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tv   Varney Company  FOX Business  December 13, 2021 9:00am-12:00pm EST

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this, they responded to it the iconic character. i think terry brad shaw has suffered enough, she needs to get some revenge and i hope the and the city producers are ready to respond to that. >> it was ridiculous as the stock trade was down on that, ryan and angela great to be with you, have a good day. have a great day everybody "varney & company" begins right now. stuart: good morning, everyone there's one stock to watch about all of her, the widely held stock the most valuable company it is apple, were watching it because if the stock hits $182.86 the company becomes the first to hit the first 3 trillion-dollar valuation level it's really close and by the way j.p. morgan says that is going to $210 a share.
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the market is not showing that much side of life often on a monday we see a bounce but there's not a bounce today the dow will be down 11 points, the s&p closed at a record high friday, 67th record of the year, it'll be up again at the opening bell but have no idea how it's going to close the nasdaq a solid gain of about 50 points as for bitcoin is below $50000, 48450 to be precise. britain's prime minister boris johnson went on tv and talked about a tidal wave of omicron infections, he says to fight the variant two shots are not enough. over here the governor of new york has imposed new mass requirements for all indoor businesses those rules take effect today, masks are back in the empire state, terrible pulling numbers for the president the latest abc poll shows he is way underwater on
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all the major issues, inflation, crime, immigration in the economy. his numbers are sliding. there is this absolute devastation at 250-mile corridor running through six states, this morning the power is out by hundreds of thousands of homes and it is cold. monday december 13, 2021, "varney & company" is about to begin ♪ ♪ this was really shocking deadly tornadoes kentucky hit the hardest. what we have is of morning. lauren: entire towns are completely gone, traveling 200 miles in dawsons brings kentucky. >> my dad was living here and now it's here.
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destroy, demolished. lauren: many of the survivors without heat or water in dozens dad from kentucky to arkansas, tennessee, missouri, even illinois a different twister of litigated and amazon warehouse. just days before christmas. the biden demonstration will help the state and president biden plans to visit kentucky but makes sense to do so sometimes it makes sense to get the president to get there. stuart: i heard a report of a family of five took shelter in the bathroom. the tornado hit the house all five of them were sucked out of the bathroom and put into another room and all survived that is an astonishing story. lauren: good thing. the power of the people to help these communities. to just think they had no possessions, nothing if they have their life nothing else
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before the holiday season. stuart: will be covering this throughout a three hour show. president biden will be with joe manchin to discuss build back better. charlie hurt joins us will the meeting decide the fate of build back better? >> it very well may. we see a real difference to democrats for a long time beating up joe manchin and blaming him for all of their woes and failures because he doesn't always go along with the program. they're trying a little honey now the problem he pointed out with joe biden trying to convince joe manchin, he's looking at his own numbers in there at historic lows for somebody at this point in his presidency. while joe manchin, he is not up for reelection next year he will be up for reelection in 2024 in a state that has a particular animus against joe biden and the democrat party.
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stuart: joe manchin has put a ceiling of $1.7 trillion on new spending. but the wall street journal goes to town on it this morning pointed out that two programs in the childcare allowances if that costed out for the full ten years would eat up all $1.7 trillion if that's pointed out to joe biden joe manchin you cannot go forward like this. >> right i have a whole lot more faith in the wall street journal than the congressional budget considering all the things the c.b.o. has gotten wrong but even the c.b.o. has acknowledged that $3 trillion in unfunded and additional spending will add to the deficit.
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one thing to remember the 28th reagan dollars in debt and deficit that we have as a country now every penny of that was built not on predictions that it would be deficit. that is the problem. every time congress passes the massive spending bills and they claim that is all paid for, never ends up being paid for. $28 trillion in debt and that was supposedly paid for in here you have the c.b.o. and wall street journal talking about this bill being trillions of dollars more expensive meaning trillions of dollars were putting out a credit card and were handy to her children and grandchildren that they're going to have to pay for that will come out of their pockets after we're gone that's included in this bill and that doesn't even get into the issue of inflation which i think is a real argument, if you want to go after joe manchin, republicans
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need to make joe manchin the face of inflation because if they pass this bill on top of inflation that we already have, he's going to own the future inflation and he's going to have to face voters to 2024 knowing that he contributed to the fact that nobody can afford gas or groceries. stuart: thank you for being with us on a monday morning, we appreciate it. let's get to the futures and show how things are shaping up this monday morning not that much price movement except on the nasdaq which is a solid 50-point gain, chasing cats with us today, the fed kicks off the crucial two day meeting tomorrow. >> what do you think they're going to do. >> is not just the feathers 20 other central banks meeting this week, given that we had the highest cpi since 1982, licensed to double down on accelerating the taper originally our
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expectations are $15 billion reduction for the ad would not be surprised if that's moved up to $30 billion reduction, frankly the market is going to be looking more at what the guidance is as far as rate hikes are concerned. what is the cadence or amount, our view we are going to get tumor starting in the spring it looks like it will be more than that in sooner than that and will have to brace for volatility. stuart: is not baked into the market, to rate hikes and less and less tapering? >> the market has discounted $15 billion celebration of the taper. they have not baked into the cake 30. they're looking at more than three rate hikes. i think we get an announcement of north of three not that they will articulate that but markets are not prepared for that. stuart: you think inflation is in the rearview mirror?
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>> certainly the stock market feels that way. on the other hand the fixed income market is viewing it very differently. the truth lies in the middle i think the inflation year-over-year numbers are only good get worse and worse in the months to come but were seeing green shoots in a moderation with wage inflation and housing inflation for some time to come. stuart: that could be nasty, thank you for joining us, we'll see you again really soon. we talk frequency on this program at the presidents plunging poll numbers. we have a new poll taking hit on inflation. lauren: 69 of americans do not approve the way president biden handled inflation, that means 20% to approve, with a thin number of independence, key voting block about the same percentage disapprove that's bad
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news the administration said is easing and go back bette will help if you talk to many economists i would go to most economists and all-americans that are dealing with high prices in her daily life they would completely disagree, what do they do tomorrow and wednesday do they accelerate the taper, likely yes by march and then they have the second half or they can hike rates. stuart: inflation is the story of the day. the feds have got to deal with it, if they leave it too late to get worse and worse if they jump on it now you have a market problem. let's move on back to futures it's 910 eastern time and mixed opening for the market this morning, hillary clinton has a warning about the 2024 presidential election. >> if i were a betting person i would say she's going to run again. i think that could be the end of our democracy not to be to pointed about it. stuart: we will take that on the
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11:00 o'clock hour this morning. prime minister johnson says two doses of the covid job are not enough to fight omicron, does that mean booster mandates are on the way i'll ask doctor marc siegel after this. ♪ ♪♪ it starts with a mother's determination to treat her baby's eczema.
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picture not that much movement except for the nasdaq up a quarter% of the opening bell is omicron cases spread some colleges madison always is with us this morning. what are the students saying about this? >> the disappointed to see another mandate this is happening during finals and right before winter break, these kids will go home and they have to decide to get the shot were potentially get out in the middle of the let's take a look at the list of colleges and universities requiring the covid-19 booster shot this list continues to grow i started to get into this on friday we keep adding numbers they're pointing to the omicron. as a reason for requiring the covid-19 booster's the cdc is recommended old adults get the booster shot but so far omicron seems to be mild it's important to note someone who contracted omicron that has been reported
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in the uk, here in the u.s. we have cases confirmed in 30 states plus washington, d.c. one of the schools requiring the booster shot is notre dame he said his friends are frustrated to have another mandate come their way, they're unwilling to protest it because of the high stakes. >> would rather have the ability to make on decisions in a free world. for a lot of them in a mandate is going against her freedom. >> for notre dame they will not enforce the booster shot until mid spring. when i was asked what would happen to the students who did not get it they said they will be handling that on a case-by-case basis. for this growing with the vaccine they say the students don't feel because classes are in person, many of the schools cannot skip the booster in go
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virtually needed to get the shot were potentially not take classes. stuart: the squeezes on, thank you. let's take a look at the prime minister, boris johnson says covid booster shots may be necessary, role lactate. >> there is a tidal wave of omicron coming, it is not clear that two doses of vaccine are not enough to give the level of protection we will need. stuart: , and marc siegel on this monday morning. the prime minister of great britain says two doses of the vaccine are not enough to prevent infection from omicron, therefore get a booster, can you see that coming in? >> that is going to come here it is true scientifically that the first two shots are not adequate against omicron. rosina and south africa, by the way it seems to be handling much
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calmer than boris johnson and south africa there predominantly mild then delta. i'm expecting the same in the uk, when something spreads quickly, fear spreads with us that's what boris johnson is doing, what madison said is important, can you imagine if these kids are trying to take finals and be bludgeoned with the booster at the same time, i would like to do a study to see how the grades are affected, somebody yelling get a booster whether trying to study. stuart: you think it's necessary to prevent omicron you think it's necessary to go to these extremes. >> it is something you talk about with your doctor, is something that may be advisable i don't know for to work against omicron, from the point of view the morbidity the better, if you get the vaccine that's more immunity, boosters are helpful,
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it is interesting to note with the boris johnson pounding the gavel, astrazeneca premarket trading is up almost 1% and pfizer is up, both of those will the shots he offered in the uk. i am not trying to conspiracy theorists, i'm not saying that is the reason. i do think the vaccines are really, really good but i don't believe in this authority. stuart: as of today new york state, businesses, people who go into your place have to wear a mask, what is the science behind this mandatory mass grain. >> i'm glad you brought this up, throughout the pandemic people have been using masking as an alternative to vaccines. if you don't do this you do that, if you don't do this you do that but the science of unmasking, there was science, studies in massachusetts and arizona schools, bangladesh that shows some value on a population
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basis but no way as of effective as vaccines. what i've been saying where are the rapid test if you want to know if somebody's infected or not you have a rapid test in their home that's a biden administration should of been doing and that's not what they're doing i want free rapid testing everywhere so you can figure out who has this. the only time a mask is really of value is if you have it and you don't know what and you're wearing the mass properly and it's a proper mask not of which is happening, i have a mask, i have a mask but the thing is hanging off their chin. stuart: thank you very much, i have a lot more questions which i will ask on another occasion, but we will get to it. thank you very much indeed. the democratic governor had some harsh words for the unvaccinated residents of his state. what is he saying to them. >> he will not able to add other mask mandate in colorado, here
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is what. >> at this point he has been vaccinated in the emergency is over public health doesn't get to tell people what to wear, that is not their job, you don't tell people what to wear when they go out in winter, but if they get frostbite it's not our fault. >> unvaccinated have the choice they chose not to get vaccinated and not everyone is going to have to wear mass because of their decision he pointed out 84% of patients in hospitals are unvaccinated but it is your choice, where the mask or get vaccinated. stuart: it's an interesting point of view. >> refreshing. stuart: thank you lauren, check the futures one more time eight minutes to go to the opening bell the dow is going to be down in the nasdaq is going to be up will be back. ♪
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for the millions of people on the autism spectrum. go to stuart: keith fitz joins us for the market coverage, welcome back to the show good to see of the fed's last meeting of the year starts tomorrow is a very
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big deal for the market and the economy what do you think they will do. >> hope they do the right thing the transitory has to be the single worst market narrative in history. i hope jerome powell has learned from this and is measured in his tone. the biggest risk he gets it wrong we will get a santa claus rally because it would understand the error of his ways. stuart: i don't get this if he understands the error of his ways and stops printing so much money and talks about rate increases how could that produce a santa claus rally i thought it would produce a selloff. >> this is the nuance question in your spot on if he says working today in the torpedoes and increase faster than we have
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to intake things down as fast as we can that will cause the hiccup on the other hand history has shown a gradual increase we will have a measured approach to this we realize we made mistakes the markets can adapt to that that is a santa claus rally scenario. stuart: has there been a. when interest rates were rising in the stock market rally? >> there have an important don't have those at my fingertips but there have been. where the markets have adapted to this. what we don't want is an increase but even that came out of the attack 14 or 18 months later, the bigger problem is all of the money printing that is very much kick the can scenario down the road. >> nonetheless you think were in for a santa claus rally they continue to move up before christmas? >> i believe he has learned, he
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won't make the same mistake twice i sure hope uncorrected my read. stuart: what would you say if the meeting takes place this week between the president and joe manchin and they don't appear to get an agreement on the back better what with the market to then that's a tough call anything that creates uncertainty is what the markets don't like, right now apple and pfizer and j.p. morgan and some of the great companies doing great things. if there is an uncertainty factor that the market will reset a little bit, i am still going to look to a much higher 2022. >> i'm going to leave it there i hope you're right only time will tell. thank you we have 30 seconds to go before we open the market on this monday morning the futures indicate some selling in the
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last half-hour looking like the dow is going to be down 60 points the nasdaq was on target for a 50-point gain that is rapidly evaporating, now barely in the green, we moved into the red right before the market open seconds to go the selling started to appear and it looks like we can have a down market of the opening bell this monday morning, the dow has wrong and trading has begun, the dow is right from the start down 60 points and i see the left-hand side of the screen all 30 starts her almost all in the writing going down the dow is down 50 as we speak the s&p 500 also down close that a record high on friday night, now it's down four points over 4700, the nasdaq i'll call that dead flat, slightly lower down dead flat to slightly higher, microsoft at
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the top of the list, dow 18113, that's where we will start this morning. good morning susan. susan: apple 18285 is the magic number to get to $3 trillion in market cap, 22000% return since 1990 and sue has never bought into the stock, you have $700 billion in market cap since october. in a matter of two months $700 billion. now all the sudden it's quality with tapering taking place of the federal reserve and the uncertainty with omicron. , you have to remember apple only cost to trillion and other 16 months ago they cost one trade get a 2018 i covered both of those milestones over the summer j.p. morgan lifting the target price to 210 this morning
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which helped rally the stock morgan stanley and katie huberty at $200 stock, instead of iphone sales, services have doubled in revenue in four years, were target was $74 billion a year right now. you have to give a lot of credit to tim cook, when he took over it was only $350 billion, in the span of a decade he grew the market cap by tenfold by slowing iphone sales. stuart: hats off. what a company. the magic number is 182-8586, right around there, if you get to that level you $3 trillion extraordinary staff. let's move on to tesla, i don't know if it affected the stock
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price, the times person of the year. stuart: is that a surprise this morning, that is a pro-choice for 2021, the richest man on the planet probably the most influential ceo today and is revolutionized electric cars any rockets to space and mars in the future the pioneer space travel in the space industry, he moves markets with tweets and crypto assets which you love or hate them. stuart: the man is a genius engineering marvel. i love how he says he spent his lifetime defining the haters and putting them in their place. in the meantime tesla stocky sold $10 billion so far i've tesla just in the fall and last week another billion dollars to protect obligation but did you like his, so wall street journal ceo council he says his tax rate and a 53%, half the year he
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works for the government. he pays his taxes and needs to tell billionaires to pay their fair share, 53% is high speed when here's a story that intrigues me, palatine recovering up nearly 4%, friday and plunged on news that he died after a peloton ride after the reboot of and the city. what is going on. susan: a spoiler alert i haven't watched the first two episodes but everybody knows that he died on his palatine bike. palatine says theyame out with their own reboot in the commercial and he's alive and well. >> you look great. >> i feel great. >> should we take another ride? life is too short not to. >> just like that regular psyching can improve your heart,
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lungs and circulation. ashley: the peloton commercial was shot in 48, a defensive play after the backlash from mr. big dying on his bike. the fact that the stock sold off on a tv portrayal, investors are looking for an excuse to sell the stock is down 75% on the year and they said sales would be down 20% despite the fact almost a fifth already. stuart: let's move on to harley-davidson. i've had enough of sex in the city. harley is up 14% and i want to know why speakers are not hog electric biking, they find interesting given the sec investigation mergers but livewire is worth $1.8 billion this printed out the faster
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growing business which is electric bike market from the traditional motorcycle business in the unit probably has bigger sales and potential in emerging markets and developing ones where we see a lot of electric bikes like vietnam or thailand. stuart: the idea of an electric motorcycle scares me too death. the great thing about electric is acceleration if you have to celebrate two faster driving a motorcycle you will lose the front wheel and be over the back. susan: i thought it was the fact that you did not have to pay $4 a gallon at the pump. stuart: i suppose so, i'm just worried about acceleration on a bike. that's why i used to own a miter enter motorcycle i like the sound. we have one more for you, bitcoin what is the milestone that is hit. susan: 90% of bitcoin have been mind there's only a cap supply of 21 million bitcoin severin circulation and they have these events every four years to keep
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inflation in check, still 50000 but one remark that elon musk came out with an interesting comment on crypto currency in the interview, he said bitcoin is more of a store of value and not great when it comes to transactional currency, he thinks dogecoin has a better use, i know you're not a fan of dogecoin, dogecoin might be better used because there's less transactional cost, less friction but inflationary pressures. stuart: i got a bitcoin of $47000 as we speak and the dow industrial done 77 points, those are the winners on the dow. coca-cola i'll get into that next hour. stuart: s&p 500 winners. susan: moderna and full, was added to the list by one of the investors as well. stuart: adobe and micron, thank you very much. nbc chuck todd says is not the
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president's fault that his approval ratings are so low. role take. >> 's two big promises were to get covered behind us and get rid of donald trump. covid is not behind us and donald trump is still lurking, it's not his fault. whose fault is it, we'll get into that. the city of yuma, arizona declares a state of emergency over migrants. the says he sees the humidity in crisis coming. andy biggs has the latest on that. a possible spinoff, amazon and the sale or twitter my next guest's bold predictions for 2022, greg smith is here he'll make his case after this.
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stuart: is sunny and brisk 42 degrees. the congressional budget office says the build back better plan is going to cost a whole lot more than the president says it's going to cost hillary vaughn on capitol hill. that is not good news for democrats, are they trying to spin it. >> is not good news for people who are worried about the price tag and whether or not it's fully paid for. democrats don't really want it done. if the social program in the build back better bill are made permanent and don't go away after a few years like the plan it would add $3 billion to the debt and cost a whopping $4.9 trillion, it would not be fully paid for but democrats are
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disputing the details, speaker pelosi said the c.b.o. scoring an imaginary bill and leader chuck schumer said the republican requested safety c.b.o. score does not take into account the president biden and democrats have committed any extension of the build back better act in the future will be fully offset, therefore ensuring it will not increase the deficit. i asked senator lindsey graham, the republican who spearheaded the score in the first place what his reaction is to the democrats explanation. >> number one chuck schumer and nancy pelosi could give a damn if you pay for this bill. joe manchin does. we've expose the fraud, a build back better, we had independent people, outside of politics look at the cost of the bill assuming the programs continue which they will in the jury is in.
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>> 's editor graham talk to saturday joe manchin about the c.b.o.'s finding and he said joe manchin was stunned with what the c.b.o. found it's something he's been concerned about and also senator graham said senator manchin felt vindicated that his concern over the budgetary gimmicks that are in this package are valid. stuart: the big meeting is this week the president and joe manchin that's a big meeting indeed. thank you very much indeed will see you later. check the markets really fast a lot of red ink at the dow is down 150, the nasdaq is down ten, greg smith is with us this morning, very interesting predictions for next year, i want to start with amazon what is your prediction for amazon in 2022. >> good morning it is that time a year with less than 15 trigger days left in 2021, it's time to give you predictions for 2022.
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i'm gonna offer my head on the chopping block so this point next year i can be ridiculed or celebrated. i want to start first with equity markets, i've been a raging bull since the deaths of covid i told you to buy in may and stay in cyber monday we will see new highs this year. i continued to stand by that and believe on the s&p we will see 5400 on s&p next year, i believe inflation will taper and moderate a bit a little bit mid next year. as you started the interview with having fun and some of these predictions. we can start to see more corporate spinoff of harley-davidson this morning. stuart: what's your prediction on amazon. >> aws could make sense and create tremendous value amazon the stock has gone up and for this year and i think spinning
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out aws without a tremendous amount of value for shareholders. >> twitter with the departure of their strange ceo i think that could be on the plot integrate asset and could be in the hands of another big media company over another big tech company. stuart: who would buy twitter, which media company or big tech would buy it? >> in the landscape look at the bank stocks or your parent disney, comcast there's a lot of people that would want the asset they test hundreds of millions of people and changes can be made to their model that could enhance profitability and integrate asset that can be run much more effectively in the hands of another runner. stuart: we will check out 2022 and see how this plays out. we'll see you later. i gotta get back to the market,
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in our down 200 points for the dow industrials we've gone straight down since opening bell half a percentage point on the selling continues. there is probably some worry about what the feds are actually going to do in their meeting tomorrow and wednesday and what they're gonna say they're going to do, let's take a look across the board there is plenty of selling let's get back to rivian where they just named as the truck of the year. >> it is the rivian are 1t, the all electric pickup truck is hundred 40-mile range and six areas including performance and safety. for rivian they said the best truck they have ever driven unit manages to achieve all the great stuff without offending historic truck buyers. it feels like you're driving a truck even though it's electric
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it starts at 67000, this went off in november early november at $78. stuart: is 120 now, rivian the truck of the year i did not know there was such a thing. the white house insist that parents do appreciate covid rules for the children in school including making them eat their lunch outside in the cold weather, watch this. >> inside schools are strict rules. i want to see those rules lifted. >> these are steps that they're taking to keep kids safe i think the vast majority of kids like that. >> alaska nancy mace, how does she feel about that with her children. the revolution good documentary shows is the liberal politics of sesame street out to you all about that.
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stuart: prices on the rise that is for sure.
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2021 holiday season may be the most expensive in recent history inflation pushing the price all kinds of food, gas, home goods are going up, lydia hu is in new york city is an obvious question is online shopping safe from inflation. >> they have a recent report from adobe that shows online prices are up three and half% across-the-board over last year just in time for the holidays is notable because this is the time where people go to the online sources retailers are offering discounts but instead we see prices are rising driven by demand and supply chain issues that are depleting inventory apparel prices declined this type of year by 1% but they've spiked by 17% over a year ago and you could see the other examples flower is up 15%,
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sporting-goods up 7%, had an opportunity to speak to the president and ceo of the polo association, global brand, he said the problem here are really multifaceted there driven by rises in the price of cotton, factories overseas being shut down, supply chain issues and the continuing lack of truck drivers, watch this. >> it is real, it is here it is not going anywhere anytime soon. were also seen major challenges in the supply chain globally that we don't think will get resolved until probably mid to late 2023. >> late 2023, the salida projection that i think i've heard in my reporting how is this impacting spending online, black friday sales were down slightly but that was notable because it was the first time in years they had pulled back overall adobe estimates they will see online spending this holiday season around
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$207 billion overall a 10% increase, they do not think it will cut into the shopping but the ceo pointed out he has concerns moving into 2022, 2023 as we continue with inflation. consumers are going to have to decide do i buy food and fuel or a short in increasing the decision will go to the necessities not appear. stuart: that's a troubling scenario as you look down the road. thank you very much. stuart: let's get to the markets, we are still heading south the dow is down 222 and the nasdaq is down 50. still ahead steve forbes, sean duffy and the owner of bobby band steakhouse in new york city joseph smith. the 10:00 o'clock hour of varney is next. ♪ 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.
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♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank. truist. born to care. ♪. stuart: good morning, everyone. it is 10:00 eastern. straight to the money. we have a selloff in progress. we're down about 250 points on the dow industrials. that is the best part of 2/3 of 1%. we have the s&p down nearly a half percent and the nasdaq down almost a quarter of 1%. plenty of red ink this morning. look at apple, it did hit all all-time high earlier.
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we're looking to see if it hits 182.86, if it hits that level it is the first company to hit the 3 trillion-dollar valuation level. i'm looking at apple, 181.20. it is shy buck 1/2 of that 3 trillion-dollar valuation. it is really close. the 10-year treasury yield dropping this morning down to 1.44%. that could be a drift into the flight of safety for treasurys as the market goes down. bitcoin goes all the way back to $47,900 as of right now. plenty of red ink. now this. political risk, we are loaded up on it. a fragile president plunging in the polls on almost every issue, a vice president written off as a viable successor, the risk is that something happens. economic risk staring us in the face. inflation rages, the federal reserve has to deal with it, the risk is a recession and a big market selloff. cultural risk, we are so
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divided. authoritarian democrats states impose draconian covid restrictions. gop run states prize individual freedom. rural america moves farther away from urban america a divided country is for real that is the cultural risk. the holidays are upon us, should be turning our thoughts to friends family, church and temple. instead we're hustled back into our masks. fired if we don't get the jab. attacked on the streets of our big cities. we're chosed to check vaccination status of our holiday guests for heaven's sakes. for christmas i am going to florida. i want to be in a more positive environment. i can't escape all risk, i know that. i can be in a place that lets me choose how i want to live and work. i'm tired of being down, frankly. that is where i'm coming from. second hour of "varney" just getting started. ♪.
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stuart: all right. that was my take. that is my opinion. let's see what matt schlapp has to think, or has to say. i think we're in a very difficult time, matt what say you? >> i'm kind of speechless stuart, because you said everything i would want to say and you're talking to me and i'm in florida. so there you go. stuart: i didn't know. >> i am in palm beach and i i he a smile on my face, i'm actually happy, people say things like good morning. it is pleasant. what i would say one thing you hit on, i would hit even more, people are sad. they're down. they're being told we will kill each other with this virus. our kids are told if they take off the masks they will kill their grandparents. we have families still estranged physically because they feel like it is too dangerous to be with each other. this wears people down over time. we've been through this as cultures before. we had world wars.
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we had huge struggles as people but letting a little thing like a virus take people down. if you look at opioids, the death from opioids are up over 50%. crime rates are skyrocketing in these big cities. carjackings are up 45% in our nation's capital. i live outside the nation's capital be. i don't want to go there and it was dangerous place. ronald reagan came in after it happened when jimmy carter was president. there was malaise. that is the word people used. people were down. we had high inflation. gas was not only high in price but there were shortages. ronald reagan came in with free market policies, a restoration of the constitution and a spirit that america should get it back. we need that. stuart: yes, i think we do. look at this, nbc's chuck todd says biden's low polling is not his fault. roll tape. >> it seems as if there is nothing the white house can do to improve their political
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standing these days. it does feel like every week there is another poll, new bottom, a new this and some of it is out of their control. his two big promise were to get covid behind us and get rid of donald trump. covid is not behind us and donald trump is still lurking. it is not his fault. stuart: it is not his fault. what do you say to that, matt schlapp. >> i think just the opposite. joe biden, he is not the beneficiary of some kind of global phenomenon that is destroying america. these are all his policies. the reason why we have high gas prices is because he has done everything he can to stop the trump production boom that occurred under his watch. this blue-collar boom where regular americans felt like their dollar could actually purchase more, now the opposite is happening. joe biden has people not able to go to work, number one, because he is paying them not to work and wants to pay them not to work. number two like you said the jab, the idea if you're a cop you can't serve as a cop because
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you already had covid because you don't think you need the vaccine. these are a all self-inflicted wounds, each and everyone of them. the problem things are getting so serious, even if you reverse course in some of these areas i think we're on a very dangerous trajectory. stuart: there is real political risk here as well. matt schlapp, thanks very much indeed for being with us. stay in florida, why don't you. >> i will. stuart: i'm sure you will. thanks, matt. president biden says he is going to meet with senator manchin this will be a very important meeting. it is all about build back better and how much it will cost and what we'll get. any details on the meeting? lauren: we know they will meet this week. it is a make-or-break time for democrats. they have 10 days left to meet the self-imposed deadline to take the bill to the senate floor. they're working on two other items, raising the debt ceiling, passing the defense bill. if they don't get build back better done by christmas, moves to 2022, midterm year, less
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likely to get done. stuart: very interesting. it is crunch time isn't it? lauren: and charlie hurt said at the top of the show, senator manchin is up for re-election in 2024. if president biden can get his twist his arm, on inflation and if he passes this it is on him and. stuart: change the subject. steven spielberg's westside story had a weekday beau. it only brought in 10 million bucks. jeff sica is following this story, disney, westside story, what happened? this guy is a brilliant director, remake after classic what happened? >> just to address the people are sad theme, what could make people happier to see a great broadway musical on film like
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"westside story." three out of five people are saying what this opening shows us. people were too tired, all the people, adults were too tired to get out of their chairs around go to a movie. here you had a front-runner film in "west side story." it opened critically acclaimed this is among the best spielberg has ever done. the great rhee make. the first 1961 "west side story" won 10 oscars, this could do as well. people are used to streaming, auld of a sudden fear is back and there are percentage of the population that doesn't want to take the bold step and go into a movie theater, buy some popcorn,
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enjoy a great musical so they're not so sad all the time. stuart: disney could not stream it because it was, they inherited this movie from fox in the big transaction a year ago. >> right. stuart: so they couldn't stream it but they should have streamed it. if they streamed it would have gotten much better response. >> right. if you look how musicals were doing before the pandemic, like la-la land, "mary poppins," they were blowing the doors off revenue, off receipts. all of sudden, people, it will take a while but disney, let's see what happens when they start to stream it. i think it is probably going to do better, but again they're trying to get the adults back in the theaters. they're doing okay with the kids and marvel and getting them to see avengers but not getting the adults because we just can't get off of our couches and we need to. stuart: as i understand it, one quarter of the people who went to the movies to see west side
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story, were over 55. a quarter. >> right. stuart: that is, movie for older people. >> right. stuart: so if you can't drag them into the sinema, you got a problem. >> yeah. because if you're going to get back to the numbers that we had, and instead of being and all streaming platform, we're going to have to be able to entice them to come back. around again, to the, you know, when there is so much fear being dispensed, that fear keeps people paralyzed. they don't want to go out. they want to stay in their cocoons. they don't want to feel the connection being in a theater. that's a very bad thing. stuart: jeff sica, cultural commentator with very good point. just like matt schlapp, very good point. people are sad at this moment. that is the truth. thanks, jeff. lauren watching movers, the airlines, what are they doing today? lauren: people are sad and scared and you can see it in airlines performance this is for
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domestic and international. go ahead. stuart: no, i think you're going to say one person has died in britain from omicron. that's what is upsetting things. lauren: people are now re-evaluating, yes we know it is more transmissible, easier to get the omicron variant but is it more deadly too? we know at least one person in the uk has died because of it. i do not know if that person was vaccinated or unvaccinated but boris johnson cautioned the variant can overcome immune defenses of those inoculated with just two shots. which means there is a big push to get the booster out by the end of the year. stuart: what is pfizer doing? i noticed their took was up earlier. it still is, up 4%. lauren: nice gain. look at 84% gain for arena pharmaceuticals. pfizer is buying them for $6.7 billion in cash. arena is developing treatments for inflammatory conditions,
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think crohn's disease, but they do not have any products on the market right now. both stocks are up, citi is waving the warning flag, this tie-up raises antitrust concerns. stuart: okay. what else have we got here? apple, are they close? lauren: yes. they came at the high, came within a dollar five of a 3 trillion-dollar market cap. jpmorgan gives them a straight high of 210. we'll see if they can get there the right now the value is $2.982 trillion. t was 16 months ago apple was worth two trillion. they would have gain ad trillion dollars of value in 16 months. stuart: it is an extraordinary thing of company that size. thanks, lauren. coming up, new york city's mayor de blasio defending his vaccine mandate for businesses. roll tape. >> why not allow the new mayor, who will come in four-days later to impose that mandate. >> every time we put a mandate in place, chris, it has worked. stuart: well, the mayor has just
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a few days left in office. as omicron variant spreads acrossfit taken, the secretary over there says there is no guarranty schools will stay open. yes, that bad over there. jen psaki blames republicans when asked about high inflation. roll that tape. >> they were voting begins the president's agenda. they were also voting against lowering costs. stuart: voting against the lowering costs, republican nancy mistakes that on next. ♪ ♪
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♪. stuart: as you know inflation is spiking. 6.8% over the past year. when asked about inflation white house press secretary jen psaki said, well she blames republicans. lauren, can you explain that one to me? lauren: i can try. stuart: please. lauren: saki was asked by a reporter can build back better pass with so much concern about its high cost. she said what high cost, then deflect flecked blame. >> you saw every single republican in the house vote against build back better. what were they voting against? yes, they were voting against the president's agenda. they were voting against lowering costs. lauren: todd piro called it mental gymnastics lass week, that is what jen psaki tries to control the narrative for the white house, the policies are food, will reduce costs for you. we've seen the penn wharton model, cbo model, it is trickery in the build back better plan. the real cost of it is much
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higher. when you have inflation wherever you go, more spending doesn't help the problem. she didn't admit that, she blamed republicans being against everything the president wants to do because she want to be against them. stuart: i understand the reasoning. lauren: i tried. stuart: bring in congresswoman nancy mace, republican from south carolina. congresswoman, welcome to the show. great to see you, you are a republican. what do you think when the white house press secretary blames you and your colleagues in the republican party for inflation? >> it is laughable. i think we should rename inflation to biden inflation. i never seen this kind of spending. america hasn't. south carolina families, we can't afford it and they think spending more will ease inflation. 6.% that is higher inflation than during the 2008 recession. wages as you know are not keeping up with inflation. the build back better bill does
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better for foreign workers and foreign companies than american workers and american companies. we'll have to export jobs overseas as well. it is ridiculous. they lied to us about everything, when talking about the border crisis and number of apprehensions at the border, how we're treating them or exit afghanistan or, that build back better would cost nothing. add $3 trillion to the deficit. not going to cost 1.5 trillion and more. same thing with the infrastructure bill. we were told no taxes on it t would be paid for and it is not. so you can't trust jen psaki. stuart: okay, i want to turn to the covid restrictions. a lot of the children in this country are going to school and eating their lunch outside in the cold weather. let's go back to jen psaki for a moment. she says that's okay. watch this please. >> these are steps that schools are taking to keep kids safe. i think the vast majority of parents appreciate that.
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stuart: okay, eating lunch outside alien in a mask. we've got one of our producers on the show whose daughter goes to school, eats lunch outside. they got to wear gloves inside of the schoolroom because the windows have to be even. they're in masks all the time. they can't talk to each other at lunch. i mean you're a mother. what do you think about this kind of thing? what can you do to stop it? >> it is insanity. i'm a single mom actually. i have a child in high school and child in middle school and parents ought to have a say how their kids are treated, health care decisions request with covid-19. when we had sent my kids in n95 masks, wash your hands as frequently as possible, don't touch things, right? kids are the safest individuals from covid-19. they don't get it higher rate at older generations. don't get it as bad as folks my age range. we keep them safe that is okay
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in school this is one of the reasons you're seeing parents rise up at school board meetings and show a lot of anger because they're making decisions not based on science. i think you can have some very pragmatic, common sense decisions that protect our kids and don't drive them crazy. we're having a mental health crisis on top of it and this isn't helping. stuart: congresswoman, thanks very much for being with us this monday morning. we appreciate your point of view. come back soon. >> anytime. stuart: some things are just not acceptable in america right now. that's my opinion. nancy, thank you very much indeed. see you soon. >> thank you. stuart: schools in britain may close because of this new variant omicron. bring me up to speed on this. lauren: it is start toing pack its punch and the health secretary says schools might close. i do want to know he is not the education secretary but health secretary. that is what he said. sharper numbers across britain last week. they fell 1.1%. one person dying from the
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variant. we have the country now pushing boosters, saying that is the best deterrent. they want every adult boosted by january 1st because two jabs is not enough. schools indeed might close. a little bit of deja vu to lock down last winter. stuart: do you get the feeling the market is feeling that chill what is happening over there with omicron, it is hurting our market here? >> i think that is part of it. i think it's a little bit of what the fed does on wednesday, what they say, with respect to with when they're going to hike interest rates. can the economy handle it? it's a couple things going on. the stock market has soared this year. when you see a 244 point selloff, put it in perspective it is a little bit of a breather. stuart: still 35,700 on the dow, double what it was on the day donald trump was elected. lauren: good memory. stuart: i remember things like that, lauren. deal with "sesame street,". the show is always admitting it is political.
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back in 1969 they were more concerned about a civil rights movement than education. so they connected the two. if you notice the setting in "sesame street," city street. characters diverse. fast forward to 2021, big bird doing a town hall with cnn promoting vaccinations. so the point is it is political now, through the decades it always has been political. stuart: now they're telling us it always was. got it. markets of plenty of red ink. show you this through the show. down 2350 for the dow. 70 for the nasdaq. there is this, hillary clinton says donald trump is going to run again but listen to what she thinks will happen if he wins. roll tape. >> i think that could be the end of our democracy, not to be too pointed about it. stuart: she says the country will be unrecognizable but look at it now. that is the theme of "my take" at the top of the 11:00 hour. look at this, this meta etf.
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i will ask actually which stocks are in a metaverse etf like round hill ball. we'll ask which stocks are in that etf. the guy that runs the etf is on the show after this. ♪. your plain aspirin could be hurting your stomach. vazalore...
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stuart: got plenty of red ink. in fact we headed further south in the last few minutes. the dow is down 330 points, heading for almost 1% decline. same with the nasdaq which is down over 100. that is better than 2/3 of 1% decline. some individual stocks are moving. let's go to susan with the news on qualcomm. susan: outperformance today by the chipmaker, that is because rgdded aed tomm tts i pksor fo 22.2. eae i wll oututpe on a arongst tteh oducprtsts cyc. eettrtrtrtrigh.h. wa s
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mmal iiririeworthth n evrtphmarte teha tha it coec t f minesutut,ut,ut, we we we wwro82 1 56 cents away a f ahehe icalic 3lliollllar rket have to close above 182.55 to get to the milestone which is looking tough right now. show you outperformance by coca-cola which is a blue chip we don't talk enough about. they are getting a thumbs up today from jpmorgan and jpmorgan says that in their view coca-cola is worth 63 bucks. sew there is upside there for you by 20% with a recovery in sales and probably a good entry point. trading at only $57. stuart: will go to 63 they say? susan: 63. stuart: we get used to stocks going up 10, 20, $30, in a week. tech stocks we get used to that.
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that is what we look for. susan: blue-chips, value plays are boring because there is not 50% upside? stuart: yes, just a tad boring. susan, thank you very much. our next guest launched a new meta etf in june. it has already reached $900 million in assets. matthew ball runs it and he is with us right now. matthew, let's get very simple here, what is in that meta etf that you run? which stocks? >> we have 42 different names that span hardware, computing, platforms, virtual platforms payment companies required to realize next generation internet. unity, autodesk, roblox, nvidia. stuart: what about facebook, formerly now known as meta platforms? >> meta platforms is there as well, i think currently fourth
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largest holding. stuart: i imagine you have a few chip stocks, semiconductor stocks in your etf because this meta verse will require a vast expansion in computing power. do you have chip stocks there? >> we do. qualcomm, after all we're looking for one of the world's most scarce resources today, that is computing power to your point. we have never had enough compute, every time we have more compute we go after more complex situations, try to solve more difficult queries. the meta verse will be the largest in human history. stuart: i'm told the metaverse is in the same stage of development now as the internet was in 1990. you're laughing, that all accurate? >> no, i think that is quite right. in many ways the reason why we assembled this thematic diversified portfolio in the etf
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you are our speculation is the metaverse is multitrillion dollar opportunity and will take decades to. and betting on winners is a difficult. apple is a 3 trillion-dollar company. we all wish we could back to 1995 to bet on apple stock but we all bet on samsung or nokia or blackberry. the truth is we didn't need to make a single met. if we bought social network, semiconductor companies, we would have looked back on that investment and be happy. that is our goal with the metaverse etf. stuart: i tend to think the metaverse which is really phenomenon to me, is geared toward my grandchildren, not to me. is that rather simplistic? >> i think what we see overtime the technical waves you see as a mixture of networking and computing, we saw that with mainframe computing and the rise
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of personal computing and mobile computing eventually reaches everyone on earth and every category but it is ushered in by demographics. we know 75% of the children in the united states, uk, canada, australia engage in row box on a regular basis. we can use that as a leading indicate for for virtual worlds to come. stuart: give me an example of the metaverse i can get into right now? >> i think it's a little bit like saying when did the mobile internet appear. in truth it emerged in 1991 in norway. for the average person took until the iphone came out in 2007 and app store in 2008 to say you can go into the mobile internet. as you mentioned earlier you can look at roblox or the games fortnight or "minecraft," as a eform news series of interconnected worlds for commerce, education and leisure and more. stuart: so i will be living in a virtual world in the next couple
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years, that it? >> more than you can imagine. an increasing share of your time, labor, leisure, wealth, happiness inside of virtual worlds. most of our daves today surround the devices we're using are enabled by worlds around us. we don't live inside the internet. instead it's a critical part of our lives. stuart: i think i get it. i think i'm getting there at the very least. you're helping me get there, so i appreciate that. matthew ball, we appreciate it. come back to see us again. >> cheerio. stuart: i got that. i heard that. microsoft, amazon, some other tech companies warning of a widespread software flaw. what's the flaw and how dangerous? lauren: it is pretty dangerous. hackers are making hundreds of attempts per minute to exploit the severe vulnerability in the software that is used by some of the world's biggest companies. they're rushing to get patches out to users as fast as they can.
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the worry hackers can install malware, steal user data and much more. so they're very worried. microsoft this was a popular hack for their "minecraft" game. they already issued a patch to protect their gamers but other companies like amazon still working on it. >> what is the new report, that the job market will not return to normal anytime soon. what is normal? lauren: exactly. where there is people interested in applying for a job. it comes from glassdoor, that is the site where people can see companies. they don't see a silver bullet type of fix for the labor market, because you have schools reopen, employment benefits withdrawn, the extra ones, but you have a culture a little bit different, an aging population. and 2022 they say will be just as hard a year for companies to find workers as this year was. stuart: you know the bottom line, there is awful lot of people don't want to go back to
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work, for all kinds of reasons. lauren: because you can easily say i'm scared to go back to work but i can work from home if you want me to and blame the pandemic. stuart: people in late '50s, early '60s, made their money in the market, don't have to go back to work, early retirement. why not? lauren: 11 million jobs open. stuart: get over that one. thanks, lauren. coming up the mayor of yuma, arizona, declares a state of emergency because of migrants. roll tape. >> the purpose of the declaration is to make sure we're not the epicenter of a humanitarian crisis that could be quickly developing. stuart: you see it on your screens. congressman andy biggs was actually there in yuma. he will report the situation in a moment. we're less than two weeks away from christmas and the problems at the ports still persist. will you get your packages in time if you order them now? we got a report from the port of los angeles next. ♪♪
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stuart: this is happening. just in to us. mandates are spreading. philadelphia impoise advantage seen mandate. what do we know? lauren: five weeks to get fully vaccinated if you want to go to a movie theater, restaurant, bowling alley, everywhere food and drink is served on premise, including five-year-olds. this is where it gets particularly confusing. this is where people say you know what enough is enough, i with h will not bother which would hurt businesses. for the first two weeks of this mandate, january 3rd, when it starts until january 17th, businesses can accept a negative covid test within 24 hours of person showing if they were not
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vaccinated. stuart: you wouldn't bother. lauren: you wouldn't bother. exactly. stuart: that will hit brings. that is philadelphia. the. lauren: the mayor says we want to get through the winter wave of omicron and the variants and keep people safe. that is the reasoning. we'll see what it does to the economy. stuart: next case, the administration is saying they may improves to the supply chain crisis, however, there are still major issues at the nation's ports. kelly o'grady is at the port of los angeles. is it still backed up there, kelly? reporter: is it ever, stuart. we're close to an all-time high. unfortunately there is no silver bullet when it comes to the supply chain crisis. there have small improvements, worker shortages, rising inflation. one of the key initiatives to address this, moving to 24/7 operation but here at the ports it is difficult to fill the early morning shift. on top of that truckers can only work 11 hours a day.
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warehouses here in socal only operate in the day particularly. that will take time to get with 24/7 in play. i want to give you an idea on the port clog because some numbers may be misleading and reports of improvements may be misleading. looking at ships wading in the 40-mile port zone, there is huge improvement, 28 in weekend. if you add those outside the zone, a lot of ships are playing offshore, the total ships loitering is 95, near an all-time high. last time we spoke about the port crisis, the effect new fees would have on the ports. i asked the executive director of the port of l.a. about the impact. >> when we first shared the concept of a penalty fee on aging containers we have seen a decline of almost 54%, simply the discussion of that penalty as really motivate ad number about parties. there is much more work to do. but i like the traction we're
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getting so far. reporter: now you have new ships coming in with orders stacking up. as omicron spreads there is fear of global shut down of the supply chain crisis which is the fear. stuart: kelly o'grady, from los angeles. thanks, kelly. market show a ton of red ink. dow industrials down 300. nasdaq down over 114. there is concern about the omicron outbreak in britain which killed one person over there, what it would do when it comes here in large numbers. there is concern about what the fed will do at their meeting tomorrow and on wednesday. by the way, boeing, goldman sachs and home depot, those three stocks are dow stocks. they're all way down. that is taking 140 points off the dow industrials. stuart: president biden's approval on crime plummeting. more smash and grab incidents over the weekend. we have the latest numbers for
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you. inflation has reached the highest level in 39 years but president biden says well, we've hit the peak already. watch this. >> i think you will see a change sooner than, quicker, more rapidly than take most people think. stuart: well grover norquist will join us, he says if build back better gets through, it will only get worse, that is inflation, that is. he is next. ♪. as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.
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stuart: markets are a little spooked by omicron? markets are spooked what the fed might do in next couple days. markets are down all across the board. president biden, he has been talking about inflation all over again. what's the latest? lauren: he says it will not get worse than what we're feeling right now. >> it's a real bump in the road. it does affect families. when you walk into the grocery store an you're paying more for whatever you're purchasing it matters. lauren: he said it is at the peak. then he went on to say his build back better plan lowers costs
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but not for retailers. we saw kelly o'grady's report. it might seem better at the california port but hundreds and hundreds of miles away a near record number of ships waiting to get to the port. they have to unclog the ships. that takes time. not for energy, right? gasoline prices are down two cents in a week but with the cold winter and high cost to heat your home, this is going to be, it will only, we're not at the peak. the peak is about to come for many american families. stuart: that is an interesting point. i want to bring in grover norquist on this one. grover, biden says we're at the peak inflation level. you're laughing. you don't believe that? >> not if he passes that tax-and-spend bill that he is putting forward. that has a whole collection of things that increase prices for working men and women. for starters it is at $1.2 trillion in quote, unquote, business taxes. but if you poll the american people, they know what happens when businesses have higher
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taxes. they can tell you prices go up. we also know that about 70% of the corporate tax is paid for in lower wages. according to the tax foundation. add to that, there is a subsidy, a cash subsidy for trial lawyers suing small businesses that then what, raises prices. you take a billion dollars out of a business, where are they getting that? higher prices. trial lawyers make everything expensive this subsidizes trial lawyers. labor unions have work rules which make everything expensive there is subsidy for june dues. there is subsidy for buying electric car only to a unionized company. so what does that do? it raises prices. there is nothing here, they want to have all sorts of rules for who can take care of your child. we're going to subsidize your child care but you have to have somebody with a college degree who pays teachers union dues. what does that cost? stuart: you summarized all of this in an article on
10:53 am you have got $80 billion for the irs to audit and harass taxpayers. tax increases on working families. the highest income tax rate in the developed world. price controls and taxes on american medicines. tax giveaways to special interests like the union dues for example. you add it all up, you say this creates inflation. it doesn't tamp down on inflation. that is your argument? >> sadly, he is doing more of all these things than carter did and he brought us double-digit inflation. stuart: now what happens at this big meeting this week where the president meets senator manchin. it is all about how much are we going to spend and will we get big build back better? what do you think is going to happen? >> manchin said, manchin of west virginia, democratic senator, i won't tolerate more than $1.7 trillion. we now learn that biden's bill that came out of the house is
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$5 trillion over 10 years, if you take it seriously, five trillion. 3 trillion in additional debt. if manchin says no, holds to 1.7, that would reduce the damage, a lot. stuart: do you think he will actually hold out? >> i think he will. he made this a point of his own personal honor. he wrote a letter and a handed it to schumer, the democrats, this is my line in the sand. he can't walk that back. schumer leaked it to undermine manchin. theories of the party kicked him in the back. i think he stands tall and workers of west virginia, we see reduction in the damage. they're talking about putting more money into the covid thing. there is still a trillion dollars that hasn't been appropriated yet. we can spend that instead of this new stuff. stuart: we could. grover, see you real soon. >> thank you, stuart.
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stuart: grover norquist. republican senators are announcing the alarm on the vaccine mandate on truckers crossing the border. what are they saying? lauren: that the vaccine mandate on the northern border from canada will exacerbate the inflation we have now. 14,000 trucks come across the border every single day, hauling $850 million worth worth of stuff. stuart: is there a mandate on those truckers? lauren: there will be. stuart: there will be. lauren: if you can't get the goods here, too many people chasing too few goods. prices continue to go up. stuart: inflation. thank you, lauren. still ahead, steve forbes, congressman andgy biggs, sean duffy and heather macdonald. hillary clinton says if president trump wins the presidency in 2024 that we will not recognize the country. with no border and higher gas prices i'm not sure i recognize our border right now.
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that is in "my take" next. (judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different.
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>> it is make or break for democrats. they have ten days left to meet their deadline. >> republicans mean to make joe manchin the safe of inflation, they pass this bill on top of inflation we already have then he is going to own all the future inflation. he contributed to the fact that nobody can afford gas and nobody can afford groceries. >> inflation year-over-year numbers are going to get worse, were not going to see a moderation with respect to wage inflation and housing inflation. i hope jerome powell has learned from this and i hope is measured in his tone, the biggest risk he gets it wrong, i've been to go on record and say we will get a rally this year because he's going to understand the error of his ways. >> i believe on the s&p will have 5400 on s&p next year, i believe inflation is going to taper and moderate a little bit.
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♪. stuart: it is 11:00 o'clock on the east coast, monday december the 13th there is a market selloff in progress. the dow industrials at this moment down about 300. the nasdaq is down over 100, there is worry about the fed and omicron. show me apple, it did hit an all-time high earlier it is at $180 right now, thinkest a 18286, will become the first 3 trillion-dollar company. bitcoin plenty of red around that $47200 per coin. now this hillary clinton is back, you saw her read what would've been a victory speech from 2016 and yesterday she went on nbc's sunday talk show, she is still zeroing in on donald trump, she says if he went to
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2024 americans won't recognize our country. after 11 months of the biden administration i'm not sure i recognize our country right now. a year ago we were cheering healthcare workers. now were firing them for knocking vaccinated. a year ago the border was under control. now the border is open and cities are overrun. remember the price of gas at the return of the year it is up a dollar 20 cents per gallon. and placing 39 year high, crime spiking, organize mass colluding, this is still america but it's a long way from where was in the trump years. hillary is doing the democrats in favor by bringing back trump as the villain, she distracts from bidens crises, the democrats would like to focus on trump blame him for everything, he is channeling the old loving that it won't work.
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look at this biden is underwater on all the big issues, inflation, gun violence, immigration, crime in the academy he owns these problems and voters know it, hillary has not gotten over her loss, when will the democrats get over hillary and how will they get over joe biden. the third hour of "varney" just getting started. >> can't keep this man away, sean duffy joined this is monday morning. what is your take on hillary. why is she suddenly appeared in public on two significant occasions, is she running. >> my take is your take i thought that was a great opening i completely agree i think more americans are yearning for the days of donald trump though take the orange hair in the mean
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tweets. they'll take it all, let's go back to nakata b that is roaring we will have a secure border and put criminals in jail again will have american oil and gas. all things were great under donald trump and i think more americans are going to year end for that and hillary clinton completely off base with this read. if she could go for president again, i don't know she's so unlikable even the last couple of times she read her alleged victory speech had she won and now she doesn't have what it takes to visit nate with the hearts and souls of the american voter. stuart: just suppose there was a rematch in 2024 hillary versus donald trump, who you think would win. >> i think donald trump is in a pole position. i love the president, you know that there is some issues with the personality side the next election will be about policies
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and results and donald trump delivers on that, a major swath to the american voter working class blue-collar truck driving americans and they know donald trump is fighting for them and they don't like the progressive policies that cater to the woke elitist on the coast that is not most of america i think trump is in a great position, i think he will run, you could have joe biden and trump matchup were hillary and trump matchup and going back to the future. stuart: on the show the last two hours we looked at the mover of the country, it seems to me rather depressed or sad, not necessarily angry but sad of what's coming down the pipe as the holiday season is upon us, would you agree with the characterization that were sad at the moment. >> the issues that we haven't faced a long time in my lifetime i haven't seen these issues rise in crime and inflation and open borders. i think people look at this and
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say these problem should be that complicated but we have leaders that don't want to fix the problem, there cheering the problems on in creating policies that are fermenting these bad things that were so sour about, if you could go shopping for christmas and you can afford presents and you can't afford them and can't get them in under the christmas tree, that really sours people's mood on this time of year when it should be a joyous happy time and good drinks and good meals. stuart: i don't like being told that i should check the vaccination status of my holiday christmas guest. i don't like that, i'm not going to do it. thank you, think of her being with us. merry christmas. check the markets the selloff continues, it is not dramatic but we are down 1% for the dow, 300 points for the nasdaq, down 130 points, steve forbes joined
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this now. that is quite a selloff what do you think is the problem, anticipation about things that might be done whether it is response to the newberry out there, the federal reserve tomorrow and uncertainty you have a little bit of selloff these equities are near record highs that is normal and nothing to be concerned about tomorrow and afterwards. stuart: but i don't like to see is all the omicron news someone who has died from omicron in britain, and over here we just had philadelphia announced on the country and the market do you agree with that. >> the negative mood means a data economy and less vibrant economy this gets to the key,
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overall this invariant is not as deadly as the previous ones, you get the politicians reacting as if it's a disaster, bubonic plague and people don't want to go back to what we had in early 2020 it is not necessary to do that. you don't need massive lockdowns and everyone wearing masks everywhere and policing everybody, they worry about the reaction to the variant not the variant itself. omicron variant itself. you raise a good point, covid is not the bubonic plague. the death rate from copan were 50%, 70% for the black plague a few centuries ago that you would have grounds for massive lockdowns and vaccine mandates and everything else. it is not like that, is it. would you agree with this we have to learn to live with this particular condition, it's never going to disappear we have to learn to live with it, the sooner we live with it the better off we will be.
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>> if you're a vulnerable part of the population with underlying conditions we take proper precautions. but one blunder size fits all does more harm than good and ends up harming public health like the near governor saint hospital should have elective surgery, we already know from the past year to have the devastation that is had a cancer patient, heart patients and the like. we are fine to approach, we can learn to live with it and thankfully the vaccines in the therapeutics this is going to become less and less of a death threat. stuart: what do you think of the mask mandates in new york and the other mandates in new york city. last word to you on this one. >> all be brought onto blunt i hope this madness ends when new york city gets a new mayor on new year's eve and a few days and we get back to something rational, real policies to fit real needs not the hysteria in the hype that we have now.
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stuart: that wasn't terribly blunt, i could do much worse than that. good holding back. thanks so much for being with us, i appreciate the smile, merry christmas let's get back to the markets we have some movers. go pro. >> wedbush says they see growth drivers and upgraded go pro to outperform and shift to high-end hardware are more expensive and they have been overcoming the supply challenges quite nicely. >> i was negative getting one of them maybe for christmas around my tree farm with a camera stuck in my head. >> taking about it or doing it? >> if you do get some video. stuart: i promise i will, radian shall be the stock, up 1%. lauren: two pieces of need entre
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nous' motor trend in 2022 even though it's not on the market, they say the most remarkable pickup we have ever seen then wedbush came out and they said they expect more than 5% of vehicles next year to be electric, that should boost the automakers especially the ones who are in the ev space, gm and ford are down sharply today and they are in the ev space. stuart: we've been given all the news about vaccine mandates a mask mandates, i would imagine if you could have a group of stay-at-home stocks they will be doing relatively well even in the big downmarket, is that the case. lauren: ford have% pelaton has an app aero, the cloud up to and a quarter percent. you know what stocks i never wanted number two on the s&p 500, your vaccine makers, people are nervous, healthcare does better, pfizer and medina because they have the vaccine and the booster for people but
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also box and kroger have done well but names like chewy down 42%, peloton downs 75%, well needed gains for those two. stuart: thank you very much indeed, 30 tornadoes a path of destruction across six states, were on the ground in one town that was nearly destroyed, full report from there, starting today new york will require masks and all indoor spaces, some counters are pushing back and we will report on that, take a look at this foxes there as migrants were captive along the southern border this weekend. bill melugin has a story next. ♪
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stuart: chaos in the southern border suspected of human smuggling crashes into another vehicle at 59-year-old woman and her 22-year-old daughter killed. bill melugin the fox news flight team caught the aftermath of that crash, what is the latest. >> good morning we learned a short time ago the suspected human smuggling that killed the texas mom and daughter is in the hospital right now and will possibly be arraigned sometime later today we will get right to the video the horrible crash, this is saturday afternoon in the rio grande valley, telling us law enforcement was chasing an 18-year-old human smuggling who had his car loaded up with illegal immigrants when he flew through an intersection and
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t-boned a vehicle belonging to mom and daughter tragically both of them passed away, 59 and 22, take a look at the photos at the scene violence of the impact one of the migrants was launched through the windshield of the smugglers vehicle. the migrant was okay the only people who crashed away were tragically the mother and daughter we will keep you posted on potential charges for the suspect an 18-year-old smuggler when he's arraigned. our drone crew, we saw a raft dropping off 11 illegal immigrants. these are the guys who have not been wanting to get caught not willing to turn themselves in. we did not see any border patrol, they showed up later it's unclear if those guys were ever caught, we saw a man on the mexican side of the river polling that raft back to the mexican side while he was using
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a rope, check in this video and del rio sector we went out with texas dps in the middle of the night with their elite units working the private ranches this is desolate, thick brush all over the place in illegal immigrants like to hide income through the brush in an effort to get deeper into troopers they are out there working these ranches, there is only the middle border portal, we were with them as they caught dozens of illegal immigrants in that brush, the borders some numbers to give you dhs source just since october 4 there have been within 70000 migrant apprehensions, those numbers reflect a 235% increase since the same time. last year, will send it back to you below bill melugin, thank you very much indeed. in arizona the mayor of yuma has
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declared a state of emergency because of the migrants flooding across the border, watch this. >> were in unprecedented waters, the purpose of the declaration is to make sure were not at the epicenter of a humanitarian crisis that is quickly developing. >> andy biggs is with me now, you joined the yuma mayor at the border over the weekend, take us through what did you see. >> i went out yesterday been done many times and i pulled up and the only border patrol that we saw there overwhelmed with processing people with a van carrying a group we moved down we were at one location for 45 minutes to an hour. while we were there literally 100 - 150 people toured in behind us and when you see this, these folks that are coming in
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these are the ones that are flying up to mexicali, taking a goober in a cab and being bused over by the human smugglers and they walk across cbp been overwhelmed they had to other locations, a total of three locations, they are processing all at the same time. the local law enforcement was there to keep the folks there, seven countries, none from mexico, and yuma you have not seen, there up over 400% this year and apprehensions this long. stuart: where is senator mark kelly, he is representing arizona. i haven't heard a word from him about the border, have you? >> i haven't, he was an open border candidate when he ran
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this is an open border situation, i don't know what mre it in arizona as were driving around in yuma after being on the border we cells folks who newly arrived in yuma and that's part of what mayor nichols was so concerned about, this is a steady stream and mark kelly is absent and it's too bad that he is consistent with the biden administration there absent because this is what they want and i don't see a getting better in the coming year because this administration will do anything to change. stuart: the media will not cover the story outside of foxy don't see the border crisis mentioned almost at all. nobody is talking about biden's responsibility in this border crisis. when is equity change? >> you are exactly right, don't forget to years ago in 2019 when president trump was there and we
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had a surge they were claiming he was inhumane and everything else but now they're perfectly content with this. you have a massive amount of people, almost 70000 coming across, but don't forget yet 30 - 50000 the cayman that we didn't catch in october. stuart: justin november 6, 9142 people apprehended in the state of arizona, that is not including texas, that is extraordinary stuff. i'm sorry i'm out of time, please come back soon this is a crisis that deserves good reporting, thanks congressman come down with me. >> if you're not careful, we'll see you again soon. check the market no comeback still down 340 points now for they're down and 161 for the nasdaq, the site continues. show me harley-davidson, their
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electric motorcycle division called livewire, that is a deal valued at 1.7 billion and the stock called is the ticker symbol up 10%. pfizer ups says they are a by i am not surprised that that hearing in my covid news. >> covid sales is like a cash cow that we keep on going ubs says covid vaccines and the pill could get $50 billion in sales in 2022 and they had to buy 15% to 60 is also the pill they say the pill will generate $14 billion in sales that was 40% more than the first thought covid is here to stay and so is the revenue for pfizer but they have a rsv vaccine and a limes disease vaccine that there working on and that could add to the positive news in the next year. stuart: they reach $55 a share, 35 before covid now it's 55.
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elon musk is a time magazine person of the. they say he is reshaping life on earth and possibly off earth to. new york city seen a surge in murders outgoing mayor bill de blasio claims the city is a lot safer then when he took over we will discuss that link the next. ♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit
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probably not a bad choice given he's the richest man on the planet were $250 billion and counting it is revolutionized electric cars, the private space race and sending people to mars in the future he also moved markets with one single tweet probably the most single influential man on the planet right now love him or hate him the time says he spent him his entire lifetime to find the heaters and putting them in their place, meantime tesla stock down not only because yet elon musk selling $10 billion or so in the past few months or a billion last week to pay for taxes tesla shares some would argue evaluation is a big stretch if you look at the price-to-earnings at 330 where the average s&p 500 is 22. the return on equity is a better metric, for your stock 16 times back, very and vacated of a stolid stock growth.
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stuart: i'll go with that, i'm just the price is down 5.5%. quite a big job for that 960 on tesla. thank you starting today new york state requires masks for all indoor public businesses that don't require proof of vaccination. brian llenas in new york, what are the fines of businesses do not comply. >> good morning were talking about a thousand dollar fine for businesses that do not comply with the masked mandate is been instituted statewide it's up to the counties to enforce the new mandate that begins today, we know one republican county executive said he will not follow the mandate under the mandate everyone indoors in public spaces including businesses, restaurants, office spaces must wear a mask unless a vaccine is required to enter in checking for vaccine proof governor hochul said the mandate is necessary anticipation of a spike in cases because omicron variant and the holiday
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gatherings. >> i did not want to have to do this. i was pleading with new yorkers to get vaccinated, many didn't i think them and i'm grateful for them. we still have a huge spike in cases up 409% since thanksgiving hospital capacity keeps me up at night. >> republicans like new york congresswoman elise stefanik are criticizing the mandate essentially kathy hochul is asking businesses to be responsible for checking the vaccine status for every individual which is an outrageous request of her business community and the unprecedented overreach of power is no way to govern, more than 81% of adults in new york are fully vaccinated, new york city is already requiring the mandates are too much too fast. >> a lot of concerns about enforcement and small business,
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people get punched in the face for asking you to wear a mask imagine what they will put up with. it just creates a difficult situation. >> the mass mandate begins today and will last until january 15. stuart: thank you very much indeed new york city's mayor bill de blasio is defending his mandate and also making this bold claim, watch this. >> every civil mandate we put in place has greatly increased the number of people vaccinated and that's why the city is open and thriving. stuart: open and thriving, very interesting, this gentleman joseph smith with bobby vans steakhouse in new york city. he is joining us now is the city open and thriving? >> it is not as you know with the masked situation it is a
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closing of five in the worst day in the market the year. we probably got and then kathy took the place now were back to dumb and dumber and dumber goes in a couple weeks. the restaurants are getting killed, we make our money in the middle two weeks of december. that money is the worst two months of the year which is january and february. we look forward to those christmas, a lot of parties and a lot of people coming into town, we have had a total of 460 people cancel in groups of parties, that is bad bad news for us, not only us but in the contact with other guys in the same for them everybody has lost a lot of business because of the masked thing. the people in new york are fine,
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people don't know what these restrictions really are, they panic and the next thing is canceling. stuart: is their reservation on the part of people who come to a restaurant for lunch in new york city and there asked to show the papers with proof of vaccination have to show their id, there must be a certain percentage of customers who said i'm not going to bother, i'm not coming in. >> truthfully there's not new yorkers are almost vaccinated that come to my location innocent people from out of town that got good locations of the website to start broadway indicting them the people going to radio city and the people going to see the christmas tree,
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that hurts that hurts when they stopped coming in. stuart: we just heard philadelphia has added a vaccine requirement for all indoor dining. i believe you have a restaurant there, what kind of business will you lose? >> i'm going to lose 50% of what i would've done and i'm losing 30% of what i would've done in new york because of the parties. stuart: how many restaurants in york have actually closed. stuart: you have any idea how many restaurants have closed in new york forever? >> something like 6000, you can go tomorrow and by ten restaurants, no problem though to sit there and be waiting to be open but nobody wants to touch them, nobody wants to touch them it is insane, now we have this coming up we were probably out of the woods, were
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taken one step forward and two steps back. thank you very much for being on the show, consistently throughout the pandemic you always surprise me with excellent information and we appreciate it. thank you for being here, here is a sign of what happens when you have a labor shortage, some sanitation workers in new york city are making close to $300,000 a year, they can think the labor shortage for that, there's not enough people to pick up the trash and those guys are working multiple overtime hours. up to 300,000, recovery could take months with entire communities, watch this. it's the definition of hell on earth, people lost everything grady trimble has a report in mayfield kentucky where the downtown area was decimated.
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(naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.
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i was on the floor on the hallway and i looked up at icing sky. the whole building was in shambles. people screaming and trying to climb out and people crashed. stuart: that was a woman working inside of a candle factory when a tornado hit mayfield kentucky, the city is unrecognizable after tornado devastated the community. grady trimble is there in mayfield. i've seen the video that town was virtually wiped off the map. >> exactly everywhere you look at look something like this, and what used to be home in the family, the woman who was inside an 8-year-old woman they were here a few minutes ago going through old photos documents try
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to get whatever they could out of the home, that's what 63 other families are doing today as they deal with the loss of a loved one, it is terrible you mentioned the candle factory that is the mildest way down the road, troy is the ceo of the company, the latest is good news that that you been able to locate more employees than you had initially feared without the casualty number going up an emergency contact list they worked in the night to find these individuals were down to six people that are unaccounted for. >> it's hard to think about rebuilding so soon after this happened, this is your hometown you drove through downtown, the banks and the post office is in the businesses in the courthouse they are all destroyed. how do you come back from this.
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>> i don't think any of us know the exact plan, we know that it is going to happen, this town is resilient these people are resilient kentuckians are resilient, the church that i grew up and totally leveled, the church my brother got married and it is horrific and disastrous site. >> just remind us where people can go to donate so the money goes directly to your employees. >> mcp kentucky >> our condolences with that company and their employees and everyone else in mayfield and the rest of the six states impacted by the storms. >> thank you very much grady, jeff bezos founder of amazon has broken his silence on the amazon workers that were killed during the tornadoes. what is he saying in what is he doing. >> first he was distracted he
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tweeted about the blue origin rocket that was happening up there and here on earth massive devastation, he is criticizing vitally tweeted at 9:00 p.m. the news from edwardsville illinois is tragic and more heartbroken over the loss of her teammates. the tragedy put the spotlight on policies in the workplace they have a ban on cell phones, amazon said that wasn't the case but the workers were told to put them in our lockers and not have them with us, that would've given them a half-hour heads up. the other thing they did not have a basement. the workers were told to shelter in bathrooms when they should've been in the basement. and a lot of the workers were contracted workers, they did not even know how many were in the facility. it's a mess for amazon. >> i've got that, let's have a sense of the market is still way down across the board, most of
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the dow 30 i would say about 2425 in the red, the doubt itself is done 284 points. the next case smash and grab robbers break into a car dealership in steel millions of dollars worth of watches this is in chicago when is somebody going to do something about this. heather mac donald takes it on next. ♪ (vo) t-mobile for business helps small business owners prosper during their most important time of year. when you switch and bring your own device,
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first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt.
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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.
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♪ ♪ >> this is a beautiful song. stuart: i've never heard of it before. i kind of like it. the empire state building in the background, 47 degrees, that is new york city today. nearly a hundred of new york city sanitation workers are seen salaries reach close to 300,000 a year, how is that possible.
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>> 299,000 and change for the new york post is reporting sanitation workers in garbage collectors earn more than $100,000 that hiked their salaries to 300, the pandemic, vaccine mandates and a lot of snowstorms. stuart: if you bump up your salary in the last year before you retire it bumps up your pension big time. every second of overtime i'll be there. president biden's approval on crime plummeting the smash and grab robberies hit major cities across the country, voters don't like it issues just 36% approve of the president's handling of crime, 61% disapprove, heather mac donald joins me know, why
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isn't the administration doing something about this he is full numbers are sinking what were seen with this astounding homicide and diluting and a breakdown of border because he stands with his narratives with the police being systemically biased, his attorney general continues to go after police department as if they're the problem in the intercity, they are the solution, criminals are the problem unless biden says to mayors and police chiefs nationwide and police racism,
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they're not going to see the homicide increase turnaround the second-largest year of increasing homicide in this nation's history in 2021. the bodies are piling up they are mostly black and for that reason the media doesn't care and president biden to secure either. stuart: do you expect the president or anyone in administration to come out and say anything like that? because i can make the case if you don't say that or get on the right side you lose very badly in november of next year. >> i can predict biden is torn between the left wing base and long history during the campaign and before as demonizing the cops, turnaround would be so obvious, it would raise the hackles of the new york times cnn msnbc but at some point it
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would hopes that the political reality kicks in for the left-wing prosecutors, the entire was having a bit of justice right now, viewers have to understand it's altered it is not possible to enforce the law without having a desperate impact on blacks, not because the law is racist where the police are racist, the crime rate is so much higher the reason police are in these neighborhoods trying to make stops and when they used to make stops is to say black lives, their victim nice with higher rates. that's what has to be confronted and we have to say were no longer going to use disparate impacts as a measure of policing. what we will use is how many lives are you saving. stuart: the whole concept of equity is all about race. >> is applied, the black lives matter we care about the fact that blacks between the ages of 10 - 34 died 13 times the rate,
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is that equity, apparently for them it is because only time that they care about the black homicide victim is in the rare instance when the homicide victims are killed by a cop. you know how many unarmed blacks have been killed by the police, your viewers are going to say hundreds if not thousands, for unarmed blacks killed by the police, unarmed allegedly, that makes it 375 times as likely for a police officer to be killed by a black person as an unarmed black person to be killed by a cop, that is the reality and the reality been suppressed at a daily basis by the mainstream media and the biden administration to continue the phoning area that american police are systemically biased, we are not. stuart: i'm going to leave it right there i'm out of time but we thank you for coming on the show, we appreciate it.
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a complete change, let's get to the monday trivia question, which city is the largest by population, there is your choice, the correct answer after this. ♪
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jo there you go. put it up on the screen, what is the largest city in the world, by the way by population. i guessed mexico city. what did you guess? >> as did i.
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i thought shanghai and delhi was the most obvious. stuart: do the reveal. please. technical error. the story is tokyo is the most populous city in the world. tokyo has 37.4 million residents. we'll fix the graphic for the next trivia question. time is up for me. but, neil, it is yours. neil: thank you, very, very much, stuart. we're seeing the selloff, the dow off 304 points. amid the first sign after fatality related to this variant in britain. we'll detail that for you and upcoming federal reserve polly making committee, what is going to happen there and of course concerns whether you're for or against this big spending package, whether it comes to fruition with the few days remaining of congress to


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