tv Varney Company FOX Business December 17, 2021 9:00am-12:00pm EST
home. dove looks like yellow labs and adorable but too big to wrap. great to see you. to your beautiful family. that does it for us, "varney and company" is always up next, taken away. stuart: good morning, everyone. this is not a good day for the democrats, the president is forced to delay build back better to next year. senator manchin forced this delay, now we have time to figure out if we want to spend trillions we don't have on expensive entitlement programs that never go away. also the parliamentarians, immigration cannot be included in the reconciliation bill,
another blow to the democrats. what you are looking at, left-hand side of the screen, that's a flight to safety in turbulent times, money pouring into the treasury, the price goes up and the yield comes down. the 10 year yields below the one.4% level. to the stock market, rotation, investors rotating, the nasdaq down 400 and 130 this morning. red ink for the s&p as well, read ink for johnson & johnson dropping several percentage points. the cdc is recommending pfizer and moderna shots over j&j. the omicron variant is spreading rapidly. we are told it spread 70 times
faster than delta. in new york covid positive test doubled in three days. a researcher in britain says getting omicron is like, quote, getting a severe cold. what a day, one week to christmas eve. december 17th, 2021, "varney and company" is about to begin. ♪♪ ♪♪ you had a bad day ♪♪ turn it around ♪♪ stuart: the producers are cruel, a bad day for the democrats, had a bad day, let's get straight to it. we told you yesterday the build back better plan was on life support. it got worse overnight. they officially hit the pause button. >> they will not make the self imposed christmas deadline but
the president is not giving up. the president said my team and i are having ongoing discussions with senator manchin, that will continue next week, has time to finalize these agreements and make legislative changes and finish all the parliamentary news to enable the senate vote. we are determined to see the bill successfully on the floor as soon as possible and the number of senators say they will work for the holidays if they have to and won't change the outcome. more bad news for democrats, the senate parliamentarian again they cannot use build back better for immigration reform. they wanted to provide 5-year protection from deportation and work permits, senate parliamentarian says you cannot do that. painful reality heading into midterm election year for the democrats. stuart: so you've had a bad day. >> had a bad year and going into an important year with not
much to show for it. what they want seems to be misaligned with what the american public wants. stuart: questions about president biden running in 2024 will not go away. it is rattling the democrat party. vice president harris, they discussed 2024 run. he told wall street journal, quote, i am not going to talk about our conversation but i will tell you this without ambiguity. we do not talk about nor have we talked about reelection because we haven't completed our first year and we are in the middle of a pandemic. molly anyway is with us. are the president and vice president a united team. >> when she says she's not talked with president biden about reelection i believe her because i imagine that would be an uncomfortable conversation to have right now. president biden has extremely low favorability records which
is shocking for democrat who has all the support from major media, but kamala harris has lower ratings than he does so they don't want to be thinking much about that far into the future but it's important democrats understand this isn't just a kamala harris or joe biden problem, and unity on their issues, they are not popular with the american people, they are daunting. stuart: we've got this new foxbusiness poll, the two biggest issues for voters are inflation and rising crime and biden is underwater on both of them. huge problems he's facing. we are one year into the administration. can they turn it around next year? >> might be a chance to have progress on both of those issues and you've seen people
looking to rein in the inflation but the problem is everything the biden administration is proposing is designed to make those things worse whether it is flooding the system with money or continuing these popular among democrats but unpopular among the rest of the country proposals that have led to increased crime, crime and the ability to pay for groceries and gas are issues that hit people very close to home and you've seen from the biden administration lack of concern, seeming to suggest it is not feel that people are concerned about these things, not based on fact when people are experiencing this in their day-to-day lives. stuart: do you think the republicans are overconfident about sweeping in 2022? they sound awfully confident? >> they sound confident and expect it to be big red wave for them but they might be relying too much on the incompetence or bad policies of the democrats without realizing republican voters fully expect
them to hit the ground running if they are given a majority in the house and senate and they are done with that old republican approach of not doing anything with their power once they get it. they should talk much more about what it is when they plan to do. much of the country is deeply alarmed about the situation we are in and they see in the media and from democrats and republicans they don't see enough concern about what is happening in the country and affecting far more than they've been getting from republican politicians. stuart: thanks for joining us. msnbc's joy greed injected herself into the senator worn anyone musk. a great story, take it. >> >> probably $8 trillion and at
one point musk called senator worn senator karen, playing for angry lawyer and this is how joy reed came to senator worn's defense. >> you on wasn't happy. he did what he always did, stomping his feet, calling her an angry mom and referring to as senator karen. for so many reasons, being a freeloader and a disrespectful one and misappropriating black vernacular for misogynistic purposes, elon musk is the worst. senator worn has better things to do than fight with junior bird man on twitter. >> she started it, senator warren, but talking about money in taxes and she called him a racist and misogynist. i thought this was hilarious, lack of joy greed, senator karen, he doubled down. stuart: fascinating stuff. i want to bring jonathan koenig
into this. corporate executives feuding with politicians at the highest level. is this got something to do with the selloff in big tech. >> among all the things frightening, senator elizabeth warren, having a twitter spat with elon musk, she says he's a freeloader. he doesn't pay enough taxes for her liking. the whole idea that paying taxes makes you virtuous in government's eyes, and biden's eyes, not creating values to governments which elon musk already set elizabeth warren already spent that money. i think it has a lot to do with me, and tech stocks, over value investors seive with the elizabeth warrens of the world coming for them they will shake the wealth out of them one way or another. for that reason and a lot of others you've got to be careful
about technology right now. stuart: senator warren and bernie sanders are socialists. how come they are so powerful? >> their ideas are very in. the idea of self-sacrifice for your neighbor, we are our brother's keeper, that is mainstream right now but the great technological geniuses of our age like elon musk and jeff bezos, they are seen as mean to see this -- cruel and selfish, they've got to get on board and the whole idea of american exceptionalism, individualism, capitalism has been turned upside its 5 and elizabeth warren has the moral high ground. she is seen as right and virtuous it is greedy evil capitalists are seen as what is wrong with america today. stuart: forget about politics and concentrate on the money. you see the selloff on big tech continuing because you say they are overvalued and they are extra ordinarily week. >> nasdaq was down yesterday, down this morning.
a lot of these big tech behemoths. they are either flat or down at the trend, 70% of stocks are below their 50 day moving average. the momentum in washington is even worse. stuart: excellent. i will see you next week. we have a big show just ahead. the governor of texas, greg abbott, will join us. he secured funds to start building the border wall again. i will ask how much walking you bill? we will talk vaccine mandates and elon musk. texas open for business but austin state capital a different story, they extended the mask mandate without any public input. i talked to one city councilmember who is outraged. we are just getting started.
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the president asking the supreme court to revive the vaccine mandates for healthcare workers. >> the vaccine mandate for hospitals that receive federal funding, it affects 10 million workers. the department of justice asking the supreme court you've got to reinstate the mandate. the reason is the unprecedented pandemic that killed 800,000 americans which as of this week only one in six people in the us are fully vaccinated and boosted and that goes to the strategy of the administration, if you can get vaccinated, get boosted, that the only way we can eat this but that is not been the right solution because it is not working. stuart: the first time it goes to the supreme court to sort things out. what about chicago? didn't they have an attempt to challenge the vaccine mandate? lauren: the arbitrator ruled certain city workers including firefighters, not the police,
must get one shot by new year's eve if they don't get paid. there you have it, a lot of introductions, here you are 2 years in, still in this mess. neil: i think it was 2 years, late december of 2019 we first said covid 19. let's get to the city of austin. we have been reporting they extended restrictions in that city for another year. 1 million people living in austin who only have 121 hospitalizations, 43 icu patients, that's not a heavy caseload but the mandates have been extended without input. if the people of austin were allowed to vote, on these restrictions which day do you think this would have gone?
>> i believe we would have voted collectively not to enforce restrictions for an additional year. almost two years into covid and we will have this happen, i think that's absurd. more input for decisions that affect people's lives, businesses and penalties unfairly. stuart: why is it like this, all those californians, through the city, is that the problem here? >> 10 of those are on democrats. when you see democrat run cities, when you impose restrictions like covid restrictions. this happens, coming home to roost. stuart: what restrictions have been voted in, extended for another year, which restrictions?
>> mask wearing, social distancing, ensuring not in a properly ventilated area you wear a mask, even if you are vaccinated. if you are not vaccinated or not wearing a mask you could get a penalty. kids over the age of 2 are expected to wear masks. stuart: kids over the age of two must wear masks in school all the time and keep social distancing. i walk into a store without a mask? >> you might face penalties. stuart: penalties. i walk into whatever store, i could be fined or something or penalized. you voted against this. >> they want more community input. on friday afternoon after business hours, it was heard on tuesday morning. the second version of the ordinance was at 8:54 in the morning which was 6 minutes before our meeting started at
public comment close monday at noon. that offered little opportunity for people in the city of austin to come out and talk about how this would impact their lives. stuart: do they want to dominate everybody's life? is that it? >> i hope not because that's not what government is supposed to be doing. stuart: we are glad to hear that. we wish you the best, hope you can do something about this. what do you say to that? lauren: there is a deep frustration in the country especially where there is high vaccination rates and those people are being told to wear masks and one official saying we are not sure if the vaccine offers protection against the new variant and other saying it does, get boosted, a big question and i don't think the country can take it right now. stuart: the governor of texas, greg abbott will be on later at 10:30 eastern time. i will ask about what went wrong.
lauren: may be the white house should have had a big press conference. what we know so far this isn't that bad. do what you are doing, be more cautious but omicron might be very mild. just to give people a sense of ease and the other thing is push out vaccines to other countries because delta and omicron came from other countries. stuart: let's see what happens. "the opening bell" is next and we will see the markets go down 130 on the nasdaq, down 170 on the dow. we will be back. ♪♪ flexshares etfs are built with advanced modeling.
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>> it remains the same. the outlook for three or four increases, with high multiples. the concerns about omicron and whether it would change people shopping behavior. the workplace scenario, people shop more online, the head wents facing big tech and amazon is part of that. stuart: 3 or four possible rate increases are slamming multiples of big tech and have done well so far. what about amazon? will you have a good christmas? >> the intention surveys, among shoppers looking at amazon and
other retailers, macy's, home depot, buying those places, the rise of mom and bob retailers, for a variety of reasons. a play we like off of that, shopify, a high multiple stop with multiple stocks and if there's this trend towards longtail retail, shopify is a wonderful play on that. we continue to like amazon, we upgrade shopify. stuart: shopify was worth $600. it has come down, quite a run down, you will shopify go back to? >> what i tried to do is locate and identify high-quality assets and wait for them to be
dislocated, 30% selloffs and i catch in falling knives as the old express, you are going to cut your hands, i have cut my hand numerous times on this but if you have a high-quality asset the trades on this, the build out of retail, to build out small entrepreneurs going on facebook or instagram, do it off-line and online, you want to play that one way or another you can buy facebook as a play on that shopify is another way to do that. by knowing you have near-term volatility. stuart: takes a brave person to do that, you are playing with your own money. >> you make more money is a contrarian in any market then you will following the herd. i believe that for 25 years you make more money buying amazon. shopify is the same. stuart: good stuff, thanks for
joining us. on the left-hand side of the screen, the premarket action for the dow down 200. the nasdaq down 164, one of the defining features of the market, the selloff in big tech. it is quite extreme. here we go. ready to start trading in 3 seconds, that bell will stop ringing and we will start trading. we are expecting a lot of red ink right from the start, a continuation of yesterday's selloffs in the nasdaq. we started and the market as predicted is down. only two winners among the dow 30, four winners among the dow 30, the rest are on the downside. the dow itself is down 200 points and 35,697, down 200 right there. over half a percentage point.
the s&p 500, down 2 thirds of one%, severe drop for the nasdaq. down 400 yesterday, down almost 1% this morning, another 137, the 15,000 level hard to hold on the nasdaq. all the big techs are down. most are down more than one%. the exception is amazon and meta-platforms, the rest are down big. good morning. >> the 10 year treasury yield is lower today and tech stocks fall despite lower yields. the dynamic is interesting. stuart: according to mark markhaney if you're looking at 2 or 3 or 4 rate increases next year, that always dings the big techs with high multiples. what you are looking at here is a flight to safety and all that money pouring in.
talk to me about the cdc giving a blow to j&j's vaccine. >> i levels of blood clotting than previously thought, the cdc were committing pfizer or moderna instead. blood clotting is very rare that they are just being safe, dozens of case being reported, nine death the knock on j&j stock today. stuart: i want to talk about reverie and, they are down 10%. what happened? >> the fact that they are going to come up short hundred cars, they are blaming the supply chain crisis and there are production snags. that is why they will sell a few hundred less of their pickups and suvs. there building a $5 billion georgia plant in 2024. as for the actual report card
it is in line with what they outlined in their ipo perspective so sales are million dollars as they ramp up production. they had higher reservations in there suvs, 71,000 reservations as of this week up by a quarter from november. stuart: not helping the stock. talk about fedex, a different story, they are doing so well. >> they have pricing power so they can raise prices to pay their workers more. cost went up half 1 billion dollars but the spike in transportation costs and poor congestion and lead times getting fedex packages on time but they are doing better than most and reinstated their 2022 forecast for next business year. stuart: darden restaurants lose a lot of chain restaurants,
what -- wait a minute. the ceo announced his retirement. is it that big a deal? >> changes in leadership, an excuse to sell in this quad witching environment where you see volatility. jean lee stepping down may of next year. the board has chosen the chief operating officer, business is pretty good. they are getting workers which is the hard part. they will raise the minimum wage to $12 an hour starting january next year. the average pay will be $20 an hour and that doesn't include tips just yet. that's a competitive environment for workers and how much you have to pay to get back to work. stuart: can you spell out why this is a big deal? oracle in talks to buy the electronic medical records
company serna? >> a $30 billion deal here which is the biggest oracle acquisition since 2005. the journal reporting the biggest ever for oracle. larry ellison predicted we grow organically and oracle has been up and up swing up 15% after those earnings, profit and sales would accelerate into next year and oracle is waking up to the fact you have to get bigger. they've been outcompeted by amazon and microsoft and they've shown a reflexive muscle opening their wallets. buying tiktok for $30 million. stuart: robin hood, $17 a share, below where it ipo. >> $17, it was a cell, perfect
storm. over for robin hood, organic growth and trading activity could face a multi-year head wins with clients engagement, i want to check on the meme stock, it buckled this week and especially in this environment where so many options, they expire. there will be a lot of distortion and volatility in the market. >> we have it up on the charge. >> the dow winners headed by merck on the upside this morning, walmart in their and so is verizon and ibm. we've seen that quite a few times. s&p winners, oracle in talks to buy them. nasdaq winners. who is the top of that list?
serna corporation. resume is on the list, up today and so is otto and craft as well. nasdaq winners and if you was the loser they would include big techs. dow industrials down 355 points, 30,500. the 10 year treasury story, a huge flight to the safety of treasury securities pushing the yield to one.38%. the price of gold, $18.08. it regained the $1,800 level. bitcoin is down 46,$000 per coin. oil, where is that? $71 a barrel. natural gas at $3.72. the average price for a gallon
of regular gasoline is $3.31. 7 states have an average price for regular below $3 a gallon. in california it is $4.67. politico ranked nebraska with the best overall response to covid. what's interesting is they did not issue any lockdowns or statewide mask mandates. we will talk to governor pete ricketts about that on the show today. in california a different story. they want to keep people home from work if they've been exposed to covid even if they are vaccinated. steve hilton is coming up. ♪♪
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nasdaq down 200. the 10 year treasury and the low on the yield. this is the flight to safety. bailout stocks and run into the safety of treasury securities, the price goes up and yield goes up to 138. that is the flight to safety. the cdc recommends the pfizer and moderna vaccines over j&j's jab. why do they prefer pfizer and moderna over j&j? >> a different platform. the pfizer and moderna vaccines are m rna vaccines, different from the johnson & johnson vaccine. the cdc is recommending them over j&j. this follows a recommendation by a panel of independent vaccine experts know as asip which discussed concerns about
blood clots, a small but above baseline number of j and j vaccine recipients. in a statement the cdc explains unanimous recommendations follow a robust discussion of the latest evidence on vaccine effectiveness, vaccine safety and rare adverse events and consideration of the us vaccine supply. the cdc says the j and j vaccine will remain available for those unable or unwilling to receive am rna vaccines. federal potential to emphasize getting any vaccine is better than none especially with the emergence of the omicron variant which already accounts for an estimated 3% of covid cases nationwide. >> in some areas of the country the estimates of omicron are higher including new york and new jersey where cdc projects omicron could represent 13% of all cases. >> may expect numbers to go up rapidly.
it appears omicron spreads much more readily, much faster than previous variants but so far most omicron infections are relatively mild. stuart: thanks very much. following on that report, a study from hong kong university shows omicron transmit 70 times faster than the delta variant but lung infections appear to be less severe. doctor mark siegel joins us. we've got covid positive tests doubling in three days in new york. while it is fast-moving we also have a researcher in britain saying it is like having a severe cold. sort it out for us. >> let me show you both sides. it's clear to me that all the things we are doing in reaction our severe overreactions, closing universities, talking
more restrictions again, you would know that better than me, the usual overreaction, the harems scare of fear mongering but on the other side you mention the study out of hong kong. that studies interesting because it shows the virus replicates 70 times west delta does in the upper airways. in the lungs much lower. it could mean it spreads more easily which is what we are seeing in the real world. inside the lungs itself it may not cause as much damage and that is what we are seeing in south africa where this 45% less hospitalizations with omicron than we saw with delta and 8% the number of deaths with omicron we saw with delta but i want to point out ferguson, what you used to be many years ago, a liberal researcher in london, i say many years ago, neil ferguson's warning he is not sure this is less severe than delta is yet.
it looks to me like it is that epidemiological he in terms of spread it is not proven that is the case. stuart: this is what i picked up in media reports yesterday. some opinion being chucked around. everyone gets mild infection from omicron. that is a good deal because then we can all move on. we all get it, it is miles, move on. how about that? >> i wrote about that in the wall street journal. we shouldn't which for that. that would hearken back to 1918. that is what happens. viruses survive, milder and spread more easily. of this crowds out delta which may very well happen you will probably see milder cases the couple that with vaccination which we don't want to do that as some kind of worldwide experiment. we want everybody possible vaccinated and booster on top of that. of this crowds out delta it is
milder, it -- if it is combined with the brand-new drug we are talking about from pfizer. if you have the drug, rapid testing and a milder case and the vaccine your on your road out. stuart: exactly right. hope it turns out like that. thank you very much, doctor mark siegel. i've got several big banks and wall street investment firms extending the work from home schedule. morgan stanley is doing the same thing. >> james gorman made the big push to get back in the office by summer and he did. this is a change in tone, stay at home, work from home through the holidays just to be safe during this time. a lot of workers take off during the holidays. a strange couple weeks might be no big deal. i'm curious what he says in the new year. citigroup, carlyle group, ubs, jeffrey's, they all said work
from home for this time of year. stuart: interesting what doc siegel said, the omicron surge is responsible for what is going on on wall street. if this hurts our economy, that hurts wall street, down it goes as we speak. >> it has a 90% vaccination rate but in wall street where it is the omicron variant doubling in 3 days. the uks, plunging, services activities coming to the us soon. it will be severe. stuart: the nfl, they gave money to the fund the police groups. some work retail ceos asking congress to stop the smash and grab lootings, are they the
ones who supported radical police reform. hillary vaughan has our report next. ♪♪ care. it has the power to change the way we see things. ♪♪ 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. (vo) singing, or speaking. reason, or fun. daring,
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stuart: some retail ceos asking congress to stop the rising smash and grab robberies. hillary vaughan on capitol hill. are they the same ones that wrote checks to those who called to the fund the police? >> a lot of them that signed onto this letter are group, or companies that have supported at least outwardly through statements or even in some cases donations to groups that called for defunding police, calls for lenient bail reform or things like shoplifting charges to be lowered from felony to misdemeanor on certain thresholds but it is not just retailers who are concerned, voters are concerned about crime. a foxbusiness poll found 70% of voters are extremely or very concerned about higher crime rates in the us, 57% say they disapprove of how president biden is handling the crime
crisis but companies are trying to ask congress to help. 2 dozen ceos and target, levi strauss and home depot are asking for this help but some of those retailers have funded group that called for defunding the police. nordstrom in january spoken support black lives there, a group that is publicly called for defunding the police, home depot pledged $1 million to the lawyers committee for civil rights under law with this issue and levi strauss is, 10,$000 to the aclu the, reduce shoplifting charges for anything under $950 you. target donated money to the national urban league, a group that has called for re-envisioning public safety, changing the vice of policing but some republicans in congress are calling out the hypocrisy. senator ted cruz is one of
those. it's worth noting the national retail federation says 69% of retailers have seen an uptick in rising crime so perhaps one of the reasons they are chiming in as it is hurting their bottom line. stuart: quit funding the bad guys. a quick check of markets. the selloff is accelerating, certainly the dow industrials. we were down 500 points. the nasdaq coming back, down 121. one of the big stories of the morning, the yield on the 10 year treasury, all the way down to one.37% as we speak. that's the flight to safety. tesla, nvidia, and apple in the green. apple fractionally lower but tesla and nvidia helping the nasdaq with its losses. big show still had including special guest, the governor of texas, greg abbott, 10:00 hour of varney is next. ♪♪
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this is a sell-off folks the dow is down nearly 500 the nasdaq down more than 100 the s&p is down close to 50. as for the 10 year treasury yield, your all the way back to 1.37%, what are you looking at right there, i keep saying it, it's a flight to safety. worried investors zoom over to a 10 year treasury, they buy it, the price goes up and that pushes the yield down 137 is where you are now. talk about a sell-off, look at big tech. down, down, down, down, down, all across-the-board. every big tech name, down. bitcoin, last time we checked it was 46 change, now it's 45 and change, down again. now this. when brett stevens wrote this headline in the new york times he opened pandora's box, out came all the democrat's fears about this presidency. they know they've got a problem. they know biden can't really run in 2024, and they also know, he might not be able to do the job for the next three years either. so, you would think, that the
vice president would come out swinging, defending the president, but no, kamala harris seems almost divorced from joe biden. in an interview with the wall street journal she was asked if she assumed that biden would run again. she said i'll be very honest, i don't think about it, nor have we talked about it. come on. she must have known the question be coming. couldn't she come up with an answer more supportive of the president? the general interview exposed more than just a 2024 dilemma. it revealed a gaping divide between the president and the next in line. this division at this time is unsettling to say the least. the president is 79, he's frail. kamala harris could be in the oval office at anytime and the two have never discussed 2024, really? this isn't about policy. it's not really about politics. it's about leadership of the country in dangerous and uncertain times. i agree with brett stevens. the president should say publicly he's not running. that way, we could get some serious discussion about
leadership, unity and kamala harris in 2024. second hour of "varney" just getting started. >> i'm going to show you an op-ed, the normals are winning in their fight against biden's covid-19 mandates, who wrote that? tammy bruce wrote that of course and she joins me now. all right, tell me. what are normals and who are they and why are they winning? >> the normals are the average person. it's everybody who wakes up in the morning thinking about paying the rent, thinking about what the future looks like, the kids are going to go back-to-school, they are going to be able to take a vacation. they are going to be able to live their lives as we normally would with all the precautions and risks that freedom brings, part of that quote of course is that when people are free to choose they choose freedom from margaret thatcher and that's true.
nobody chooses to be in a cage, nobody chooses lockdowns or to not be able to live life. every living thing wants freedom , and that's where we're at and why we're winning is that we see a lot of times and i'll give kathy hochul, the governor of new york as an example, issued a mask mandate, when pressed on it because of the outrage in general on monday , she effectively admitted it was a suggestion. you have at least a quarter, now moving toward 30% of the counties in new york saying we're not going to enforce it and then you have the two ceo's of airlines telling congress, we really don't think the masks are helping. you know, we think that it's better, and it's true. when you think of the thousands of flights a day, since the pandemic, that its never been a superspreader event because the filtration systems. the hepa filtration systems in the airplanes, to admit that and then jared polis, the democratic governor of colorado saying just the other day, the emergency is over. the government has no real right to tell you what to wear. yes, even as an example winter
is coming. we want you to wear a coat, but if you don't, then that's on you , so we're seeing nature of, we're not tired of dealing with the pandemic. we're tired of the overreach of this panicked weird reaction of government. stuart: that is very true, normal people, i like the way you define normal people. tired of being told what to do, two years into the whole event. let's say earlier this morning, i think it was about two years ago, late december, when i first used the expression covid-19. >> there you go. stuart: and here it is, still with us. >> but it's also different because we have the vaccines, we also seen the government reverse itself, over and over and over again and the things that politicians say like about the vaccines end up not being true, and so what we want is honesty. americans can handle honesty but they are treating us as though we are drooling infants who can be told anything. stuart: and that we're scared. they are trying to scare us.
>> they are trying, they've succeeded in some ways but americans are now saying enough is enough i think and politicians and even some business owners are recognizing yes, this has become almost comical when it comes to what it is they're doing. stuart: tammy bruce that's great thank you very much. >> thank you, sir my pleasure. stuart: let's get to this , dr. fauci says the omicron variant will become the dominant strain in the united states, by when, lauren? lauren: in the next few weeks he says omicron will be dominant and likely overwhelming the hospitals. >> omicron, which will assume dominant role very soon. i would imagine within a period of a few weeks to as we go into january. lauren: delta right now is causing 120,000 infections a day , 1,000 deaths a day. you put omicron on top of that, yeah, we're just, i mean, look we can't handle it anymore, but if i can give you good news. if you look at south africa, the
number of new hospitalizations there are down 90% this week from last week. has omicron peaked? yes it was severe and that it infected a lot of people but it was mild in the end or i should say instead of mild short-lived. stuart: we've got that hong kong study and the british researcher backing it up. it's not severe symptoms. it's like having a severe cold. lauren: hopefully that's all it is. stuart: can sweep through without too much damage. lauren: there's not much else we can do as people right now. stuart: that's a good analysis of omicron on the show, even though we're not doctors. let's get to the markets. you've gotta cover the markets today because the dow is down 500 the nasdaq is down 124. i'm going to bring in john lonsk y on this. john is an economist but going to put his stock market hat on today. i want you to pass judgment on this big sell-off. why are we seeing it, john? >> well, you know, in part it's fear of fed rate hikes and the stepped up reductions in the
feds buying treasury bonds and also part of it has to be blamed on the shutdowns that we're seeing thus far, the remote learning brought on by fears of omicron. i wouldn't say that it's the consequence of much worsened fundamentals. stuart: so are you hearing what we've been hearing, that next year, there maybe three or even four rate hikes, i mean, what do you say to that? >> well, you know what i say to that is look at where the 10 year treasury yield is right now you mentioned this earlier in the program. it's up 1.37%. doesn't the treasury bond market know that the fed plans to step up tapering, that ends its bond buying more quickly? doesn't the treasury bond market know the fed plans for , as you said, three rate hikes in 2022?
well the treasury bond market is telling us the fed is wrong. the economy is not going to be strong enough in 2022 to justify three rate hikes, and even the two year treasury yield, if it was right, that the fed funds rate be about 1.6% as the fomc predicts by the end of 2023 that two-year yield be closer to nine -tenths of a percent instead of its current six-tenths of a percent. stuart: put your economist hat back on again. next year, growth rate, supposed to be about 4%. what do you think it's going to be? >> yeah, you know, the fed predicts a 4% year-over-year increase by real gdp, the final quarter of 2022 that's wrong. i think it's going to be closer to 3% and currently, less than 1.4% 10 year treasury yield is telling us the real economic growth might be close to 2%.
4% is not going to happen. stuart: ouch, john lonsky, thanks indeed for covering most of the markets and the economy. see you again later. >> thank you. stuart: let's have a look at individual stocks which are moving and i'm going to start with novavax, i'm not sure which direction it's going in. lauren: up. stuart: what's the story? lauren: the world health organization issuing an emergency use authorization to their vaccine for covid-19, the ninth one given the green light. stuart: amc and cinemark, well they aren't that much. lauren: a 5%. here's the news, spiderman, no way home, it was its best opening ever, at amc, the highest december opening ever, 1.1 million people watching it in theaters when we knew about the risk of omicron and i think that's the big deal. stuart: that goes back to tammy 's point. there's the normals are shrugg ing off omicron. lauren: what do you want me to do? i'm going to go, mask or no
mask, whatever sit in a theatre. stuart: americans will not be repressed and that's a fact. fedex last time we checked they were up 7% now up 6. lauren: i wanted to give you another reason here, so they received 111,000 applications for jobs last week, in one week. that's a huge amount of people. stuart: so people wanted to work for them. they want to go to work for fedex. lauren: they are able to find work, they can get past these labor market challenges. it might be costly but there's demand for their jobs. stuart: i believe that some of the fedex guys make $100,000 a year. lauren: yeah. stuart: i'm told this is anecdotal, everybody in the studio is nodding their heads, so it's a fine income to make, all right goldman sachs says what's this? oil could reach $100 says goldman sachs, when? lauren: 2023 because demand will go up in a big way. not for cars because of the ev push you won't need as much gasoline but trucks and planes are still a long way from decarbonizing so says goldman sachs, so they expect global demand to hit record levels next
year and the year after, because of travel and transport. stuart: $100 a barrel oil means $4 a gallon gasoline. lauren: likely. stuart: now that's energy price inflation. lauren: and $5 in california. stuart: $7 in california. all right, let's change the subject. ms nbc joy reid jumped into the feud between senator warren and elon musk. watch this. >> so for so many reason, being a free-loader and a selfish and disrespectful one and for miss appropriating black vernacular, elon musk is the absolute worst. stuart: elon musk is the absolutes worst, okay, well musk did respond quickly, and we'll tell you exactly what he said. cybersecurity officials sounding the alarm over new software bug that could let hackers compromise any computer in the world. we prepared for this? i'll ask kt mcfarland about it right after this.
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>> ♪ joy to the world, the lord has come, let earth receive her king ♪ stuart: now that's christmas music that i can get behind, a man with a wonderful voice. lauren: tradition. stuart: and what you're looking at of course is the all-american christmas tree on fox square, believe it or not that's right in the middle of new york city. it's 56 degrees there right now. lauren: i know. it's like spring, it doesn't feel right, but i like it. stuart: i love it. i really do. unfortunately, the markets have
taken another dive south, especially the dow industrials, now down 600 points. we've got a flight-to-safety in the 10 year treasury we've got this covid wave coming at us or so we are told, and we've got a couple of rate hikes next year, which really hurts big tech so you're all across-the-board you've got red ink for all the stock market this morning and then there's this. a new computer software bug which could affect the entire internet. tell me more, please. lauren: so the bug is called log 4 j, its been in the news a lot the past two weeks it's being called the most dangerous threat to computer security networks in years and now, there's this scramble for a patch. microsoft warning that hackers likely already exploited it and recently there's speculation there was this attack on a company that makes the software that gives workers their hours at whole foods, for instance and staples. there's speculation that there was an issue with that because of the attackers exploiting the
software bug log-4-j. stuart: kt mcfarland joins me. kt, cyber warfare really important these days. seems like america's being attacked and corporations, the government being attacked from all sides. you used to, you're in government. you were in government. you know about this kind of thing. are we equipped to deal with these attacks? >> the short answer is no, not at all, and i don't think we're taking steps to do it. one of the first things i asked when i went into the trump adminitration was tell me about the status of cyber capabilities and i was told that the united states had cyber defenses, mostly for government, not for the private sector, but we were not working on any cyber offensive weapons and i said why not? the other guys are, and i was told well, we think it might be too provocative to have cyber offensive capabilities and i said well you know, deterrence is all about don't hit me, because i can hit you back, and so when the trump adminitration changed that, but it makes a
bigger point that we're not prepared, and particularly we're not prepared for two reasons. one, this is all coming from china, russia, iran, north korea and it's coming with the sort of acceptance or even approval of these governments. they want their individual hack ers and even their governments to attack american companies and secondly, we're at a distinct disadvantage because we don't have a separation between our public and our private sectors, whose being attacked on these? you just talked about all of the individual companies. the government doesn't prepare individual companies. they can find out about it after the fact, maybe help with a patch, but there's no upfront protection. stuart: got it. okay, i want to move on to this. more than 60,000 interpreters and visa applicants remain in afghanistan. half of them, we're told, cobble inable for immediate evacuation. are we going to get them out? >> no. i mean, we'll get out some of them and it's not thanks to the u.s. government. you know, the more we learn
about afghanistan, what really went on with the withdrawal, the worse it gets we did leave americans behind or we left americans behind because they didn't leave because their children who were not american citizens couldn't come with them the only people who have really gotten out are when the private groups of americans, mostly veterans, have helped get the american citizens out or our afghan allies. stuart: you are our foreign policy expert. how does america look on the world stage at the moment? >> bad, and this is really, i think afghanistan was a tipping point, because it looked like america couldn't get its about together and so what i'm really worried about in the next several months is that china senses weakness, russia senses weakness, russia wants an action in ukraine, china wants something in taiwan. i worry that there's a one-two punch coming and that they are perceiving a window opportunity of a weak president, a distracted america, economic woes, you know, covid issues,
inflation, and what a better time if you're looking to hurt america, what better time do you have than right now? that's my concern over the horizon. stuart: okay, clearly shared. thanks very much indeed, kt. may i wish you a merry christmas if i don't see you beforehand? >> and a happy new year. stuart: you got it. [laughter] thanks, kt. all right, meta, facebook's parent company, disabled spy wear accounts targeting 50,000 users. whose being targeted? lauren: seven surveillance companies, including israel's black cube, they targeted 50,000 people, human rights activists, journalists, so what meta did is disabled their instagram and facebook accounts through cease and assist warnings, they did it successfully for six of the seven entities they were unable to do this for one group and it was an unnamed chinese entity so china is still doing it. stuart: okay got it.
thanks lauren. more than 170,000 migrants apprehended our southern border last month, that's a 140% increase from last year. meanwhile, the governor of texas getting ready to start rebuilding the wall. the border wall, tomorrow. the governor, greg abbott, joins me right after this. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always.
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stuart: the washington post reports that migrant encounters at the southern border rose 5% in november compared to october. bill malugian is at the border in texas, this is the first increase since the summer, bill, is that right? >> stuart, good morning to you. that is right and look, we remember back in the spring the biden administration was saying that this border crisis was just a seasonal thing, but here we are now in mid-december and the numbers certainly are not slowing down. we'll get right into it. by taking a look at this video we shot here in lajoya, texas yesterday as we saw migrant families spilling across the border crossing illegally into texas like we see every morning out here. as you just mentioned, the washington post now reporting that for the month of
november, cbp numbers showed there were more than 173,000 migrant encounters down here at the border. that's the highest november in history, it's a 5% increase over october, and it's a 140% increase over november of 2020 so these numbers certainly not slowing down. take a look at this drone video we shot yesterday morning, also here in lajoya, texas. these migrants cross the rio grande walk in looking for border patrol. much of this area is federal land where there is no federal border wall. biden canceled the one wall being built here. speaking of which we remember the summer back in june texas governor greg abbott announced texas would build its own border wall and that wall is starting to materialize. take a look at the video we shot yesterday at the construction site. these are the very first images of the texas border wall starting to be built. these are the first panels going up in star county here in the rio grande valley this is a 1.7-mile stretch of wall designed to fill in the gaps
where there is no federal border wall. this is state land using state money, texas governor greg abbott said in the past if the federal government isn't going to build the wall or secure the border, the state of texas will step up and do that job ourselves. take a look at the drone video we shot of that construction site as well. what you're looking at is historic. no state has ever built its own border wall before, but texas governor greg abbott says he's gotta do this because the federal government just simply is not securing the border and the contractor that is building this wall you're looking at in particular, they had previously been building the trump border wall until their contract was canceled when president biden took office, now as you can see , they are building for the state of texas and building for governor greg abbott. he is going to be out here tomorrow at that construction site down in the rio grande valley and hold a noon eastern press conference to announce this project and talk about future projects, fox news will be there and we will be stream ing it live. we'll send it back to you, stuart. stuart: all right, thanks very
much indeed. guess who we have on the program right now? we have the governor of texas himself mr. greg abbott. governor, okay, how much money have you got to start rebuilding the wall and how much wall can you rebuild? >> so, the texas legislature took a strong stand to make sure the state would have enough money to build a wall but at the same time make sure that we have the national guard on the border and texas department of public safety on the border and we are working to both secure the border immediately while at the same time, on the long term process, build the wall. $3 billion of texas taxpayer money has been devoted to this cause of texas securing the border and so we have a lot of money available to us to continue to build the wall and stuart, i'll add this. for texas, it's going to cost less than it did for the trump adminitration for one reason, and that's because in texas, unlike the trump adminitration, we're not having to devote money
to acquire the land. as you heard bill say the initial components of the wall are being built on land secondly, there are property owners of massive acreage on the border who are fed up with biden's open border policies and they are donating their land to texas for us to be able to use that land for free to build a wall on their property. stuart: that is really quite something there. governor, texas has to patrol the border itself using your own offices. the feds are not doing it, and now, people are using, that you are using to patrol the border they are allegedly violating civil rights, of the migrants. it seems like you can't win, governor. >> well we're going to fight and i'll tell you why. it's because the biden administration has abdocated its constitutional obligation to enforce the laws of the united states. it's a fundamental task of the
president of the executive branch. there are laws passed by the united states congress concerning governing immigration the biden administration has abandoned enforcing those laws so texas is going to step up and enforce those laws and you mentioned patrolling the border so we have soldiers and department of public safety officers on the border itself; however, we also have a boat blockade in certain areas of the rio grande river to make sure we're using boats to prevent those rafts from coming across the border. the challenge that we have of course is the border is so long. it's more than 1,200 miles long, and so it's a matter of having sufficient personnel, along those lines also, stuart, i'll add this. the biden administration has tied the hands of the united states border patrol limiting their capabilities but also limiting their number in a way that makes federal government enforcement of border policies completely effect less and it's destructive and dangerous to the united states of america. stuart: is there anyway you can make the feds pay for this?
>> we are seeking federal government to pay for this , and there have been requests made by members of the texas congressional delegation to the federal government for funding to get all this done. texas will also be bringing legal action against the federal government for the state of texas to get reimbursed for all the costs we have incurred to do the federal government's job. stuart: okay. your state has attracted a lot of businesses from other states. they're moving to texas. a lot of people are actually coming from california. are they bringing their politics with them? i ask because we had a member of the austin city council on earlier this morning, on this show, who said look, in austin, they've extended covid restrictions for a year without any public comment, so is that the influence of californians coming to austin, texas and screwing things up, if i may say so? >> well first let me make this point, and that is, in
austin they have attempted to extend covid restrictions. that's contrary to my statewide executive order that applies in austin, texas, itself where there are zero covid restriction s in the state of texas, and i'm in austin right now. you walk around austin. people aren't wearing masks. masks are not required here and there's no closure obligations whatsoever. in fact for the city to try to close down a business be contrary to my executive order, and there be a winning lawsuit in the event that the city of austin tried to close down business. along those lines, stuart i've gotta tell you this because there's big information that just came out, just about 30 minutes ago, that shows you how open texas has been. our jobs report came out today. not only did our jobs report show that texas now has more people employed than we did the month before covid hit, but also if you look at the non-farm payrolls, texas has set now an
all-time record for the number of people who have jobs in non-farm payrolls, so the texas economy is robust, is growing, we're open for business, and more texans are working in non-farm jobs than ever before in the history of our state. stuart: that is spectacular, sir congratulations. i would invite you to new york to see what it's like here but i don't think you'd want to come. it was a great pleasure to have you on the show today, sir and we hope you can come back soon because that was a terrific report on jobs and the wall. see you later, governor, thank you, sir. >> thank you, stuart. stuart: all right this is california. this is what happens in california. if you come in contact with someone who has covid, even if you have been vaccinated, you still have to quarantine for two weeks. how about that? steve hilton will take it on for us. look at the dow 30 please give you a sense of the market a lot of red right there the dow is down 400 points and the nasdaq is down a lot too. we'll be back.
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stuart: as you can see , we have a sell-off in progress on wall street. for that reason, we want to bring in eddie ghabore. eddie got this right, a couple of days ago, on this program. you warned about a big sell-off coming, and we've got it right now. why have we got this sell-off? explain it to us. >> so look, stuart. as i've been trying to share with your viewers and thank you again for those nice words, the market has been sending us signals before the fed spoke. we've been watching the 10 year bond get lower and lower while the two year bond was going up. that's a warning sign. we've been seeing high risk assets like crypto, small caps,
and micro caps really sell-off, so it starts to sell-off at the margins first before it starts to hit the major indexes. that's why we've been selling high data and buying lower risk stocks and so what we're seeing right now, is kind of a precursor of what we're going to see in a much bigger way next year. the fed just told us they gave us the answers to the test, stuart. they are going to raise rates they said maybe three times and they are going to accelerate tightening. that is the complete opposite of what they did in the first six months of this year, and that's why risk assets went up, so when you transition and go into a tightening process as gdp is slowing down, and we firmly believe it's happening right now , the bond has given you a clear signal that's happening, that's a recipe for disaster for high risk stocks. look at a day liked to. the low beta eft we've been rotating into, it's in all equities for that portion it's down less than half of a percent today when there's a lot
of other equities that are down huge, so, i wouldn't panic right now as an investor if you didn't take advantage of what we thought was the setup was but the next time we get a rally, i think investors that have too much risk need to reevaluate what these signals are clearly telling you. we've done this for clients and actually, today, we had such a nice cash position because we sold the rip again on wednesday, we actually added to mega cap tech this morning during the sell-off. we were able to do that because we were playing defense coming into this sell-off that we told your viewers about. stuart: okay so again, that's kind of short-term stuff and you've got it right. i understand that. what about going out into the first and second quarter of next year? you still think the market comes down or just plateaus and then comes down? is that what we're looking at? >> i think next year, i think it's going to be more down than up the first six months, stuart. again, i can't express this enough. we are slowing down economically it's just not reflected in the numbers yet, so we are
slowing down and this drug that this economy has been on, which is this free money and buying our own bonds, it's being removed from this equation, and so again, it's very very clear that they're telling you what they are doing and if you don't react to it, you know, you're going to get whip sawed in these high risk assets. we are playing defense, defense, defense, going into next year, because i think this is just the beginning of what we're going to see next year. stuart: well we're glad you came back on the show, we're glad you got it right earlier. we're not too keen on your forecast but if that's the way you see it that's the way you see it. eddie thank you very much for jumping on the show at short notice we appreciate that. >> thank you, stuart. stuart: you got it. it's the season of generosity and we've got a place in rhode island that's a cafe that's giving away free christmas trees to struggling families. the co-owner of cat had. bar joins me now. it's quite a change from giving
away free christmas trees from the wall street sell-off but great to have you on the show. how many trees have you given away so far? >> just over 20. stuart: okay, and where do you get the trees from because i thought there was a tree shortage? >> there is. so we've been buying them from local farms, but most of the farms we've been buying from have all sold out so we bought our last five last night, and if we need to get more we'll keep searching for them. stuart: do you give a free tree to anybody who walks in the cafe and says hey, i'm struggling, give me a tree. >> we leave them outside, first come first serve and we trust whoever comes to get them needs them and we help some load them into their car and some reach out to us by facebook and said thank you for really helping us get through and we promise to pay it forward. stuart: why are you doing this? >> i saw a facebook post on a community page that i belong to because we are members of the community as well. we live here, and someone said i didn't realize how expensive christmas trees could be and i texted my husband and said can you just go grab a few and put them outside, if someone needs
them they have a placebo us to go to get them, and if they don't, then we'll donate them to somewhere else. stuart: i take it that folks are really grateful? >> they are. the first trees we put out were gone within an hour. stuart: that's a wonderful thing look, i don't have much time, i just wanted to put you on the show to say thank you very much for the wonderful stuff that you're doing. that's a fine thing and a real benefit to your community. thanks for being on the show and the very best of luck to you in the future. >> thanks so much. the bar caf, have i got that right? oh, no, caf bar. sorry. in rhode island. good stuff, thanks very much for joining us merry christmas to you. back to the sell-off. okay, we do sell-off, free christmas trees and now sell-off again, there you go. we're coming back a bit, the dow industrials were down 600 points a couple minutes ago now we're down 380. the nasdaq has come back very nicely, was down well over a hundred, now it's down 14. maybe a bit of a come back on
the way as we speak. all right more than 90% of every military branch has gotten the jab, but 50,000 soldiers, sailors, airmen and marines are on the brink of defying the va x mandate. politico ranked each state and how they fared during the pandemic. they put nebraska as having the best overall covid response. nebraska's governor is on the show, and he'll explain how he kept his state on top. ♪ everybody's hands go up ♪
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and easy this holiday season. first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me.
cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. stuart: well, we're coming back a bit. i mean the dow was down 600 now it's down 300 and the nasdaq has turned positive how about that. show me goldman sachs that is of course a dow stock way down 3.3% , that shaves 90 points off the dow industrials. boeing and ibm, yeah they're both dow stocks and both of them are now in the green. we're looking for winners we
found just a couple, right there how about this one. politico, let the graphic run first and i'll talk over-the-top of it. politico ranks nebraska as having the best overall response to covid. how about that? the governor of nebraska is pete ricketts who joins us now. now did i get this right, you're coming out top in the rank of response to covid but you didn't have any mask mandates or lockdowns in nebraska, is that correct, sir? >> yup, that's absolutely correct. what we did is we tried to take a balanced approach, focus on hospitalizations, and instead of doing mandates what we did is educate people, told them what would help keep them healthy, and really ask them to do the right thing. we did a campaign to do 21 days of stay-at-home, stay healthy, stay connected where we asked people to limit their mobility and here you ask them to do the right thing they will do the right thing and that's what we saw and how we're able to really balance out slowing down the spread of the virus and
still letting people live a more normal life. stuart: that's a very different approach from what we have in new york, new jersey and california and other democrat- run states. i don't want to bring politics into this but that's a fact. over here, i'm in new york, it's top-down telling you what to do. it's ordering you around. i don't think it's working here, actually. there's a lot of people just saying we've had enough of this. >> well stuart i think you hit the nail on the head there that when you require somebody to do it, when you force that compliance, people rebell, right they don't like it. if you want to get that voluntary compliance, which frankly is longer-lasting, you educate people, you ask them to do it, they volunteer. when somebody volunteers they are going to naturally be able to sustain that longer, and that's why i think the approach we took in nebraska has been so successful because we asked people's voluntary compliance versus mandating it and we're working on two years here now. its been sustained where people continue to do the right thing. stuart: how is your economy
doing? >> our economy has been fantastic. manufacturing levels, for example, manufacturing employment is up above pre- pandemic levels in fact we just set a record for the lowest unemployment rate not only in our state, but in the nation's history, as nebraskans are getting back to work and frankly we've got the highest employment population ratio nebraskans love to work and because we didn't shut people down we don't have problems with businesses, you know, being put out of business, and so we've seen a strong economic recovery. stuart: you are one of five governors calling on the pentagon to rescind the covid vaccine mandate for national guard troops. why are you doing that? >> well again, it gets back to mandates versus voluntary compliance and certainly, we acknowledge the dod's ability to do that for the federal troops but when you've got troops on state duty, since we haven't mandated here in nebraska, we want to be able to make this a voluntary program and that's what we're asking the defense department and
frankly, if you look at the federal mandates they've done and other things such as osha, you know, for the private employers, cms for healthcare workers, federal contractors, these are all being taken to court and they're losing on this , because they don't have the authority to do it, so we think it's just better policy to allow us to manage it here in the state. we'll still have to manage it but let us do it especially for the folks on state duty. we think that's going to be a much better way to make this something that you don't get that resistance to it which is what we've seen when you mandate things. stuart: congratulations, governor, you did it, governor of nebraska thanks for joining us sir, we appreciate it. >> thank you very much appreciate it. stuart: yes, sir check those markets, now look at this. the nasdaq's turned positive. it's up 60 points, and the dow is down only 260, it had been down 600 earlier, so you've gotta turn around in the market
just the last half hour or so. still ahead, joe biden concha, steve hilton, jake beckett, and then the $5 trillion build back better plan has been delayed until next year, bernie and biden wanted to ram this thing through, they've been stopped and it was joe manchin who stopped them. the country should thank him, that's my opinion and that's my take, coming up, next. ♪ i need a hero, i'm holding on for a hero until the end of the night ♪ this is your home. this is your family room slash gym. the guest bedroom slash music studio. ..
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so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade. visit tdameritrade.com/learn ♪ >> all the things we are doing in reaction to this, closing universities, talking about more restrictions, the market is completely in the red. we want everybody possible vaccinated and boosted. of this crowd out delta and it is milder it is the ticket out of this. >> nobody chooses to be in a cage, nobody chooses lockdowns. every living thing wants freedom. we are not dealing with the pandemic. we are side of the overreach of
this panicked weird reaction of government. >> you will make more money is a contrarian in any market. >> the treasury bond markets, the fed is wrong. the economy will not be strong enough in 2022 to justify three rate hikes. ♪♪ stuart: it is 11:00 eastern time, friday december 17th was one week to christmas eve. check those markets. it's not as that is it was an hour ago. down 300 on the dow, the nasdaq up 50. had been down more than 100 points. the 10 year treasury yield, one.39%. that is a flight to safety.
money pours in looking for a safe haven, prices up, yields down. big tech. it was down across the board. now we have a bit of a comeback, it is in the green and so is meta-platforms, microsoft is down, apple dead flat, google down 30 bucks. the federal reserve new york area shows new numbers, the new york area is struggling. edward lawrence. >> over the last week the unemployment, new unemployment claims. the new data from the new york federal reserve may show that, the northeast has a tough time adding back the job loss over the pandemic.
the average of jobs, it is down 10% from february of 2020 levels, state new york down 7%. the new york governor was questioned about her mandate, as well as the economy, this is what she said about that. >> vaccine option, maximum flexibility, go to a gym when i can. i wear my mask. we are happy to have a chance to have a facility, did not have to close. a year and a half ago they were shutdown. that hurt them economically. not the place i want to go ever again. >> the pandemic hit new york and northern new jersey hard and early.
and look at those mandates going into effect, the crime that happened, the taxes, there may be the reasons getting unemployment back. stuart: now this. joe biden became president biden, he offered the middle road, the middle ground. then went off the rails caving to socialist demands of aoc. senator joe manchin began issuing warnings wanting to limit biden's big spending plans, wanted a pause while we figure out what might happen if you through trillions of dollars around. in july he was warning about inflation. we've been watching prices rise ever since. manchin understood with the cancellation of the keystone pipeline and energy prices were
going to go up. in short joe manchin has been right all along and president biden has been wrong. the monstrous $5 trillion build back better plan has been delayed until next year. he is probably saved the democrat party from itself, certainly expose the lunacy of the left, but us time to figure out whether we really want new and wildly expensive entitlement programs, whether we want to discourage work, spend trillions we do not have. bernie and biden wanted to ram this through. they've been stopped and it was joe manchin who stopped him. the country should thank him. president biden is right. joe manchin was right, president biden was wrong. the third hour of varney roles on.
i just offered joe conger a golden opportunity to laugh at me and i'm sure he will do that but let's see if he agrees with my premise, we should thank senator joe manchin. >> you mean joe dimaggio? stuart: that is cruel. >> it was right there. back in the spring the most powerful joe in washington is not joe biden but joe manchin because he holds all the cards. not like joe manchin is doing this to be occur margin or to gain favor with republican party but a logical argument you made over and over again on this show which is this particular bill does not pay for itself. it does not cost $0. it will increase inflation. it will increase the deficit per the cbo by $3 trillion.
these are numbers, no sake bomb by the press secretary can spin these that is, manchin, sees how unpopular president biden is in general, 17% approval. manchin is doing what a pragmatic person would do. democrats will go into 2022 at war with each other because they didn't get this done and will not get it done. stuart: joe concha, i will check some red meat on the table just for you. msnbc host joy reed entered the feud between elon musk and senator warren. role tape. >> what he always did, insults senator warren calling her an angry mom and calling her senator karen. for so many reasons, being a freeloader and a selfish and disrespectful one and misappropriating black vernacular for his purposes elon musk is the worst.
stuart: musk responded on twitter, lack of joy reed is a lobbyist for senator karen. we are having fun with this. your reaction. >> don't know where to begin was a prime time host on another -- network arguing elon musk appropriated the term karen from, quote, black vernacular for misogynistic purposes to attack elizabeth warren. the same senator who culturally appropriated herself by claiming she comes from native american ancestry. i said before and i will say again if you had to choose one person in all of television from cable is to cartoons to take off the air that list begins and ends with joy reed, the same race obsessed prime time host to referred to clarence thomas as uncle clarence as in uncle tom and i could glenn youngken won in virginia because of white the premise he had accused kyle rittenhouse, crying white tears because even tears are segregated by color. this is a one trick pony, whose only talent is to play the race
card from the bottom of the deck and her bosses at msnbc allowed it to happen and promote her despite being the lowest rated host in prime time on that network. stuart: joe concha, glad you got that off your chest. i think you enjoyed that. thank you, appreciate it. back to the markets. we were heading for a big selloff, we are back since then. the dow is back in the nasdaq is up 35. ryan payne, the man himself, welcome back. >> feels good to be here, ratings are going up. stuart: why will inflation persist? >> the fed removed transitory from essentially, they are not using it anymore but ironically, inflation will be transitory because the supply chains will get figured out. we figured out a way with lack
of supply, to create supplies. stuart: it persists at the 4% or 5% level for a few months. >> the 70s, a great time, bedtime for the economy. >> it is higher than the last decade. and it is all about labor. 11 million job openings right now. people quitting, 4 million people quit jobs last month because the opportunity to go somewhere else. looking for jobs that are unemployed, that means the gap between what is available and those are unemployed looking for jobs is so huge, there are too many jobs available which means wages are higher. stuart: i saw a figure that the net asset value of american
households moved up to a record of $44 trillion is much how -- how much they are worth. >> another explanation why people don't want to go back to work, they would afford to retire early. >> baby boomers during the pandemic reevaluate their situation and stocks advised level ever. and left the workforce. the gap is huge which means i am an employer. it will be such competitive labor market which means raising wages for my workers and other companies. stuart: why is that a problem for the stock market? >> i don't think it is. only because what you are seeing right now is companies raising the price. stuart: would you be buying
this did? >> absolutely. if you are seeing cash, inflation, money managers sitting in cash for too long, he said get invested. stuart: very interesting. dow is down 300 but the nasdaq has come back to positive territory. lauren, coming in with the movers. >> they plan to test in omicron specific vaccine next month. the eu loader 180 million doses of it. they say vaccine sales will hit $31 million next year and their vaccine treatments is not available right now. it is available to 30 million of 80 million doses in the first half of the year. that is where we stand. stuart: stock is down 3%. >> it had a nice run lately hitting new highs recently.
for pfizer it is a lot. stuart: oracle and cerner, wall street journal reports they are getting together, $30 billion. lauren: it would be the big deal ever for pfizer. for oracle. turner is a medical electronic medical records firm. it for buys and they get bigger into the healthcare space. stuart: to confuse joe manchin and joe biden and joe concha you can confuse pfizer and oracle. covid won't cancel christmas in austria. the country is lifting lockdowns but only lifting them for the vaccinated. and vaccinated, stay locked down. fox investigation finds the nfl giving money to groups that support defunding the police. we have that story. california banning people from going to work if they've been exposed to covid and it doesn't matter if they are vaccinated or not. what is the point of getting
the jab if you can't live a normal life? steve hilton, the man from california up next. ♪♪ ♪♪ it starts with a mother's determination to treat her baby's eczema. and grows into a family business that helps thousands more. it starts with an army vet's dream of studying the stars. and grows into a new career as an astrophysicist. it starts with an engineer's desire to start over. and grows into an award-winning restaurant that creates local jobs. they learned how on youtube. what will you learn?
as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me. not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin
and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. ♪♪ everybody's working for the weekend ♪♪ ♪♪ stuart: you are looking at tampa, florida, 79 degrees. i'm in new york and it is 60 degrees even in new york in mid december. how about that?
coles, calls for a 4-day week of gained ground among progressives in the house of representatives. the move would shorten the week to 32 hours. madison allworth is at a restaurant that already made the switch. how is it working out? >> it is working so well. this is the best the shop has ever done in their twee 7 years but different than what progressives are calling for. it is a four they work week but you are still working 40 hours, just over the course of four days instead of five. like i said this is the best they have been doing, they were able to increase profits by 30%. the decision was made by the owner right here who clearly has experience in the kitchen and you told me in the back end of the restaurant it helps you make that choice to move to four days. why did you know that it was a good move to do four instead of five? >> we all work together in the back. we were doing five days, it became difficult.
we needed to change something. >> reporter: we've seen the great resignation across multiple industries but the worst in restaurants, national average a little under 3% coming restaurant 6% of workers are quitting but for you you not only are having workers stay but hired more workers. >> we doubled our staff the last couple months and half my crew has been here with me for a couple years plus. we are doing well. >> reporter: you were able to attract a talent working in a different restaurant, who works for you with a four they work week. >> he's on the line right now working at this other place for several years working 5 to 6 days a week, heard we were doing a 4 day work week. >> reporter: he is prepping, this is the day the two teams overlap, four day teams overlap, they expand service all 7 days of the week. not only did they address the
labor crisis but started to make more money. leave it to private industry to figure out the problem, they should be sending these messages to washington because they have something figured out. stuart: i with you on that one, count me in. listen to this. more than 90% of the personnel in each of the military branches has been vaccinated. as many as 50,000 soldiers, sailors, airmen and marines are the brink of being dismissed because they've not been max a date -- vaccinated, they are defined the mandate, jack] is an army veteran and joined me now. how you feel about dismissing military members for not getting vaccinated? >> it makes america weaker and is disturbing to see. not only does this virus pose little to no statistical danger to the young and healthy especially physically fit who are in the military, it makes
the country in many cases these groups are being dismissed are our best and brightest, most promising, most experienced troops. to see them dismissed make the country and military weaker and has a chilling effect on military recruiting, there are many young, healthy, patriotic, physically fit americans who love to serve in the military because they have covid or don't need the vaccine. they are discouraged from joining the military. this is particularly crazy because the cdc and doctor fauci continually moved the goalpost, redefined what it means to be fully vaccinated. the refusal to take one dose of the vaccine, what happens in the pentagon, the biden administrator, secretary of defense lloyd austin mandate of troops have the two doses plus boosters, one or 2 boosters, are we going to dismiss
hundreds of thousands or millions of us military service men? this is totally crazy. 90 us senators just voted for this this week, 90. this is totally nuts. stuart: we understand your feelings. as a football veteran if i can call you that i want you to address this was a fox news investigation found the nfl's inspired change initiative funded groups that support defunding or even abolishing the police. you are a former professional football player. should the nfl pull funding from these groups or reject that funding? >> they should not be for the anti-police groups. it was good to see national fraternal order of police insurance organization stand up and fight back. of the former nfl player, i know we enjoy police protection on motorcades to and from games, police protections at team hotels, protection during games from security threats and the nfl to turn its back on
those same men who were in the thin blue line who defend nfl players and personnel on sundays to say we've seen how this has gone in the last two years, that the fund the police movement, albert working out in san francisco, chicago, even central arkansas. we've seen the consequences of this jailbreak, anti-police rhetoric, it has to stop. the virtue signaling organizations like the nfl give money to anti-police groups. stuart: jake beckett, appreciate it, thanks for being on the show. i tell our audience the nfl did provide a statement defending its program and it reads in part like this. we stand by the work our partners have done and the lasting positive impact made in communities across the country. a little more for you on the nfl. they just updated their covid protocols. ashley, good morning to you.
are there more restrictions coming down the pike here? ashley: yes, they are effective immediately. all teams in the nfl will implement preventative measures including wearing masks regardless of vaccination status, holding remote or outdoor meetings, eliminating in person meals and no outside visitors while on team travel. the league says fully vaccinated individuals will continue to be tested weekly, unvaccinated individuals every day. updated protocols also address interaction between coaches, players and others in the team facilities, they prohibit in person meetings unless they were held outdoors or in the practice bubble with all individuals physically distanced, about 100 players recently tested positive for the virus, over a 3 day span and the number of players placed on the covid 19 list continues to climb but we should point out most of them are either showing no symptoms or very mild symptoms.
stuart: bring us up to speed on the protocols and changing in protocols in britain and parts of europe. they just made some changes, what are they doing? ashley: boris johnson says new restrictions may be needed to combat the omicron variance including mandatory face coverings in indoor public places and bringing back guidance for people to work from home. in northern ireland even more strict measures being considered, health ministers recommending bars and restaurants close at 5:00 pm, indoor theaters, cultural and sporting eventss should be subject to a 5:00 pm curfew and attendance limited to 50%. in austria authorities are heading in the opposite direction, a full lockdown has been scaled back thanks to a drop in infections, the government also allowing nonvaccinated residents more leeway over the christmas
holidays, france says travelers from the uk will be banned from entering the country unless they can present a compelling reason was all of this because of the spread of omicron in britain, the french government is compelling reason to travel could include working in helpful research sector, being a top-tier athlete, soccer, being an exchange student, or traveling due to the death of a relative but vacation or work-related travel is the and and they are saying the other way round they are encouraging french citizens to cancel any plans they may have to go to the uk. stuart: europe is going backwards. that is what is happening here. thanks a lot. join us later in the show for the friday feedback. next up we are talking to steve hilton. california is banning people from going to work if they have been exposed to covert and disciplined matter if they are vaccinated or not. what a situation. hilton is next. ♪♪
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♪♪ i don't here too much for money ♪♪ money can't buy me love ♪♪ can't buy me love ♪♪ stuart: what are they saying, don't care too much for money, we have made a lot of it. that's the beatles and that is sixth avenue midtown manhattan. show you this all the time to show you how crowded it is despite the fact that it is closer to christmas. can you see the top right-hand corner of radio city music hall. all christmas spectacular performances have been canceled for today. that is a very big show. they have a christmas special every year every day. they say there has been a breakthrough of covid infections, plans for future shows are currently being assessed. what a blow to new york. susan is with me. covid, markets down 280 on the dow, what about starbucks. >> downgrade to the coffee
chain giant, china, omicron and rising costs, risk to the bottom line. a negative reported a chinese newspaper that accused starbucks of using expired, and health issues that it doesn't so negative headlines, the second largest market. stuart: general motors. >> gm down, shifting 113, did you pick up one of those. >> goes sideways. it is the first gm electric car with gm made batteries and motors, the new wave for general motors. stuart: it is down 3.5%. >> the yield is down. stuart: any advance on the movie business.
>> we talk about the rockettes canceling the show. movie fans, look at how big the stock is rallying, 16% because spiderman, no way home, $50 million in thursday preview but the third-best in history not just during the pandemic. they are on track to make $150 million in the opening box office weekend, the biggest since the pandemic started. amc said was the biggest opening for them on thursday in december and the biggest number watching one movie one day since 2019. stuart: we will go to the cinema in a mask to watch it all the way through but not allowed to go to radio city music hall in a mask to watch the rockettes. >> how much longer is covid going to disrupt our lives? stuart: we've got to learn to live with it and don't think we're there yet a lot of people are fed up with all these restrictions. thank you.
when you thought california couldn't get crazier listen to this was they proposed the following you going to quarantine for two weeks if you come into contact with anyone who has covid, covid positive testing. even if you are vaccinated and even if you tested negative. steve hilton joins me, what is going on here? if you are vaccinated and test negative you still go quarantineing for two weeks, that is ridiculous. >> it is demented. it is so infuriating but with two years into this, still pushing this completely insane strategy which is we somehow want to have no one -- stop the cases, stop the infection on the assumption each case is equal, every infection has the same impact. from the beginning of this, actually the risk is wildly different depending on your age
and health condition and so on so there is no justification to universal rules which is protect the vulnerable. in places like california seem to have bought into this demented strategy pushed by fauci originally more than anyone else was the other thing, they introduced statewide mask mandate for indoors even though we know again right from the beginning the virus has spread through the air, absolutely no difference. even fauci said that. it is so infuriating the policies are being driven by complete lunacy rather than science or rationality or anything that makes sense. stuart: agree morning from president biden. role tape.
>> president biden: unvaccinated be looking at a winter of severe illness and death, unvaccinated, for themselves, their family and the hospital they will soon overwhelm. stuart: no wonder we are not in the holiday spirit when you've got agree morning like that from the president of the united states and these new resurgence in california, that is grim indeed. >> he is the grim reaper. last year was supposed to be the dark winter he was warning about, now another dark winter, it's going to go on forever. that is misinformation by the way. we hear all the time big tech taking down things that are medical misinformation. what the president said just there is medical misinformation. it is something not true to say the only people who get infected or at risk are those who are unvaccinated. just now we have reports from cornell university, 900 infections, 97% vaccinated. some of the people who got infected were not justly vaccinated but had the booster, three shots just as we have been encouraged to do. the whole thing is so
unbelievably infuriatingly based on misinformation, they are the ones pushing the misinformation, we are the one suffering. stuart: we feel your pain all across the country. but we will be watching you on the next revolution sunday night, 9:00 pm eastern starring steve hilton. try to have a good holiday. nearly 200 police officers in seattle are listed as unavailable to work. jason rants says that city is when emergency away from catastrophe. the same ceos who back to the fund the police are now asking congress for help with the rising smash and grab lootings. a report from capitol hill after this. ♪♪ don't wake me up ♪♪ don't wake me up ♪♪
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stuart: the nasdaq has turned negative, we are down 100 and up 40, down 12. that the nasdaq and the dow jones taking a step to the southland as one might say off 400 points and then there is this. retail ceos asking congress to stop the rising smash and grab robberies. are these the same company that supported and gave money to groups calling for defund the police. >> some of them, but others are urging congress to pass the informed consumers act which would crackdown on online retailers that have third-party sellers selling a large amount of stuff they think could lead to these smash and grab crimes
targeting certain retailers, some of the ceos and company sign on to this letter include target, nordstrom, levi strauss and home depot, those are retailers that funded groups that called for defunding the police or spoke in support of movements that called for these things. nordstrom spoke in support of black lives matter, a group that has called for defunding the police. home depot pledged $100 million to the lawyers committee for civil rights under law which is taken issue with strict bail laws in the us. levi strauss announced it would donate 100,$000 to the aclu, pushed for california's proposition 47 the reduced from a felony to a misdemeanor and target donated to the national or been league, a group that called for re-envisioning public safety and changed,
retailers have seen 69% of retailers have seen an uptick in rising crime at their stores nationwide. stuart: we hear it, thank you very much indeed. we have 200 police officers in seattle on the unavailable list. jason rants jointly now. are you one emergency away from catastrophe? >> the staffing crisis with the police department, basically to get on that list you have to be off-line for 14 days. usually these folks go to military service or maternity leave or some sort of disability. what we are seeing is an increase in officers using their vacation time they have accrued over years of service in the spd which is a sign are getting ready to leave. since this year a little over
320 or so officers. i was told the deployable staff we have right now is 888 if there is one major emergency, public safety issue in the seattle area every officer effectively who was on duty and precincts across the city will have to converge on the scene which means the neighborhoods they are leaving, precinct they are leaving are vulnerable to collectivity that we have been seeing a surge in over the course of 18 months. stuart: isn't there any pushback, political pushback from people who live in seattle? i would have thought in a crisis situation, come on, you can't cut the police force that much. is nobody saying that? >> more folks are starting to say it. seattle, not easy for regular residents to call for policing with an ongoing debate about
defunding the police. it was just cut some 20 to $30 million again. some of it is all the creativity and moving the budget around and it will not impact too much but they are only funding an additional 100 plus officers to be hired next year. we are 5 to 600 fewer than we need to be for city of this size. what we are hearing a lot from his businesses saying we need the help. there was an incident yesterday or the day before of 3 dozen people arrested for these targets, businesses, the theft we are seeing nationwide. stuart: ended up getting booked, the rest were released because in seattle we don't book for misdemeanor theft was even when cops were able to get there jobs done with the dwindling numbers, it becomes
for nothing because those criminals get released, usually recommit whatever crime they were originally popped for. stuart: i've heard this from very cities around the country and that is happening in seattle, see you again soon. i said to give you a sense of the market, show you the dow 30, a lot of selling going on for dow is off 300. don't go anywhere, friday feedback is next. ♪♪ we don't need nobody when we are blocked out ♪♪ wake-up all the neighbors for the whole blockade ♪♪ before investing consider the fund's investment objectives, risks, charges and expenses. go to flexshares.com for a prospectus containing this information. read it carefully. we've been waiting all year to come together. it worked! happy holidays from lexus. get 1.9% apr financing on the 2022 es 350.
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♪♪ walking in the winter wonderland ♪♪ stuart: let's get on with this on friday feedback, joining us is lauren, susan, ashley. first comes of this from chad. he went class to know what is your favorite christmas movie? a christmas carol, charles dickens story, love it. i cry every time i see it. >> cancel culture wants to cancel it because it is misogynistic. home alone.
stuart: what have you got? ashley: national lampoon's christmas vacation, the great randy quaid. stuart: that was a good one. here is from david, we would love to hear you consider moving to the village in florida. ashley: you know what is remarkable, their own radio station throughout the community and i heard foxbusiness and fox radio and i was there for the elections in 2020 your name came up and they went nuts. you are a rock star in the villages. stuart: they went nuts. thank you for that. let's move on. eva rights this. stuart is looking pretty spiffy, nicely coordinated with the thai.
that is accurate. advent colors, pink and white. that is an advent color. >> you are wearing advent suits and i like the color coordination. you are looking spiffy. stuart: i will lose on before i lose this one. >> please do. stuart: kathleen, the two leads in west side story in the remake look like a younger pete hegseth and aoc. are my eyes deceiving your do i watch too much fox news? there is no such thing as watching too much fox news, can we do a comparison? that does look -- is that aoc or not? that is the west side story lady and let's not compare hegseth to aoc. >> you can't do this without
having pete react. stuart: the two actors in the west side story remake and they do indeed look like our young -- you are right. not bad at all. there is no such thing as watching too much fox news and foxbusiness. jessica. what is your opinion on buying stocks through a mobile payment apps like cash? >> i want to hear what stuart says. stuart: i made the first commercial ever for charles schwab and company 48 years ago. i have always stuck with charles schwab as my broker. >> other online brokerages, the future is mobile. go do it and you too. >> going to the bank and lining up which i don't understand that philosophy. it is more direct. anyone the only line i will ever stand in. patty davis is this one. filled my tank in sandusky, michigan. i thought you might get a kick
out of it. i did. that is president biden saying i did that pointing at high gas prices. >> looking at the price of the premium. $3.54 a gallon. stuart: listen to this. austin is not really texas. if you want to see texas come to rural texas, an hour southwest of austin. a group of military vets has breakfast every tuesday at 9:00 on the square. come join us, breakfast is on us. >> i hear that from everybody. austin is different from texas. stuart: very true. thanks to everybody who sent their feedback stuff. here is the friday trivia question. how many time zones does russia cross? the answer, don't google it please, we will be back.
stuart: good question, how in time zones does russia cross? quick guesses, please, lauren? lauren: 10. stuart: susan? reporter: sub-10. single-digits. china has no time zone differences so thinking russia, china. stuart: well give us a number? reporter: seven. stuart: thank you very much indeed. ash? ashley: 12 and how come we don't have four options?
stuart: good one. i will say 10. i think that it is 10. let's have a look. oh, it's 11, okay. lauren: so who wins? stuart: are we doing price is right rules? closest without going over? ladies and gentlemen it's a tie. that was a very good friday feedback, thanks lauren, susan, ashley, times up for me, neil it's yours. neil: 11 time zones? stuart: yeah, how about that? neil: well it's closer to the top of the earth, right? stuart: no, no, it's wide. the wider the more time zones. neil: i really wasn't interested , >> [laughter] neil: i was just making conversation, thank you, stuart varney a wonderful weekend, my friend. we are following up the time zone thing but the selling thing the dow down about 500 points but what really got my attention is what's been going on in the bond market. i want you to take a gander at the 10 year note. look at that.