tv Varney Company FOX Business November 8, 2021 9:00am-12:00pm EST
maria: it is true ryan? >> below the, rotary iran cross-country, runners are the best. maria: a big congratulation for cheryl casone for running a marathon. she is amazing and she will tell us all about it when she comes back. good to see you dagen dowell, ryan payne and have a great monday to all of you, we'll see you back here monday morning, same time, same place. "varney & company" begins right now. stuart: good morning maria and good morning, everyone. there he goes again elon musk makes a big headline saturday and his stock pays the price this monday morning. in premarket trading tesla is down about four and a half - 5%. here is a story elon musk asked twitter users whether he should sell 10% of his stock this is his response to the billionaires tax. 58 - 48 said go ahead and sell.
elon musk said he would abide by that decision. no word on when the cell might take place. it's down to $1100 right now. more fallout, crypto is rallying, musk is a crypto investor buddy selling tesla stock. the crypto folks think that is a positive and bitcoin and ethereum are very close to all-time highs. as for stocks, they are up again adding to last week's record level) the dow industrial should be up 150-point, way above 36300. the s&p on the upside of maybe nine points, that would be a record. the hurt by tesla, down by a point this moment. politics, bad news by the democrats as they try to rebound from last week's chaos. the president's approval rating has sucked a 38%. the vice president's approval is down to 20%. perhaps were 64% do not want
president biden to run in 2024. meanwhile former president trump says he will announce his plans for 2024 after the midterms next year. most commonly asked questions of politics, will trump ron, should trump ron, could trump win? those are questions that he gets a lot of the time. bad news for the presidents vaccine mandate on private companies. a federal judge has blocked it citing grave statutory and constitutional issues. here we go, another monday morning valley for stocks and crypto's. a struggling presidency with a bitterly divided democrat party. that's what we have. it is monday november the eighth 2021. "varney & company" is about to begin. ♪ .
stuart: the people on twitter said go ahead and sell, it is a crazy story. lauren, good morning to you, take me through this crazy story speaker he's a crazy executive. elon musk crowd source this decision. 58% on twitter said sell shares, that is attentive is taken tesla worth $20 billion. but musk points this out, i do not take a cash salary or bonus from anywhere. i only have stock, that is only way for me too pay taxes personally is to sell stock. dan eyes of wedbush that the twitter pool is bizarre. who now, he goes by lloyd edge on twitter. i would just say there's two main things to watch what is the
sec's response to this, his tweet has materially impacted tesla share price. it is down 5%. what does elon musk do. he says he will listen to what the twitter user said but he has a big tech bill due for stock options that he was awarded in 2012 they expire over the summer. he could've $15 billion federal and state. that offer some insight into why he left california. stuart: is certainly does. i'm going to bring in jason katz, market watcher to join us now. what do you make of elon musk asking twitter stock advice. >> frankly i think it is reckless. there are a lot of people who take their investing seriously, they don't have nearly as much money as him, obviously. they take his poles and tweets to heart. i'm not so sure that should be the forum for him to express those views and/or will the sec
view that as well. stuart: nothing bad ever happens to him when he does these tweets. who knows what'll happen. i read your stuff in row right now at record high levels stock prices. you are telling people, jumping now. it is time to get into the market. i was not expecting that from you, justify it is. >> i'm gonna say stop hating and start participating not necessarily jumping in. last week was unequivocally good, there was good news on every front weatherby the job numbers, beating expectations, another antiviral earnings surprising to the upside, a little bit of less onerous tax policy. i think you need to stay invested, simply because with rates still accommodating we will not see another rate hike for 6 - 7 months. there is no alternative.
it doesn't mean that you do it recklessly and blindly. there are certain pockets of this market that are frothy and others that are reasonably valued. stuart: tell me a pocket in this market that is incredibly reasonably valued. >> i will give you a perfect instance, global healthcare is at a 14% discount to the broader market at large. it's one of the largest disparities in valuation that we've ever seen for that sector. the democrats have somewhat landed on price controls, now the market has discounted the factor into the share prices. folks like me and you are living longer, healthier lives, we will need these medicines. the healthcare arena is one of the most investable places you can find. stuart: healthcare, global healthcare is the place to be. thank you for being with us is monday morning, good stuff we will see you soon. president biden just brushed off
questions about supply chain issues. it sounded like the president was talking down to ordinary folks. >> it did seemed like that and it was on an issue that has become applicable liability, listen to the sound bite as the president tries to explain the supply chain, but really appears to be talking down to us instead. >> we were going out having lunch together and i said let's ask whoever is at the next table no matter what restaurant we're in have them explain the supply chain to us. you understand what their talking about, their smart people. it is a complicated world. you can understand why people are upset. whether you have a phd or you're working in a restaurant. lauren: also blame the media for not explaining it well. listen here. >> you all right for a living, i haven't seen anyone of you
explain supply chain very well. i'm not being critical, i'm being doubly honest. when your editor says explain the supply chain. okay? lots of luck in your senior years my coach used to say. but i sincerely mean it, this is a confusing time. confusing time. lauren: i did not hear him on packet, did you? stuart: i did not. if he wants a quick idea of the supply chain crisis look with the public provided on this program. this is for you to, the federal appeals court ruling temporarily blocking the presidents vaccine mandate on private business. we got that, now what happens next. >> the white house must defend their decision behind the mandate by 5:00 p.m. tonight. has osha exceeded its authority in mandating vaccination and some legal experts say the best challenge here is 100 worker
demarcation. escovedo is a grave danger why is it only for large companies with 100 or more workers. that might be the best challenge for them to go after that if they want this defeated. stuart: they've got to defend it in mandate on private business by 5:00 o'clock eastern time. the crunch is upon us. the crunch by the way is on the president. a new usa today poll shows the president's approval rating has set a new low, 38%, how does this affect the democrats going into the midterms. lauren: and shows the debts of the hole that they have to dig out of. 59% disapprove, 46% say biden has done worse than they thought and that includes the people who voted for him. after what we saw tuesday with the election particularly in virginia and coming close to new jersey. with one year to the midterms, democrats likely have to reconsider the spending package
because this poll asked them about big back better. only one in four said that type of expansion of government would help them and their families. only one in four. stuart: that is fascinating. show me a theory and police. in new all-time high. if you take all the crypto together do we have any idea of how much the entire crypto market is now worth. lauren: quite market caps is $3 trillion. one and a quarter trillion is from bitcoin, 560 billion from ether, ether is growing big time, do you want to know why, the token the under pins in syria block chain which is used for nft's. some say ether can have a bigger captain bitcoin by the middle of 2022. either way, crypto currency is here to stay even the mayor elective new york city erekat them says i'm going to take my first three paychecks and bitcoin and were gonna teach crypto in school because it is
new but it has power and were seen that transition right now. stuart: crypto is up this monday morning. a look at futures and stocks, everything is up. the dow is going to open with a gain of well over 100 points, ten-point gain for the s&p a fractional move-up for the nasdaq. a high ranking democrat says the president sinking poll numbers which we just showed you, have little to do with his performance. >> i don't know that anything has gone wrong. the country is in a bad place. it's a real tough time to become president of the united states. stuart: we will take that on at the top of the 10:00 o'clock hour. the administration insist trillions of spending will help bring down inflation. watch this. >> i want to point out how important it is to recognize the economist who tell us this bill back better vision will help with inpatient.
stuart: i will ask economist stephen moore about that claim right after 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. 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 ♪ ♪ there are beautiful ideas that remain in the dark.
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♪ ♪. stuart: that is ocean city new jersey. it is sunny and 52 degrees. the beatles are playing, it does not get much better than that on a monday morning. democrats did indeed pass the 1.2 trillion dollar infrastructure bill for the fate of the huge gigantic social spending plan, that is up in the air. hillary vaughn on capitol hill.
the administrations is passing the spending plan will use inflation. what are economist dane about that. >> if it's not paid for it won't ease inflation, it'll add to which is why moderates in the house and senate want to score from the congressional budget office before they move forward and support the $1.75 trillion package. until the c.b.o. score comes out, we don't know if that's the price tag and if it's fully paid for. the reason why inflation is on top of mind for members of congress right now because when you will and inflation compared to latest, inflation is way above what hourly wage weight increases are which means workers may be making more but the pain a lot more for everything which is why people like senator joe manchin is really concerned about adding the social spending that is really untargeted spending into the economy without knowing how
much it's going to add to the deficit. there is also a challenge for the biden administration. a new usa today poll says only one in four people think the bill back better bill, the social spending package, would actually help them and their families. the president is going to need to convince the american public as well. this is something that is actually going to benefit their daily lives. right now the house is essentially started the pathway to begin the debate bypassing the role on the social spending package. but they have not passed anything get in the house. it needs to be set to the senate and it can change dramatically their as indicated. there is a lot that can change about this package even if we get the c.b.o. score in the next week or week and half. stuart: i think there is a lot that will change in the senate. thank you very much. how many times have i said this on a monday morning, we need a
real economist and we got one stephen moore on the right-hand side of your screen. your judgment, does the infrastructure package mean more inflation? >> there is a lot of anger on the republican side of the aisle amongst conservatives around the country that republicans provided the votes that nancy pelosi needed to pass the horrid spending bill 1.2 trillion than the $3.5 trillion bill that they want to pass in the weeks ahead. of course if you spend more money, the math and economics is so simple. i know pete was a real expert, he was the mayor of south bend, indiana may not get this. but if you spend and borrow and. three - 4, $5 trillion, by definition that causes inflation. it is not a coincidence when
biden entered office, inflation started to get worse and worse each month. were facing 6% inflation or very close to that. every indication it'll get worse before it gets better. i guarantee if we continue to. money like this and spend it to the government and paid for by printing money, it'll make inflation much worse. the other thing that people do judge said in the same interview. he said i don't see any problems with 50% tax rates. we have had 50% tax rate since the 1970s when jimmy carter was in office. that was a catastrophe the country. there's a new study that shows the bill back better plan passes, the united states will virtually high tax rates on our small businesses of any country in the entire world. stuart: when the bean counters have a look at the bill back better plan, they will report in
a couple of weeks. what do you think they will say, what is the true cost of bill back better? >> that is a great question, they are being counters and will see what they come up with. i'm in a make a prediction on your show, i think the revenues that they're estimating from all these tax increases, they're estimating they will collect hundreds of billions of dollars by more irs agents. does anybody really think mark zuckerberg and bill gates and warren buffett and jeff bezos are going to pay more taxes. that better accounts and better tax attorneys in the government. they're not going to pay more taxes. i'm going to estimate that their overestimating their revenues from this bill by about a third period that means they will be short trying to put a square peg in a round hole and the numbers do not add up. it'll be catastrophic. this is going to be a ferocious bite, world war iii in the weeks ahead. i don't think losey will get 218 votes in a nothing chuck schumer
will get 51 in the senate. stuart: if the chaos continued the president's approval rating will continue to slide. not good, see you again soon. now this democrat senator is looking back on terry mcauliffe lawson virginia. what is mark warner saying? lauren: he says the party needs to show that they could produce something. >> what a difference a week makes. if we could have been talking about the win and showing the job creation that actually has been taking place, things might have been different. >> different and they think terry mcauliffe could pull off a win? >> absolutely. lauren: senator warner's point, if they passed bipartisan infrastructure before the election, democrat would've one. but if you look at virginia it was more than infrastructure it was about parents, standing up
for rights and freedom. there was a lot of issues that came into play to turn virginia red. stuart: not to mention inflation which is visible to everybody. check features. they are opening this market in seven minutes time, i see green this monday morning especially for the dow up 157 points. the opening bell is next. ♪
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stuart: tesla a huge drop down 5.6%. here is keith fitz who has been in the past bullish on tesla. here is your chance, he may sell 10% stock, the prices all the way down are you buying any of the shares that he may be selling? >> absolutely people confuse this with all heck breaking loose. he's not leaving the company and is not stepping aside for management and is not changing the business case. every seller has a buyer including his share. i'm still on the table at $2500
a share 36 months from now. you bet i'm in on this. stuart: do you think is been irresponsible how he tweets this and hurts the market and his own shareholders? >> that is a tough call liquidity events like this happen for all the various reasons. you could sell the house, by a college education for your young ones. maybe he's going to start a whole bunch of new business which to avoid the tax bill. stuart: this is different you put out a tweet on a saturday night and inviting users saying should i sell 10% or not, what kind of thing is that 15, 20, $25 billion. you should not be doing that. >> i would agree with you personally for elon musk has a habit of breaking the rule board and i think he was asking legitimate questions and perhaps he could've framed it differently.
i totally agree with you on that one. is it wrong, i think the jury is still out. stuart: moving on to meta, formerly known as facebook. when they change the name the stock went up, the name change works, are you in on it? >> absolutely not the facebook pressure is mounting on this, everybody is complaining about him invasive he can control hate speech, they're wondering if the maeda versus good to be a happy-go-lucky place. disney is not running this, it's going to be honing in on your emotions, the personal information identification will be needed to create the meta verse. it's jaw-dropping we don't need to worry about the russians and chinese of the security of our data if people are contributing to this thing. stuart: last week the fed tapped on the brakes or said they were going to tap on the brakes and the market went up, is that the normal market reaction to tap on
the win 65 correction since world war ii and again, over 10%. i would some 80% of the stocks will run higher as long as we can manage this. that is the key. stuart: the rally continues, thank you very much we'll see you again soon, the market is open on this monday morning november the eighth we've open right from the get-go, were on the upside to the tune of one digit 70 points the dow has cost 36500. it is at an all-time high. as you can see from the left-hand side of the screen, the sense of the market is just about everything is up. how about the s&p 500 that is also on the upside but less than the dow is up a quarter percent and the dow was up a half percent. the nasdaq composite up a
fraction because tesla weighing down the nasdaq. big tech across the platform, everything is high not huge games but big tech is doing well. now tesla down, even losing more ground. it was down 5% premarket and is down 6.7% now that we just open. good morning to you, more news on tesla? susan: the tax bill, we know elon musk part of the 2012 compensation package he had to pay $15 billion in taxes. some say he is the king of marketing. people are talking and launched the twitter poll. it's more significant, tesla's delivery numbers. if you look at them 54000 cars rolled off the shanghai production line, 40000 being shipped as exports. that is a tenfold jump in october from september and also
raising the target price $1400 that is a straight high for tesla as you know you also have to factor in the trillion dollar infrastructure package seven and a half billion dollars for charging stations that not only benefits tesla but lucid which goes 100 miles plus longer and a lot of competition out there. stuart: i know you're gonna move on to lucid and vivian but the market does not like it when musk fools around with tweets on a saturday night and brings the market down. i interrupted you, go ahead. stuart: were putting on the supply, $21 billion supply, that usually depresses supply and demand and that's how it works in the market. but i want to talk about competition. vivian is going to be a great ipo, they're backed by amazon aiming for $65 billion increase in the ipo price range from
72264. dealey is launching its electric truck as well. stuart: that is competition in the market, tesla is right in the middle of it. let's get to crypto's, you know more about this than i do we just reported the total value of all crypto's is now $3 trillion. susan: quadrupling. i looked at the numbers this morning, bitcoin was the company at 1.2 trillion dollars, it'll be the fifth or sixth largest company in the world because of facebook, tesla, even nvidia, theory and hit a record high today, this morning. solana did that last week, except 20%. this is a force largest crypto currency, third-largest depending on which day. it does the boom, ethereum, the block chains for nft trades. you're looking at a rally today and those crypto place coinbase
et cetera. stuart: block chain companies are doing very well, the dow was up 230. here is another big story regeneron the antibody therapy shows long-term protection against covid that is important. susan: eight months of protection reduces the risk of contracting covid by 81% according to these clinical trials. regeneron authorizes last november, we know then president trump was treated with it and you also have the pfizer pill last week reducing deaths and hospitalization by 90% the merck drug 50% effective in both expected to be fda approved by years end. with all these available treatments people are saying that we could see the end of the covid pandemic early next year and think about the knock effects with the u.s. economy reopening. stuart: i am in on that one.
disney up about 1%, not bad, what is the story. susan: two factors the marvels internal movies brought over $71 million, not bad. globally $161 million, that's the second-highest global weekend box office take this year but if you dig into the details to lowest opening weekend for the marble film since antman in 2015. antman was pretty good, the marvels reviews have been pretty bad the worst reviewed marvel movie ever but disney benefiting from the reopening trade the national travelers back today one are allowed in u.s., that is part of the reopening theme airlines, cruise lines taking part. stuart: the international travel begins today, i arrive in america today, probably vaccinated. a sad story, live nation down after eight died during travis
scott's concert in houston. susan: that's why live nation is down close to 7%, live nation and travis got have been named in lawsuits in the concert tragedy over the weekend. live nation organizes asked her world event in the lawsuit says the mass casualties were preventable, predictable with safety protocols being breached by live nation and obviously is a very tragic story and live nation being named in many of these lawsuits for liability. stuart: one more, the stock you and i have been talking about, nvidia, it is still on a huge tear. susan: $307, we are closing in on a hundred billion dollars market cap, the largest chipmaker in the world, nvidia is trading, it's gone vertical so far this year. it is up almost 120% plus so far
in 2021. that is because nvidia is going to benefit providing all the chips in the headset to the virtual world and that's why it's gone vertical. stuart: fantastic up $100 in a month. let's look at dow winners. show me the list. admitted different studio so i can read it. american express, visa, intel down, the s&p 500 winners headed by vi actress which is a company i do not know, the steel producer in that list and volta materials. how about the nasdaq winners, who is on that list, nvidia, $10 gain, three and half% higher, that is the winners. let's get out of the financial market for the second spot. we've opened with a nice rally, everybody is happy. first he questioned new york city's vaccine mandate. now the mayor elect is coming
after masks in schools. watch this. >> we can find a safe way to do it, i look forward to get ready to masks. i think part of the development and socialization of a child is the smile. not being able to see the smiles of our children, i believe there has a major impact. stuart: let me editorialize, common sense may be coming back to new york city one can hope. the administration laughing off doing anything about high oil prices. watch this. >> what is a in-home plan to increase oil production in america. >> that is hilarious i wish i had a magic wand. stuart: not much to laugh about when you have a 4-dollar gasoline. federal judges blocking bidens vaccine mandate on private businesses because our great statutory and constitutional
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lauren: welcome back, varney will be back in just a second period the federal appeals court judges blocking president bidens vaccine mandate on private businesses. indiana attorney general joins us now. good to see you. could you explain the grave and statutory constitutional issues of this mandate, what does that mean to the everyday american? >> it means that congress when they enacted osha simply meant for the agency to make sure
employees were safe in the workplace and joe biden and his far left administrators are taking the mandate and saying we want to make sure everyone's health is safe wherever they are at church or home, anything goes way beyond what congress intended osha to do. that's a basis of our lawsuit both in private businesses and public business public entities all across the country. lauren: who wins? >> we will fight until we win no stone unturned. if you zoom out when we get through this, we have to commit at the country as voters as taxpayers to only send people to congress were going to take back their lawmaking authority. were in this position because we see so much authority who become
the lawmakers and then when someone like biden in the left common they extort and exploit that authority orally given to the old elected bureaucrats. .lauren: is and at the biggest worry that if they do get it through is not for just largest is businesses of all sizes struggling to get workers to be able to mandate vaccination? >> is absolutely ridiculous this will hurt the economy it will not win hearts and minds. it's not about the shot for the left it is about how much we can control people's lives. this is just another inch, foot or yard in that direction. lauren: can you say that the mandates work, if you look at tyson foods they were early on in mandating vaccination for the 120,000 employees. once they said you need to get the shot and we need to keep these plans open to get meat to the country, 61000 workers got
vaccinated. in that sense these mandates do work. what would you say for an example like that. >> may be as correlation or coincidental but you should never trade your liberty. number two, getting job with an experimental drug, tell it's been five or ten years during fda process, it is experimental. but that should be between you and your doctor. the fact of the matter is you not keeping other people safe because the delta variant is not affected by this vaccine. .lauren: we hear you and so does much of the country. now this is surgeon general yvette murphy says they will defend president bidens workplace vaccine mandate against any and every challenge. >> having these types of requirements and workplaces will be not only helpful but a necessary step to accelerate our pathway out of the pandemic. stuart: business and retail group say it'll exacerbate the labor shortage and worsen the
supply chain crunch 27 states filing lawsuits saying this mandate is unconstitutional. 59% of americans fully vaccinated in case you were wondering. democratic governor coming out against the president vaccine mandate. democratic governor laura kelli of kansas says this. yesterday i reviewed the new vaccine mandate from the biden administration. while i appreciate the attention to keep people safe, a goal i share i do not believe this directive is the correct or the most effective solution for kansas. guess what, she's up for reelection next year end if you look at the vaccination rate in kansas it is split. about half the stay is vaccinated and half is not. she's leading in her popularity as she faces reelection. what do you call it when sesame street big bird promotes getting the job. we will tell you what tag cruz calls it, propaganda.
stuart: here's the good news u.s. airports are open to international travelers. grady trimble at chicago's o'hare, are the lines going to be long getting an especially through customs? >> it sounds like it delta ceo warns that this is going to be a sloppy process. those are his words and you can expect long lines if you're coming in on a international flight. delta says many of their flights into the u.s. are going to be completely full. united airlines is expected about 10000 more passengers to fly into the u.s. this week compared to a week ago. a crossed airlines a surge in interest for people searching for international flights into the u.s., up about 338% in terms
of searches on the travel booking up all people flying into the u.s. from other countries would have to be vaccinated, the have to show proof of a negative test within three days of their flight, the same goes for vaccinated americans, unvaccinated americans will have to show within 24 hours of their flight, the airlines will check those and you get to customs they will check it again. that's where those lines could happen at the origin of your flight and once again when she get into the united states. it's not just flying the land borders reopened today and they're already long lines at the us-mexico and u.s. canada border as vaccinated people are looking to head back into the united states for leisure travel for the first time in quite some time, basically since the beginning of the pandemic. a lot of developments in terms of travel but all of the business groups and businesses themselves are praising this
move by the biden administration. it finally gets travel going internationally which is a huge business for the airline. stuart: it let some people come home for the first time to, thank you very much indeed, laura and i have a question i know american airlines is offering incentives for flight intended to work into the holidays. how much? >> up to 300% premium pay, what that means triple your salary if you work straight from november 15 all the way through the new year, generally second 2022. that's a huge incentive for flight attendants. american wants to keep them it worries many are at the breaking point because operational challenges, dealing with the unruly passengers. it's worried that they will quit particularly as a vaccine mandate is set to take effect in the new year. stuart: triple your salary that should bring a few people in. thank you very much, better check the market were still in
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♪. stuart: well, good morning, everyone. it is 10:00 eastern. let's get straight to the mob any on monday morning a stock market rally. dow up 150, the nasdaq is up 33. the nasdaq is up 16,000, how about that. tesla down big after elon musk asked twitter users whether he should sell 10% of his stock. twitter users said, yeah, sell it. maybe he will. that is taking 4 1/2% out of tesla. bitcoin going the other way. very close to record highs. last time we checked, still is, $65,000 per coin. ethereum has hit a new high.
10-year treasury yield, what a mystery, all the way down, up a little bit today, well down below 150. that is a surprise for a lot of people. last look at the markets, the dow is up 176, the nasdaq is up 30. now this. support for president biden and vice president harris is sinking. a "usa today" poll conducted last week right before the infrastructure bill passed shows a dramatic lack of confidence in the presidential team. the president is down to 38% approval. the vice president, all the way down to 28% aapproval. remarkably, 64% do not want the president to run for a second term. that would include 28% of democrats. this poll was conducted right in the middle of the chaotic negotiations for the infrastructure bill. that chaos was not appreciated by voters. they don't like it. there will be more chaos with
the giant social spending bill coming down the pike. they won't like that either. i can't see that going well. chaos is not attractive. inflation is a key concern. energy price inflation will be a problem this winter. there is the democrat's woke problem. the moderates are blaming the woke crowd for losses in the last week's election. aoc is not giving away, not going away, fires back in a tweet which reads in part, woke is a term the pundit are now using as a derogatory euphemism. civil rights, justice that is dangerous. the democrat party is hopelessly split. that is bringing the president down. he can't deal with problems with the ruling party bitterly provided. republicans take note, you should not be in the business of bailing out a failing president. second hour of "varney" just getting started.
♪. stuart: as i said, republicans should not be in the business of bailing out a failed president but 13 house republicans did indeed vote in favor of the infrastructure bill. that put it over the top. mercedes schlapp joins me now. should those 13 republicans, mercedes, should they be out of the party or are they just out of step with the party? >> [laughter]. well i think they're out of step with the party. you're seeing some of these house members already announcing they're not going to run again, these republican house members. for example, congressman anthony gonzalez, he knows he will be defeated by the trump endorsed max miller. so look, it is a very disappointing that these republicans would not listen to house leadership, in essence, backing up a bill as we know only provides $110 billion to
tradition i infrastructure. the rest of it is to support these green new deal incentives and projects and trying to support these democrats others. so i just find it, stuart, to be disappointing coming from the 13 republicans who have given a win to pelosi and a win to joe biden this is just the beginning. there send titlement programs to come once democrats are able to spend this massive spending bill. stuart: the president, former president trump says he will make known his views on running in 2024 after the midterms in 2022. this is the most frequently asked question that anybody in politics, is he running? can he win? i will ask you those questions. is he running, can he win? >> look, that is the million dollar question, right. i think that it is a very telling at this time that president trump's endorsement is the most important endorsement
in republican politics. even in the glenn youngkin race he needed to build a coalition not including suburban women in northern virginia but trump voters across the state. this is in a blue state like virginia. i think right now the president is very much focused in making sure that republicans win the majority both in the house and the senate. i can tell you i've been down to march march. wemar-a-lago. these congressional republican candidates are going down there to meet with him to get his endorsement. not just the congressional candidates, keep in mind republican gubernatorial candidates are looking for his endorsement. you have a lot of these potential presidential candidates out there waiting to see what president trump is going to do. stuart: you know, mercedes, you should be at the state department because you are a remarkable diplomat that was a very diplomatic answer.
much appreciated. you're all right, mercedes. >> i try, stuart. stuart: sure. >> thanks. stuart: thanks, mercedes. we've been putting the market up on the screen because it is another monday morning rally. the dow is up well over 100. we have a pretty -- not a bad gain for the nasdaq despite the huge selloff in tesla. i want to bring in dennis gartman, our 10:00 market hour watcher of the day. dennis, you often written, huge rally precedes beginning of a bear market. the rally that we're seeing now, is this huge rally that precedes a market selloff? >> stuart, i think we are in the process of going almost parabolic to the upside. it is disconcert ising but it is what is happening. historically that is one of the precedents of start of a bear market parabolic movement of a bear market. to use much used baseball metaphor i think we're in the lower half of the 8th inning of this bull market.
it is still a bull market. stock prices still want to go sure freezing to me, from the lower left to the upper right. the fed will continue to be expansionary on to mid next year. we still want to go higher. i think prices are extremely expensive. if i were a new investor i would not enter the market here. if you're an old investor it is worthwhile being long. do more of that which is working, less of that which is not, being long is the working phenomenon. probably will continue to. it surprises me, it shocks me, it stuns me, every time you take the other side of the trade you're wrong. lauren: dennis talk to lauren simonetti now as we get stuart's shot back up. let me put perspective being new and old inseastores, being an old investor we're seeing the market for cryptocurrency, value hit $3 trillion as we hit new highs for ether. bitcoin is right up there. this stuff is hard to explain to
a lot of people but it is here to stay. >> it is hard to explain to me. certainly seems to me like the tulip bulb days of 15th century in holland. it will end badly. lauren: oh. this is interesting. dennis gartman just, his shot just went out. stuart just went out. the old guys, you're stuck with the sort of young woman right here in the middle. so i got some movers for you. we'll start with nucor steel and vulcan as you can see on your screen. the flat rolled steel company, cleveland cliffs, they make material using sidewalks. why are they surging leading the s&p 500 today? they are material stocks. the bipartisan infrastructure bill just passed the house commits 500 billion to building roads and bridges. expedia, for a gain of 4%. they got a pair of price target increases. susquehanna has them at 190
where they are right now. they like their alternative accommodation story even post pandemic a lot of people will not want to stay in a traditional hotel. finally, peloton continues to backpedal. the stock on friday was down 35%. look at this, down another 9% here, hitting an annual low of $50 and 47 cents just moments ago. remember when the stock was at 171. here is the deal with peloton. they missed the forecast, misread the reopening of the economy, people wanting to go back to the gym. i'm not one of them. there are people like that. they slashed full year sales outlook on friday by a billion dollars. that is a lot of money. look at walmart, they're ramping up the online grocery business amid this shortage of truck drivers. what they did, they teamed up with another company, they took the human driver, the safety driver, out of the equation and they're using these driverless trucks to drive a loop,
repeatedly of seven miles back and forth for 12 hours a day. what these driverless trucks do, they go from the warehouse to the fulfillment center. it is called the middle mile. we often talk about the last mile. this is the middle mile. they do it over and over again, saving walmart time and money. if you put a figure on that, saves them up to 30% in logistics costs. doing that in the grocery business, saving money when it is so hard to make a profit that's a win-win. now this one of the world's largest investment firms, it needs permission to hire white men. part of a new diversity hiring initiative. we'll tell you about it. new york city mayor-elect eric adams wants to nix new york city's mask mandate despite mayor deblasio saying he would keep it in place. marc siegel will say if it is time to lose the masks for good.
satellite images, china built mock-ups of u.s. warships. how worried should we be? kt mcfarland will tell us in just a minute. ♪. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com ♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience,
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♪. lauren: it's a good monday morning if you're invested in the stock market. the dow, the s&p, nasdaq all higher by a fifth of 1%. the dow, new record high up .4% but the markets looking to extend a five-week winning streak. let's take a look at next door. this is the app that connects you with your neighbors. it is going public, immediately surging 40%. it has been halted for volatility. we'll talk to the ceo a bit later in the show. now this afghan military pilots are on the run after
president bidennen's disasterous withdrawal from the nation. they feel abandoned one telling them, i stood shoulder to shoulder with our american allies for five years. now they have forgotten us. the point if you trained us, why can't you help us? many fled afghanistan for neighboring, tajikistan. 143 detained there. thousands more stuck in afghanistan, hunted by the taliban. that is the situation we're in. now this, fox obtained satellite images on the screen, showed china built mock ups of u.s. warships. kt, good to see you. we know china boosted their military capacity in recent years. how worried should we be about these images of mock-up u.s. warships? >> lauren, we should be worried for two reasons. one, it is clear that the chinese are rebuilding their military capability. building new nuclear weapons. they just tested hypersonic
weapons. as you see from the pictures we're showing now, they have mock-up of in the desert of american aircraft carriers. they're practicing how they destroy the american aircraft carriers in the south china sea. we should be upset about the chinese military build up. we should be upset about our own military. the woke generals and admirals are losing the fighting capability. they're worried about the culture wars. studies of the united states navy, our war fighting capability, our ability to survive and defeat china in any kind of military engagement in the south china sea that is in question, that is in jeopardy. almost all of the military tabletop exercises we do where we're fighting with china in the south china sea or military engagement, we're not winning those. and why? because our own military is saying internally the focus on political correctness, on the culture wars, which pronounce to use means something is falling
out of the bottom of their training. what is falling out of the bottom? war fighting a big problem. lauren: is anyone going to change that anytime soon? right now looks like the answer is no. meanwhile, speaking of china, president xi has not left china in over 21 months. why? >> okay. so, i got a different theory than a lot of experts. some people are saying he is worried about he have could individual. other people are saying well, because he can't leave home because he is worried about an internal chinese problem with his own political adversaries not that there are any left in china. i think there is a third reason. why bother? china for 5000 years seen itself as center of the universe. they think they have a crummy 200 years when the united states and europe and others passed them technologically. they say we're back. america is on inevitable decline. talk about joe biden as a failed american president. american dysfunction
politically. and they're looking at the world, saying look, we'll not go to these international conferences being treated one of many. we're not one of many. we're china. we're china. we're the head of the world, if you want to talk to us, come to us. you can do what foreigners have done, barbarians have done for thousands of years, you come to see the chinese emperor. you put your forehead to the floor, that is called kowtow, that is their great plan. not a good look for feeble joe biden. lauren: very emboldened president xi on the contrary, right? he is looking at what could be a precedented third term? >> yeah. that's why i'm concerned that what happens in china now and in the south china sea. the chinese will look to make some kind of a move to show how powerful he is against the united states. i'm thinking maybe as soon as march, anytime after march we could see some kind of a move against taiwan hong kong. lauren: why march, kt?
>> because in february, it is march because in february are the beijing olympics. china wanting this to go really well. they want to show the world they're the leading power of the world. the same way a deck skate ago vladmir putin had the russian olympics have a great success for russia. immediately afterwards made a move in the baltics against ukraine and against georgia. i think what the chinese are doing. they want their olympics to be great. anytime after march they could start making a move. i don't think they will invade taiwan. they already shown it can do it and succeed. they will do a cyberattack. perhaps a economic attack. perhaps a economic blockade. they have the window of the end of the olympics and the end of the biden move. i think they will move while they think they have a weak, distraction washington. lauren: you're painting a very scary picture of a mighty u.s. adversary that the u.s. has in
china. one more, kt, former president trump thinks the chinese will take over bagram air force base. he said that exclusively to fox news. you are looking at it on the screen. we would have kept bagram because it is next to china. it is one hour away from their nuclear facility. we gave that up too. now china is going to take over bagram in my opinion. what is your opinion, kt? >> i think he is 100% right. we built the base, took 10 of billions of dollars to build the base. it has state-of-the-art facilities, housing, medical, mess hauls, conference rooms and very sophisticated, long, multiple airstrips. the chinese will move right in there. they are going to use it as their launchpad to create a whole new industry for them. they have always eyed afghanistan's rare earth minerals. i think they will use that as a way to get the rare earth minerals out of afghanistan and into china.
lauren: what can the u.s. do to push back against an aggressive china right now? what can we do now that president biden is not doing? >> i think you could do a whole bunch of things. one you could rebuild the american military. most importantly technology, we're spending half on technology development that we spent for example in the reagan administration. we should increase our research and very meant in the high technology. we should regain the lead in a number of technologies in the future. keep the secrets ourself. don't let the chinese steal them. we have allies. the chinese doesn't. they have vast sills. strengthen our allies in the pacific region. lauren: kt, we're spending a lot of money but here at home like equitable trees, tree equity, things like that stuffed into the spending bill. >> yeah. culture wars. we're wasting the money what we're doing. the chinese are laughing at us.
what are they spending their money on? artificial intelligence, hypersonic weapons, weapon technology technologies. 5g. the republican went off the cliff to support the biden bill. they have a lot to answer for. lauren: kt, thank you for the time. leon panetta is not president biden calling the afghanistan withdrawal a extraordinary success. it is often better to admit you made a mistake. here he is. >> and frankly to play this game of kind of always portray, even your worst mistakes as some kind of success hurts your creditability as president of the united states. lauren: often distortion of facts, you know mines credibility. that is often the hardest thing to get back. bottom line it is never a success when 13 americans are killed, hundreds stuck there. senator cruz is taking on big
bird after the "sesame street" character encouraged children to get the jab. you can't make this stuff up. children ages 12 and older must show proof of vaccination to go to restaurants and stores in los angeles. we have the report from california next. ♪. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones
i see one element securing portfolios, time after time. gold. your strategic advantage. stuart: we're holding on to a monday morning rally. the dow is up 170. actually the dow is close to 36,500 that by the way is a record high. nasdaq, s&p also higher. susan is back, looking at, krispy kreme. what's the story. susan: getting a downgrade this morning. despite that we were down close to 3% in the premarket. truist says it is only worth $15. talking about a tight labor market. krispy kreme might have expansion plans interrupted because they can't find workers. krispy kreme coming back. aptiv. downgraded by piper.
i know this stock you haven't heard of it, but this auto parts maker has rallied over 67% for the past year. in order to gain further than this, it means aptiv needs to make money off their software which piper doesn't think will happen soon. reports say pepsi is getting first tesla semi-trucks in the fourth quarter. that is where we are toward the end of this year. pepsico ordered trucks. they had the deal back in 2017. they had to wait four years to get the tesla semis, if the story is correct and reports are correct. one interesting tie-up amc reporting "after the bell." announced a interesting deal with disney plus. four surprise screenings of fan favorites for five bucks at amc theaters. the going rate, i haven't been in a theater for a while, i know you have. is it still $15 a ticket? five bucks discount is cheap.
people go back to the big screens, that is encouraging for the reopening trade. stuart: depends which you go to the cinema in. new york is up there. parts of the rest of the country are not. you can still see a movie for 10 bucks or 12 bucks especially if you go to the early bird special. that is my. lauren: used to be tuesday special. stuart: when i go, i'm the youngest person in the cinema. that is crazy stuff. thank you, stuart, very much indeed. in los angeles children ages 12 and up must show proof of full vaccination to get into businesses like restaurants or shopping malls. in san francisco, kids as young as five years old will soon have to do the same thing. kelly o'grady is in california. kelly, are businesses planning some pushback on this? reporter: stuart, some already are. last week the two of us how in
np out. indoor mask mandate is remains in effect. even if you are vaccinated everyone in the establishment is vaccinated, you will still have to wear a mask. with pfizer approving vaccination over fives, sf will be requiring kids to show proof in as little as eight weeks. it is not just a concern for parents but businesses as well. i'm here with carlos roman, the founder of bread and barrelly. carlos, tell me, how will these new mandates affect customers and employees in your establishment? >> just like every other mandate that has been slipped under our health permit. this will be one more thing that will cripple us. we don't have the staff. we don't have the resources. it shouldn't be our job. why are they blaming restaurants yet again and making us do the
dirty work. we'll have to go in to ask parents if their kids are vaccinated soon. i can see this going all the way down the line, one day my staff will have to ask a parent if their toddler is vaccinated? when does it stop? this isn't my responsibility. my job is to serve food, not ask people what their health status is. reporter: thank you for joining us, carlos. i think we may see more businesses pushing back as this comes into effect in l.a. we may see more counties doing this as we roll into the holiday season. back to you. stuart: all right, kelly, got that. thanks so much indeed. dr. mark siegel joins us now. i need your comment on this, doctor. los angeles county requires proof of vaccination before a 12-year-old could get into a restaurant. what do you think of that? >> i think it's a disaster, stuart. remember, this isn't a business deciding what is safe for the business. this is superimposed government overreach. l.a. county already in trouble. look, 700 billion-dollar gdp number one county in the united states, 350,000 workers, but
their growth has slowed dramatically since the pandemic started, down to less than 2% growth. they're in trouble. this is what happens because there is no flexibility to this, stuart. you got over covid, still got to get vaccinated. no testing strategy. just superimposed mandate of vaccine at a place where over 70% of people are fully vaccinated anyway. plus, they could have breakthrough infections going on. you know the mayor of l.a., eric garcetti is in your old neck of the woods up there in scotland from a breakthrough infection. obviously there are breakthrough infections. how can you super impose the mandate without strangling businesses? stuart: well-said. look at regeneron. the stock is up this morning. they have a single dose of their antibody cocktail reducing the risk of getting covid by 81%. that is a terrific piece of news for treatment, isn't it, and prevention? >> this is where we're heading, stuart. this is our path out of the
pandemic. we've shown the vaccines work. we need more testing. last week you and i were talking about the new pills that are coming out for merck and pfizer that plus the monoclonal anti-body cocktail for those at high-risk decreases the risk of hospitalizations greatly. we'll end up with a virus here that we can manage, that endemic and not pandemic. meaning you will still see it but see much milder cases that we can manage. this is very exciting news coming out of regeneron. i expect that will continue. these synthetic antibodies are huge, both regeneron and lily have had an enourmous impact. stuart: the mayor-elect of new york city, eric adams, says he wants to end the city's school mask mandate. watch this, doc. so we lost that, but he says he wants to end the mask mandate in schools in new york city. what's your take on that? >> you know what the sound bite showed by the way was him saying
he wanted to put smiles back on faces of kids. how wonderful is that to hear the word smiling, stuart. that is part of public health, happy kids, interacting kids, smiling kids. the mask is the last-ditch barrier. it is not the way that it has been superimposed on kids. i'm for masks in schools in elective way, recommended, not superimposed, not big government again. a smiling interacting socialized kid is not depressed kid, that is it what we need in our schools. stuart: extremely difficult to have a conversation with someone wearing a mask. both people wearing masks you don't communicate. it is the same with kids. >> young children are not learning that way. a young child learns with social interaction, with looking at cues, looking at a smiling face or even a frowning face. hearing the words from a teacher while watching what the teacher is saying. we've lost that in the pandemic and it has hurt our kids. stuart: well-said.
siegel, good stuff today. thanks very much for being here. see you soon. >> thanks, stuart. stuart: now this, in an effort to encourage to get children vaccinated "sesame street"'s big bird got the jab. all right, lauren what did senator ted cruz say about that. lauren: this is what ted cruz tweeted, government propaganda for the five-year-old. president biden commented on cnn town hall meant to answer questions about vaccinating children as young as five years old. president biden tweeted on that. good on you, big bird. getting vaccinated is the best way to keep your whole neighborhood safe. you know, using "sesame street," using big bird, that is a way to popularize and maybe normalize vaccination. i'm just not sure the whole country is where the president and cnn are on this issue. stuart: i'm not so sure i would be prepared to call it propaganda either. we'll agree to different on that, lauren.
lauren: too extreme. >> number of registered republican voters in florida surpassing the number of democrats. first time we've seen that i'm inclined to say it looks like people are leaving their politics at home when they move to florida. all right. we told you about companies struggling to find workers? one demographic is returning to the workforce in droves. and that demographic is veterans. we've got that story next. ♪.
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mayfield for you this monday morning. market is looking good. dow up over 120 points. 36,452. the nasdaq and the s&p 500 fractionally higher. now this, veteran unemployment stayed below 4% for three months in a row. federal government, the department of veterans affairs received a lot of applications this year and we spoke to one veteran and a manager that works there. he says he loves the idea of working remotely. >> a guy like me who post-service struggled with ptsd, struggled with social answer sight, -- anxiety, this s like the best thing ever t really worked into my favor because i'm now, i will not say reclusive, but i work virtually so i work from home. lauren: they call him cq. he had a lot of energy. i don't know how he is reclusive.
veterans are stepping into positions often vacated by civilians during covid. transportation, even work for defense contracting. the head of the wounded warriors work program said it placed 36 and 41 veterans a week over the past four months and that is pretty good. mark otto joins us now. mark is the executive director of the united war veterans council. thanks for coming on. you're running your city's veterans day parade virtually disappeared back in the 820's. i didn't know that. how did you bring it back? >> i'm executive director of the united president's council. in the late '80s, people coming out on cheering on veterans was not popular thing. a handful of vietnam veterans said this will not happen. we will not let it go extinct. they stood up the charter for the united war veterans council. they saved parade. started with a couple marching
groups. it is largest parade in the country for veterans day. lauren: what can we expect on hurst? >> thursday it will be the 102nd parade. 2019 was a centennial parade. over 109 million families tuned into something parade related, when we announced the president was coming. last year was of course a tough year for everybody. for covid we had to go through the guidelines of covid restrictions or we could do with gathering the public. we had a motorcade of 120 vehicles coming down. this year we're going back to the traditional set-up for the parade t will be a rebound year. we have5% capacity -- 75% capacity. come out from 2th street when it starts. -- 28th street. it will end own 45th street. this year the air force, the chief of staff of the air force,
charles brown will be there at the parade. we also will have veterans from every generation going back to world war ii. lauren: yeah. >> this year in particular with the global war on terror's 20th anniversary, we selected a hometown hero, kevin karick. a pararescue men. these are special operations group. they are the only unit in special-ops dedicated to rescuing people. we selected kevin as a home hundred hero based in west hampton, long island. kevin was a perfecter storm, thinking about guys jumping into 30-foot seas that was kevin. he was at ground zero to help with the rescue efforts. he is deployed around the world. we're not expected to have a regular parade because of crowds and size of marching units. it is good to be back. it is good to keep the traditional going. we have 75% capacity. lauren: giving veterans
recognition they deserve. females are the fastest growing part of the military. sometimes they don't get that recognition. are you doing anything special for them? >> we have traditionally. i like to say we were doing it before it was cool. they were marching in the parade ever since the beginning. at 2018, celebrating end of world war i, we had a woman. she was leader of harlem health fighters in new york. lauren: you come from a family of veterans. what else are you doing for the veterans community. >> i'm the sixth of my family to serve. all of us were sent to war. all of us are native new yorkers. my great-uncle charlie was in world war i. my grandfather and uncle in world war ii. my dad did two tours in nam. i fought in panama during the invasion as desert storm as marine. anniversary of desert storm. it is our last large-scale war.
600,000 troops. coalition of 38 different countries. one of the most decisive victories in history. focus is on as it should be, people remember in new york, tickertape parade, canyon of heroes of desert storm was probably the biggest ever. i think five million viewers for that parade. so i'm glad to see my fellow veterans from desert storm coming out. lauren: and i, you look familiar to me, mark. i'm not sure exactly how i know but you ended up on the trading floor, is at the new york stock exchange floor? if that is the case that is how i know you. >> i've been on fox on the floor. you talked about veterans getting jobs. i got my first job back on the new york stock exchange in 1993 when i got out of the career. it turned out into 27 year
career. i started slabbing lunches for specialist. i have worked way up to specialist market-maker, partner in a firm there. my background is adrs, foreign based companies. i was talking economic data. i've been on fox a couple times down there. lauren: so amazing, veterans have the mission driven mind set. they get it done and though don't complain. mark, thank you for your service and organizing of all of this for our country's veterans. thank you, good to see you. >> thanks for having me on. >> of course. now this, former president donald trump says he will announce his 2024 plans after the midterms. and he says a lot of people will be very happy. so is he running? we're going to talk about it. president biden is considering shutting down another pipeline. what does that mean for rising gas prices? ashley webster with that report in just a bit.
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holding on. it is a monday morning. we opened higher. we're staying higher. dow is up 140. nasdaq is up 30. dow winners, put them on the screen for you, we have a list of them. top winner is caterpillar. very solid gain there up almost 4%. american express is up. visa is up nearly 2%. in the s&p 500 these are the winners, viatrix is the top of the list, up 6%. freeport-mcmoran, an energy company. cf industries up 5%. nasdaq winners is headed there by advanced micro devices and look at nvidia, going strong again. it is now the world's largest chip-makers. these are all chip-makers ontios considering shutting down another pipeline despite rising gas prices and demand for more oil. ashley webster, good morning to you. the pipeline is in michigan, isn't it? ashley: yes it is. the is called line five part of
a network that moves crude oil and other petroleum products from western canada. carries 54,000 barrels, the oil is taken from the pipeline in michigan. ex-energy secretary, jennifer granholm, opec is the responsible for all the higher prices by refusing to increase production but the potential shutdown of this pipeline getting a lot of criticism from republican lawmakers in congress who say, this is the worst time to be think about reducing oil supply in this country with winter approaching and will only deepen fuel shortages and increase prices for home heating fuels like natural gas and propane. but secretary granholm appeared on msnbc this morning said, wait a minute, oil and gas companies have more than 7,000 land leases to do drilling that are not being used. take a listen. >> so we need to make sure that we are telling the truth about where the supply needs to come
from. there is nothing that the biden administration is doing that is preventing oil and gas companies in the united states from doing additional extraction. ashley: really? since taking office the biden administration has signed a series of executive orders including pausing new federal oil leases, rejoining the paris climate agreement, eliminating subsidies for the fossil fuel industry and revoking permits for the keystone xl pipeline. now republicans say those policies have undone the america first energy agenda that guaranteed domestic supply. now once again this country is relying on foreign oil. stu. stuart: you got that right, ashley. thanks very much. president biden hyped his trillion dollar bill's impact on electric vehicles. lauren, come into this please. automakers, are they fact-checking the president on this? lauren: yes. so the president claimed the
bill would provide 500,000 ev charging stations, then with that meet his pledge to get half of u.s. drivers into electric cars by 2030, the end of the decade. that was the claim. here's the fact. you got half the price tag in the bill, good start, for far cry to spur widespread ev adoption. this is where we stand this is from a research group. about 2 1/2 million charging stations are needed by 2030 if a third of cars were to go electric but, so you need 2 1/2 million. we have fewer than 300,000. so there is not enough money to build this out to meet the goal. stuart: no. it just doesn't add up, does it? there you go, lauren. still ahead in the third hour of "varney & company," we have steve forbes. we have charlie hurt. retired major general michael maguire, and chris bedford of right forge. they're hosting trump's new social media site. we have the boom in stocks and real estate and in cryptos. that has created a gigantic
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>> it is really not about the shot for the left, it is about how much we can control people's lives, goes way beyond what congress intended osha to do and that's the basis of our lawsuit. >> i find it to be disappointing coming from the 13 republicans who have given a wind to nancy pelosi and the wind to joe biden, this is just the beginning there is entitlement programs to come. >> it is not a coincidence that inflation started to get worse and worse each month. were facing 60% inflation very close to that. every indication can get worse before it gets better the last week was unequivocally good and there is good news on every front whether the job numbers, handling expectations a little less onerous tax policy.
i think you need to stay this year. ♪ >> a sunny day, i feel good in new york city, good morning it is 11:00 o'clock eastern time, this is monday morning november the eighth. we have the markets rallying, modest gain for the nasdaq and s&p solid for the dow industrials at a new record high. the crypto's are doing well we had bitcoin closing in on an all-time high, 664. a theory i'm set a new high for thousand $766 per coin. tesla on losing ground that is coming back a loss, earlier this morning we had tesla down 6.5%. now it is down 3%. come back for tesla. breaking news about the fed
edward lawrence joins us. >> a board of governor randy coro has submitted his resignation to the federal reserve this is going to be effective at the end of december this was unexpected because his term as a board of governor goes to 20 - 32 he indicated when he lost the vice chairman schiff that he would stay on as a board of governor. this is a very unexpected resignation he see the resignation is very short it's been a couple of sentences. basically they get the federal reserve for more than four years on the board. the timing of this is very interesting because the fed reserve chairman is up february of next year, the fed chairman can stay on as a board of director but president biden is looking at replacing him. we do not have an exact decision from the white house and no term as to when the decision will happen on that. the fed chairman did meet the
president last week at the white house along with lael brainard it was in contention for the chairman schiff and now we have a resignation unexpectedly from one of the fed board of governors who indicated previously he was going to stay on. the president, president biden is going to be able to appoint one board of governors and richard's position with comes up an early next year expected to not be renewed by this president. now if fed chairman could submit a new name for potentially. a very big deal for the markets going forward as the direction of the federal reserve could be at stake. stuart: point taken, we notice the house and had met impact on the stock market. now this. booming stocks, real estate and crypto's has created a mountain of capital.
it is the last great untaxed store of wealth, that makes it a target. the left will be coming after your money. it is irresistible to them they tax income to the max, your personal wealth is only chunk of money available to them. look at this the value of oil stocks publicly traded in america is $46.7 trillion. the value of all single-family homes estimated at $35 trillion. the value of all crypto's is over $3 trillion. massive games all around, stocks, real estate and crypto's. now to the socialist all of that is fair game they're gonna take it off you somehow or another. billionaires taxes is really wealth caesar. although it may be out, bad tax ideas don't die they just get put on the shelf for use later they will increase the estate tax and make it much more difficult to pass along the wealth that you created. they will raise the capital gains tax so you keep less of
your profit. the shifting taxation. the have to spend trillion so they must tax by the trillion in the only place left is your money in stocks, real estate and crypto's. their coming and they don't care if they think the market. after all the socialist don't care if the poor get poorer as long as the rich get porter two. that's a she said and she was right. that is my take, steve forbes joined me now. welcome to the program always good to have you back read all the capital is absolutely irresistible to them. they will move heaven and earth to get it, how do we stop them? >> we stop them by making sure these things don't get past it when they slip and then we take it out. already there slipping in the new restrictions on the 401ks, iras and conversions and the like that's part of the assault on the big money that was originally taken out of the buildup biden unveiled a few days ago. in the middle of the night they
put it back in something like henry the eighth they king of england who looped monasteries in the church of england you are right, they cannot resist it. there also not just going after tradable securities of the billionaires there's also other hard assets. since those are harder to tax since you don't have an open market, they have a proposal to put interest on it. when you do you pay interest as if you borrowed the money from the government. this stuff is nonstop. stuart: it is wealth seizure anyway they can get it anyway they'll take. i want to know what do you think of this, leaders at state street global investments that is an investment firm will now need permission to hire white men. the company's diversity hiring initiative aims to triple the number of senior minority staff in senior positions by 2023. what is your take on that? >> the company denies it but the
company has put in the procedures where they will try to meet the quota goal in 2023, whatever it takes. i think you probably see lawsuits coming from them your to have the asian community in this country in a very different area going after harvard they got setback initially but they will be coming back in colleges having quotas for asian background. the american people are not for that kind of thing, they will opportunity but they don't want quotas. stuart: thank you for being here, we will see you again soon. now this top democrat house majority whip james clyburn defended president biden sinking approval saying it is really hard time to be a president. listen to this. >> i don't know that anything is gone wrong, the country is in a bad place we tried to bring the economy back and have all of these other things happening so
it's a real tough time to become president of the united states. >> where you point your finger to this, the president said bad shape because the circumstances were because of his own performance? >> my goodness if it's about time to be president we can stop digging, to be sure congressman clyburn is one of the most smartest members of the democratic leadership party of the democratic party right now i wish the democrat leaders because he has a good sense of what people are thinking, especially in his party, you notice he went on to defend joe biden, what he talked about was healthcare which is not the problem right now. the problem is the frontal assault by the biden administration on employers across the country it's an assault on the gas pipeline for example in people with eyes are
not lying. i just filled up my truck i spent $70 filling out my truck with gas in the year ago that would've been $25. it's kind of interesting that jim clyburn -- when he tries to defend this he defends obama and president obama and obamacare were controversial to be sure and they have their supporters. when you get joe biden's polls numbers he does not have supporters, democrats are fleeing from him and is because of the policies that is put in place that is hurting things. stuart: his approval rating is down to 38% and vice president is 28%. hard to come back from that. if he pivots he has to pivot away from the far left in the far left won't let him pivot. last 30 seconds to you.
>> i think the republican party of the past ten years has been to a galactic fight, those divisions haven't hit the democratic party we are seeing the beginning and it will get ugly. stuart: thank you for being here, i appreciate it always. back to the markets we have some rally going on not as strong as it was, the dow was up 8487 and nasdaq is up 30. you are watching caterpillar, the story. susan: caterpillar a fresh picked which will benefit from the tree another for structure package if they pass on friday night it will benefit from multiyear spending in their view $290 that's a good 40% upside from here i also want to show you biotech we were talking about the advance and outperform because it's making more money in giving back to shareholders by issuing a dividend in there
also one of the best performance of the s&p 500, fox reporting ford has sold out of electric motors for the custom cars that is a sign of high demand for electric and for ford vehicles. finally nike is down today. i could not find much news flow but i'll tell you this is a drag on the dow as you can imagine nike has been going up and up this year because of outperformance when it comes to e-commerce in china sales. stuart: ford, 20 bucks a share, never thought it would get there so fast. former president trump says he is very involved in the midterms. florida senator rick scott has a message for republican candidates who get a trump endorsement. watch this. >> you would be foolish not to want or except donald trump endorsement. >> mr. trump's said he will probably announces 2024 plans
after the 2022 midterms. listen to this a number of registered republicans in florida has surpassed registered democrats. it looks like people who moved leaving politics behind. stay there the third hour of "varney" just getting started. ♪ dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones ♪ ♪ there are beautiful ideas that remain in the dark.
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stuart: jacksonville beach florida, a nice day. check the markets were holding onto a modest gain pretty much across the board is not a huge gain by any means the dow was up 100, nasdaq is up 12 we have lost a little of the early morning gain, the dow winners by caterpillar up 3.7%, american express up 2.5% higher goldman doing well well before $400 a share, s&p winners a lot of chip stocks advanced micro devices at the top of the list a 6% gain right there, nasdaq winners xilinx nvidia, chip stocks all doing very well today. president biden's approval rating sinking to 38% that's the latest usa today university pool. joe concha joins b. that poll was taken between wednesday and friday of last
week right in the middle of the chaos on the house floor, that probably hurt the president a lot. >> when you got to 38% that tells you it's not just republicans that don't like the job the independents overwhelmingly don't like the job you are doing and those of the people that decide election and even democrats have a problem with mr. biden at this point. when you look at the vice president and her poll numbers where she is at 28% approval. that is astounding this was supposed to be an historic candidate who would be handed the baton by an 80 something-year-old joe biden where he says i really country and i'll take it on to the vice president. if you're the democratic party how could you put her up as a nominee would not even free
attempt americans approve of the job she is doing it is impossible to find her, she's never done a press conference since she's been vice president, she has not done one sitdown interview with a major broadcast network in five months. when your unseeing and you see what's happening at the border the one job, that's how you get to 28% and that's why this administration is in serious, serious trouble. stuart: stay there for one moment. i want to talk about president trump. he says he will be very involved with good people in the upcoming midterms. who exactly is mr. trump talking about. >> the former president says he's bearing to stay busy for good people. he's in an interview with fox news trump did not elaborate on what good actually means. it's clear candidates who support him are more likely to win an endorsement. mr. trump says his endorsement is powerful, he cited youngkin's victory in virginia for staten island both victories were
unexpected or the winners got his endorsement. the former president went on to say i will not only be supportive i'll be very nonsupported above some people you'll see that their and other states to stay busy for good people for not bad people per he did not talk about the bad people. trump has offered his endorsement to dozens of and cabinets for candidate for 2022 and says he will continue to endorse people to help republicans across the majorities in both the house and senate. bottom line mr. trump says his endorsement is vital to your victory. stuart: do see what senator rick scott has he has this message for republican candidates from endorsement from president trump. what did senator scott say about a trump endorsement. >> he said you would be foolish to reject an endorsement from the former president. take a listen to his comments on meet the press yesterday. >> he would be foolish not to
want and except donald trump endorsement. but you will win not because of the endorses you but because you focus on making sure inflation get stopped and people get a job and making sure your kids are indoctrinated on critical race theory make sure we have safe communities that will be the issues that people care about. stuart: earlier this year scott said he wanted trump to stay out of senate primary adding that he hopes democrats in 2022 remain obsessed with trump but again he says any candidate would actually be deaf to reject the support of donald trump. stuart: i hear that. back in, and again, mr. trump says he will announce his 2024 plans after the midterms next year. do you think he is running? >> it looks like all indication say he is running. he sees the polls that came out, usa today, hypothetical matchup with joe biden donald trump wins
by four points on a national scale. then he looks at the state pulling you look at every key state virginia, ford, arizona, nevada wisconsin, michigan, ohio, pennsylvania the president is that double digit of his approval versus disapproval in the states. as we know it comes down to those states in terms of who's president who's not. donald trump is a numbers guy and says i want a rematch i want joe biden to run in his record instead of being in his basement and said donald trump is a bad guy and i can make the country feel normal again. obviously that has not happened. if you look at the poll again it's amazing. a seven to one margin the present has done worse than expected, 64% of americans do not want him to run for a second term. as trump sees biden's, he can
win and i can't see him sitting this one out given the numbers the way they line up right now. stuart: if you think they can when he will run thank you very much. now this a number of registered republicans in florida hit a major milestone. the details on this one please. >> despite the blue state democrats, there is a number of 40 republicans that has exceeded ahead of the register for democrats for the very first time in the states history. the milestone reached last month and by governor ron desantis the party would've won the new jersey governor's race if somebody republicans hadn't moved to florida. you're probably right. in 2008 there was nearly 700,000 were democrats and republicans in florida. that lead has evaporated. ron desantis is fortis tax rates
fleeing the restrictions, lawlessness and crime and they also value freedom and they pushed more latino voters towards the republican party. now we have the proof. stuart: have you seen it, more people coming from new jersey and new york and connecticut massachusetts coming onto florida and changing the politics, they're not democrats in florida it's republicans important. have you seen that? >> i've seen a little of that, not totally but i spoke to a number of people that say they understand the insanity and do appreciate the freedoms of the low taxes and low regulations and everything else that comes with florida. stuart: not to mention the weather. thank you very much. in the moment will talk to an internet company that will host president trump new media platform it launches in 2022.
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♪ ♪. stuart: that is las vegas early in the morning but it is stunning and cool, just 60 degrees, that is vegas for you tesla stock is down elon musk is wondering if he should sell his tesla stock, majority say yes, sell. get me through the story. >> you saw the twitter poll elon musk always make it a marketing event out of nothing. should i sell 10%, 70 million shares of tesla $1.5 billion or so, overall 24 hours most people
said yes you should. you could argue that he had to sell stock to pay off a 15 billion-dollar tax bill from a 2012 package in those options in the 2012 compensation package were going to expire in august of next year. he has to pay the capital gains tax anyway but why not make something out of nothing only elon musk can do that he gets marketing out of thin air. i would argue it's probably china and tesla delivery numbers, 54000 in october and the exports went up tenfold from the shanghai factory, that is the highest on the street. one notion on the capital gains tax i was making light of this over the weekend, for capital gains when your stocks go down it's not like uncle sam goes in
there, on the up they don't on they're down, is after the. stuart: i guess, that was a complicated argument and i'm not gone through in my head just yet. but i did spend last night at the holiday inn express, that was a joke. i'll try to get your question and answer at some point. >> of you on the up she should on the downs as well. uncle sam profits when you profit off your stock when the stock value goes down it'll backstop your risk. stuart: as long as they don't seize it by having to make a profit in the first place. if they sees an annual amount of your wealth as some proposed to do that will be absolutely awful in the bad thing in my opinion. i'm moving on internet infrastructure companies right force is going to host donald trump new media platform, truth social as it begins a limited launch this month. the chief communication officer is chris baffert and he joins me
now. you are embracing president trump, why is that. >> is porton for american liberty in our political dialogue and our founding. if you don't think that the president of the united states or a person who is running against possibly the president of the united states someone who has as much power as president trump, fetal think you should have a voice the needle believe in american freedom and you don't believe in american liberty there has been a lot of people throughout history who may have been criticized by the left or the right, people did not like what they were saying but that did not mean we were able to shut them down we entered the new realm in this country in the last year with parler, the president being the platform, it's a dangerous place to go and we want to return freedom to the internet. stuart: you have a limited launch coming this month, what do i get in a limited launch? >> it will allow certain people invited to partake in this and work out some of the kinks to
figure out where they're going and what aspects of the platform are working best. the larger launch which is going to be for the broader public. it's going to be in the first quarter of next year. it's coming up pretty quickly, 2022 is a must upon us but we're still working hard around the clock to make sure were ready for that. stuart: what will it be like when his trip was using twitter? for him to put on his views, is that what it is essentially? >> is a platform essentially for that similar social media model it's pretty tech heavy and is not like an instagram or just the pictures it's more like sending out the truth in writing different messages. you have more space to write in the data models that came earlier more space than with twitter but it's a place to share your ideas and interact with the community and you do not have to worry about taking down based on arbitrary of
silicon valley. stuart: you doing the right thing, good to see you and will see you again really soon. advanced micro devices just landed with meta formerly known as facebook they're gonna use amd chips in the data centers. that's why amd is up 10% and better moving up a little bit to will tell you what's coming up next the former head of the dea said the influx of masks and fentanyl is unprecedented. he says it will destroy our country. right now u.s. airports are again open to international travelers but airports are understaffed, does this mean long lines as we head into the holidays. we will take you to chicago in miami next to get the story. ♪
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stuart: two hours into the trading session the dow is up 70 points. american airlines increasing pay for flight attendants, those working the holidays will get a 150% pay premium. the bonus comes after a meltdown over the halloween weekend that cost thousands of flight cancellations because of staffing shortages. as of today u.s. airports every open to international travelers, starting today but the uptick could burden understaffed airport and airlines. grady trimble in chicago, are they prepared for the influx of travelers today? >> i just had a chance to ask united president and he said they are prepared for the influx as well as a surge they're expecting to see this holiday season. i spoke with the commerce
secretary about staffing issues with airlines and she tells me there may be some kinks this holiday travel season but they are engaging with airlines to avoid those issues like we saw with american and southwest recently. demand is expected to be through the roof with this christmas in international travel resuming. delta says international flight bookings are up 450% united is expected 10000 more passengers to come into the united states compared to a week ago on monday and going forward is extremely high demand especially coming from places like europe. listen. >> i take the transatlantic and we are seeing booking levels exceed 2019 levels for the first time since the pandemic started. >> it's been a while since we heard that, in addition to international travel opening by
planes there also really revaccinated people who went from canada or mexico. because of that there are long lines that we've heard that some of the border stops. in addition to that, it is good for business because people are coming into the united states. especially from canada look at searches from canadian people looking on the property management sites, they want to go to snowbird popular locations because they're able to get in for the first time in a year end a half. >> bring the minutes good for business. we will take it, let's go to miami where phil keating is in miami national airport international travelers starting to arrive, what is the situation. >> before the pandemic international flights arrival were 50%. now it's currently 35% but they're expecting that to grow because the luggage revaccinated
you can once again, on into the u.s. after more than 20 months restricting air travel from 30 plus countries in europe, latin america and asia, the new international travel policy for the u.s. will begin wide open with proof of vaccine. industry analysts in the airlines approving a new surgeon travelers which will likely mean longer lines to get through customs and checking in for outbound flights and tsa. monday morning in london check at the excitement, a big show as they took off at the same time, both heading to the u.s. for the first time in a long time. international rivals will be required to show a negative test even if they've already been vaccinated. it has to be done in the three days leading up to their flight. the less restrictive travel rules apply to those entering the country by land and by sea by mexico and canada. it is certainly a long-awaited
relief for those who have not seen family and loved ones for nearly two years thanks to the pandemic instructor travel rules, now as long as your vaccinated the green light is back on for people coming to america, be prepared, have your card and be patient. according to the cdc if you're not a u.s. citizen, not an immigrant nonvaccinated. you will still be banned from entering the u.s., airlines and american airlines in particular the last couple of weeks had a lot of setbacks, delays, canceled flights blamed on staff shortages. masks are still required inside the airport and on the airplane. as the crowds get going a little bit bigger, holiday travel season starts in two weeks. stuart: my message, bring your money here because we would love to have it. phil keating in miami. earlier this morning about an hour ago a new company went public and trading began next
door that is the name of the company and the ceo is sarah fryer who joined me now. congratulations great performance today. as i understand it next door is a bulletin board for neighborhoods, do i got that right? >> with the community platform nectar equals neighborhoods and we can do anything around you that you need to get done it is awesome to get trusted information, and get help from others. it's also a way to meet your neighbors online but to take it off-line. we know there is nothing more important in real life connection. stuart: your start ticker symbol is kind, there is an awful lot of unkindness and bulletin boards in neighborhoods, people are nasty to each other, how do you get around the problem?
>> first of all it was founded on trust, real people, not avatars and we think people act better window their real-life selves. we are guideline driven platform so were very clear you take a neighborhood pledge when you join we want you to be helpful not hurtful, respectful, do not discriminate. from there we use local moderation, it is innovative for mother platforms because we know there's a lot of power in the local context. i see my dad was in northern ireland and moderates is platform there. have a very damp and two different sets of people to say people where i live in san francisco. it's a local moderator known as the tone. finally we use technology. we're not reversed to slow people down we can see that they're not being kind to her when conversations are heating up. were willing to take a dig on engagement to do that but we think it's a right thing to do because over the long run the platform goes faster when people feel like it's bringing the
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stuart: texas governor abbott operation lone star continues to capture felons and criminals sneaking through the southern border. steve harrigan joined in on a ride along. coming, what did you see? >> a lot of this is texas department of public safety going after the ranches on the border, that is private property in many cases. they are arresting people in the private property and we witnessed there was a small group of people but one of them ran in the man who ran turned out to be a notorious gang member from tabasco mexico, he had a long criminal record in georgia and florida. it is not just harden gang members who are getting involved in the lucrative drug
trafficking business. along the border there was a 16-year-old who was detained after borrowing his father's truck from waco texas and he drove to migrate from honduras to san antonio. he was promised $2000 for driving the two men instead he faces trafficking charges. a lot of times the cartel tried to lure young people into jobs like this through social media, through the internet he is facing a tough look right now and probably trouble ahead for the 16-year-old. more mixed messaging from the white house. senior advisor cedric richmond says president biden is in the loop on paying illegal migrants agreed to on money. roll tape. >> the president is in the loop. >> of them out of the 450,000, what amount is it.
>> that's with the justice department to decide. if it shows that it saves taxpayers money a right or wrong at the justice department determine that there is compensation that should be paid that is an independent justice department. >> the president is in the loop right now and the migrants will be getting some money, michael mcguire joins me now. the president is in the loop now, was he in the loop when he called the garbage report? >> thank you for having me i'll tell you what's garbage, on this week of veterans day we are considering giving 450,000 hard-earned taxpayer dollars to people that have broken our laws, entered this country and invaded our southern border illegally while my brothers and sisters in arms they give their life defending this great nation maxed out at 400,000 compensation. the unconscionable and absolute garbage. this is ridiculous.
stuart: general if these cases went to court as opposed to a mass settlement. if they went to court can you easily see some jury somewhere giving $20 million a piece, that could easily happen given our judicial system? >> possibly but i'll tell you what i think they want to do, they want to cover up the misconduct that occurred inside the biden administration and think about it, almost every single day biden is on the news saying he is not incentivizing illegal immigration. i was on the border two weeks ago in the video we did was the local news reporter went viral and they walked to the camera shot of a local tv station while we apprehended him off shot. there were 120 people apprehended to a half hours. do you not think telling them that they'll receive 450,000 will incentivize even greater
movement and invasion at our southern border? stuart: when are we going to do something about this influx of drugs on the southern border. we have a former dea official saying is the worst he's ever seen but nothing is ever done with every change. >> at 2020 we lost 90000 americans you and i talked about this before on opioids. i retired in april is a two star general and i'm jumping back into win control of the u.s. senate. 90000 americans died, 700 battalions in 2020 the illicit and illegal activity happening at the southern border is the greatest threat to our national security today and it has to be stopped that's why i'm running i need all your guys to go to elect mick.com. this is a battle for the safety of the nation. stuart: michael mcguire running for the senate, thank you for being here. we appreciate always.
11:54 a.m., that means it's time for the monday trivia question. hawaii in which other state do not observe daylight savings time. the answer after this. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire i'm so glad we did this. i'm so glad we did this. . . edward jones
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>> i'm confident the answer is number four, arizona, because my brother lives there. stuart: you're in. ashley, take a guess. >> i could go one better, i lived there for four years. the answer is arizona, ladies and gentlemen. stuart: [laughter] that is not exactly cheating. just having foreknowledge. that is the truth. yes, the answer is arizona. arizona is on mountain standard time. doesn't observe daylight savings. that is with the exception of the navaho nation. arizona previously observed daylight savings in 1918. made the permanent change to standard time in 1968. now everybody knows. >> first time we got it all right. stuart: that's true. good with these questions, aren't they? check the market, the rally holds but it is fading a little bit. here is the stock of the day. that is tesla, after elon musk
tweeted on saturday night, should i sell 10% of my stock, he asked twitter users, 58-42 said yes, sell it. the result is a downside move for tesla's stock it is off 3% as we speak w we started trading this morning at 9:30 it was down 6%. it has come back a bit. tesla is recovering just a bit. my time's up. neil it is yours. neil: i wonder if they told him no, don't sell, do you think he would not have sold? stuart: good question. no idea. you can't tell with that guy. neil: i don't know. i think he would have sold anyway. i just think he would have sold. anyway, what do i know? stuart, thank you very, very much. look where we are at lunchtime in the east coast of the united states. right now all the averages moving along just nicely. remember with three of them all gaining in record territory on friday. anything beyond that is another record. that is what we're seeing and this at a time