will kane, welcome to the show. you live in texas but currently you are in new york. is it like living in two different worlds? >> reporter: i wouldn't describe it as two different worlds but it is a lesson in the way to conduct public policy and the way you should not. you see the exercise playing out, we have the evidence. we could compare california to florida, new york to texas, we can compare mask mandate in north dakota to the lack of a mask mandate in south dakota and see the coronavirus cases virtually identical, same thing in missouri and illinois. at this point it is not an exercise in science nor a theoretical argument on public policy. we had a years worth of evidence. why do politicians keep flexing
that muscle that you reveal that angela merkel wants to flex, needs to exercise her power in germany. why do they do that. it is catnip for politicians. a quick story. i was once on a television show with a high-level politician, retired and the debate was whether the united states should take military action in the middle east and here's what he said to me. what is the point in having all these toys if we are not going to use them? was an eye-opening moment about the nature of power and politics, politicians only understand the blunt instrument of power, angela merkel and others only understand lockdowns when it comes to battling coronavirus. stuart: i have been more political than you. it is the left which wants to exercise control over us. it is the right, republicans who wish to offer individual liberty and freedom. that is my dichotomy.
>> reporter: for what it is worth it is a democratic politician, what is the point of having these toys if we are not going to use them. you are writing your diagnosis. stuart: donald trump revealed who he thinks could be the future of the republican party. i'm putting them on screen right now. you have been all over the country, on a daily weekly basis, you talked to voters all over the place, who do they want to lead the gop? >> the number one name has to be donald trump. that is the name you hear over and over. most republican voters i talked to in diners across this country still appreciate donald trump for what he brought as an outsider and his maverick style to that office. the people you flashed across the screen, some have some work to do when it comes to name recognition. i will bring my personal favorite among that list, governor rhonda santos in florida.
he took on real leadership, he took on the left, he took on the mob, to, groupthink, the consensus, took on the fear and he left his state open and turned out balancing his economy, the interest of business against that public health risk and that took massive spine, massive courage, massive leadership. he has shown, not just talk the talk but walked the walk was shown leadership. stuart: good point because we just got the numbers. in california and florida lockdown california, open for business florida the number of new cases of the virus almost exactly the same. in other words opening up does not at this point, let's be clear here, does not produce a vast increase in the number of cases. last word to you. >> everything you need to know, what you laid out.
we have the evidence. what are you doing if you are locking us down? what are you doing? stuart: i wish you well if you go to florida, $175 on jetblue from new york city. always good to have you on, thanks for being here today. i will get back to bitcoin, a lot of coverage, 55,$000 as we speak but said chair jerome powell says, and i am quoting, crypto currency's are not, quote, really useful stores of value. let's bring in scott shell eddie in his distinctive outlet. the yellow bowtie that i really like is what does it more than anything else. if the fed doesn't like it and doesn't think it is a good store of value, do you think they can stop it and kill it? >> i don't think they will stop it and kill it and there are things about bitcoin that are
nice to have, more efficient transfer of money, faster and maybe easier for some but hard for people to get their mind around it and the reason we are talking about it, it has gone from 6000 to 60,000 in a short time. that will attract attention and that attention, got a lot of people involved, they don't understand it but wants to be involved because of the movement they are having. a lot of folks think it is somewhere to park their monies, a hedge against inflation. it has a long way to go. big countries got bands or restrictions, china, russia, india, some things will trip it up a but also the european central bank might be to to the punch but the central banks which bitcoin is trying to get around think about having their own digital currency, cbd, that is another business to get in and once we get that competition from central banks it could be a long road if you
that is not going to cut it. what is this world going to look like on the other side. that is the problem. we are going to raise rates to fight inflation and put ourselves in trouble after we get through this thing. may be the $1,400 is the sugar to help the medicine go down. stuart: is a crunch coming but who knows when it will actually arrive? thanks for joining us. you looked like you were going to say something else. >> one last thing. when you had your previous conversation about opening up, give me liberty or give me mask. that will be minus 6 byline. stuart: great we saved time for that one. he is all right. see you again soon. check the markets please. still on it outside mostly, then turn around for the nasdaq, still up again.
however, game stop, tell me about game stop. >> if i was in midsentence he would cut me off anyway. after the bell, second executive the parts are announced, chief customer officer leaving the company, ryan cohen and a turnaround plan for brick and mortar to online, ramping up at game stop is a good thing. the wall street best saver, rockets, look at the stock this morning. offering fully digital mortgages, another down day, the entertainment getting back, only in march. snowflake on the move today, $275. and in the postal service, they will raise prices and length and the time for first-class
mail no layouts for the post office and they are going all electric by 2035. that is good news for amazon making the delivery, they are offering $10 billion for discord. discord might say no and go public instead. stuart: very close to the heart. >> big tech stocks on the move, that is interesting, google is up, amazon, microsoft, that shows the yield coming down enough for people to dip back in. stuart: looks like it. mississippi was one of the first states to lift the indoor mask mandate. has the governor gotten any mask mandate? what happens when the vice president is asked about the border? roll it again. >> do you intend to visit the border?
>> not today, but i have before and i am sure i will again. >> i don't think it is a laughing matter. look at the brand-new pictures just in to us from the border. talk about cramped conditions. we will talk to a border patrol agent in a moment. ♪♪ ♪♪ 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.
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texas is now closing in on 10 million doses administered. that is texas we. a border town in arizona ready to declare a state of emergency today as dozens of migrants are being dumped into the city, no place to stay, nowhere to go. hillary von is there. you spoke with the mayor. what is he saying? >> i just talked with mayor chris briggs, he told me he will declare a state of emergency tonight, the only way he's going to get federal resources to help him manage the migrants that are being dumped here. we got exclusive video of migrants, border patrol dropped them off, goodbye, good luck. we got more information with the mayor had to do, he borrowed two vans and transferred them to a shelter in phoenix which is an hour away. the reason he decided gila bend
is the spot to dump them is the government thought there was a bus stop where migrants could buy a ticket and go where they wanted to go throughout the united states but this is not a bus stop. this is a shuttle stop the mayor told me does not have a bus that comes here other than a show you have to buy a ticket online 24 hours in advance to get on it which the migrants didn't have access to internet and didn't have the resources to buy that bus ticket but he is shouldering the costs but what is fascinating is he has received 0 contact with the federal government, the biden administration so they are making decisions in washington that are impacting gila bend but they've not spoken to the mayor of this town of 2000 people to ask him if he has a shelter, if he has resources for them, he had to buy a porta
potty and put in a locked fence just for the migrants that are being dumped off so they had somewhere to use the restroom, there's nothing here for the man his concern is more migrants are getting dropped off they are not going to have the resources to shovel them an hour to phoenix. he took them personally himself, road with the migrants to take them to the shelter, he had translators and asked migrants why did you come here? they were told, they believed by president biden that they could come here, that it would be safe and welcome here, they are seeking asylum. several families were from venezuela, one from chile but the bottom line, this is a town of 2000 people, and they have no facilities to keep them in, they are dealing with the covid
concern, the migrants being dropped off. if he wants to test them, he has to pay for the test. stuart: you got the story. gila bend, arizona. i want to bring in national border patrol council vice president, art, who is tracking these folks that are coming in here. we just dealt with gila bend, arizona, a small number of people but elsewhere on the border large numbers of people are coming in, are we not tracking any of them? >> fantastic question, not only should people be asking are they tracking the individuals that are turning themselves in but how well are you tracking those that are going in and not
finding the ones that made no way to track at all but realistically these individuals, no real way to track them other than when you process them, you write all that down and hope that is where they are going but at the end of the day if you ask people track them where they are right now, where they ended up, that is the problem. the estimates of how many illegals are in the united states, it is what it is, just an estimate, no way to track who is getting away, where they are going to be once they get released from the facilities. stuart: what about testing for covid? is that widespread among the migrants or is it just taking potluck? >> tested as long as they have symptoms.
they get checked out and see if they test positive, what is scary is agents have large groups of unaccompanied children or large groups of different immigrants in these facilities they get turned over to other entities and receive a call from the entity saying we ended up testing some for whatever reason, what you had in your detention facilities have tested for covid. then you got to start backtracking and figuring who got exposed and who didn't. >> it looks to me the border is out of control. is there any way in your opinion that this administration can get control of the things right now? >> you have to go back and figure out what policies were working before.
there were policies, the remain in mexico was huge, not only did it slow down the flow. a lot of the reasons that was happening, a lot of these cases are not real asylum cases, people trying to find that loophole. we heard many individuals turning themselves in, the reason they are coming in is this administration has said you are welcome to come in. when you talk about that rhetoric, you create a magnet for individuals to come here and what that has also done is helped the drug cartels, sex traffickers so they can bring their products across, get their business going while agents are preoccupied trying to take care of these juveniles and families. stuart: the vice president lapse about a visit to the border, appreciate your
expertise. still got a lot left for you. fitness apps took off during the pandemic but listen to this, people gained a ton of weight. here's a story, we've got it for you and it will shock you. mississippi reaches the pandemic milestone, vaccinated 1 million people. governor tate reeve says the next million much harder, he is on the show next. ♪♪ hit me with your best shot ♪♪ hit me with your best shot ♪♪ fire away ♪♪
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vision and hearing. and telehealth. that's the aetna medicare advantage. call today to learn more or to be connected to a local agent in your community and we'll send you a $10 visa reward card with no obligation to enroll. stuart: texas has announced they will open covid vaccination to all adult starting next monday march 2, '09, they are closing on 10 million doses administered in the great state of texas. mississippi open for business. they removed their mask mandate, their indoor mask mandate. kate reeves the governor of mississippi joins us now. have you gotten any backlash for this? people are going to say you open for business and remove the mask mandate, you will have more cases, you will kill people. are they saying that?
>> thanks for having me on and that is exactly what they said. the president of the united states said when i announced this three weeks ago that it was neanderthal thinking. the reality is our numbers continue to plummet. our total number of cases, approximately 600 per day on a 7 day average. today the numbers below 300 so we can cut the total number of cases in half. we have fallen from 1444 to 421 the day they announced it, we heard what you said, you will put more people in the hospital, the fact is 241 mississippians, 40% in total hospitalization over the last
three weeks, we will do that but we will at the data and science drives our decision not to politicians who keep the country shutdown. stuart: you administered 1 million vaccine doses in the state of mississippi, 1 million in your state, will you administer the next 1 million doses? >> it will be harder and harder, when we started this process three months ago, we put our one millionth shot in an arm, we were in a state of 2 million adults to give you some perspective, we are seeing hospitalizations come down, we
prioritize early those individuals most likely to have negative outcomes. it is true across the world, most likely to end positive covid test with fatality. having 2 thirds inaugurated is a big deal but what we are seeing now as we see more mississippians gets vaccinated the demand for the next shot becomes a little less and a little less. we will encourage fellow mississippians to take the shot. stuart: you were the first state to give prisoners in prison the vaccine. any backlash to that? >> we made it available to every mississippian over 16. if you want to get a shot you can get a shot, started in the latter part of this week, doing
vaccinations not only in the department of corrections but state employees, in the capital complex which will allow all state employees to get vaccinated should they choose to do so and demand declines, one of the things we do is have to make it easier for individuals to get the in nokia relation, those local physician offices and clinics to have the shot and asked the question do you have your vaccination? if not can we give it to you? we want to make it easy for as many mississippians as we can and as demand declines, get shot in arms. stuart: thanks for joining us. we like a success story and think you are it. we want a progress report.
governor tate reads. we are telling about companies offering incentives for workers to get the jab. how about companies like is the cream which are rewarding customers forgetting the jab. back to a krispy kreme place, how do you get a donut? >> bring your vaccination card and get that free doughnut. the hot now sign is not on. a little bit ago we shot some tantalizing video of those donuts. you can do it over and over if you wanted to for all of 2020. the ceo of krispy kreme was on with david asman talking about this promotion. >> as america starts to make progress in the pandemic and we made a decision that said we
can support the next act of joy which is if you show a vaccine card, get a donut any time. >> there's another company called drop who do e-commerce rewards giving incentives to customers who get their vaccine and take a selfy, they give you $20 to $50 worth of reward points but we heard a lot about companies including krispy kreme incentivizing employees to get the jab and this could be the next wave of incentivizing customers to get the jab. for you might do this. krispy kreme owned by a holding company. stuart: by the way we have a story coming up about weight gain during the pandemic. a pretty good follow to the krispy kreme donut story.
we have regeneron who say their antibody drug cocktails cuts death rates of hospitalization, the stock is down one.5%. astrazeneca an independent group that may have used outdated information in their clinical trials, the company says they will update the data within 48 hours. stocks down 3%. doordash delivering at home covid test kits. you could order them to the doordash apps. then there is this. good stuff. the tsa just screened more than 1 million passengers for the twelfth day in a row. that is a sign of recovery, we are breaking down the numbers in a moment in philadelphia, a restaurant group expands during covid restrictions. how do they do that? so many others have to close
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stuart: restaurants looking to become pandemic proof if there is ever another lockdown. jeff flock about the restaurant in philadelphia the not only survived but expanded under the pandemic. how do they do it? >> reporter: they did it by thinking of all possible ways they can. this is harpers garden in philadelphia. they built a spot where you could be outside so that is all out and also, harpers garden, they have greenhouses. you can get your own little greenhouse where you get a
essentially private dining room. you have eight restaurants in philadelphia. >> we are allowed to expand an outdoor footprint. >> the inside outside space, and it was very cooperative unlike a lot. >> once the pandemic hit, they allowed us to expand the outdoor foot. >> take me into that space. $30 billion in lost sales, no industry. you cut a hole in your wall
during the pandemic to expand. >> we had a limited occupancy. only allowed 50% occupancy. >> reporter: this was a copy place? >> a lot of contracts to expand in the printing needed for social distancing so they relocated to a larger facility. they took over their space and allowed it to expand the dining room so we could maintain 50% occupancy. >> a survey by the national restaurant association to when things get back to normal, 7 to 12 months, a third of restaurateurs. another third say will take a year. another 10% said it would be normal again, do you agree? >> it depends what type of restaurants you have, the dependent on business travelers or businesses, it will take a
long time to recover. we are in an urban area, our customers have been supportive of us during the pandemic, they will bounce back relatively quickly. >> reporter: the creativity of the american restaurant or. if you're in philadelphia come by harpers garden. stuart: we like success stories and that is a success story. congratulations. thanks. i will show you some fitness stocks. a new poll shows we gain an undesired amount of weight during the pandemic. what is an undesired amount of weight? ashley: english terms, according to a poll from the american psychological association 42% of us adults
reported an undesired weight by 29 pounds. those were adults 18 to 24. they fared the worst with 52% reporting weight gain but 48% of millennials 25 to 42 reported the biggest average weight gain of 41 pounds. on the more extreme end, 10% of those surveys took on 50 pounds. the apa says the weight gain comes with significant risks including higher vulnerability to serious illness. there is a price to pay when ordering pizza and other goodies when you stay home for the year. stuart: i thought i was alone. ashley: no, no. stuart: that was brutal. ashley, you all right? thanks very much.
we've told our audience about zoom fatigue, exhaustion from nonstop video calls. we will tell you what they are doing in a moment. sandals resort offering free on-site covid testing. are people willing to travel internationally? sandals on the show. what exactly are they selling? sandals on the show after this. ♪♪ ♪♪ vacation hard to get away ♪♪ future. but thinking about the future, is human nature. at edward jones, our 19,000 financial advisors create personalized investment strategies to help you get back to your future. edward jones. we started with computers. we didn't stop at computers. we didn't stop at storage or cloud. we kept going. working with our customers to enable the kind of technology
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not again! aah, come on rice. do your thing. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ stuart: more than 1.3 million people passed through tsa checkpoint yesterday, the twelfth straight day of more than 1 million air travelers. check the airline stocks, travel groups moving to lift international travel restrictions. they want and international travel plan in place by may. popular vacation getaways like sandals resorts wants to attract travelers. look who is here, the thicket of chair sandals, adam stewart, who joins us now. why should i come to sandals,
any of your resorts in the caribbean, when i could fly down to florida on a cheap flight, no covid test required and goes to a great resort in my own country? why should i come to sandals? >> a simple thing. the caribbean is the most beautiful region in the entire world. it is frictionless, you have to get a test in advance. the protocols through the airports these days, arrive on islands all digital. for all intents and purposes none of the process has changed at all and you arrive the resort and you are in the caribbean with the warmth and the fun. stuart: you missed something here. i have seen sandals commercials
and you are selling sex for youngsters who have been cooped up for a long time. that is what you are selling. >> the company focused on the resilience of love, matrimony, we do 7000 a year in that company, one of our kind, and take the matrimonial journey. we tend to be the company that has led, beyond that, people lost their vacation, the freedom to move about the realities of the pandemic, the phones are ringing, 25% over 2019 which is one of the best
years for travel so it is getting very exciting in the caribbean. stuart: let me pick up on that. in some of your resorts, sandals resorts, your bookings right now are 25% compared to 2019 before the pandemic. really? >> shows the relationship between vaccination, travel is one of the most beautiful things, and we are seeing over 25%, saying clearly to me, they lost that, a huge rush for the summer, into that trust. stuart: i think you are selling sex. call it love if you like but you are doing well with it.
you are onto a winning line, stay with it. adam stewart, executive chair, you've been on the show before, thanks for being with us. one of the big banks banning zoom calls on fridays. that gets my attention. who was doing that? ashley: citigroup ceo jane fraser sent a memo after listening to colleagues around the world it became apparent we need to combat the zoom fatigue many of us feel so i overcame my initial resistance to this idea. she is going to go ahead with it. citigroup. video calls friday at least for internal gatherings and the ceo asked staff to avoid scheduling meetings outside traditional working hours. the ceo encouraging staff to take vacations, unveiled a
companywide holiday day, this after a scathing report was leaked from goldman sachs a complained of 100 hour work weeks and declining mental health. we will see more banks jumping on board and saying we understand, give them gifts or time off or whatever. stuart: thanks very much. more varney after this.
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we have got chaos at the border, an emergency declaration by one arizona town at the border, a 3 trillion-dollar additional spending plan, and yes, sex, in the caribbean. that's a show and a 1/2, isn't it? what more do you want? but my time is up. neil it is yours. neil: na, na, na you didn't say what you said. it is a family show what the heck. thank you very much, my friend. we're taking a look at that, not the sex part of it, we're looking what is happening with jerome powell, janet yellen, the two financial bigwigs will talk about where they stand. we're already hearing from a fed district president he thinks rates will rise next year. not just market rates. the federal reserve will raise interest rates sometime in 2022. he is the first prominent them better federal res