tv Varney Company FOX Business November 17, 2021 9:00am-12:00pm EST
maria: her mom says the family is excited to share riley's journey with the help of others, learn that deaf kids can do anything. how beautiful is this video? >> so beautiful. there's nothing better than seeing something so filled with love and hope and optimism. maria: that is the way to end this program. "varney and company" begins now. stuart: i'm not sure i can start having looked at that baby. i have tears in my eyes. i will recover faster. good morning, it starts now. a full-court press to sell the president's infrastructure deal and social spending plan. democrats plan, 1000 promotional events and the president is talking up the help the spending will bring to
families and children, the come back trail. lurching from crisis to crisis the democrats see massive spending as their way out of the political doldrums. the second most costly item in the infrastructure plan, the build back better, is a giveaway to the rich. $285 billion given to will be democrat donors by raising the deduction for state and local taxes. more costly than roads and bridges or in-home medical services for the elderly and it all goes to the rich. i wonder how ordinary folks will feel about that. plenty of political action, fairly flat financial markets. the dow after a 50 point gain yesterday pretty flat, down 50 this morning, s&p closed yesterday at 4700 dead flat this morning. nasdaq, big game tuesday, closed around the 16,000 level, up 8 points, stock prices are flat this morning.
the 10 year treasury price to yield one.64%. cryptos little change though bitcoin has regained the 60,$000 level. tomorrow the fda expected to approve vaccine booster shots for all adults. what is the next stop? a booster mandate? the administration is thinking about it. the biden team plan to increase vaccine manufacturing to create 1 billion doses a year. on the program today you will see senator cruise confront alejandro mayorkas about biden cages at the border. you will see the mob forming at the courthouse for the rittenhouse trial. why is there always the threat of a right if the mob doesn't get the verdict it wants which you will see america at its best. the third annual patriot awards on fox nation. november 17th, 2021, "varney and company" is about to begin.
stuart: why not look at the statue of liberty? fox nation hosting the first annual patriot awards at the hard rock in hollywood, california, florida. will kane is at the moonlight diner. it is good to be among people who like and respect america. >> reporter: they like and respect america. look who surprised me, paula dean. >> it is so good. that is peppermint paula. whopper will. >> reporter: i don't want you
to think that you are being left out of his love. i was asking some of the folks who are good americans if they love stuart varney. what is the answer? they love stuart varney. stuart: thank you very much indeed. this is great stuff. thanks for being on the show, thanks to all the folks in that diner. great way to start the show. >> great american celebrity regular day americans. stuart: thank you very much. you can watch the third annual patriot awards at 8:00 pm eastern streaming on fox nation. treasury secretary yellen pushed back the timeline to hit the debt ceiling. good morning.
>> killed the parade, the nice buzz will built in florida. stuart: why is it important? >> reporter: set up the fight we will have ten days before christmas. the new date is december 15th, two weeks later than yellen's additional forecast. it gives congress more time to strike a deal on how to lift or suspend the debt ceiling and whose responsibility it is, will they got on board to do this together? what are the consequences? push the government to default on the debt for the first time ever, likely push the economy into a recession and the almost guaranteed partisan fight just before christmas could cancel the santa claus rally we are used to seeing. stuart: that is the timetable is laid out. white house officials say the cbo isn't qualified the cost to big spending bill.
the cbo is not qualified. >> they position themselves for bad cbo score. they are attacking the credibility of the agency. >> there was wide agreement, moderates, liberals, etc. cbo does not have experience, who are taking advantage of any honest taxpayer. >> the cbo director said the plan to beef up the irs to go after those tax cheats would yield a quarter of what the administration was hoping for and he defended the agency. >> something we are very familiar with.
a well-established methodology. >> reporter: it is a nonpartisan agency of the scores expected friday. >> the number, the dollar number is far too high it is not going to get through the senate. it is an important point, very important. >> they don't know what they are doing. let's get back to the market. futures suggest there's not much happening. nasdaq up two. not much going on. here is shah gilani. people see something and buy it. the stock market. >> it is great for corporate profits. the month over month retail sales increase is one.7%.
year over year, it is 3% higher than it was a year ago even if you get out inflation at the highest level, 10.one% increase in retail sales, record on every level. it speaks to the fact that consumers are doing well and it speaks to future earnings being better than expected. stuart: they are at one.6%. if it is 2%, what is on the market? >> there is the rub. a front burner issue as far as the rally is concerned. if you see rapidly rising rates, handling it fairly easily. the benchmark i'm looking at,
if we pop above that, it is a bit of indigestion to deal with and if we get to 2% by the end of this year which would be a staggering move higher. they take a pause and look where we might go in the first quarter, a damper on the rally. stuart: it sounds to me that you are more cautious than you had been. >> you are 100% swans or an event that we understand is going to happen like the taper happening such as rates rising and how the markets digest that. we are going to see more
volatility. and interest rates where they end up. stuart: now this. how democrats plan to hold 1000 events to celebrate the recent legislative wins. this sounds like an attempt to recoup their election loss but i wouldn't dismiss it. build help, families, children and the elderly have a lot of appeal. >> people will be talking about the cost of thanksgiving, the issues like education, parents with school board meetings and voice their concerns. they are talking about the border, the price of commodities, bread and butter, eggs, those are the issues american people will be talking about. spending money we don't have on things we don't need it. when it comes to parenting, when it comes to household
budgets, that means the most to americans. democrats can do 10,000 events between now and the end of the year but anything will remind them of why there was a rebuff of democrats in tuesday's elections in november. this is not what we are bargaining for. hurting at home, with midterm, first term elections. stuart: politics has been banned on the thanksgiving dinner table. do you think there will be a comeback this year? >> it is a political thanksgiving because of the sheer cost and anger of americans. that will transcend into the holiday season as well. one of the biggest hammers over the american people's heads will be raising the debt ceiling. what does that mean for next year and the years coming forward. will america pay its own bills?
stuart: bread blakeman, see you again soon. quick check of the futures, how the market will open dead flat across the board. one of the prominent voices who pushed kill fossil fuels in 2018 is our current energy secretary. ♪♪ as when italy ♪♪ ♪♪ find someone new ♪♪ electric ♪♪ change the way we move around ♪♪ stuart: that is the same secretary who literally laughed off the question about the plans to tackle high gas prices. there she is a video. wyoming senator john r are so talked about energy costs, we can expect relief from high gas prices this year. only six weeks left, the senator is next. ♪♪ don't need money ♪♪ don't take frame
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first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms
or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. stuart: good to be alive, south carolina, a brisk 53 degrees. energy prices on the rise as winter weather arrives across the country. madison allworth in new jersey, how much more will we be paying to stay warm this winter? >> americans could be paying as much as 50% more this year compared to last year. i am driving in a heating oil
delivery truck. we are driving to our next drop off location. a lot of people use heating oil but not just heating oil going up but pretty much any fuel heating source in the us is seeing higher prices and that means as call the month role in, they keep going up. everyone look at a higher price tag. let's look at heating oil. 5 million americans in the us use heating oil. depends how much more there paying this year, it is estimated they will pay 39% more compared to last year, is it cold or? 50% more than last year. and that is something we are seeing across the board when it comes to heating oil, it is $3.41. this time last year $2.17 and
distributors are going to pass the costs on to their customers, to keep prices down but at the end of the day they have to make a profit. . >> people are scared, they remember a few years back paying $4 a gallon. we have to go up in price. >> so in the northeast this is a region that has the most heating oil, 18%, if you are one of those homes you will expect to pay more, not just heating oil. stuart: propane is the worst. let's bring in senator john barrasso, you held hearings about energy prices. who told you we get relief from high gas prices before the end of the year? >> john kerry, and president
biden, who think the united states can power ourselves on windmills and solar panels are just wrong and the american people are paying the price. that is the real problem we have. in wyoming and most of america people know we need it all, the oil, gas, coal, we need nuclear power. we need the wind, solar, modern life demands affordable energy and i tell you what democrats are doing, trying to pass this reckless tax and spending bill, that will drive energy costs even higher. stuart: wyoming is one of the leaders in energy production. are you benefiting from the high price of oil, coal, and gas? >> there is revenue coming into the state as a result of that but additionally we made a big announcement that in wyoming, the energy capital of our nation, we are going to build
the first next generation nuclear reactor at a retired coal-fired power plant in wyoming. this is important for the future of energy. we need to be energy realists and this administration aren't energy realists. 18 times as much energy as what we get from hydrocarbons that we do from wind or solar. when you think about the hearings we had yesterday, joe manchin and i, we want to make energy as fast as we can in ways that don't raise costs for consumers. costs are going up. who would have thought that in 10 months in the white house, president biden could take us to a 7-year high oil prices and a 30 year high in inflation. but it is the policies of this administration that are so bad in his solution, let's beg open and russia to produce more energy.
we will see russian oil tankers making delivery in boston harbor this winter and it is a result of the biden policies. it is going to be a jackpot for russia and what we've done is taking us from being an energy dominance nation under donald trump to an energy dependent nation under president biden. stuart: come back soon, we want to hear more about that new plant in wyoming. see you again soon. energy secretary jennifer graham's vocal about ending the use of gasoline. this is the video. >> he made a cameo in 2018. ♪♪ as when gasoline ♪♪ gasoline gasoline ♪♪ electric change the way we move around
♪♪ >> thinking about killing gasoline, laughing when an anchor asked about increasing us oil production and on monday she told cnn the president is all over rising gas prices, no policies for bringing them down. the governor of michigan for two terms with the auto industry, to protect jobs or the gas industry. to some extent for blue-collar workers. stuart: check those futures again, 7 minutes to go, we will take you to "the opening bell" on wall street. ♪♪ i promise - as an independent advisor - to put the financial well-being of you
and your family first. 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
dripping from the ceiling. you never know when something like this will happen. so let the geico insurance agency help you with homeowners insurance and protect yourself from things like fire, theft, or in this case, water damage. now if i had to guess i'd say somewhere upstairs there's a broken pipe. geico. save even more when you bundle home and car insurance at geico.com. stuart: three minutes ago, a flat market, david barnesman is with us. let's start with walgreens. i know that it yields 4% in dividends. what is so great about walgreens?
>> they are in great position to deal with price increases, a lot of low-cost products and pricing power, a lot of foot traffic because of various vaccine related things. a lot of people went there. they struggled for quite some time, bad acquisition, hired the coo of starbucks to be their new ceo and their writing the ship. we like walgreens a lot. stuart: they yield 2.8%. that's not a high dividend yield for a guy like you. >> they have grown the yield for 26 years in a row, but they haven't grown the dividend a ton because they are investing billions of dollars into the semiconductor deal, manufacturing to compete with taiwan. it is a long-term play that will pay off, but we have to be
patient. stuart: what is this about you think the airlines are heard by the mask mandate. >> i've flown over 100 times, with passengers that i have ever seen delta seems to have intensified. if you take a sip of water, 80% of pre-covid level it hasn't moved. a lot of people want normalcy. the faa mandate, airlines behaving better. stuart: i am with you 100% on mask mandates. always appreciate it.
look at the airline stocks, they haven't done much. they have come back a little, expect the downside move for the dow ever so slight and upside move for the nasdaq. my suspicions will be confirmed when we start trading. here we go, 9:30 eastern time and we are up and running. .14%, the dow above the 36,000 level was s&p down a tiny fraction. let's move on this. the nasdaq is virtually unchanged. big tech up this morning, more gains for the major titans of technology.
big retailers reported before the bill. i to to start with target, down 4.7%. >> it was a fantastic report card, stronger than anticipated, sales, online sales jumping by a third and raising guidance to holiday sales, between high single digits to double-digit growth. inventories are healthy because they chartered their ownership to get around the supply chain problem and it has to do with inflation. you hear from brian cornell about higher prices when it comes to food, gas, and more and same with walmart, fantastic quarter but when your profit margins get squeezed with higher prices inflation that is the problem. stuart: in impressive report. >> purchases for the holiday season as well, across all retailers. stuart: how about lowe's?
>> same as home depot. strong with customers investing more in this housing boom. sales went up instead of down and they are raising their forecast, a positive time for wall street. stuart: and investors love it. tj x. >> up 14% in the summertime buying back a lot of stock as well. stuart: people actually shopping and when you see it you buy it, you might not get it. i got to get to the electric, it is down today but total value of loose it is more than forth. >> roughly the same as general motors. each and every minute. stuart: the meme stock. >> we will talk about growth in electric. how much is pricing? lucid itself i will get to the
sales but let's compared to other electric car, they are now worth $141 billion. they overtook volkswagen, gm, ford, boeing, and let's talk about actual real-life sales. lucid, doesn't have much either. and has 100,000 bands. how much is priced in? makes you wonder how much potential our people pricing in at these valuations? stuart: must of been enormous potential, enormous sales of revenue.
>> the second or third step. maybe 1 million cars a year, $1 trillion. with valuations, that is lucrative and attractive. stuart: you are close to apple. are they going to talk about an apple car? >> with a strategic point of view, how tim cook thinks, he is looking at this. >> $262 a share with morgan stanley having room to go up. >> not the car, it is close to the ground.
$50 according to morgan stanley with the target price hike. the same morgan stanley analyst is skeptical of lucid. lucid could call to $16. >> this could go to 16. >> as i said, $90 billion valuation on 17,000 reservations and orders. stuart: you can't dismiss that some of it is a meme stock. this is like the green climate change forward point theme right now. >> it is down 5%. amazon is breaking up with a visa. it was surprising because amazon has an amazon brand, from jpmorgan.
what they are upset about is a transaction fee, pretty high for amazon to pay. 20 pounds to switch to something else. stuart: visa's 5% loss take 70 points off so the dow would be dead flat. after the bell. >> sub 300. this stock has doubled so far this year. this is a show me report card, proved to me that self driving ai, gaming and data centers continue to boom so there's a pretty high bar set to power again. stuart: boeing got an upgrade. >> we took that off the screen. wells fargo graded, worth 272 according to them with the
travel recovery and the return of the 737 max plane to china. stuart: dow stocks helping the dow a little bit. home depot on the top. is lowe's on the list? >> apple, salesforce, ibm. stuart: s&p winners. >> tjx, your retail theme. >> the top three are retails. >> biotech - >> nasdaq winners with what have we got? >> for tax is up there. and netflix. by the way, talk about tesla and elon musk with 1 million shares selling a total of $8 billion so far the last 7 trading sessions so halfway there. stuart: it is amazing, thank you.
as we end our coverage of financial markets for this moment the dow is down 80 points but still above 36,000. and s and b c anchor joy reinventing frustration the president biden is and more popular after shelling out all the stimulus checks. >> americans who despite having gotten the shots and check still say he accomplished nothing was the whole $2,000, not happy anymore. stuart: we have that story for you. one california city declaring itself a sanctuary city from federal covid mandates. it is in california. can you believe that? the second-biggest program in a democrat spending plan gives billions to the rich. that's not me saying that. that is the washington post. larry kudlow is there to break that down after this. ♪♪
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stuart: paul simon. remember him? he was great with simon and garfunkel, art garfunkel. what a pair. you are looking at 59 degrees in tennessee. msnbc host joy read mocking americans for not be more grateful to president biden. she's making the mistake of looking down on americans. >> down familiar. we heard a lot of that lately. you have to she is serious, as serious as the president's phone number. she is trying to normalize
these numbers and blaming americans for being ungrateful. >> there's a lot of americans who despite having gotten the shots in check are telling pollsters he has a compass nothing or almost nothing which i find amazing. i guess they spent the whole $2,000 and are not happy anymore. >> when you lose the public confidence which is what these poll numbers are showing it is hard to justify. it continues this blame game. we shop too much which is why we are having the supply-chain crisis and not smart enough to understand the supply chain anyway. stuart: i wonder if they ever quote me on msnbc. >> i don't watch msnbc so i can't answer the question. stuart: i am available. here is a headline. economic romance between manchin and yellen could save america. larry kudlow wrote that. in what way if they get together can a save america? >> i need to keep you off ms
nbc. i have to throw myself in front of that in any way, shape or form. what i am suggesting is we are in an inflation blowout quarter which may lasts longer. after the numbers yesterday, 60% retail sales, 11% year on year import prices, cpi in october is up 8% above the third quarter. you could be looking at an 8% growth rate, in q4. the gdp, 8% growth. we are overstimulated. overstimulated. we don't need another dime of spending. here is where i am going with this. janet yellen said on the sunday
show that she thought inflation would last longer but with peter down in the second half of next year. as you know, senator manchin has repeatedly said we should have a pause on new spending until inflation shows signs of calling down. i stupid the two together. it is an economic romance. miss yellen has laid out the marker. manchin laid out the action. no new spending. i say no new spending until the second half of next year at the least. that might be too soon but i say he should jump on yellen's point and push this through and stop this bill, save america, kill the bill. whatever comes out of the house must be killed in the senate and the point is we don't need an inflationary blowout.
we shouldn't nurture it or feed it with any more federal spending and let me say one more thing, the federal reserve should completely stop qb, stop. no more bond purchases, none. 0. because monetary inflation, milton friedman inflation is coming on like gangbusters. stuart: i hate to think what would happen on the market if the fed stopped bond buying. let me move on to something fascinating. raising the salt. it would be the second most expensive program in the build back better plan, raising the salt cost for the rebuilding roads and bridges or rebuilding the electric grid it is a total giveaway to the rich. i find this fascinating. what about you? >> a complicated question because i like rich people. always have.
i would like to make the non-rich rich throughout the country. having said that i agree it is silly to give them this kind of benefit when they are raising taxes on corporations and small businesses when they are raising taxes on blue collar middle income people who will pay on the corporate tax hikes and -- stuart: what does it tell you about the split in the democrat party? they are at each other's throat. >> in the house trying to buy the votes were 6 or 7 people. i wouldn't dignify it. all the numbers and estimates you will get from the cbo which is total phony baloney gimmicks, the way they are
scoring this thing it is not going to show up because they are letting the trump tax cuts expire in 2025. when they put this in it will be a complete wash. you won't see it. all the scoring, the whole thing is a scam, total gimmicks. $5 trillion bill and people know that but that is not the argument. the argument now is save america, kill the bill and not another dollar of spending stimulus because we are in an inflationary blowup period. stuart: watching you on kudlow every weekday at 4:00 pm eastern. thanks for being with us today and then we have meta-formerly known as facebook getting more meta-now you can buy gloves that let you feel things in virtual reality. you may not have heard of
society, it is there amazon. the stock went public, up 500%. how is society dealing with the supply-chain crisis? they are in the supply chain. ♪♪ what's strong with me? what's strong with me? what's strong with me? what's strong with me? what's strong with me? me? with me! some days, you just don't have it. not my uncle, though. he's taking trulicity for his type 2 diabetes and now, he's really on his game. once-weekly trulicity lowers your a1c
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it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx.
stuart: some of the big retailers are beginning early this year to lure in shoppers because of price hikes to 30 year highs. our shoppers just brushing off this inflation? >> reporter: yes. it seems that way. shoppers are heeding advice retailers to shop early, get your gifts purchased now before supplies run out. that is reflected in retail sales, monthly gains up one.7%, the highest monthly game we've seen in the past 7 months despite inflation running at the hottest it has been in 30 years. we are seeing spending at places like department stores, electronics and supply stores and grocery stores and
quarterly earnings show major retailer seeing gains, target posted better-than-expected quarterly earnings just this morning and that followed walmart and home depot, both beat estimates, both crediting holiday spending and all three of them save a privately chartered container ships that help navigate around the supply-chain bottleneck but the experts say this level of spending can't be sustained when it is driven by the holidays. holiday shopping is front loaders but with inflation here to stay expected to run into next year, that is sure to chill spending. all you have to do is look at consumer sentiment index showing consumer confidence plunged into a 10 year low, a sign that spending is sure to slow. stuart: in a couple hours a lot of people will be doing good business. lydia at the mall in new jersey. second market, down 5 move for the dow and then some up 171 points. some of that loss is accounted for by visa which is way down and visa is a down stock.
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♪. stuart: fame, david bowie. lauren: bowie, bowie. stuart: i wanted to be famous when i heard that song. bowie. you pronounce it bowie? lauren: it was in pretty woman. one of the key themes. very important. stuart: waste of time according to some people. 10:00 eastern, the money shows a big loss on the dow industrials a lot of that loss taken care of by visa, a dow stock, which is 5% down. the nasdaq down 4points. bitcoin, earlier this morning, stabilized at 60,000. now it is 59,600. a little pressure on the cryptos today. treasury yield back to 1.62%. that is the market as the moment. now this. can you believe this the
second most costly item in president biden's build back better plan is a huge giveaway to rich democrat donors. raising the local deduction to 80,000 from 10,000 costs $85 billion. that is more expensive than any other item in the bill except for pre-k and child health. this costs more than rebuilding roads and bridges, more than fixing the electric grid, more than paid family leave and double the cost of the at home medical services for the elderly. whoa. the democrats make a big deal about helping families, children and the elderly but they're helping the rich to the tune of $285 billion. that money goes almost entirely to the wealthy. in particular the wealthy in high-taxed states. those are democrats states. those democrat states will get a subsidy from gop-run states like florida and texas.
good lord. if you spend so much coddling the rich and less on helping working families what does that tell but the democrat party? it tells you that the party is totally split and does not have a unifying message and it also tells you above all the people who provide the party with its money have to be protected. $285 billion to the top 10%. it is democrats who are doing it. amazing. second hour of "varney" just getting started. ♪♪ stuart: all right. have a look at this, this is in the "new york post," an op-ed, is joe biden the second coming of herbert hoover? that caught my attention. the author of that piece is michael goodwin and he joins me now. if biden is the herbert hoover of the 21st century, are you forecasting another great depression like the one that followed herbert hoover?
>> stuart, no, i'm not forecasting a great depression but i am searching for a model that explains joe biden and particularly on the question of inflation, his inaction in almost kind of a shrug of the shoulders, let them eat cake attitude. jen psaki actually said that the rising price of gasoline was really a benefit because it would hurry up the conversion to electric vehicles. now by that measurement we should all celebrate when gas hits $10 a gallon. this is insanity and there is a coldness attached to it because they don't want to fight inflation because it goes to the heart of their send spending plans. stuart: if you follow up on that, if you follow up on that, you do keep spending, you get a real spike in inflation you are going to have a very nasty recession because as at some
point the federal reserve says we'll not print money, we'll raise rates and that sends economy on a tailspin. you are forecasting a recession at the very least? >> i think a recession is almost inevitable with this inflation rate. whether it become as depression, we hope not but i think there are a number of failed presidents that joe biden could look to for motivation how to get out of this. jimmy cart letters, you know kind of a malaise, his attack on the american people similar to what some on the left are doing now. they're not grateful for joe biden, things like that. you had gerald ford of course with his whip inflation now, very ineffective approach. you had jimmy carter, obviously a lot of people looking at jimmy carter and saying what about him? george h.w. bush also stood, you know, stood kind of sullen in
the face of a recession. now later it turned out the statistics were behind but nonetheless i think people, when there is a economic crisis such as we're beginning to face now people look to the president, not only for the right policies but they look for a sensitive president who understands this and joe biden is not doing either. stuart: all right. michael goodwin, an interesting column, thanks for bringing it to our attention. we'll see you again real soon. thanks, michael. >> thank you. stuart: a city in northern california, repeat, california, declaring itself a sanctuary city from government overreach. standing up to mandates, vaccine mandates. lauren: orville, population, 19,000. this is not a democrat city, about split between democrat republican. they're sanctuary city of freedom, passing a resolution promising not to enforce any vaccine or mask mandate even if
it risks losing federal covid relief money. stuart: there is hope in california. lauren: they have had enough. stuart: they sure have. back to the money. have a look at this, the dow is down 117, come back a bit, but the nasdaq is down 26. jim lowell joins you now. jim, wait a minute, wait a minute, you think thanksgiving is a superspreader and has some kind of impact on the market. i'm not with you on this but go ahead, make your case. >> well i don't know whether or not it will have an impact on the market. so far the market has been able to shrug their shoulders no matter what the situation in the pandemic we're still in, due to successful vaccination rates and manufactured, much easier to transport and delivered. we may already be well beyond the pandemic's grip on the marketplace nevertheless even though expectations i think are already set pretty high numerous
holiday-related infection rates to rise across the country, across the globe, i think that so long as the fed stays in the economy's corner, so long as the jobs picture remains merry and bright, the u.s. consumer, i think will be able to muddle through. stuart: i believe treasury secretary janet yellen says we beat inflation when we beat covid. if thanksgiving and the holidays are a superspreader we ain't going to beat inflation fast, are we? >> no. we don't think we'll suddenly wake up inside of the next quarter or two or three and consider the inflationary pulse but it proofs to be difficult for many, many people in this country to suddenly see it evaporate. we -- stuart: jim, wait a minute, jim. we're in an inflationary spiral. it is here now. the fed must act at some point. they can't delay for much
longer. they're going to have to act. and when they act odds the market reacts with a drop. isn't that in your forecast? >> it is certainly one of the possibilities. increasingly inching its way towards a probability, but your premise the fed has to act while absolutely right comes down to a question of when and i don't think this is a fed that is going to try to do anything dramatic in terms of getting ahead of the near term inflationary moment because they still view it as transitory and manageable. we view it a little more episodic but still manageable. stuart: okay. we're not supposed to say this but only time will tell. i think you're wrong about thanksgiving and i think you're wrong about the fed, i'm prepared to accept you know more about it than i do. we'll have you back next week. see how we go then. >> look forward to it. stuart: jim lowell. thank you. lauren, come in here. movers, something called on
hold, what is that? lauren: on holdings the sneaker company. it is a o and an n which looks like a c. pay attention. backed by roger federer, surprise profit despite vietnam factory slowdowns. the stock up 7 1/2%. shares are at a high. went public in september. stuart: i didn't know that. okay at this vision blizzard. lauren: "wall street journal" reporting that the ceo knew about sexual conduct allegations at the videogame company and did not inform the board. 100 workers demanding his resignation. stuart: i heard there might be a walkout. lauren: there was. two in a row in fact. stuart: down 3%. baidu. >> this is the -- of china. their cloud business is strong. it boosted their earnings. as beijing cracks down on so many industries in china, that
hits advertising business baidu has. real estate companies, travel companies, education companies pulling back. stuart: mark grant has been on the program many times saying don't touch any chinese stock with a 10-foot pole. lauren: i know but a lot of people say they come down a bit buy the dip. stuart: you have an update on musk and his tesla stock sales. lauren: he sold stock 7th day in a row. he is halfway point on promise to sell 10% of his 170 million share stake in tesla. in the past few days if you add it up, he sold $8.8 billion worth of stock and options as democrats continue to say rich americans must pay their fair share. this is what elon musk reminded us on twitter, indeed over time tesla will generate hundreds of billion foy government, employee income tax, product sales and property taxes in addition to profit taxation. basically saying hands off, look what i do for you. you are getting your money.
leave mine alone. stuart: another one for you, the justice department is selling off cryptocurrency see seized in a bit connect fraud case. how much are they selling? lauren: $56 million worth. a record seizure of crypto, it will bilk investors, thousands of people gave the founders of bit connect $2 billion in 2017. bit connect said give us the money. we'll give you returns investing in other cryptos high as 40%. we'll use software. this is new industry. where the money turned up? the digital wallet of the fonders. one faces 20 years in jail. they can't find the other founder. stuart: drama. the mayor of washington, d.c., loosens her covid guidelines. this comes as she is set to run for a third term. we've got that one. senator ted cruz confronts dhs secretary mayorkas over migrant children kept in poor conditions in the boarder.
roll it. >> simple question, how many children have been in the cage. >> i respectfully not familiar with the term cages to what you are referring. there are -- >> enclosures in which they are locked in. stuart: he is not familiar with cages. that is all we heard about when trump was president. apprehensions at the southern border are up 128%. this is month ever october from last year. we're on it. second hour rolling on. ♪.
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lauren: cowboy -- stuart: never will be. get on a horse period. look at the markets, please. the dow is down just a little over 100 points, a lot of that loss accounted for by visa. i see red on the left-hand side of the screen. uber resumed shared rides in america with a name uber x shared, they will ride with one other person, in addition to the driver. everybody wears a mask. uber x share rides will have a 5% discount. homeland security secretary alejandro mayorkas and senator ted cruz got into really fiery exchange about the border. lauren, this was about the kids in cages. >> absolutely, cages being the detention facilities at the border that were also called trump cages. senator cruz calling out the double standard while hitting the vice president for ignoring the crisis. >> has kamala harris been down
to see the biden cages, this facility, yes or no? >> the vice president was at the border. >> has she been down to see this facility. i know she went to el paso. has she seen the biden cage. >> they are not cages and -- >> what are these walls? has kamala harris been down to see these detention facilities? >> she has not been. lauren: the exact facilities in donna, texas, children were caged in, people were sleeping on the floor. covid positivetive rate was above 10% at the time t exposes the double standard. same facility, trump cage, biden cage. stuart: who can forget the media screaming of president trump about cages? who could forget that. mayorkas is not familiar with that term. lauren: jennifer lopez's super bowl performance. stuart: who can forget. that would be better. u.s. reportedly planning a diplomatic boycott of china's winter olympics. the congressman michael waltz,
republican from florida joins me now. congressman, you say this is the bare minimum, that an economic boycott should be next. i want to focus on the olympics for a minute. do you really want america to just not attend the winter olympics, do you want to go that far? >> i do want to go that far. i introduced the resolution in the house calling for a full boycott. we have to understand dictators love the olympics. our preference was the ioc, international olympic committee move the games but since they refused despite repeated requests for years now, at this point we put a full boycott in place. look we did the same thing for apartheid in south africa. the south african olympic team was not allowed to compete anywhere in the world for 28 years because of the apartheid regime. i would tell you the massive, grotesque human rights abuses going on are disgusting. covid unleashed in the world. stamping out freedom on
hong kong. how can we wave the american flag there. how can anyone go and essentially turn a blind eye to the abuses, not to mention covid released on the world that biden refuses to even ask about when he engages with xi. stuart: what kind of economic boy dot are you talking about? >> i'm tired of the hypocrisy. so many americans are too with coca-cola, nike, airbnb, proctor & gamble, all of the olympic sponsors that want to preach social justice, that want to boycott baseball in georgia but then when it comes to padding their balance sheet to the tune of millions and billions, when modern-day slavery is going on right now as we speak in china, then it is completely different game and we're going to continue to call these companies out again for their gross hypocrisy. stuart: it wouldn't be a win-win totally because china would pushback vigorously on a boycott of the olympics and any kind of
economic boycott and they could, they could hurt us badly. >> they threatened to sanction any country that even considers it but the british are considering it, the canadians, the australians, the indians, you know, enough is enough of this brutal dictatorship. by the way, stu, putin invaded crimea just two months after the sochi olympics. we all know what hitler did after the world celebrated in germany in 1936. dictators love the olympics because it legitimatizes their rule. the entire world turns their back and in this case china is going to take it a step further. we think they're going to roll out their digital yuan, digital currency, mandate everybody sign up for their apps. the most massive data collection effort the world has ever seen. stuart: well, you've got me there. we had this virtual linkup the other day between president
biden and xi xinping, that was designed to lower the tension, just cool down everybody. you were really raising the tension dramatically. >> well i would argue i'm not raising the tension. xi has been raising the tension now for a decade. he unleashed covid on the world. he is stamping out freedom. it is the most grotesque genocide modern history has ever seen. openly telling his country to prepare for war. they will unify with taiwan one way or another. they are talking about replacing the american dream with the china dream within the next decade. i think at this point we have to respond with strength, not fecklessness. the last thing we should be doing giving them a propaganda platform, so nbc, hollywood, everyone else can continue to kowtow to a global dictator that intends to replace the united states. we have to wake up to what's at stake here. stuart: i think you represent an emerging hard-line on china. i think your viewpoint is shared
by many others. congressman waltz. thanks for joining us. we appreciate hearing about it. we'll bring you back soon. that is a promise. >> thank you, stu. stuart: "the wall street journal" reports that iran has restarted the production of nuclear parts at the karaj nuclear site that was blown up. lauren: at the time iran accused israel of the attack. they are rebuilding parts to spin enrichment for uranium of nuclear weapons at the karaj site. they're not allowed. cameras are apparently broken. won't let anybody in to fix them. these developments present a new challenge for the biden administration because they're meeting at the end of the month for nuclear talks with iran. we haven't been in the nuclear deal since president trump pulled us out back in 2018 and slapped sanctions on the
country. what do we do now? they're being very provocative by continuing to start, or restart some of this developments. stuart: essentially another crisis add to the list. lauren: add to the list. stuart: the jury in the kyle rittenhouse trial set to begin day two of deliberations today. leo terrell says the prosecution is lying to the jury. he will join me in the next hour. pfizer wants emergency use authorization for the anti-viral pill. we'll tell you if this is a game-changer right after this. ♪. (naj) at fisher investments, our clients know we have their backs.
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stuart: president biden sent a letter to the ftc about gas prices. in that letter the president says the gap between the price of unfinished gas and the price at the pump is well above pre-pandemic averages while oil and gas companies are boosting profits, so he says. biden also cites mounting evidence of anti-consumer behavior by oil and gas companies. he is asking the ftc to investigate further potential illegal conduct. nothing to do with supply and
demand, mr. president. oh, no, the nasty oil and gas companies that are nasty behaving. nonsense. back to the markets. susan is back. calm me down. calm me down. roku, why is it down 9%. susan: moffitt says roku may have peaked. they say it's a sell now at only $220. because the street is overestimating roku sales and profit. just to quote them they say their estimates on the street are just too damn high as more competition inside of slowing sales growth. stuart: that will do it every time. down you go. explain rivian. i think it is down significantly. susan: 17%, sub150 which is interesting. profit-taking after the stock doubled from the ipo price of 78 bucks. rivian you're still worth $140 billion, you're worth more than gm, ford, caterpillar, boeing, with just one million dollars in sales.
rivian, lucid tesla, does not surprise you. stuart: i suggested, i think it's a meme stock. susan: i don't think it's a meme stock. they were ahead of the train but following market gains. stuart: retail investor is watching this closely. susan: everybody wants to make money. as we're talking about it so. of course i got to pay attention. stuart: earlier i saw paypal on the downside. it is still down 3 1/2%. susan: downgraded by bernstein. only worth 220. actually paypal underperformed this year i found surprising we're in the fintech era and obviously crypto trading boosting a lot of share value. stuart: paypal, just above $200 a share. susan, good stuff, thank you very much indeed. pfizer wants emergency use authorization for its anti-viral pill. jonathan serrie has the story. what do we know about this pill. reporter: packs la individual is
different than previous treatments for covivid. it does not require an iv or an injection. it comes with a series of pills taken at home. intended for high-risk patients in the early stages of covid infection. the company reported in clinical trials it cut hospitalizations and deaths in unvaccinated high-risk adults by 89%. pfizer has signed a voluntary licensing agreement will allah generic manufacturers to produce their own version of the drug in 95 countries. those countries accounting more than half of the world's population. the food and drug administration is evaluating a competing pill from merck. thighs at-home treatments are expected to be less expensive and easier to obtain, therefore increasing the ability of more high-risk patients to survive covid-19. meanwhile the fda says it will review pfizer's request to authorize covid vaccine boosters for adults of all ages as expeditiously as possible.
according to "the new york times," this could happen as early as thursday. also has to be signed off by the cdc. that agency's vaccine advisors are meetings on friday. so, stuart, it is entirely possible you could see the pool of eligible people for these vaccine boosters to be expanded as early as this weekend. stu, back to you. stuart: jonathan, my next question is, will we get a booster mandate. that is another story for another time. reporter: that is another story for another time. stuart: here it comes too. thanks, jonathan. i have got some headlines for you. look at these, eight dead, dozens infected with covid-19 due to outbreak at connecticut nursing home. no matter how old you are, two shots of pfizer vaccine don't last. that is according to this study. biden administration plans imminent booster expansion to all adults. you get headlines like this all the time. dr. marty makary is with me now. i see this all the time. i am in the news business so i
see these kind of headlines. looks like it is never going away. my question, doctor, do we have to learn to live with this thing? >> we do. i think what we're not hearing the risk of covid is not equally distributed in the population. it is a message that we missed early and a message we're missing late in the pandemic. let me give you some numbers, stu. if you have a full portfolio of vaccine, vaccination, that is you're fully vaccinated your risk of getting covid is one in 2,000 per week. the risk of -- is one in 20,000 per week. now that risk is heavily clustered towards older people. the average age of a breakthrough infect being hospitalized is 3. the average age of someone dying is age 80. what you will see as these boosters get pushed out around advisories recommending them, college students are going to be required to get boosters. it is going to ignore the fact that the risk is not equally distributed in the population.
it is always been hard for this virus to hurt someone young and healthy. that is still the case. stuart: what about a booster mandate? i can see it coming. i think the administration is considering it. you don't favor it? >> no. because, remember, kids who are unvaccinated have a lower risk than adults who are vaccinated. if a young healthy person has two natural doses of the vaccine in their system designed by god. so remember it may be a different tailored strategy by age and risk. when the government says mandate a booster, by the way colleges and boosters are already drafting up plans to mandate boosters right now. what you are going to see, subject young people to the risk of myocarditis and other complications when they may not benefit from the booster. why the fda advisory committee -- voted down boosters for all. now the fda will ream it through by not convening experts for the
next round of valuation. stuart: what is going on with europe? have they go a fourth or fifth with wave going through? i see austrian cases hit a record high. they're taking actions against christmas markets in germany and elsewhere? another wave hitting there, is another wave going to come here? >> i think the delta wave is the final wave in the united states. we'll have to see what the data shows on the durability of the vaccine in older people but if you look at what's happening right now we have extremely low levels, maybe the lowest levels of the entire pandemic in the southeast united states. the great lakes region is struggling right now. they have vaccination rates in the 60, 70% range. look at some of these firewalls if you will, some of these backstops of pennsylvania, connecticut, massachusetts, vermont, they have 92, 93% of population over 12 vaccinated. so i think this is the final wave.
we're seeing viral season with cold weather. stuart: we love to hear that. dr. marty makary, thanks for joining us doctor, always appreciate it. >> thanks, stu. stuart: next the mayor of d.c. muriel bowser updated the city's covid guidelines. lauren, i believe she is lifting the mask mandate. lauren: starting on monday, those in nation's capital will no longer need to wear masks indoors, private businesses for the first time since july of 2020 will decide for themselves if you're coming into my store we want you to wear a mask. it is their choice. masks still required in school and on public transportation. what is the catalyst? nothing changed significantly in terms of infections or the science but muriel bowser is running for a third term as mayor and mandates aren't popular. people are inclined to put a mask on. they don't want to be told to put a mask on. stuart: so true, exactly right. good lord. should be our choice. democrats scrambling to get biden's massive social spending bill to a vote this week. budget experts are sounding the
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that is shaving 75 points off the dow. the damage off the dow is not so bad if you discount visa. look at society pass. that is vietnam's largest e-commerce site. they launched their ipo last week. down today but terrific gain since the ipo. the ceo is dennis nguyen. he joins me now. let's get right at it. how are you dealing with the supply chain problem, because vietnam is in the supply chain, is it? >> it is in the supply chain. we're not supplying anything to the united states. we're selling good directly into vietnam, so most of our goods we're selling are actually manufactured in vietnam. stuart: now we've seen very strong consumer spending here. how about consumer spending in vietnam on your site? >> yeah. well, we launched our -- website
last september. i tell you revenues have grown 100% month on month over the last three months. so it has been a wonderful lawn of our website and we're looking forward to continue to sell and, very high-end branded goods to the vietnamese marketplace. stuart: did you just say you've got 100% month on month revenue and you kept that up for some time? is that what you said? >> yeah. well we relaunched our leflair website in september. it has been three months. we've recorded 100% month on month revenue growth. stuart: why are you show confident that you can keep that kind of growth up in the future? >> i think the vietnamese, obviously the, 100% month by month will obviously taper out as the base grows bigger and bigger, but where we're at in
vietnam in particular, of course southeast asia in general you have a very, very large e-commerce market. there are 750 million people living in southeast asia and vietnam we have 100 million people. we have 120 million people and in indonesia we have 275 million people. of which 60 to 70 are online at all times. so there is a captured market there for yearning to by and access high branded, high-end international brands that we are selling. stuart: okay. you're doing well. congratulations sir. we appreciate you being on the show today. hope you can keep up that growth rate. that is spectacular. den minutes nguyen. good to see you. you get it. let's have a look at trade, the port of los angeles long beach will delay charging hefty fees to ocean carriers that leave
cargo at the terminals for too long. lauren, why are they doing that? lauren: because the fee was never meant to be punitive t was meant to be an incentive, essentially look, if the item is meant to go on a truck or on a rail we'll charge awe different price but there will be a daily fee if you don't unload these cargo containers fast enough. we'll keep increasing the price. everybody listened and they're doing it. they're getting it done. so the situation is not as bad. so they postponed this fee for the second time. they will probably do it indefinitelies because they're starting to unclog the ports. stuart: threat works. lauren: like the mandate, in some cases it works. stuart: yes it did, united airlines got 99% of their employees vaxed because they insisted on it. thanks. brazen criminals have been wreaking havoc on the streets of new york. we'll show you this one again. it is just awful. many critics blame the city's cash bail reform. anything being done to stop this rising crime?
i will ask new york congresswoman nicole malliotakis. she is on the show next hour. one top democrat lawmaker says the house has the votes to pass biden's massive social spending plan as soon as the cbo score comes in. what about the senate? senator rick scott takes that on after this. ♪. ♪ ♪ ♪ ♪ ♪ ♪ deposit, plan and pay with easy tools from chase.
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♪. stuart: the cbo is set to score the build back better plan by friday. that means they're supposed to put a price tag on it. the white house though already discrediting the cbo. hillary vaughn on capitol hill. is the white house already bracing for a bad score, a very high number? reporter: they are, stuart. that is because the cbo has been leaking out or releasing out little by little pieces of their analysis and one of the pieces that the white house had a problem with is how the cbo scored the irs enforcement pay-for. the amount of money they think they can get from catching
people who are cheating on their taxes. the white house is banking on getting 400 billion from doing that but the cbo says they will get as much as 140 billion. so there is a big gap there. so yesterday the white house really pushed back on the ability and the credibility of the cbo. >> there has been wide agreement on the part of everyone involved, moderates, liberals, et cetera, that cbo does not have experience analyzing revenue amounts gained from cracking down on wealthy tax cheats who are taking advantage of every honest taxpayer. reporter: but the cbo came out yesterday and said they actually do have a lot of experience in that area. they have a lot of former treasury officials working underneath them who have that experience as well and the former director of the cbo said this, perhaps the most important thing to know about cbo it exists somely because congress decided that it could not rely on any administration for reliable budget information.
so i caught up today with the house ways and means chairman richard neal. he is the guy that put these pay-fors in place to come up with the cash to pay for all of this and i asked him about the white house messaging on this? is it helpful for the white house to be doubting the ability and the credit ability of the cbo when the whole point of them is to provide a non-partisan -- >> it's a framework. they provide a framework. so does the joint committee on taxation i herald all of the time. so i think there are different and competing perspectives from time to time. so i don't denigrate what a professional agency like cbo suggests as much as to say it is but that, an estimate. reporter: that is the democrats messaging stuart, today. it is an estimate. really don't take the cbo too seriously. stuart: don't take them too seriously, how convenient. thank you, hillary. florida senator rick scott,
joins us now. mr. senator, if the cbo score comes in well above the $1.75 trillion number, can it get through the senate. >> i hope not. think about it, remember how joe biden oh, this is all paid for. like some magic, somebody we all don't know will pay for this or jeff bezos or elon musk who will pay for this. no. it means, first off, this is not paid for. if it passes it is going to tax all of everybody, it will tax everybody. i mean there is not enough money with the rich. it will tax, tax middle income. on top of that, think about how disingenuous. at the same time they say oh we'll tax the rich, you know, schumer, pelosi want to give tax breaks for the rich in california and new york through the s.a.l.t. deduction. stuart: you must be mad as hell about that? we did a story this morning that this s.a.l.t., raising the cap on s.a.l.t. deductions is the tech most expensive, the second most costly item in build back
better plan. that is a complete giveaway, to the democrat rich donors. you must be mad as hell about this? >> if you're a legislator in florida, if you're a congressman, man or woman in florida, you're a democrat, you vote for this, you voted to hurt your own citizens. this doesn't make any sense. i remember when i was governor, new york's budget was almost double per person what my budget was in florida, they wanted florida taxpayers to pay a portion. this only helps the rich. by the way they want to do that. they want to cut health care for the poor in states like florida and how will they pay for it? by giving tax cuts, giving tax cuts to the rich. it makes no sense. stuart: what a mess. >> it is unfair. stuart: it is, it is basically unfair. i benefit enormously if they do it because i live in new jersey. i would like to move to florida. >> you will. it's a matter of time. do it when you're young.
stuart: thank you. i like that. florida learning to live with covid-19? the caseload is very, very low. everything is open. everything is going fine. you're learning to live with it. >> absolutely. you know what we ought to do? we shouldn't be doing mandates. we should do information. give out information. and by the way, what the biden is doing with the vaccine mandates, we're always seeing massive inflation. i think every manufacturers i talked to in the last month said their costs are up over 10%. now we're going to lose more employees. biden will tell these companies you have to fire people because you won't give a vaccine. what will that do to the supply chain? what will that do to inflation? cause a bigger supply chain problem and increase inflation. it is ike he doesn't care about poor people. that is who is getting hurt most by inflation. stuart: we like to check in with you on a regular basis, mr. senator. we're glad we did today. i will be on my way soon. >> bye-bye. stuart: thank you, sir. still ahead, martha maccallum, new york
congresswoman nicole malliotakis, arizona congressman andy biggs, leo terrell, yes, tonight is the third annual patriot awards where we will honor america's heroes. i say it is time we heard more from people who respect this country. we heard enough from the hate america brigade. that is my opinion and that's "my take" and it is next. ♪ (rhythmic electro rock music) ..
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charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com >> when it comes to parenting and household budgets, if you are hurting at home, you hurt democrats at the polls. >> the demands of affordable energy the will drive energy costs higher. >> you could be looking at an 8% growth rate and an 8% inflation rate in q4. we are overstimulated. overstimulated. we don't need another dime. >> great americans living regular great america. i was asking some of the folks,
some good americans, if they love stuart varney. what was the answer? they love you, stuart varney. ♪♪ dancing yeah ♪♪ stuart: 11:00 eastern time, straight to the markets. the dow industrials down, 159 points on the latest count, shy of half a percentage point. the 10 year treasury yield coming in this morning at one.62%, bitcoin struggled to 60,000 earlier. now it is down to 59-6. now this. tonight fox presents the third annual patriot awards. it's time we heard more from people who respect this country.
we've heard enough from the hate america brigade. i will put my $0.02 in because i chose to be an american. it was a conscious choice. i didn't turn my back on my native england, i turned my face forward to the freedom that america offers. ignore the naysayers, they are gilding america for its past sins. and it is more than money, it is a sense of alternate he, individuality returns on so many immigrants like me. in america you can make your own choices, you can run your own life, that is called liberty. i don't think of myself as part of a group, and when i pledge allegiance to this country, there were 38 nationalities, and hardly a dry eye anywhere, we are grateful to be joining a constitutional republic.
i will be celebrating tonight and i hope you will too. third hour of varney just getting started. martha maccallum is here, great american if i have ever seen one. >> i was born that way. i love that picture of you with that american flag. there is nothing more moving than a ceremony when people become americans. it is the greatest day of their lives. it is something to those who were fortunate to be born here. and they choose to be american.
and they came to this country, it is based on the idea of freedom and possibility and these patriot awards focus on people whose stories need to be told and who unfortunately most kids don't hear their stories when they flip these crappy ward shows and spitting on everything. and their understanding, when they decide what they think about the country. >> the goal. or the oscars - >> they have tables and they will have champagne. golden globe stuff with steve doocy, the watching for that. stuart: so will you. i'm going to move on to this. we are looking forward to the awards. it will be streamed live tonight on fox nation. a case of extreme measures in europe. i hope they don't come here, police conducting random checks to make sure and vaccinated people are leaving their mandatory lockdown.
the police are checking on the basis, are you there, still there. that is draconian. i don't see that coming to the united states. it is a warning sign. isn't it? >> so many things i never thought i would see come to the united states. i remember initially doctor fauci said he couldn't imagine a scenario you had vaccine mandates or wearing masks. we've seen so much change and it makes me very uncomfortable when i see these things in austria of people having to show their passes. it is very reminiscent, two totally different situations. it brings that to mind, the freedom you spoke about in this segment is something we need to be careful about maintaining. people need to make choices,
vaccination has been an amazing game changer for the country. every time i go somewhere. it it i'm grateful for this vaccine and the impact it has had on our lives and freedom it has given us to go back about our lives. and whether it is related to exemption. and there has to be an alternative to wear the mask. proving and antibodies and other things, you have to give people choices. stuart: are you with me on this? vaccinate yes. get the booster yes. but no mandate to do it, no force. >> think about things we've been encouraged to do in this country that have been good for us, putting on a seatbelt. and without forcing people.
>> >> we will watch the patriot awards. >> proud american, stuart varney. stuart: you got it. guess who is here now. the one and only mark tepper. i did to talk about ribian. this is gone straight up and now it is coming down. it is behaving like a meme stock. >> it is. it is behaving like a meme stock. it has doubled in a week. the market caps almost $130 billion. stocks they had a cultlike quality. they traded and still trade off
supply and demand completely disconnected from fundamentals. if you look at ribian, they are beyond meet. a big cult following went up to $50, now it is $80. when investing in stocks with cultlike followings they can be pretty dangerous. stuart: you don't think the ribian rally will last? >> i would not be buying here. when you look at ribian, the market was very patient with tesla as tesla turning quarter after quarter of losing money, the market was very patient. i don't think the market will be as patient with ribian. stuart: you have been following the fight between bernie sanders and elon musk. you've been following closely. i am very much on musk's side.
>> absolutely. i love elon musk. it is extremely entertaining to watch this play out. living i love about elon, he is willing to take one on the chin to prove a point and he loves ruffling feathers which i find fantastic. bernie is all about the wealthy must pay their fair share which tax revenues are the highest in history despite there being no increase in the tax rate. elon's firing back with i keep forgetting you're still alive but my favorite one was bernie is a taker, not a maker. that sums up socialism in one tweet. elon is doing all this just to show progressives how stupid their policies can be, and how they impact everybody. stuart: they always talk about you got to pay your fair share, but they never say what that share is. hundreds of thousands of people
pay more, and pay 50% of their income in tax. is that a fair share or do they want more than that? >> they want more than that. when did paying your fair share mean paying a higher percentage than everyone else? it doesn't make sense. i was talking with someone about our corporate tax rate and explained to them we have a corporate tax rate but you want to get the money out there is another tax you got to pay. there's multiple tax built-in and they want to focus on tiny pieces and criticizes little pieces. stuart: i am with you on this one. that is a good thing. come and see us again soon. let's look at the movers, target is still down almost 5%. >>
>> that is their problem. the investors concerned. >> t.j. maxx, and it is up 8.5%. >> they raise their buyback for fiscal 2022, $2 billion, that stock is surging, 8.5%. stuart: my grandchildren use this. roblos. >> there is no immediate catalyst but this recent wave of good news, your grandkids use it but they have more users over the age of 13. 47, 40 million active users, a lot are older people, this is a pioneer meta-verse stock. you are in that environment kids create. when you talk about the meta-verse, the first person in
it. >> i'm going to change the subject and get to this. insurers in the kyle rittenhouse trial are liberated for a second day. why is it awry it is threatened every time the mob doesn't get its way with a court decision. >> many -- has anything been done about it? i new york congresswoman nicole molly surveys a takes. the build back better agenda, some critics suggest the price tag isn't really $2 trillion but more like $5 trillion. watch this. >> for quite some time. we have a report from the white house on that next. ♪♪
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>> $1.75 trillion spending bill must be passed if congress wants to go home for thanksgiving. and something i haven't seen this president do, telling the congressional budget office they don't know. set to announce president biden has been incorrect in announcing, the plan does not add to the deficit.
biden's staff is saying the cbo cannot understand these tricks the president wants used to raise revenue. >> they do not have experience analyzing revenue amount gain. >> >> telling nonpartisan agency like the cbo they don't know what they are doing but they heard about this and defended their abilities. >> they are a treasury. something we are familiar with, and >> house democrats plan to bring this bill, the social
spending bill for a debate tomorrow and on friday. and the social spending bill. it is the infrastructure, with an electric vehicle commission. stuart: thanks very much. nicole joins us now. congresswoman, you've got a lot of pushback for your support of the infrastructure package. that did a lot of good for new york. >> absolutely. 10% of that money, $100 billion coming to new york for the transit system, our ferry systems to make sure we have coastal resiliency so important about hurricane sandy
devastated my district. we saw so much flooding due to inadequate sewer systems which we will expand the capacity. it is a good bill that focused wrigley on infrastructure, half going to roads, bridges and highways in the rest going to project i mentioned. stuart: what about the build back better plan, the gigantic social spending plan. would you vote for that? >> this is where we differentiate. the infrastructure was good and socialism is bad and we don't want to see the social spending bill passed. we have taken the leverage from aoc and the squad. if it passes the house it will not become the bill that comes to the senate. you will see as you have seen already the price tag coming down, and how they go further down. the cbo is important that moderates wait for the score.
and and we stop this government overreach, government going into your bank account, the irs agents, all of this unsustainable fiscal disaster, we have to stop it and that is what republicans are united to do. stuart: crime is rampant in new york city. a police officer was attacked by a man with history of violence, released without bail the first day. is there a revolt brewing and anti-police regulations, not just in new york city and nationwide, do you see a revolt brewing? >> i feel things are turning in our favor, the respect for police officers we are seeing is increasing and people are saying they want to see bail reform being repealed. even the new governor and incoming mayor are saying this needs to be addressed, dangerousness to society, something i have been pushing
for for more than a year. the tide is turning. we see the new mayor coming in saying he wants to reinstate the nypd plainclothes unit which is critical to get gangs and drugs and guns off the street so i'm looking forward to working with everyone making sure we repeal or at least significantly change what has led people to be less safe. of cops are not safe how can new yorkers be safe? that the bottom line. stuart: turn aside. let me check microsoft. it has hit another all-time high. it is on track for a second record close, 340 on microsoft. show me meta-. the social media platform rolling out a new feature that
will allow popular users to get paid for live streaming content. they can buy badges that will make their questions and comments more noticeable during live streams. still on meta-they revealed a virtual-reality glove and it was copied from their ideas. what is going on with this glove? >> a company called sorry about that, called x center patented the technology for the feedback glove and demonstrated to meta-executives, it is coupled with virtual-reality to give the illusion the user is physically touching an object in a virtual space. the ceo, jake rubin says his company had hosted many engineers, researchers and executives from meta-to demonstrate the groundbreaking technology.
in a press release meta-says it's teams have been working 7 years on various technologies that went into with gloves. meta-has yet to respond to those claims. stuart: tick-tock users file a claim in the $92 million class-action lawsuit where you get more if you live in illinois. explain please. ashley: federal class-action suit alleges tick-tock's chinese parent company illegally kept the news personal data which the claim, denied the allegations but back in february agreed to a $92 million settlement. anyone using tick-tock through september 30th of this year can file a claim. parents can submit claims for their minor children. the lawsuit was filed in
illinois where privacy laws mean state residents could receive 6 times the payout of other states. but let's be honest, they use tiktok, no one is getting rich and it could be years before any money eliminating dollar or 2 is paid out. stuart: lawyers will take their one third plus expenses. stuart: border patrol apprehension apprehended 160,000 migrants last month. he is doing a great job, watch this. >> i'm a tough grader on myself and give myself an a for effort. stuart: i will ask congressman andy biggs if he agrees with that grade. nicholas sandman was 16 years old when the media attacked him over his encounter with a native american. sandman sued for defamation. now he thinks kyle rittenhouse should do the same.
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♪♪ stuart: just dancing along getting into the swing of things. nashville, tennessee, 64 degrees. look at the markets, dow industrials down close to 200 points, visa dragging it down a little bit. and other retailers doing real well. >> we've got to show them one day. theory getting a tailwind from the results. and hand it is all about buying on the rumor, selling on the news, the anticipation being
built in. it is up 2%. apple's rally, we just announced an interesting announcement, self-service repairs so customers can do their own repairs, apple will ship the manual and the parts. we are talking basics, the iphone display, battery and cameras. why are you laughing? stuart: i can't imagine anything worse than a manual, how to fix - >> or free it services sitting next to you. i should be complaining more than you. stuart: staples center in los angeles, new name. >> crypto.com arena in hong kong, $700 million deal over 20 years. stuart: 700 -- that stadium will get -- spread over 20 years.
>> the la stadium is home to the clippers, kings and spark of the wnba. have you seen this crypto.com commercials, you have to remember the last time the dot.coms took over, and the bubble burst and a lot of people are trying parallels because crypto currency company are flush with cash given business has gone up x thousand% in the last 18 months. crypto.com followed spx which is one of the biggest crypto exchanges, $130 million over 19 years for naming rights of the miami arena. does this remind you of the 2000s and people just rushing.
stuart: most -- 2 or 3 leading cryptos on much more solid ground than many dot.coms of 20 years ago. i am changing it. thanks. jurors in the kyle rittenhouse trial are deliberating for second day, rittenhouse is accused of shooting 3 protesters following the police shooting of jacob blake in wisconsin. leo terrel joined me now. every time -- why is there the threat of a ride every time the mob doesn't get its way with a jury verdict? why is that? >> the mob wants to play the race card. they want distraction. when you look at the kyle rittenhouse case, you have riots last year. i don't understand the basis for any type of riot of this particular case but it is a
case of self-defense and yet you have people on the left talking about a riot, talking about this young man being a white supremacist which there is no fact, outstanding defamation lawsuit. makes no sense was this case should be judged by the facts in the courtroom and from a legal opinion of 30 years this young man is innocent. stuart: remember this. the media sneered nicholas sand is a man showing with a native american elder at an antiabortion rally in 2019. sand a man has about that and writes the corrupt liberal media came for me just like they came for kyle rittenhouse and if he decides to sue i say go for it and hold the media accountable. the media did smear rittenhouse. does he have a case? can he sue? >> yes. i don't want to see any left-wing media like cnn, msnbc and new york times, they destroy the character of that young man from covington high
school and i tell you without any facts, destroy the life of kyle rittenhouse. president biden called him a white supremacist. within 48 hours of the shooting incident in kenosha. they filed charges. he is facing the worst prosecutor ever. a man who has disregarded the truth and justice, the obligation of a prosecutor is to find the truth. basically this prosecutor wants to convict kyle rittenhouse regardless of the facts. stuart: you said a moment ago you have been involved in this kind of thing for a long time, you followed the trial. what is the jury verdict? i shouldn't ask that but give me an idea where they are coming from? >> honestly, most jurors do the right thing. they follow the law, look at the facts in the courtroom but we can't deny there is a crowd
outside the courtroom. they are trying to intimidate the jury. the jury should have been sequestered. if the jury follows the law kyle rittenhouse is a 3-man. if they are impacted by the outside, all bets are off. stuart: okay. a verdict may come today or probably tomorrow. when you think it is coming? >> can i come back to your show? >> of course you can. it is on, you are on. thanks very much. we will see you again soon and that is a factor. ping-pong balls could determine the fate of president biden's vaccine mandates. we will explain that. wealthy people buying land as a hedge against inflation. we are taking you to big sky, montana where the land of the real estate market are truly booming. ♪♪ i love my country ♪♪ i love my country ♪♪ from kentucky ♪♪ we need the money
♪♪ monday ♪♪ sunday ♪♪ i love my country ♪♪ as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals.
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stuart: headline, the wealthy buying land ever hedge against inflation. connell mcshane is in big sky, montana. real estate is a long-term investment. to be buying land in montana tend to stick around for a long time? >> i might stick around myself it is so beautiful but for the most part, people buying second homes as an investment property is how the market has been. i want to bring in a real estate guy here, you were telling us about this home, it is beautiful, a $50 million property. >> one 253 jack creek road sits
on 160 acres, 7000 square feet. >> people want to come out, plenty of land, you work from home and all the rest. we heard that already. but what about this idea that people with a lot of money want to diversify where they have it especially if they want to hedge against inflation. >> they are moving to places like bayside's to get away from the pandemic but in the last 30 to 60 days we get phone calls where people are looking at land to hedge against inflation. >> they want to get it done by the end of the year. >> what makes the land so valuable is down the street, ski resorts, big sky, signature golf course, and thousands of acres of national forest. the land is scarce.
>> do people stick around? it is a long-term investment. do people stick around or people trade the short-term, how does that work? >> we hope as a community people are sticking around and we see people buying land and property, and turning around and reselling. >> some homes where there's a ranch down the street listed like 10 million a year ago, talking about big numbers but your point coming into it you can often park your money, go to a land bank where you see the inflationary environment is getting worse over time and seeing a lot of that. stuart: it is a scarce resource, not making any more land, limited supply right there. great stuff. enjoy your self.
it is a great place. lowe's reported this morning they are seeing a bump in sales as customers take on bigger at home projects, getting a boost from online sales, they are doing well, just like home depot yesterday, they went up, lowe's is up today, john deere workers prepare for their third union vote following a 1-month strike. the new deal includes 10% immediate raise, my% raise in years 3 and 4 of the contract and lump-sum bonuses on years two and four. that sounds like a good deal to me. workers are strong. the dow $0.30 to the market, a lot of selling today and the dow is down half a percentage point. while you were sleeping, reporter bill milurchin talking about how they are using drone technology to find those illegals in the dark of night. he is next. ♪♪
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drone video that shows migrants trying to escape border patrol in the middle of the night. what is this? special night vision drones? >> that is exactly what it is, when they got out here this morning take a look at this video, as usual the second we get out here at sunrise there are migrants who cross illegally down the road and give themselves up the border patrol. these are mostly family units, teenagers, young kids who travel alone and are turning themselves in because they believe under the biden administration policies they will be released into the country and many of them are. back to what you are talking about, we met up with the woman named christie hutchinson, the founder of women fighting for america. a group that goes around different parts of the country
where the border crisis is and they help out law enforcement with this a very sophisticated drone, tens of thousands of dollars, every gadget you can think of. and local you, looking for runners. it has thermal imaging, infrared, through the brush here, into texas. what they do is look at border patrol, they relayed the gps coordinates, and agents on foot will close in and apprehend every single one of them. she told us she's a mom, has two sons and all the drugs pouring into the country she felt the need to step up to the plate and help our overwhelmed border patrol. >> drug trafficking has gone up 457%, flooding into the street as the mother of two young adult boys a that hit hard at home. this is coming to the street.
the drugs don't stay at the border. within 42 to 72 hours they are in cities across the united states. >> an accurate point, at the border policy here, a lot of people's lives will be touched by drugs and fentanyl. a lot of people know somebody who has owed the on fentanyl. cdc announced for the first time more than 100,000 americans died of drug overdoses in one single year. part of that is tied to the increase in fentanyl and fentanyl has been spilling across the southern border. stuart: see you again soon. alejandro mayorkas is asked what grade he would give himself or his handling of the border. role tape. >> how would you grade yourself?
>> senator, i'm a tough grader on myself and give myself in a for effort. in support of our workforce. stuart: a for effort. congressman andy biggs from arizona joined me now. he gives himself in a but 70,000 migrants were able to seek asylum in october, 12,000 kids, children, across the border in october. what are they doing about this? >> they are not doing anything other than encouraging this. a for effort is outrageous was this guy should be impeached. he is basically encouraging folks to come from all over central south america and 100 different countries into our country. anyplace else when you have to hundred 50 to 3000 people illegally entering your country every month you would be calling is an invasion. instead he says we've given it
good effort. this is a catastrophe. it is a disaster and he needs to own up to it but his policies have induced this disaster. stuart: what is the impact on arizona? you've got to pay for some of this. you've got to pay. what is the impact? >> we educate, incarcerate, medicate, provide all these services to these folks. we have border communities that are overrun. you a getting 850 in that small community. stuart: 850 a day? just in yuma? >> just in the year a. the tucson sector, the largest getaway factor because people don't just surrender into the
tucson sector, the drug and bad guys come in, human trafficking, assets in china. i've been down there when they got somebody from syria. they use that sector to get the bad guys in. stuart: isn't there going to be some political response to this? a democrat senator is up for reelection from arizona, up for reelection in november of this year. is this going to weigh on his campaign big time? >> it certainly should. he has been silent on this. has not done anything on the border, or anything to help but yet we are being inundated. drugs are coming across, he's not doing a darn thing about it, even speaking about it. stuart: we rant and rave about illegals coming across, we should give equal footage to
the fentanyl coming across. that is a deadly virus, deadly for americans, the death rate among young white americans in this country is astronomical. i really want to see that bumped up in terms of importance. >> we interdicted more fentanyl than ever before and still 8% to 15% so the percentage is the same but the poundage increased, which tells you how much is getting into the country. stuart: we always use you as a report from the border and appreciate it because we need more reporting from the border. input to this program, thank you very much. 11:55, wednesday trivia question. this is fascinating. what would you think about this? what is the coldest temperature ever recorded on earth? the answer in just a few moments.
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stuart: i have to say our producers come up with really good questions. here is the one foretoday. what is the coldest temperature ever recorded on earth? take a guess, ash? ashley: had to be the day a progressive democrat voted against a tax hike, that was the day hell froze over. i will go with number three, minus 144. stuart: you got it right. that is correct. ashley: no. stuart: reveal it. ashley: what a guess,.
stuart: that temperature was recorded on an ice sheet deep in the middle of an antarctica in 2016. i was miles off on that one, miles off. amazing, good lord. ash, great show today. thanks for being part of it. i will see you tomorrow. my time is absolutely up. microsoft new high. neil, it is yours. >> thank you, stuart. we're looking what is going on technology, particularly with microsoft. this has been a quiet underperformer. that is what we were told, hey this thing is under fire. it doesn't translate to everyone in techland but we'll break out the numbers for you. have we a packed two hours for you. we have the best buy founder, richard schultz, what he makes of the supply disruptions that impacted what you can get and how soon you can get it in techland.