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tv   Varney Company  FOX Business  October 18, 2021 9:00am-12:00pm EDT

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the next three weeks. that will do it for us for this morning, thank you for being with me. i would think dagen mcdowell indian cetane work, great to see you both, have a great day and thank you so much. mark is down 180 points the dow industrial average on the price of oil and seven years, that would be one of the issues for this market and the macro for this economy have a great day everybody i will see you tomorrow. stuart, take it away. stuart: good morning, everyone if you are out and about this weekend you saw inflation in your wallet felt it. the headlines are screaming about inflation according to the economist survey to the wall street journal we are in for the longest stretch of rising prices in 30 years. they also say the supply chain backlog will stretch well into next year, inflation today, the price of oil has moved up again it's now the highest in seven years and climbing as we speak $83 per barrel, gas has moved up to 333 per gallon.
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not sure how many years it's been since we've seen that but it's a number of years enjoy looking at inflation. investors are not happy about it. the dow coming off a strong week we will be on the downside to 180 points, down 23 on the s&p and 68 on the nasdaq, the nasdaq taken on the chin because the yield has moved back up again 161 is where we are now. a question is bitcoin the new inflation hedge, it looks like it the crypto surged over the weekend bitcoin hit $62000, almost double its price in early summer it's back to 60700 now to sum up the financial market this morning inflation up, crypto up, stocks down we are about to find out how many workers will be fired as backseat mandates kickin what happens to security as a few police officers leave their jobs, 40% of tsa workers
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are unvaccinated they are supposed to get the job by november 22, right before thanksgiving time is running out, schumer anticipating a crisis wants to replace tsa human agents with dogs a big show coming up you will meet molly hemingway in her book rigged, she says the white house was not stolen it was bought with $400 million from zuckerberg's from facebook mark zuckerberg, we are following the collectibles market sports memorabilia in particular 1.75 million from rookie card, to a half-million for the bronze rookie patch autograph, that is inflation, monday october 18, 2021. "varney & company" is about to begin. ♪. stuart: breaking this morning
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former secretary of state colin powell has passed away from complications due to covid, good morning he was 84, do you know anything more. lauren: his family posted a statement and said colin powell former u.s. secretary of state and chairman of the joint chief of staff passed away this morning due to complications due to covid-19, he was fully vaccinated we want to take the medical staff of the medical center for their caring treatment, we lost a remarkable loving husband, father, grandfather and a great american he was the first black secretary of state appointed by george w. bush at one point in his career, his popularity so high, and without he would've made a presidential run but later he was criticized for pushing faulty intelligence before the united nations about the alleged existence of weapons of mass destruction in iraq. he was fully vaccinated but he had been diagnosed with multiple myeloma that is a type of blood
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cancer that hurts the body's ability to fight infection. stuart: i would ask doctor siegel later on if he died with covid or from covid, i believe there's a distinction between the two. i will ask the doctor about that one. michael waltzed from the great state of florida joins me now, your reaction to the passing of colin powell. >> any young soldier like myself that came up in the 1990s admired and revered chairman powell for his leadership in the first call for an analyst in the media thought we were going to pay tens of thousands of counsel fees in that war to liberate kuwait from saddam hussein, it was the largest most significant conflict since vietnam and his steadfast message was something to be admired. just the arc of his life, coming here as the son of jamaican immigrants, rising to the rank,
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national security advisor the reagan chairman of the joint chief and then of course secretary of state amazing this is just another loss and we cannot decide where this virus came from if he didn't die directly from that. but it certainly complications of existing conditions paid we can't lead sight of the fact of where this came from, came from china and they covered it up and millions are dead we lost another great american because of it. stuart: everyone liked him, he was admired and respected on both sides of the aisle. i'm going to pick up on the china theme a new report reveals china has tested a nuclear cable hypersonic missile that travels all the way around the earth at 21000 feet, nuclear capable, you are the armed services committee, how comes we were caught by surprise? >> i cannot overstate how serious this is this is the sputnik moment the chinese communist party is an arms race
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with the united states and i am beginning to think that we are losing and that is not hyperbole, let me tell you why this weapon system is so, so serious it is basically a ballistic missile that can maneuver so when these things come we can immediately tell when it launches about where is going to hit in his days on a trajectory so with the geometry or missile defense can take it out. now this thing can maneuver and also change altitude that our satellites cannot see it. it can also avoid the direction that our radars are facing so we can come in behind our systems. at the first strike weapon this is almost indefensible and here is the thing, they have stolen technology and they have stolen their way into this position. we have got to wake up to the fact between espionage, cyber
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and bombing the technology with wall street and others are all too happy to sell from acquisition is a real problem. stuart: it is a problem indeed, michael waltz thank you for joining us, we appreciate it. let's get back to the financial market, take a look at futures all in the bed this morning i caught mr. saying our supply chain issues and inflation will last well into next year. that is a significant negative jason katz join us this morning, the white house's warning about the ongoing problems, do you see it as a serious problem for the market down the road? >> i don't see as a problem but if we don't get past this issue in the next three to six months it will certainly weigh on earnings. this quarter 45 companies have reported they beaten by in large and in fact 80% has beaten and we will see a 30% surgeon earnings, companies with pricing power are surging those that have not and can't will have
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difficulty in the months ahead. stuart: why are you calling this the most misunderstood bill market bull market of our time, why do you say that? >> i remember with the market started really surging shortly after the depths of covid and you and i talked about the most hated bull market of all time now it is the most misunderstood. the common person is scratching their head, you talked about supply chain issues and wage inflation, housing inflation, respected debt ceiling what does that mean for inflation how are we a few percentage points away from the height, the answer the fact that you and i every week talk about it means the market which is a self tacking mechanism is keenly aware of it. this earnings season a lot of analysts have slashed estimates. i think in the next quarter or two to some extent is baked into the cake, after that all bets
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are off. stuart: after that, all bets are off, i can't wait for that to arrive. thank you very much indeed. let's get to the crypt is, why not a nice search for the weekend i believe bitcoin hit 62000, 60600 now, what we have on this. lauren: $2000 of a new all-time high proshares say bitcoin features etf trades tomorrow the ito is the kicker this is only the future so not bitcoin itself but it makes exposure accessible for retail and institutional investors that have a lot of cash so the floodgates will open and then you had the story jeff dorsey the ceo of square says he wants bitcoin mining to be as easy as plugging into a power source, he wants bitcoin to be available for everybody these are the reasons why receiving the price hold about 60000 and could take on a new high in the
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coming days, in fact another future and etf should get approval this week. stuart: the alternative to gold inflation but this news on etf launch tomorrow i think that's big. tell me about apple please, they have their product day-to-day, i am interested in this thing i believe and my ex process? lauren: very fast and long battery life the probe would be powered by that over the intel chip, if you look at computers the pro has not had a revamp in two years. this is a huge industry for apple but it's been slowing down now we are heading into the fourth quarter and we see a ramp-up christmas gifts, people get computers so we'll see what apple says. he gets people excited about something other than the iphone.
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ten is for sure, back to the features real fast this is how will open the market on this monday morning 20 minutes from now a lot of red the left-wing media not hiding his frustration with this president, watch this. >> president biden has to get more involved there was a news report that said the white house was getting frustrated with congress and i'm sitting there saying you guys can do something about it. stuart: has the president lost the media? all ask jim jordan and we will talk to him about that. a top treasury official says the only way out of the inflation crisis is everyone rolling up their sleeves. roll tape. >> the only way we will get to a place where we were to this transition is everyone an american everyone around the world gets vaccinated. >> that is our weight out of inflation, i can't imagine stephen moore agreeing with that but i will ask him anyway. he is on the show next. ♪
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♪ ♪ that's a very nice day shaping up at the nation's capital 54 degrees right there now, no humidity, it is fall and i noticed it when i walked outside the house is morning it is chilly. president biden facing pushback about his claim that no one making a $400,000 a year we will see an increase in taxes i would argue that inflation is a tax on everybody hillary vaughn at the
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white house how does inflation hurt the president's agenda? >> is pretty much canceled out by rising wages which is one of the reasons the white house had major supply chain problems people are making more money and buying more things and that's why one of the ports are clogged with an excess amount of goods but there is a solution for trying to clear up the congestion in the bipartisan infantry bill president biden set aside $17 billion that would be a welcome injection of cash to fix some of the supply issues and get ports going in the goods moving into the u.s., there is not a push for congress to pass the bipartisan infrastructure bill separately, still they are on board with holding onto that until the social spending side of the president's agenda is past as well, the white house press secretary jen psaki was asked about a controversial
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retweet from ron klain where they tweak described inflation as a high-class problem and she made the case when you look at an employment going down, wages going up that means more people are going back to work and more people are getting a paycheck and they are buying more things and that's adding to the supply chain issues because people are spending money and buying goods at an unprecedented level but when you look at inflation in the way that inflation is sitting over 5% wages are up over 4% that's pretty much canceled out people are paying more for everyday items by transportation secretary pete buttigieg who has been trying to figure out how to clear up the congestion in the ports to get
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goods on the move said the private sector is the one that is not keeping up, he said businesses are not really good enough job of leading the new demand of people buying more things. stuart: it's our fault, secretary buttigieg is back let me jump right into tout the success of president biden's economic recovery. his economic recovery. >> if you think about the images of ships waiting on anger on the west coast every one of those is full of record amount of goods that americans are buying because demand is that because income is up and the president has successfully guided this economy out of the teeth of a terrified recession. stuart: inflation is a result of strong demand, and stephen martin take that to pieces. what do you say about that. >> first of all i work for to president ronald reagan and donald trump both of them create a great economic boom where you had a big increase in demand for goods and services in both of those cases inflation went down it did not go well. this idea that were facing the
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supply chain disruption in the higher prices because people want more goods and services it's an idea that so discredited there always trying to find an excuse the idea is that of divided them into the administration fessing up to their mistakes they always blame someone else for the problems. we have a problem because we pay too much people to stay unemployed. is not that we don't have enough dockworkers we don't have enough people once we get the stuff off and the ships onto the tracks and we don't have enough truck drivers to get the merchandise to the warehouses and we don't have enough people to warehouses to stock the staff, exhibit problems at the academy and i believe the energy crisis that has been manufactured by biden because were not producing enough oil and gas in this country are also contributing to the inflation problem. by the way, who takes a job and
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six months after they take a very important high level ceo job in charge of intrigue and other industry and goes on a two month leave, that's ridiculous in the middle of a crisis. stuart: quickly, how do we get rid of inflation? >> we need to have the fed stop the 0 interest rate policies, we need to make sure were producing more oil and gas because energy is a primary input of everything that we produce, so when the energy price goes up, as is going up right now, that crisis is everything to go up on the camera that you're looking into from the breakfast that you have this morning to the bed you slept on, everything is driven on energy, i don't understand the logic on energy policy, that america will produce less energy and that will go to the saudis and russians and asked them to produce more. stuart: we have inflation it's
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here to stay until the end of the year at the 5% level, thank you for joining us we will see you later. update everybody on china's economy, they just reported the third quarter gdp numbers and it was disappointing. lauren: 4.9% the third quarter and had to go back from 7.9 in denver 18% in the first quarter this is why it's so important their power outages led to the factory slowing down. our factories here are slowing down we got the latest industrial production numbers. what happened to the supply chain in china and the u.s. aren't producing as much as they need to. stuart: we got the numbers on factory output. the factories are just not busy there is always strong demand but the factories are not busy is that accurate? lauren: the number we were
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expecting to rise and actually fell and then there's the rate that is formally called capacity utilization and not surprisingly fell as well that says labor shortage all over it, power shortage in china, labor shortage here that the disaster going into 2022. stuart: it's a disaster for inflation factories are not producing what people are demanding more from the price goes up. stuart: let's check the market a lot of red down 150 on the dow, 60 off on the nasdaq. ♪ retirement income is complicated. as your broker, i've solved it. that's great, carl. but we need something better. that's easily adjustable
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stuart: netflix has been doing very well recently and premarket of $4 today as $632 a share, they report tomorrow afternoon. jeff sica is a net under netflix analyst of the day is tomorrow's earnings report going to be about the squid game? >> it is going to keep in mind for the first two quarters netflix did not participate in this rally in the last quarter covid-19% gain that we see now is what led to the squid games
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release, the squid games release will determine tomorrow how much this show added to the subscriber base. stuart: do you think added a lot to the subscriber base, is worldwide popular. >> it is, for the record i have to say this show is a gruesome show and i had such a hard time getting through it. one thing i will say netflix their model with this algorithm in targeting international markets is really showing itself and squid games because this is a south korean made show that they made for $22 million for seven episodes that is most likely going to bring in more subscribers that they've ever seen this is a proxy on netflix
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algorithm and how well it works if i was in charge of netflix i would never in a million years thought the show would be potentially the biggest show that they have ever had, they are predicting is going to make them over $1 billion which is shocking but it shows that the algorithm works and it will open up international territory for them. stuart: will the controversy around dave chapelle and his special on netflix, does that hurt netflix subscriber growth at all or is it completely outside the things affecting the stock? >> i don't think it hurts netflix, the way netflix handled it in the letting dave chapelle say when he needs to say, he is a comic genius, he brings a lot of people to the table at least
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until now they handled it the way that they did. let's face it, controversy is good for viewers because more people tune into the special to see what the big commotion is about and that will grow the subscriber base even more. >> we will be watching dialogue with the rest of the world, jeff sica, we have started trading, right from the start we have a loss, a triple digit loss for the dow industrial and most of the dow 30 are opening up in the bread, the s&p 500 also in the bed this morning, not a huge loss, one third of 1%, how about the nasdaq that is down one third of 1% as well, let me have a look at big tech i presume there on the downside except for facebook which is up there but the rest of them on the downside again, let's have a look at facebook they are up $4, $3.328
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is the price now apparently in america. >> in europe their hiring 10000 europeans over the next five years including specialized engineers, they're going to build out the meta- verse the 3d digital world being held. the next phase of the internet comes with privacy concerns, i think this is a pr move in europe, let me remind you, we are hiring these workers because you have to facebook whistleblowers testifying this week and next in europe. stuart: you are thinking that a sane look what were doing for europeans, we will pay a lot of money, is that what he is saying? tell me about virgin galactic, we are watching that on friday it really tanked after they delayed their spaceflight, their data get this morning, is ubs
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saying something. lauren: following the delay is a year delay of the next space launch it was supposed to happen this fall now this is the end of next year with this decline there also/ slashing the price target from 15 - 26. stuart: they think it it will go down more? lauren: ticket sales will be the focus but they will provide a catalyst, it's so far away. stuart: he is losing to musk and bezos, that's basically what is happening, my opinion, disney is down this morning i know they were done recently what is this about, down 2%, subscriber growth. it has slowed despite all the good stuff they have new franchise, new movies like black widow and jungle cruise but barclays cuts them to equal weight this is well below average growth required to get
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to the subscriber goals and they say china is a headwind because they have to plant out on everything and they're starting to do that on content they do it more and disney will hurt because china is a big part of their business. stuart: it wasn't that long ago when disney was over $200 a share i find this story very interesting and called zillow they will hit the pause on purchasing homes let me see if i got this right zillow made a lot of money buying homes ventilating them and then reselling them and flipping basically that's what they did as a real estate platform now they're putting the flipping business on hold, why are they doing that. lauren: they cannot do because the system is clogged when they look at how long it takes to renovate a home i will give you the quote from the coo, we are operating with the labor and supply constrained economy inside a competitive real estate
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market the stock is down 8% as a result they will continue to do this for contracts that ever even signed but they cannot sign new contracts because they don't have the labor and the materials that they need to renovate quickly and put back on the market. >> another supply chain victim dow is down to a point, attention we found a winner the grocery store chain albertson's has slipped to the negative i thought they had good earnings. lauren: a surprise rise in same-store sales, pharmacy sidwell administering the covid shot, they raise the full-year guidance and increasing dividends but the market is down so albertson's is down. stuart: down another 1% in the dow is down 200 i don't know how you pronounce this is it revamps there. they are way down they have a new botox i made a go with three vans. down 39%, biotech company they have about text like treatment
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the fda did not greenlighted, they say they need more time to inspect where is manufactured. stuart: where is it manufactured? lauren: i'm not sure they want to look at the facilities. stuart: is taking them down 40%. let's wrap this thing up the dow industrials are down 203 points, on your screen the dow winners headed by goldman sachs they had a good time recently s&p 500, who is at the top it is ox ep i'm not surprised oil company is doing well $83 a barrel again today, the nasdaq winner is cdw, tesla look at tesla on the list again a terrific two week span tesla is $856 per share overall the dow down to a point about 35000 the ten year treasury yield has gone up about 1.6% in
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the price of gold doing nothing despite inflation scare 1768 per ounce up ten tents, bitcoin going to start a new future bitcoin etf tomorrow that has done bitcoin a lot of good earlier it is $62000 this is inflation you are looking at 8354, oil going up, the gas well below the 6-dollar level all the weighted 522. national average $3.23 in building up, washington state trooper over the vaccine mandate, listen to his message for his governor. >> this is the last time you will hear me in a state patrol car. stuart: he drops the mike, how many were first responders will we lose because of vaccine mandate quite a story one impact
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5% did not sure what they're calling at the football holy grail tom brady rookie card to go for millions at auction we will show it to you later in the show. the supply chain crisis hitting shoppers we will take you to a grocery store in chicago to see what left on the shows, we will be back. ♪
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apple is called the unleased event it kicks off this afternoon the stock is down new products coming today, ray wang joins me now. i am interested in the new superfast in one express or is this a big deal. >> what are the interesting things you cannot have a new math book without a processor in the river is the next chip will be more powerful and what they have been doing they are bending to improve performance with using less power and that something they did not do the intel chips this is going to be the dawn for the first time with her not getting any intel chips in the high-end, the in one chip and the advancements from the in one chip are powering the ability to take it to the next level for performance and a lot of people are looking forward to it but there's other things that they are putting into the product.
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stuart: that they're putting into this processor for the macbook pro? >> people are looking for more ports in the ability of card seek and swap cards in and out really quickly and they're also looking for a better camera and the many led display i think those are things people should look out for as you look at the next. >> they're coming into different additions, 14-inch and a 16-inch and that's what customers are looking for, it'll be interesting to see what they announce with the in one chip advancements. stuart: one more thing at the end of the presentation is not likely to happen? >> i think it will. people are anticipating the macbook and the air pods and i'm sure they have a couple of surprises as they always do especially for these launches. stuart: i want to talk bitcoin were about to see a bitcoin futures etf launched today, trades tomorrow, what exactly do i get if i invest in a bitcoin
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futures etf, what am i buying and why would i buy it? >> you are buying it because you want to have the security in an etf, proshares will be the two that are launching sometime, proshares hopefully tomorrow that's what they're planning for and what they really want is the ability to bet on futures of what bitcoin might be with the regulation around it in the institutional investors, less manipulation in the etf and the weight they file for the etf they met all the rules from the sec, that is interesting and then the other one had approval by nasdaq on friday you can see more of the etf's role in but they had a candidate for quite some time and you will see more of these in the financial market. stuart: will the ets announce and start to trade is outweighed bitcoin almost hit the record high over the weekend and went
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to 62000 is it because of the ets? >> it is definitely because of the etf's is legitimizing bitcoin we've gone from an interesting thing to early adopter and now the general acceptance of bitcoin where you see that show up in reserve assets of companies and traded by institutional investors and you see many of the financial services firms are trying to offer bitcoin you see other companies look at payments to bitcoin if you been walking around different places in the neighborhood you might seem bitcoin atms pop up we see general acceptance began on bitcoin. stuart: thank you for joining us, see you again really soon. thank you very much. the ceo of intel says we need to manufacture more chips in america he's calling a matter of national security. lauren: telling acxiom sweeney government subsidy take production out of the geopolitically unstable country like taiwan and korea this comes from him we can be 30 or 40%
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more expensive than asia, help us close the gap so we can build bigger and faster on u.s. soil we will spend our cash flows to build labs and we are looking for in seeking subsidies and support from government the senate passed a $52 billion chip act in intel is petty $20 billion of their own money, that is not enough those are downpayments for what is needed to bring chip manufacturing back home at a time when we need it it's gonna be a big upfront cost because it's going to be worthwhile in the end. stuart: thank you. you can forget rising prices even if you're willing to pay more for groceries you might find them still not available grady trimble is at a grocery store in chicago, what are they short on. it is one or two products but i need to tell you it's everything you can see in the bread aisle in similar in juices, milk and
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eggs, and the meat section it is pretty much across the board and apcs shelves that look a little bit more full like these appear this is what they call false blocking behind is nothing, unfortunately this is the state of happy foods in chicago and stores all across the country barb eastman has been dealing with for some time we become in here talking about inflation to talk about products not available at all i've never seen anything like this. >> i've never seen anything like this at all i've been working in grocery store since i was 16. >> what your distributors tell you when and what do they attribute it and what did they tell you about products becoming available. >> the neck in the product into the warehouse, even the trucks are not there. >> you said a third of the orders cannot be delivered right now. >> every order that we get a third do not show up. >> we know the problem, what is
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the solution. >> they need more labor they have to get the truckers up there and they have to unload the vans and everything. >> you see the problem but until people get back to work in the supply chain issues we might be doing this for some time. stuart: all across the country, thank you very much indeed. president trump looks like his plain political recruiter, he wants sean duffy to run for governor of wisconsin, what did sean think about that. i will ask him he's on the show former secretary of state colin powell data 84 of covid complications, he was fully vaccinated, doctor marc siegel next.
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are you seeing this? the kohler walk-in bath comes with fully adjustable hydrotherapy jets and our exclusive bubblemassage. everything is installed in as little as a day by a kohler-certified installer. and it's made by kohler- america's leading plumbing brand. we need this bath. yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... for fifteen hundred dollars off your kohler walk-in bath. visit for more info. stuart: former secretary of state colin powell has passed away at the age of 84 he died of covid complications, he was fully vaccinated. doctor marc siegel joins us now, did he die from covid or did he die with covid. >> from what we're hearing, good morning, he died with complications of covid which means heart, lungs or kidney the
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secondary causes of what covid does to the body. he was at risk unfortunately, he was 84 years old which puts them at high risk, overweight higher risk and he had parkinson's disease, we don't know what else that put them at a high risk group and you said before we came on he is fully vaccinated which is true, a couple points we don't know which vaccine, we don't know whether he had the booster were not because from the israel data received a big decrease in the hospitalizations after the booster and this is not a message that the vaccine does not work because your chances if you had the vaccine, even if you didn't have the booster of getting sick and getting hospitalized or dying remains quite low but this is an idea of why we need the booster for higher risk groups. stuart: i wish you could sort something out for us, if you take a covid test and you test positive, does that mean you're considered one more new case? >> that is true and that's a
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really good point because you don't know that positive is real or not can be a false positive in as soon as you test positive you're on the list and you go through all of that, but also on the other hand at the risk of inflating these numbers, i don't think were doing enough test you just showed a picture of anthony fauci and is talking about the unvaccinated a prettiness at risk, i don't like that kind of shaming and calling people leopards, it's more important that we test more or less know who has this because were talking about a breakthrough case today was somebody passed away unfortunately and we wish his family the best he's a great american hero. the vaccine isn't everything is it, it's months past where everybody should be ashamed it's not what you get more people to take the vaccine going that way. stuart: are we seeing a rise in covid anxiety amongst youngsters and what exactly is that, how is
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that manifested? >> that is huge and i call that the second pandemic, the study that i featured in my wall street journal op-ed showed 135 million people around the world with disorders, huge anxiety depressive disorders, that is the tip of the iceberg you meant to children, they have been so disrupted it's hard to find one that is not anxious or depressed this is billions and billions of people around the world whether they've had covid or not and whether they knew someone with covid were not, the study points out is because of decreased mobility people shattered in place not going out and not meeting new people not interacting, closing schools which turned out to be in the enormous mistake and you and i said so, although that cause the second pandemic of depression and anxiety. stuart: i'm out of time but great information, we will see you again soon, jodi ernst representing, kayleigh mcenany, jim jordan just ahead.
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♪ stuart: get ready for a great show. it is straight to your money. the selling has moderated a little. we were down 200.
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now we're down 100. so the losses have moderated significantly. the price of oil is a problem for a lot of investors this morning. we've gone to $83 per barrel and it is up. treasury yield up 1.60%, still right there, 1.60. big tech, they turned around all of them opened up lower. but now they're lower. apple with new processes and processer this afternoon it is down. latest on homebuilder sentiment. lauren what do we have? lauren: surprise increase, up to 80 despite supply and labor issues. hphhp says 80% of builders say things a good. stuart: now on this one. if you're under 40. you don't remember how bad inflation was back then. since 1990, 30 years ago we didn't have a period of 5%
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inflation. we do now. economists tell us we will have it rest of this year and won't get much better next year. people are getting a taste of the across the board price increases. president of shelf space, price increases. we're not used to it. the administration is scrambling to deal with it. so far not going well. no signs that the shortages will ease. economist the forecasting high inflation also forecast that the supply chain mess will continue next year. if you can't unclog the trucks, the ships, the can't unclog all the stuff consumers demand. prices keep rising. hard to believe president is begging oil and gas companies to increase production to get prices down. that is desperation. this administration is killing fossil fuels at every opportunity. want california's 75,000 truckers, independent contractors to join the union to
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service the ports. in the middle of a crisis california law will not allow independent contractors in the ports. ridiculous. this is not like the border crisis, afghanistan. inflation and shortages are visible in our daily lives. already some of the wage gains are wiped out with rising prices. everybody living on a income, standard of live something challenged. in the united states voters demand cheap fuel, cheap food. both are in question. it is biden's biggest problem. just wait until winter sets in. second hour of "varney" just getting started. ♪. stuart: congressman jim jordan rejoins us after a long separation. it has been too long, congressman, come on back. i think i just saw your tweet. it is ironic that goods are stuck outside of the u.s. but illegal migrants have no problem
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getting in. good one, congressman, good one. explain it. >> yes. well, no, our southern border has been open every single month. like we're letting them in. almost like deliberate intentional policy they have adopted month after month after month. october 200,000 illegal encounters in the month of july and august. each of those two months. you have that going on. i was in california this past week. i saw the ships. i saw them there in the los angeles area. you saw them anchored offshore. you talk to some of the folks that said they have been there for months. when you pay people not to work you shouldn't be surprised when you don't have workers. when you add on top of that the crazy policies in the state of california you get the situation where we have rising prices, as you said, empty shelves. this is what happens when you have people in the biden administration who have gotten everything wrong. stuart: is it time for buttigieg, transportation secretary to go? >> i don't know he has been
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there, right? if he had been there would it have been different, who knows? what we know this administration every single policy area is worse than it was under president trump. we had things moving in the right direction in a big way under president trump. these guys have messed up everything. it is driven by their crazy policies. the president of the united states begging opec to increase oil production particularly when just a few months ago we were energy independent, that tells you how serious, how bad the situation is. stuart: congressman, former secretary of state colin powell has passed, passed of covid complications. he was liked by both sides of the aisle. that is something of a rarity in politics today. what say you? >> he appreciate mr. powell's service, general powell's service to our country. secretary of state, joint chiefs of staff. long service to our country. we're thinking about his family today obviously.
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stuart: i have a quit story about colin powell if i may. he was giving a speech in los angeles after he retired from the military and from post and he was driving, being driven in a limo down i-5 which is gigantic road. they got a flat tire. the driver couldn't fix it, so general powell, hopped out, took his jacket off, jacked up the car, unscrewed the lug nuts, got oil all over him, sitting in a car, no security, by the side of i-5, cars whizzing by, one of the most powerful people in the world. he made it. got to the speech. introduced him as mr. goodwrench. that is my story about colin powell. he was a good man. everybody liked him. >> we need that kind of public service mindset in folks who serve in our government more. we appreciate his service to our country. stuart: good. congressman, thanks for being here. we'll see you again soon. >> you bet, thank you.
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you got it. stuart: labeling former president trump a super villain. >> i think we make a mistake focusing this all on donald trump as though he is, i don't know magneto and some incredible super villain that has changed the very major and temperature of the united states. i think it is a mistake to focus it all on this one individual. stuart: look who is here now. sean duffy, the man himself. >> it is interesting, stuart, jon stewart is stepping lightly. he can't make the left too -- if you think trump maybe look at those in your own party. look at mask mandates. the freedom of speech or lack
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thereof on social media and platforms. authoritarianism doesn't mean it is not authoritarianism. he is making an important point. that authoritarianism, no matter where it is we shouldn't accept in a free democratic society. stuart: he is not saying trump derangement syndrome is nuts, he is not actually saying that he is implying it under the surface. >> if you isolate people, push them away out of society they might not react so well to being pushed out. stuart: well-said. get back to the markets. we have a great guest this morning. you know this man. it is dennis gartman. dennis gartman says the bull market has ended. and the bear market has begun and this bear market started in tech. well, dennis, them's fighting words. you want to explain yourself? >> actually, let's talk about the fact that i am somewhat bearish on stocks.
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i'm not overtly therefore and what you have understand the movement from a bull market to a bear market is a process. it takes time. it doesn't usually happen overnight unlike what happened 35 or 40 years ago with october 19th, when we had the enormous crash. usually the tops are made over five, six, seven, eight months. it takes time for stocks to be distributed from strong hands into weak hands. i think that is the process that's going on. interest rates are beginning to move higher. it is long overdue to take the 10-year yield from 1.5, 1.6. it has to go to the course of 3, 4% next four years. that will be deleterious to share prices on balance. debt very mental to tech stocks. i'm my own account, marginally, this is the operative, marginally net long and getting less long as the weeks go by. eventually i will be short of stocks. i will be overly bearish of stocks.
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i'm quietly getting less bullish. i think the bear market started. i think it began when the russell made the high back in the spring. we're seeing dow, s&p, nasdaq seem to have made their tops in late august, early september. we'll see how it works out. higher rates, the fact the public is overtly long on stocks, tells me that a bear market quietly, slowly laboriously, process civilly begun. you don't have to panic. you don't have to get out right away. i think it's a process. it will take months to develop. we're. stuart: we're not process. >> we're in the process. stuart: dennis thanks for being mere. good to see you. >> thank you, stuart. cheers. stuart: time to cover the crip comarket. i see bitcoin over the weekend actually hit $62,000. the first bitcoin etf is set to launch tomorrow and we're told that's one of the reasons why bitcoin is all doing so well. back on the screen. you know why we put him back on the screen? because he is a crypto guy. you will like this, an etf makes
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it easier to get into the market. >> this is a futures etf. this is not a etf that owns bitcoin itself. this that is the next big step. will the sec allow a bitcoin etf. that you can go to institutional investors hold it for you. i don't know they will do that stuart, but as we see more big money, more smart money, more institutions coming into crypto i think we'll continue to see it explode. as inflation rolls, you do the inflation story every day. i don't know if it will be the perfect hedge as gold and silver was in the past. a lot of people like myself believe this will be a hedge on a devalued dollar. stuart: you stay with me the whole hour. >> whole hour. i need to match my tie with you, stuart, blue-on-blue. stuart: we do have movers. downside mover in the market moderated. what are the big movers, please? lauren: i want to start with
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energy. occidental petroleum leading the mark evident. truist came in, increased stock price 50 bucks. a gain of 58% from friday. they like record cash flow for occidental. stuart: oil went to 83.50. lauren: i think it will keep going up. i heard 200-dollar calls for brent. stuart: for brent. 100-dollar calls for wti. yes, they are a winner today, 2.25% up. lauren: wedbush sees another strong quarter. full year deliveries topping 900,000 and about 1 1/2 million next year. that is how he defends his 1000-dollar price target on tesla. stuart: i like online lenders like upstart. they are down 5%. why? lauren: double downgrade by bank of america. they say the upside is already prized in. they're right. the stock is up 800%. take your 5% loss you're still a
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huge winner on the year. we missed out on that one. stuart: i missed out you're certainly right, lauren. president biden has only given 10, one-on-one interviews since taking office. president trump gave 50 interviews in his first year. do saki and klain have biden under control? kayleigh mcenany takes that on. governor of texas, mexican cartels are firing at national guard officers at the border. roll tape. >> the cartels on the mexican side of the border they're beginning to open fire on the national guard that texas has down on the border to secure the border. this is escalating into a firing war. stuart: good lord. mike tobin is at the border and he will file a report for us on exactly that in just a moment. . that's why they customize your car insurance, so you only pay for what you need.
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♪. stuart: all right. jacksonville, florida, where it is 66 degrees. looks like kind of a nice day. markets still showing plenty of red. not as bad as it was 40 odd minutes ago. we're down 130 for the dow. nasdaq moved up 17 points. officials in texas warning that the mexican cartels are now regularly firing across the border at u.s. personnel. mike tobin is there at the border in texas. what is the situation, mike? reporter: tell you, stuart, violence between competing factions on mexican side of the border has been around a long time. the new development is now the gunfire coming across the border. it is so common, our fox news camera caught gunfire, tracer
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rounds, factions of the cartels took shots at each other. the texas department of public safety, as recently as saturday night, gunmen at mexican side are taking potshots at u.s. personnel. they point to destabilization at the texas border. chad world blames the biden administration. >> violence along the border, fiving into the united states, having cartel members in the united states you have to be very direct with the government of mexico and have them do more, step up their screening and their police force along that northern border. reporter: flow of migrants and illegal border crossings professor stop. our drone screw spotted a group of six, five men and women el salvador, guatamala, honduras, and mexico. this was a group of runners. migrants hope to slip in the u.s. without being detected. they were picked up and processed. usually see immigrants cross turn themselves in the first opportunity believing they will stay in the u.s. after they were
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processed. that is what we saw saturday night. 80 people, family members, individuals, unaccompanied miners, president biden is taking heat from fellow democrats and ngos working along the border not repealing trump era policies. title 42 sends people back to the country for health reasons or migrant protection protocols, require people to remain in mexico while their asylum cases are processed. stuart, back to you. stuart: mike tobin, thank you very much indeed. i want to bring in tom homan. the administration is planning to reinstate trump's remain in mexico policy they're building tent facilities near the border. do we have gigantic camps of people, put them in process, let them in later s that how this thing works? >> no, these tent facilities will have court for people that want to claim asylum. let me be career, varney, this
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administration had to be sued to take this action. i was part of that lawsuit. i filed numerous affidavits with ken paxton of texas. not only appealed that decision and go back to court again, the court told them you will reinstate the remain in mexico program, they slow rolled it and court had to go back a third time. now based on our recommendation, they will slow roll it. what we said from the beginning. this isn't rocket science. the dust off the plan. the plan is already there. we've done this. dust off the plan to make it happen. let me be clear. they will not be successful because they don't want to be successful. they don't believe in this program. they said from the white house they will continue to shut it down or try to shut it down despite the court order. stuart: is there a vaccine mandate for border guards? and if so, do you know how many are unvaccinated and could be forced to leave the force? >> i actually talked to a couple high-ranking border patrol officials the other day. there is up to 1000 border
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patrol agents could lose their jobs because they won't get vaccinated. men and women stand on the front line to defend the nation. they will lose their jobs if they don't get vaccinated. thousands of immigrants a day coming across the border, no requirement for tests, no requirement for vaccinations. as we know this administration knowingly released thousands of covid positive people across that border into our neighborhoods. it is ridiculous what the administration is doing to the men and will of law enforcement. stuart: governor texas, greg abbott, accused president biden completely abandoning all the people who live near the southern border. watch this. >> biden administration completely abandoned all the people who live on the border. they abandoned people of texas. these are counties, these are people who traditionally voted democrat. the biden administration is ignoring and putting them in danger. stuart: i don't understand how this can happen. with outrages along the border like this why isn't something
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being done? why isn't president biden paying some kind of a political price for what he is allowed to happen? >> he is going to. look i think the american people see through this. i wrote an op-ed in july of last year, july of last year, if joe biden became president we would lose the border. i been around too long. i knew promises he made. we had the most unsecure border in nation's history. this angers me more than anything. i don't care who you are as president, first president in history of the nation, unsecured the most secure border we ever had. no downside to a secure border, lives are saved. less illegal drugs, less immigration, cartels not making millions of dollars each year. you don't have 92,000 opioid deaths. this is what the president caused knowingly, intentionally by design, came into office i don't want a secure border. he is facilitating cross-border crime. and i'm shocked at the fact that
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i have to say that, that is a fact. he sold out the american people in security of this nation to become president because he needed support of progressive left. there is no other reason you would do so much damage to the southern border and our sovereignty. stuart: tom homan, thanks for being here. i'm sure we will see you real soon. i have this for you a washington state trooper has a message for governor jay inslee, after quitting his job over the vaccine mandate. watch please. >> asked to leave because i am dirty. last time you will hear me in a state patrol car. and jay inslee can kiss my [bleep] stuart: he is out because he will not take the vaccine. congress set aside $40 billion for people to pay the rent during the pandemic. landlords are not getting the money they were expecting. now they're forced to sell their properties. we have a report for you.
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stuart: check the markets, please. the major story of this day is inflation.
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economists predicting 5% inflation for the rest of this year. that is a very high level, the highest sustained rate of inflation in 30 years. the market was way down at the opening bell. it has come back just a little bit. before i go anywhere else i want to ask sean duffy about inflation. a man with nine children is presumably seeing a great, huge, enormous bill at the grocery store. >> stuart, i know it well. i buy six gallons of milk a week. milk two years ago in wisconsin was 2.50 a gallon, we're up to 4.50. eggs, meat, price at the grocery store affect my bottom line. lauren: i want to ask you how much you spend a week on groceries i really do. i know what i spend. you have double the trouble. >> i'm a walmart shopper. two carts at walmart. 4, $500 plus. stuart: really? >> it is. lauren: without a doubt. stuart: i better move on. i just digested briefly.
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lauren: the kids want to order food. >> we're eating in. stuart: kids, don't let the kids do that. >> oh, no. i can't afford that, stuart. stuart: back to the market. we have some stocks that are moving including medtronic, which is way down. lauren: we'll start with the losers. they have a hypertension treatment device. they have been developing it for a decade. it is delayed again. whatever revenue they thought they would get from a positive result, pushback now. price down 5%. stuart: walgreens, i would like to check the stock price. it is down. lauren: it is a loser but the news for them is good. the flu activity is up 23% this year compared to last year. the flu shot market is a big market. you would think that would turn the stock. we got our flu shots yesterday. stuart: moderna? lauren: a winner. the news is good. the vaccine market will double not only for moderna but pfizer. total sales, $93 billion, from
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health data group infinity. they predict moderna and pfizer will control 3/4 of the vaccine market. stuart: moderna and pfizer straight up. told you about landlords during the pandemic unable to evict non-paying renters. some are forced to sell their rental properties because not enough government money came through to them. jeff flock joins us from philadelphia. that is the problem, right? landlords didn't get the covid money in time, so now they have got to sell, is that the story? reporter: that is exactly the story. $46 billion, federal dollars out there. you would like to blame the federal government but in some ways it is not the feds. actually money in the hands of state and local governments which have been slow to disperse the money that has really hit the landlords because they had the eviction moratorium. they weren't getting income. paying property tax.
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still paying mortgage. look at numbers in philadelphia, which has done a pretty good job of getting money in the hands of people. in 2019, 3 or 4% of the rental market was on the market. well in 2020, that jumped to 20.9% a five-fold increase. this place here, right now, this is 10 north 54th street in philadelphia. $135,000. that is a duplex there. it is fully rented but the guy is selling. we talked to a landlord in philadelphia who said he had a guy he was ready to evict before the moratorium t kicked in. he went over a year without any income. like the proper was essentially taken away from him. listen to what he told us. >> you want your property back because you're paying taxes on it. carrying the maintenance on it, you made an investment. you're being told you can't do anything. so that was pretty discouraging to me to make me consider, really selling out of the city and take my money elsewhere.
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reporter: you know who that is hurting the most, stuart? because when you sell a property, and you buy a property, generally you kind of upgrade it, you crank up the rent or turn it into condos. who does that hurt? it hurts people that need -- truck goes by. that need affordable housing. the rent is going up as well. it has been kind of a lose-lose situation here with the rental help. stuart: sounds like the train came right past you there. you got out of that pretty well, jeff flock. you're all right. i will stay on the housing market to bring in jerry howard who is the ceo of the national association of homebuilders. we got the homebuilder sentiment number up four points, very strong 80. i was surprised at that. i would have thought the labor shortage, the supply chain shortages kicked in to hurt your business? >> demand is totally driving it. there is still huge consume every demand in small cities and
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exurb ban areas that we're seeing a great deal of traffic a lot of people are interested. you're hitting nail on the head, stuart. i got home from the meeting of the national housing industry. builders from all over the country. the supply chain is going to be a major problem if we don't get it fixed very soon. everything from lumber to drywall, to concrete, to appliances, three, four months delays and the product all sits on the boats in ports around the country. it's a looming, looming crisis. stuart: how much does the supply chain problem add to the price of a house and the length of time it takes to you build it? >> obviously time is money. the longer it takes, the more it is going to add to the price of the house. right now we're looking at at least a few thousand dollars depending on where you are and what products you're talking about. so it is housing affordability is a problem. as you just said on the previous
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report in the rental market. now it is getting to be a problem in the first-time home buyer market. that doesn't bode well for housing or the economy. stuart: did you see that from zillow? they're going to pause their home purchases and they're blaming the supply chain crisis for a backlog in renovations? that is exactly what you're seeing, isn't it. >> remodeling market, renovations, new construction, no one can get product. i waited two months for a mart for my refrigerator. two months for one small part. stuart: tell me, what else is in short supply? >> stuart. like i said, it is everything. it started out as a lumber problem. now it has gone to concrete to, drywall, to every kind of appliance. even some of our guys are report having trouble getting tools they want to buy. stuart: is this just because of a labor shortage or all backed
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up on the ships in california? >> it is backed up on the ships. in the port of long beach and los angeles it is incredible how many ships are out there docked waiting to be unloaded. stuart: all right. jerry howard, always good stuff. thanks for being with us. we're pleased that your business is in great shape but we're worried about the time and the expense of this supply chain problem. thanks, jerry. see you again. >> canary in the coal mine. thank you. stuart: canary in the coal mine, good one. nurses at a hospital in illinois say they were denied religious exemptions from the vaccine mandate. they're fighting to keep their jobs. their lawyer is going to join us in the 11:00 hour. rules for me not for thee. president biden caught defying the d.c. indoor mask mandate. he was not the only democrat breaking indoor mask rules. we have the list. we'll be back.
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stuart: markets are mixed this morning. nasdaq is up 12. the dow is down 73. look at disney. that stock is down. barclays warned of slowing subscriber growth. that is always a problem for disney. it is the biggest loser of all the dow 30 stocks today, down about 3%. that takes about 37 points off the dow industrials. look at this, president biden and the first lady caught violating washington, d.c.'s, indoor mask mandate. there they are. you're supposed to wear a mask. first lady and the president did not. sean duffy, look, i'm not exactly outraged about this. i mean, rules for thee, not for me, that kind of thing, president of the united states and the first lady he can't walk through a restaurant on his way to a fancy dinner without a mask
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on? on con. >> here is the difference, stuart. if you watch president biden on the lawn of white house, no one is by him. wears a mask. if he walks through a fancy restaurant, he thinks the cameras are not on, he takes the mask off. if i go to the restaurant, you go to the restaurant, we have to wear a mask or the mask police are on us. the rules for thee, not for me is undermining the public messaging f masks work everybody should wear it. lori lightfoot at a baseball game, a picture without a mask on. everyone around her wears a mask. what frustrates me we're classifying covid, if you're in the servant class, if you're in the secret service class you have to wear a mask. you see behind joe biden the secret service are wearing masks. if you're one of the elites, one of the sophisticated you don't have to wear a mask. i don't know how covid determines the sophisticatessed from the servant class.
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something is wrong with that. stuart: i do take your point. >> thank you. stuart: i'm not outraged. >> i am. i want to take my darn mask off like biden. i want to eat in freedom. stuart: listen to this story, melbourne, australia, i know it well, actually, they're about to lift the world's longest covid restrictions. lauren, how many days was that city under tight, under tight lockdown? lauren: it will be 262 days, or nearly nine months when the partial freedoms are reinstated on friday. that is when they hit the 70% vaccination rate. so guess what? you can have the friends and family over for dinner. no more than 10 people. they can leave whenever they want. no curfew. restaurant inside, 20 people
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max. wedding, 20 people. get your hair done, five people allowed indoors. retail stores? nope. they're waiting for 80% vaccination rate. even when these lift, you have to wear your mask indoors. stuart: duffy, that ruined my son's business by the way. >> whatever happened to "crocodile dundee"? he would never comply with the mandates. he was a freedom loving, knife-wielding, aussie, right? come on. where is he. stuart: that's not a knife. this is a knife. great line. lauren: great accent. stuart: i have an australian accent that is pretty good. >> we think of australia as freedom loving people. they have complied with the mandates is outrageous. lauren: it is crazy. stuart: i have a story for you, for our viewers of course. this is about bitcoin, cryptos and churches. i know you're a church going kind of guy, a bitcoin kind of guy. listen to this. a church in mississippi is the first to allow church-goers to donate in crypto. the pastor of that church is pastor adam bennett who joins me now. let me get to grips with this. how does it work?
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the church-goers give you actual crypto and they give you dollars and you turn it into crypto. >> they transfer the crypto asset from their wallet to our wallet. stuart: okay. so suppose i donate just say, sake of argument, one bitcoin and i transfer that one bitcoin today to your church. do i get a tax break for my charitable donation of $61,700, which is the price of value of that bitcoin when i gave it to you. is that what we get? >> yes it is. as soon as you transfer the asset, you get the appreciable value of that cryptocurrency, value whatever it be bitcoin, ethereum, litecoin. stuart: how many donations have you gotten? >> our church started taking it a few weeks ago.
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still remains to be seen. i heard of other churches taking it. we're the first southern baptist church taking cryptocurrency. we're excited, whatever we can do to further the mission of jesus christ, son of god, trusting in him gives eternal life we'll use that technology. cryptocurrency is just part of the story. there is also a larger story of the blockchain network. the blockchain network allows us to transfer financial resources around the world very quickly for low fees. this can help in the future with disaster relief aid, missionaries around the world. so cryptocurrency is one part of it but the blockchain network is a technology that i think is going to revolutionize the way we do financial resources. stuart: my colleague sean duffy sitting next to me is nodding vigorously pastor. on the same page with this one, believe me. nod away, please. >> he is right. pastor, you have freedom loving americans who want the government to leave them alone
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and if whatever it is will bring them into your church, fit is crypto, bringing them closer to god and jesus christ, good for you making that available. stuart: sean duffy is usually in which is not in mississippi. >> thank you, i'm a packers fan. >> i knew i liked you. i knew i liked you. stuart: pastor, see you soon. time for a quick program note, please. new episode of our fox business prime show, it is called "american built." it airs tonight. i have a preview what is coming up for you. roll it. for centuries astronomers studied the sky for answers to the great questions of human existence. it might reveal the secrets of the heavens. ♪. >> the greatest scientific instrument ever built. ♪. stuart: if they could just get it off the ground. >> always that chance.
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that something bad will happen. stuart: a tale of vision, eureka moments and daring do. the hubble space telescope. almost didn't make it, by the way, the hubble telescope. "american built" every monday 9:00 p.m. eastern here on fox business. that is my new show. the white house was not stolen. it was bought with $400 million from facebook's mark zuckerberg. that according to mollie hemingway. she wrote the book, rigged. she is here next hour. former president trump calling on sean duffy, throw your hat in the ace for wisconsin governor. will he accept? will he go back into politics? there is that question. he will answer it too after this. >> thanks, stuart. ♪.
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stuart: check that market. still a mixed picture. down 82 for the dow, up 22 for the nasdaq. mixed picture. former president trump called on sean duffy to throw his hat in the race once again,
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this time for governor of wisconsin. the former president said this, quote, working hard to get very popular and capable former congressman sean duffy of wisconsin to run for governor. he will be fantastic. a champion athlete. shaun will be good for the people of wisconsin. virtually unbeatable. run sean run. >> that was a brilliant statement. i couldn't agree with it more. he is putting a lot of pressure on me. that was the intent the statement. if you put a statement on this you might tell the person you will put a statement out on that. my saturday was consumed with donald trump's statement. i am grateful, appreciate that he believes we can run and win. by the way, stuart, the governors in america have the moist power right now to change the course of the country. more so than the senate and house. look at ron desantis, kristi
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noem, real things happen with good states and governors. stuart: you are thinking about it but you will not make a commitment? you're not sure you will get back into politics anyway? >> i love politics. i got ought of politics. i told you i buy six gallons of milk a week. we were list we were supposed to talk about. i'm trying to dodge here. stuart: i will move on, sean to help you out. how about this one? dc comics dropped the american way from superman's slowing began. instead replacing it with truth, justice a better tomorrow. they made it as superman will come out as a bisexual. sean if you want to get into this subject, is this woke superman? >> truth, justice, this is good with the american way, but if the woke left thinks the american way is racist and misogynistic. we can't have superman be
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participate of the positive way. by the way who buys comic stuart? young men buy comic books. a bisexual superman does not appeal to young men. mtv did this. they went with this different tact of lgbtq narrative. young men used to watch mtv. that is not in their viewing habits. they went somewhere else. ratings for mtv went down. i don't think anyone will buy into superman man as a trans sexual and not supporting the american way. stuart: do you have a book with your wife this christmas. >> i do. we have a fox news book. there is the talent of fox news, where people are sharing stories about christmas and fond memories when they have grown up, how they got married and how they melded those traditions together and kept them alive. everyone's unique stories about how they celebrate christmas. bill hemmer, dana, ainsley,
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brian, stuart -- stuart: i'm not in there. >> you didn't respond to my email. stuart, let's do this. you didn't get back to me. stuart: you did not. >> i thought i did. stuart: we have a hard break. thanks for being with me for the hour, sean. if you're not careful you will come back and do it again. >> thanks for having me, stuart. stuart: good stuff. still ahead we have kayleigh mcenany, steve forbes and senator joni ernst. senator schumer has a solution for dealing with the understaffed tsa, bring in the dogs. it is the vaccine mandate that is the real problem with the tsa. we'll tell you about that after this. ♪.
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i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
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>> a bull market to a bear market is the process it takes time and does not happen overnight right now i am quietly slowly getting less bullish i think the bear market has started. >> companies and pricing power are surging those that have not and can't are going to have difficulty in the month ahead. >> the chinese communist party is an arms race with the united states and i'm beginning to think we are losing. >> instead of dividing the race and fessing up to their mistakes
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and they always blame somebody else with the problems, when it goes up right now that causes everything to go up. >> when you pay people not to work you shouldn't be surprised when you do not have workers this is what happens when you have people divided administration who have gotten everything. ♪. stuart: 11:00 o'clock eastern time it is monday october the 18th straight to money i see red ink for the dow industrial down about 1770, 80 points, the nasdaq is up almost a quarter of 1%, let's have a look at bitcoin that was a financial mover over the weekend and it's back to $62100, a couple of thousand short from all-time record high bitcoin making the play this morning, 621 is your quote, now this.
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senator schumer is the leader of the united states senate he has a suggestion for dealing with impending crisis of airports. if tsa lags in jobs, bringing the dogs, he wants to organize k-9 teams to take the place of human checkers, 40% of tsa agents are currently unvaccinated there supposed to be fully vaccinated by november 223 days before thanksgiving. time is running out unless there is a last-minute vaccination surge there will be a staff shortage at the airports in the middle of the thanksgiving rash were about to find out how many people walk away from their jobs because of the vaccine mandate and what impact their absence will have healthcare providers, police forces, school systems trying to figure out how to operate with all the stuff that they need ceos and big companies have to figure out how to keep the key people in the middle of a labor shortage it is the
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mandate the force, that is the problem you have to ask if it's necessary mandated vaccination takes no account of natural immunity ended all too many cases religious exemptions and even testing options are dismissed plus the caseload is falling sharply do we need the mandates now, crunch time comes when the mandates are enforced and people are fired, starting now one last point not connected to the mandate in tsa if you watch college football games recently you see thousands of youngsters mask lists, packed together singing and cheering and having a good time but the spiking infection that we were supposed to see simply did not materialize. the third hour of "varney & company" just getting started. ♪ kayleigh mcenany joins me
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right now here in new york, my opinion you encourage vaccination, you do not mandated, what say you. >> that's exactly right, someone has vaccine hesitancy they will become more hesitant when the government rains down with the mandate it's counterproductive and what's really interesting sometimes we will forgo other elements of her health and safety like dogs instead of human security instead of vaccination status, police officers are henry jean and then my retirement, and then will mandate police officers which will cause more police officers to flee we have to balance in covid vaccine is important but how important against human security elements like tsa and police officers and et cetera. stuart: i cannot see the president withdrawing the mandate i cannot see him saying tsa is in real trouble we better not impose the mandate, there is no offering.
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>> there is no offramp that's why it's a delicate balance president trump put in place a lockdown at a place in this was a novel coronavirus he was in the oval office weighing the effects of lockdown which are kids abuse did not been reported in schools, ms. mammograms in cancer diagnosis because people are lockdown versus the benefit of a lockdown, you have to have a delicate balance but biden seems to not understand that. stuart: according to the hill, the president biden has only given his ten one-on-one face-to-face interview since the start of his presidency, president trump gave 50 in his first year it seems like the president often turns around or walks away with any questions from reporters has jen psaki or wrong plane got them under control, they are the ones calling the shots. >> yes and no i say that for this reason biden has some moments where he stubborn and it's his way or the highway for instance afghanistan withdrawal that was biden's decision people were saying not this quick, it was his decision that being said
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i think there's something to president claim that is undermining the president or making the decisions in his absent jen psaki said we encourage him not to take questions. there's more power than the chief of staff of the trump administration or the press secretary and the trump administration because one commander-in-chief and that was president trump. >> they are protecting president biden from himself and his delivery of the message. >> no doubt when they put up the rainbow bars and the president is again speaking, we had a policy you don't cut off the president until he says he's done they seem to cut them off before he says he's done. >> former secretary of state colin powell has died from complications from covid we have been announcing all morning, he was 84 years old and he was fully vaccinated. what do you think he will be remembered for. >> this is a tremendous loss for the country, when you talk about career officials from this
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administration to administration, that is different than a political appointee which colin powell was to be selected in the reagan administration in the george w. bush administration three administrations that tell you a lot about this individual, someone who's in leadership and served as a public servant hell be remembered for his enduring political presence and his leadership. stuart: people like him a very likable guy. >> optimistic one of his points and optimism if you want to be a leader. stuart: we will be watching you kayleigh mcenany on outnumbered on fox news at 12 noon eastern today, thank you for being here. former defense secretary robert gates says president trump was right, president trump was right about china, roll the tape. >> he basically awakened americans and i would say especially the business community to china that the assumption of which we had gotten wrong in the assumption for 40 years was a richer china
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would be a freer china and that's clearly not going to happen. stuart: interesting stuff from a man who was on the inside for many years. steve forbes joins us right now, did trump get china right in your opinion? >> i think he did and they have pointed out that china has become much more belligerent in the last few years initiation ping who is theoretically president of china and is acting like emperors where he expects the rest of the world to pay homage and kowtow and make gifts to the chinese emperor he is bullying neighbors try to take over the south china sea so donald trump got that right and for secretary gates to admit that must've been painful but is absolute truth. stuart: to get the relationship right entrée? >> on the trade front i'm not a tariff guy, but the key thing on china what you do on the defense
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side of beefing up defense of this administration is not doing and thankfully they're going ahead with the deal with australia for nuclear submarines, very important but we have to do more in the administration hopefully people like former defense secretary putting the pressure on we need a real robust strategy in asia and the neighbors of china are willing to go along they have been living with china for thousands of years and they need no lessons from us and the dangers be imposed by beijing. stuart: i have a suggestion senator's manchin and sinema are pushing back against the lavish spending plans, why don't they change parties. >> very good question, i think there's a good chance, who knows i don't have inside information sinema might change parties first by going independent in the spirit of the late john
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mccain in migrating to the republican party, i think if she left the democratic party today because of the reckless behavior i think that would do the nation and the norm is good because it would sink the terrible bills and save the democratic party from itself. stuart: do remember jumping jim jeffords i think he was a republican elected as a republican in any such parties in the middle of his term and that gave the democrats full control of the senate and the house at the time, jumping jim jeffords, sinema could do almost the same thing. >> she could i would not call it jumping is from a conviction of principle of the far left of the democratic party and remember phil gramm was a democrat congressman from texas in the 1980s to get to ronald reagan spending bills and tax cuts through congress because easily democrat it was discussed when
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it was happening that party any switch parties, he then resigned from congress and seven way to run as a republican and he did in a special election so senator sinema when she gets attacked by the left she says okay let's have another election in all run as an independent see what happens. that would be a resounding rebuke as arizona is being hit by the border crisis not to mention inflation and a few other little things out there. stuart: we may have planted a couple of seeds, i hope we did. thank you for joining us. we are watching all kinds of stock movements i see playboy up 4% is there a good reason for this? >> they agreed to accompany called dream for $30 million the social content platform and lets the creator interact directly in the tech platform for playboy centerfold platform which will launch at the end of the year,
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this is playboy of the next generation, new centerfold if you will where you could buy in fts and engage with them. stuart: i want to move in to mark tedder, they are up 5%, what are they due. >> they have two credit cards, andrew calls it the best set up since docusign he gives a 50-dollar price target, is that 23 now and his head is misunderstood by wall street. stuart: another big mover is disney which i see moving lower, 2.8% that's quite a drop. lauren: weighing on the doubt, and downgraded at barclays, first downgrade of the year those are very rare that disney stock is downgraded they say it'll have to double its content to reach 230 - 260000000
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subscriber goal by the end of 2024 if you look at disney streaming platforms as 209 million subscribers they need to get more content on board to meet the goal in the next couple of years, they report tomorrow. stuart: a couple of months ago disney was up $200 nether 171 and falling. lauren: the high was 203. stuart: thank you. secretary of state blinken is going to deliver remarks on the passing of colin powell, shortly we will take that you will see it live. a majority of americans think the federal government is too involved in their lives and businesses, we have a report from the white house more than 50000 afghans are being housed on military bases around the country are they being properly vetted before they walk off base, joni ernst wants answers to those questions from the white house all ask her if she has any answers yet, she is next. ♪
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♪ ♪. stuart: the beach boys take get us underway, why not it's 58 degrees at the white house cool and crisp good fall weather, 52% this is a gallop poll, they think the federal government is to involve in their lives and businesses, hillary vaughn is with us, that complicating the president spending push. >> it within the same survey 57% of independents say that they think the government is doing too much that is way up from last year with 38% of independents said that and that could be a major voting issue if president biden is successful in
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passing the massive social spending package that would increase government involvement in almost every sector of american lives but in some instances people think the white house is not doing enough to address major issues in the supply chain especially when there is an infrastructure package that would do exactly that $17 billion is included in the infrastructure package to help the more resilient and address bottlenecks and expedite commerce but transportation secretary pete buttigieg said yesterday he does not think that congress should pass the infrastructure bill before the social spending package, he also defended taking maternity leave even though he is in charge of transportation and is a person to handle the supply chain crisis, he says he still took calls even from the hospital but did not explain why he did not appoint an acting secretary to
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fill in for him while he was out for two months instead he said his deputy was taking care of it he said the ports where goods are waiting in the vote and shipping containers off the coast is a sign of success because it represents record-breaking buying by americans and that is indicated above wages going up and people being back on the job but this problem is not going away anytime soon and new survey from the wall street journal forecasted that the supply chain issue, the bottlenecks were experiencing in the inflation that is part rising because of that crisis could last well into 2022. stuart: thank you very much, or than 50000 afghans are being housed on military bases around the country, 6000 have been resettled in local communities. joni ernst is with us republican from the state of iowa. what is the vetting process for
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these refugees, i have heard reports that they are simply walking off bases on vetted, what are you hearing. >> that is the question, we don't know what that vetting processes. i read a letter to the dhs and the pentagon with 15 of my colleagues asking the very question and explain the vetting process and to put a pause on the process because we have had reports of 700 afghans leaving the military bases before they were fully vetted and briefed. there is a huge concern amongst the public that we are not doing this properly we need to get to the bottom of that that's what impression dhs and the pentagon. stuart: the problem would be terrorism i take it, we seem very difficult examples of terrorist attacks very recently in europe, i take it that you're worried about the same thing happening here? >> were worried about terrorist and were worried about sexual predators, you name it we do not
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need criminal elements entry into the united states without pushing back on this, that's exactly what were doing here in the united states congress. stuart: can i change the subject for a second, look at this massive. patrick and other spending there're several new entitlement programs within the huge spending plan would you vote for any new title and program. >> absolutely not this is the march to socialism that president biden and the democrats are engaging in at three and a half trillion dollars of taxpayer money it is laughable when the president says this cost nothing $0, yes it does the price tag is 3.5 trillion in it is providing additional social welfare programs believe mewe have a lot of programs that will help those that need assistance for what they're doing is broadly expanding programs and once the
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programs are put into place is very hard to undo the. stuart: you cannot undo them once a government gives you something to has to get forever that is my personal opinion, thank you very much for being with us, always a pleasure. >> check the markets we are on in the green, a nice turnaround for the opening bell the dow up 24, nasdaq 50 a small gain for the s&p, i see green, facebook ramping up the hiring for the virtual reality project, they will create 10000 jobs for this project all across the european union that is the highest specialized role, highly paid that will make a pretty good pr for facebook in europe i would say, how about amazon the and also holiday hiring plan i am intrigued how many people will they hire for the holidays it is got to be a big number, what is the big number?
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ashley: how about 150,000, that is a huge number, seasonal employees in the u.s. to help with the expected surge and holiday shopping that is 50%, more holiday workers than last year amazon says the workers will pick, pack and ship all across the country here's the other interesting point average starting pay will be $18 an hour amazon is offering a 3000-dollar sign on bonus in some locations along with an additional $3 an hour for workers working some shifts just as another example of how competitive the labor market is, by the way rivals, others are also adding perks to try to attract more workers. stuart: $3000, 18 bucks an hour getting 150,000 people with the labor shortage, what a story thank you very much, don't
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forget to new episodes of my show american built tonight, and one episode will be looking at the polio vaccine. watch this please. >> shutdowns, quarantine, hospitals at the breaking point, a disease that struck without warning. >> we don't know who it could be your child. >> the dramatic roads to start in the gamble of a lifetime. >> america held its breath. >> the incredible story at the largest medical experiment in history. >> if they succeeded they would be part of saving children in america from polio, they were on a mission. >> what it gave us the polio vaccine. >> is really a great story i remember those days american every monday 9:00 p.m. eastern right here on fox business. there is this a washington state
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trooper who quit then comply with the vaccine mandate he has a message for the governor, watch this. >> i'm being asked to leave because i'm dirty, this is the last time you hear me in the state patrol car. stuart: we have more on that coming up shortly we also have molly mollie hemingway she is out with a new book called rig and she joins me next. ♪
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♪ ♪. stuart: that is new york city you can tell that fall has arrived it's only 56 degrees it is chilly outside i have a headline for you white house not stolen but bought with zuckerberg's money that is the subject of the new book rigged by mollie hemingway and she joins me now, great to have you on the show is been a long time, don't be a stranger, give me the story let me get this right the
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white house was not stolen it was bought by zuckerberg's $400 million, explain your case. >> facebook ceo mark zuckerberg one of the wealthiest and most powerful men gave $419 million to two nonprofit, two left-wing nonprofit that gave money to take over the governmental election a administration this is not campaign spending this is not buying ads or doing things that you traditionally associate with the campaign spending but taking over the government offices that handle everything from voter registration to ballot design invalid translation of accounting the $419 million was given predominantly to blue counties in swing states and ended up having partisan results driving up the number of biden votes in a meaningful and significant way because the money was so well targeted for democrats in these counties and made all the
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difference in the world. government offices should not be funded by tech oligarchs. stuart: was this deliberate and designed plan, i'm not quite called conspiracy but they all get together and say $400 million from mark zuckerberg look what we can do with that by design. >> the same amount of money that the federal government spent on running the election in 2020 it's a staggering amount of money researchers have looked into what the results were and it definitely looks targeted money was given predominantly to democrat counties in swing states so philadelphia gets $10 million to help with the vote operation were as a republican county nearby got $5000 groups that did this is a bipartisan way funded republican or democrat counties on a per capita basis it was not even close this is funding per democrat voter and in the swing
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states where it matters these groups like to fund states like georgia, wisconsin, pennsylvania, arizona and you might remember those as the ones that went from the trump column in 2016 to the democrat in 2020. >> i am yet to receive my free coffee but when i do i promise i will read it because that sounds absolutely intriguing and i've never heard about that before this is brand-new original information i want more, thinking for sharing we appreciate it. thank you a lot, see you soon. back to the markets the dow is now negative but a nice gain for the nasdaq up 50 points keith fitz-gerald is with us now i want you to tell me about netflix they report tomorrow they have a squid game thing going really strong are you looking for strong report from netflix because the stock is done very well recently.
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>> the stock is done exceptionally well and it surprised me the squid game is great if they can hang onto the revenue i think they might turn good numbers the thing that concerns me netflix is a one trick pony, it's going to be like coke and pepsi eventually your fighting over the same drinkers in this case viewers with other competition like disney and hulu i don't own a i'm not planning to buy it but i'm looking at it because it tells me about the state of digital viewership. stuart: tesla reports wednesday afternoon what are you looking for their. >> i'm looking for real strong numbers i don't own enough shares people laughed when they said it was going to be a thousand dollars a share they think about in terms of cars but it's a solar company a data company in energy company a trading company it is so far ahead of the rest of the competition that i'm not worried about the numbers themselves vis-à-vis how other in a list view it you lawn musk will power
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up and i probably don't own enough shares. stuart: next monday facebook, at that point we find out if the new subscribers or users have come down or moderated its growth because of the negative publicity. >> that's going to be an interesting one whether or not new or old users i think the key will be advertising but i have to imagine the conversation we had a couple of weeks ago the board has got as serious questions because of the whistleblower is correct and facebook has been lying to its board that is big time territory and that will come out. stuart: tesla is one that you looking at as the most likely by of these reports. thank you very much for being with us today. nurses are suing to keep their job after they refused to get the vaccine, they claimed they were denied religious exemption
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their lawyer would join me in a moment, barstool famous for his pizza reviews, watch this. >> there it is. >> i wish i had more 70 this is a very good weird. the tables have turned, i will review dave's new pita bread shortly. ♪
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wellcare. it's medicare done well. ♪ ♪ ♪ ♪ ♪ ♪ deposit, plan and pay with easy tools from chase. simplicity feels good. chase. make more of what's yours. stuart: to the market we have the dow in the red but the other two indicators in the green there's not that much stock price movement today six nurses in illinois suing the hospital because they were denied a religious exemption from the
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vaccine mandate daniel is their lawyer enjoins me now, can the state legally deny any claim of religious exemption? >> i think we need to start by recognizing these nurses are heroes there on the front line every day and this pandemic serving their patients and now the hospital will throw all of them away because the nurses refused to compromise their held convictions, that is not just wrong is illegal, these nurses have a sincerely belief and their employers need to respect that. stuart: backgrounds was religious exemption deny? >> these nurses exempted and transmitted exemption with the law of illinois and the hospital denies all exemption request from any employee who interacted with patients in any way the law does not allow that they require us to protect the rights of conscience for people in healthcare especially to deal
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with the tough moral decisions every day the law is there to protect their liberty and the rights. stuart: when will we get a resolution in this. >> the hospital is threatening to fire these nurses on october 31 we are asking for a judge for emergency relief to make sure these nurses continue doing their job in serving their patients and not be put in this position to choose and being coerced between choosing their job in their faith. stuart: we need a resolution quickly we want to know how many people will go missing with the mandate is in force, thank you for being with us, please come back were very interested in following this case. stuart: a washington state trooper was fired for refusing vaccination, along goodbye. >> certainly did today is the deadline to be fully vaccinated or risk losing their jobs and
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the one identified veteran state trooper who refuses to get the job released the video of the final sign off after 22 years of service and here's part of the final goodbye with a special message for the state governor, take a listen. >> i would like to thank the citizens of the county and my fellow officers in the valley without you guys that would not of been very successful and you kept me safe and got me home to my family every night. thank you for that. i wish i could say more but this is it 1034 this is the last time you will hear me in a state patrol car. stuart: that is saying they can kiss his you know what, he received plenty of praise for his public service on social media saying 20 plus years of experience is almost impossible to replace by the way washington
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state vaccine mandate is one of the strictest in the country according to the seattle times more than 90% of state government workers there are now fully vaccinated but those who are not our outs. stuart: no religious exemption, nobody gets out of this you take it where you're out, one of the other i would like to know how many other police officers in washington state are going to refuse and how far down is a workforce and what is the impact in washington state, what is the impact, good stuff, thinking back to the market really fast not much price movement the dow is down 42 i did even split between winners and losers among the dow 30. please take a look at this, mickey mantle rookie card it could sell for $1.75 million at auction collectibles are back sports memorabilia can golden is
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(other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights.
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stuart: new york post reports
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major league baseball is in talks to launch its own streaming service it would be an online platform and allow fans to watch her favorite teams without paying for cable it could be available as early as 2310 goldman is with us sports memorabilia superstar himself, what do you have coming up, i want to start with ricky mantel card we told him the $1.75 million is at a minimum price? >> we think it can go higher on a scale of one to ten, is the most desirable baseball card in the past 100 units it is breaking in its one of the two or three nicest copies one of these has sold for 3.2 million so 1.75 million i believe were being conservative in this auction and all the other items were about to show this saturday
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night. stuart: let's move on to lebron james signed rookie card patch did i get that right? >> this is unique is limited to 99 from the brand called exquisite is desirable of all lebron james in this particular one has an extra value be number 23 of 99, we expect this to exceed two and a half million dollars. stuart: just out of interest who buys these things and what do they do with them, show them in their own personal collection or an investment or what. >> a lot of people are treating these as alternative investment in assets and a lot of people placing them on the wall and others and display is divided between collectors, investors in their hedge funds and mutual funds that are buying this kind
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of like a little bit of art encrypted and things like that for alternate investing. stuart: you've done well i want to move on i've seen it described as footballs holy grail tom brady championship ticket card tell me more. >> this is simple tom brady is the greatest football player of all time is desirable and this is his best card is the championship ticket only 100 issued this one is great 8.5 out of ten with ten autograph it's really about as good as it can get we expected to exceed 1.75 and possibly push $2 million if you want to own a high-value tom brady card this is the only one that you need to own. stuart: one more line all messy his signed membership card.
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>> this is his football card dating back you see a cute little picture of him as a 10-year-old boy it is dated between 1995 and 1997 and is truly unique this is the earliest known item collectible of him in the earliest autograph of him and it has a photo on it is one-of-a-kind and being very conservative when i say $100,000 plus it would not shock me if the worldwide interest in this pushed it several times that. stuart: you just got interested in whatever guys in the studio who is an avid fan and he's all over this particular story he might not be bidding in the auction also what he has to say. tom brady touched on experience, what is that.
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>> exactly this gives fans the opportunity to catch a touchdown pass from tom brady to take place in the off-season it gives you two tickets to the game against buffalo for the rematch versus josh allen and the buffalo bills. this is extraordinary get to meet tom brady and get an autograph and catch a touchdown pass from tom brady and this is one of six experiences that we have in the auction for charity that were very excited about. stuart: that's a new thing auctioning off experiences. >> it is something that we find helps the charities and helps them raise money and bring people closer to the heroes and is something that you try doing experience. stuart: is the auction early active live. >> it is live at golden it runs through saturday night, if you want to
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register, go there and register to bid we approve everybody on a credit basis to make sure they can bid in the auction closes at 10:00 p.m. eastern time this sunday night you better go there now, a thousand other items, all of them are great. stuart: you are really doing well don't forget we put you on tv. >> i love you guys. stuart: you're all right we hope to see you again soon. 1154, the trivia question what is the current world record of the long jump, the answer when we return.
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stuart: we just asked you what is the current current world record for the long yum. 29 fight, 4 1/2 inches, an american, mike powell set that record literally over 30 years ago. 1991. it was the world championships in tokyo. it wasn't until powell's fifth jump he set the world record. i seem to remember when i was growing up, jesse owens record, the olympic record, was 26 and 3/4 inches. that was the record for about 30
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years until powell broke it in 1991. i saw something arrive in the studio which i have to sample. we haven't cut the segment out. i can't pick the whole thing up. ladies and gentlemen, excuse me. this is, oh, god, can't do it. hold on. hold on. here is the story. give me a napkin or something. bar sometime guy, dave portnoy, is famous for the pizza reviews. portnoy sent me of 59 of his one-bite frozen pizzas. i will review it. i was going to review it tomorrow. i will review it now. we just got a small piece which is sufficiently unfrozen, not not entire cooked i will try it anyway. i believe it is the one bite rule. dave, one bite, makes his review. so here we go.
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well, it is still cold. not fully cooked. but even so, it really is very, very good. trying to speak here with my mouthful which is something my mother told me never to do but nonetheless i think bottom line for me, this is an 8.5. i think that is very high on dave's scale but i will give it a 8.5. i bet he will come meant on it tomorrow. neil, it is yours. neil: you didn't eat it with a fork and a knife. stuart, thank you very, very much, my friend. we're a draw between buyers and sellers right now but much of the investment world, much of the general world, remembering a secretary of state in the end was his own man. you heard colin powell was dead of 84. died of covid we're told even though he was fully vaccinated. we'll get to that in a second. jennifer griffin at the impact


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