tv Varney Company FOX Business January 20, 2022 9:00am-12:00pm EST
ukraine. marymac i gave him enough because there's nothing else to give him given his bad policy on top of bad policy you get lies, mark, you are at a d-. >> i'm being super soft on him today. his first year in office has been horrific, they are avoiding the major crises at hand, going to the same playbook over and over, racism and climate change. marymac great to see you both today. hochul begins right now. i wonder what grade you would give him. tina: i give them a d-he got through two hours without loss of focus and that is the best i can say, thank you very much and good morning, everybody. the president's news conference lasted 2 hours. working for signs of fatigue or loss of focus but he got through it without incident.
i call him his one success but when it comes to the substance of his remarks it is a different story, he tried to tell us his first year had not been a failure. he said he may, quote, enormous progress, those are his words, enormous progress. he asked which other president has done so much in his first year. we are going to challenge that one and he's not changing course, he is still owned by the left, he will keep pushing massive spending, the green new deal, everything and anything bernie and aoc and the squad demand. sounded like a campaign speech, republicans blocked everything, that's plain wrong. it was democrats who blocked voting reform and is signature program build back better. he didn't lose his place on the prompter but he lost his temper when a reporter questioned his divisive atlanta speech.
must-see tv for anyone who what a handle on his presidency and where it is going this election year, full coverage coming up on this program. buckle up, investors. anyone with money in stocks, 100 million of us had a rough 22,000 -- after another day of big losses wednesday here's where we are starting. the s&p up 20, nice gain for the nasdaq up 158 points. it dropped 8% in the last 3 weeks and down 10% since november so the nasdaq is an correction territory. we've often seen stocks opened fire only to drip down through the day and close lower. see if it works out today. a little change for interest rate, 10 year treasury yield is one.82%, little change for bitcoin, currently 42,$400. here is what else we have on the show today. take you to the least regulated state in the nation. it has a 2.6% unemployment
rate. we will take you to britain where most covid restrictions are lifted as of today. why can't we do that? thursday january 20th, 2022. hochul is about to begin. ♪♪ >> president biden: should we have done more testing earlier? yes. >> did you overpromise what you could achieving your first year in office? >> president biden: i didn't overpromise. what i have, probably outperformed what anyone thought would happen. >> why are you trying so hard in your first year to pull the country so far to the left? >> president biden: you're
trying to convince me that i am bernie sanders. i am not. i like him but i'm not bernie sanders. i'm not a socialist. i am a mainstream democrat. stuart: that was president biden defend his first year policies, showed no sign he would make any changes going forward. molly hemingway joins us this morning, the president isn't going to change his policies. does that work for the democrats in 2022? >> i'm sure republicans were happy to hear he's not doing anything differently because it is democratic policies both under biden but also under their control of the senate and house that is leading to republicans having such high hopes for the november election. kind of surprising because a lot of people expected he would want to reset given how horribly things are going across the host of foreign and domestic policy areas but he says he plans to change nothing. bad news for the country but
good news for republicans looking forward to november. stuart: did you find any bright spot in it to our speech? >> it was rough. i heard you say he got through it all right which is technically true but the long pauses, how he talked, just it seemed, as the press conference proceeded he got less focused and less coherent. i think his policy on russia is not the worst. he was saying things inappropriately in how he tackled it but you have a lot of people trying to push for armed conflict with russia and he seems to want to reduce tensions, that's not a bad thing. he obviously completely messed up how to talk about it, seeming to give russia a green light to invade ukraine. stuart: jen psaki had to clean that up right afterwards. donald trump reacted to biden's first year telling fox news he had no idea the country could go down so badly and how
quickly. he seemed in that statement to be hinting at a 2024 run, what do you say to that? >> it would be reasonable for them to think that way given things are going so poorly for democrats and the campaign message was that if you elect president biden everything will improve in the country, if you just get rid of this guy trump you won't have to deal with them anymore and a lot of americans are looking back and saying we may not have liked him, we didn't love his twitter but policy wise there is no question trump policies were successful in foreign and domestic spheres, really policies, not that these things are happening, he did things to actively a down the border for instance and they are not so popular with americans. stuart: thanks for joining us this morning, we appreciate it and we will see you again soon. senate republicans were able to vote down democrats propose voting reform bill.
i think i know which two democrats joined the republicans, defending the filibuster but tell me anyway. >> reporter: it was senator manchin and kristen sinema. they think another piece of biden's agenda, helped defeat a pair of voting rights bills that would expand really voting, and change the long-standing rule of the filibuster to do so so now democrats are back to the drawing board but the prospect did not seem to bother the president last night. he is still in that to our speech questioned the legitimacy of the next election. what is next? democrats might try to get some republican support if they can for narrow changes to the electoral counteract, but their voting rights agenda did not happen yesterday. stuart: the president said the republicans are blocking everything, that's not true. it is those two democrats who blocked build back better in
voting reform and the filibuster. we get back to you shortly. back to the markets. here's where we stand before the market opens. dow up 100, nasdaq up 154 after recent huge losses. michael lee joins us. let's go at it. convince me that this is not a drawnout long-lasting bear market. >> great question. first, not only you making that argument. a lot of people out there making that argument. almost by definition, at no point do we see -- stuart: whatever i say do the opposite. go on. stuart: it is bull market, bad things don't happen when people expect them to happen because people have already sold their position against the market so what is going to push the market down further if we are going to go to bear market something bad needs to happen. the mother coronavirus,
terrorist attack, some other event will have to derail us. the economy is like a huge boulder. once it gets rolling downhill it picks up steam, slowdown at certain points, increase speed at some points. the fed will try to slow it down a little bit but until we see a debt bubble, the business cycle is not going to end and until we are at the top of the business cycle we are not at the top of the market. stuart: bank profits earnings have not been that great. >> we have seen interest rates expand more so in the first few weeks of the year and december and a lot of those profits close the fiscal year end on december 1st so a lot of the favorable environment for them happened have to reporting period. he was the net interest margin
expansions and i do think as the fed raises interest rates banks can charge more on mortgages and loans, pay you nothing in your checking account. they will make a lot more money over the next few months. that's reflected in the stock price. stuart: to wrap it up do you see stock prices, the dow, the s&p and the nasdaq all of them across the board hired by the end of the year than where they are now? >> absolutely and until we can form consensus on what the fed is going to do, a big race to nowhere in the selloffs are always going to look more ugly than the bounce backs by the fact that people panic when the market goes down. when the market goes up no one panic so it is always going to look ugly on the way down and people you know the market about back but for the next 236 months we are not going to make any major directional moves into we come to consensus what interest rates are going to do and we are off to the races and
typically after the first rate ke a market increases for the next 3 years so we need a few more to go. stuart: okay. the perpetual bull. thank you. talk about being ugly about inflation, a new pool shows people are increasingly worried about the impact of inflation on their daily lives. details. lauren: 58% worry their income will lag, that metric is up 18 points from the september of 2020 poll. real wages which are adjusted for inflation fell 2.4% last year and goldman says real wage inflation is everywhere. that is why 28% say they increase their credit card debt in the past 3 months. it is becoming too expensive to get by on your paycheck. your paycheck is going up just not enough. stuart: back to the markets. we've got 19 minutes to go before we open up and we are opening up 100 for the dow, 148 for the nasdaq.
why is this president doing so poorly in the polls? one political writer has an idea. roll it. >> what is alarming for biden is a lot of people gave him an f, how much hatred there is for him especially on the right. stuart: blame it on the republicans. hatred, use the word hatred, come on, these guys hate trump. the white house on cleanup duty after the president seemingly okayed russia moving into ukraine. >> i'm not so sure he knows what he's going to do. if he will move and he has to do something. when us military veteran for the congressman greg steube is here to respond to that and he is next. ♪♪ utual, so we only pay for what we need. -hey tex, -wooo. can someone else get a turn?
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stuart: is cold but beautiful, looking good state college, pennsylvania, the home of penn state university, 24 degrees and it is cloudy and it is thursday morning. big tech antitrust crackdown front and center. the senate judiciary committee is debating 2 bills today. hillary vaughan what would those bills do? >> reporter: accept guardrails so big platforms cannot preference their own products and services. big companies like apple, amazon, google and others, that's what this legislation and who this legislation is targeting, doesn't want to let platforms favor their own
products and services over others and would prevent tech giants from using businesses data to compete against them and would not let these platforms by a search result in favor of the dominant firm and most importantly it would give antitrust enforcers more teeth, and acting civil penalties when the rules are broken and allowing executive salaries to be fine. there is a bipartisan group supporting this at the house has a companion bill as well. this might be president biden's best shot at getting big tech legislation through congress. so far congress has been all talk and no action and while there is bipartisan interest in cracking down and raining and big tech, they haven't agreed on details, we also have learned that apple ceo tim cook and alphabet ceo has been busy personally calling and meeting with senators on the judiciary
committee trying to rally opposition to this but small businesses are concerned too. the commerce committee sent 20,000 letters to members of congress asking them not to mess with the online ecosystem they have learned to navigate. >> the digital ecosystem works pretty well for american small businesses despite everything going on right now. it is never been easier to start a business and reach new customers, small businesses ultimately will be the ones paying the price. >> lawmakers here would make the case that you've got to change things ultimately even though it may cause disruption to meet the larger goal of trying to level the playing field for everybody. stuart: the white house is scrambling to clarify president biden's comments on ukraine. watch this. >> a minor incursion and we end up fighting on what to do and
what not to do but if they do what they are capable of doing it is going to be a disaster for russia if they invaded ukraine and i'm not so sure he is certain what he is going to do. my guess is he will move in. he has to do something. stuart: as of now ukraine's foreign minister is responding to the president's commentss. speaking of full invasion you cannot behalf aggressive. you are either aggressive or not. we should not give vladimir putin the slightest chance to play with quasi-aggression or smalltime operations, this aggression was there since 2014, this is the fact. congressman greg steube republican from florida joins me now. sound like the president gave the okay to russia for a minor incursion.
>> you know it is that when the white house after giving a press conference and makes a comments on an issue has to scurry around behind him and issue a press release saying what the president really meant to say is there will be ramifications for anything done, you know it is bad when their own white house is having to clean up after the president of the press conference on a specific issue and the president says putin has to do something. why does he have to do anything? it shows he is completely incompetent. he's not coming from a position of strength and i would argue he has created the situation we are currently in. if he wouldn't have removed the sanctions on the lordstream 2 pipeline we would not be in the circumstance we are in. you have to have a strong leadership. when they lifted the sanction on lordstream to that give billions to russia and their building up on the european border. stuart: overall what did you make of the president's performance yesterday afternoon?
>> respectfully was an unmitigated disaster. he didn't talk about the important issues, we only have one conservative reporter in the room but only gets to ask one question and everything else was nipping around the edges. you didn't hear about afghanistan, the fact that we still have citizens of our country and people that worked with us in afghanistan, didn't hear anything about that or the border crisis, over 1.7 million illegal immigrants cross our country, more than the population of some of our states, you didn't hear anything about that, didn't hear anything about crime or that, sides of reached the highest levels they've been just during biden's presidency the name been in decades. a lot of big issues facing our
country the he glossed over and you know it is bad when the democrats and democratic pundits are saying he talked for more than 2 hours, more than any president has ever had a press conference. it's that the only positive thing they can talk about, how long biden spoke it is not good for the democrats. stuart: i did think that was a positive and that he got through two full hours, record-breaking performance and he didn't lose his train of thought or lack of focus at any point. i will give him that as one success. will you join me in saying that was is one success? >> i don't think of most of what he's done but if you want to give them credit for standing up there for 2 hours and rambling on about things that didn't make any sense i will give it to him. stuart: thank you, glad we are in agreement at the end of the interview, see you again soon, check futures, few minutes to go before we open up. we are going to open up 150 for the nasdaq, does up 120 but i don't know how it is going to close. "the opening bell" is next.
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>> from here we could have more volatility but in the longer term, one of the things we've seen all the fed rate hikes is the first rate hike is not a deathknell for the market. it is the opposite. 90% of the time two years later we were higher in the s&p 500 after the first rate hike. the one issue people are so worried about is overplayed in terms of near-term impact. stuart: tell me about microsoft trying to acquire activevision. it. a good idea? >> i think it is brilliant. there will be some things we will see that are new that microsoft's marketing power, financial power will really help grow this see sports area and gaming in general. a couple quick notes. we saw the local university, university of delaware is offering a major management
this coming year. you and i talked a year and a half ago. the purses are bigger than the purses for the pga so this is an up and coming area. stuart: what is an e sport? >> world of war craft. all kinds of perth first person shooter games, the things people play as teams and those teams are making 25 to $35 million per year in the top four teams in the sports around the world. lots of money pouring into that and it is only going to grow. stuart: 25 to $30 million a year for an e sports team comprised of a small group of individuals, that is really something. we take your message to heart. we are nowhere near the offering price of $95 a share. microsoft is up. see you again soon.
30 seconds before we open the market. it is thursday january 20th, all day as my mom used to signal we are going up at "the opening bell" and the nasdaq trying to recover. it is down 8% just this year. abounds today but let's see if it holds. the bill is ringing. the people are applauding. we are now off and running. the dow industrials opened on the upside is expected. a gain of 85 points, 35,100. the s&p has opened on the upside.4%, 4500 is the level of the s&p at the nasdaq is opened almost 1% higher. that's pretty solid, 14,468. big tech up across the board. microsoft, apple, google,
meta-platforms, reports of and instagram subscription service. good morning. what would a subscription service actually do? >> influencers like you could charge a monthly fee to those thousands of followers, that is exciting news with instagram's head, they will start with a handful charging a monthly fee but they will expand this over the coming months and don't forget you have instagram which has one.5 billion people visiting the social media platform each and every day. for meta-it includes facebook, instagram, what's apps and the like, 3 billion monthly visitors. if they get better, another headline that came up, a lot of people are applauding this in
the crypto world, meta-formerly facebook will allow users to sell and display their nfts, those collectibles on social media pages. nfts is wildly popular. 2000% last year and growing rapidly this year. stuart: i have instagram account but it is private, thousands of people saying can i follow you and i don't ever respond because it is for me and my family but if i did acquire thousands of people following me could i charge them to watch me? >> right, exactly. that's a monthly subscription fee they have to provide exclusive material which i would love to see what stuart varney what offer but it is a bigger deal if it comes to fruition.
early talks right now but if there is some other crypto platform and someone as big as meta-gets in, that is a big deal. stuart: netflix will report this afternoon. what are we looking for? subscriber growth? >> subscriber numbers. most analysts are looking for 8.1 million sign-ups, that's less the netflix's guidance of $8.5 million, that means wall street is predicting netflix will come up short. what does that say about the trend, the growth trend for netflix, more competition from big streamers, leslie you had disney plus saying they have 179 million internationally run the world across disney plus, who, espn, disney plus makes up the bulk of that with close to 110 million and a lot of streamers, adding a lot of new
names and new subscribers makes them look expensive especially with netflix down 22%. stuart: i was going to say i follow netflix and it is down 20% either from attire in the last year, not sure which but it is down. that is a lot. the airlines. what is the impact of omicron on american and united? >> that is interesting because both are in positive territory united airlines is down despite reporting smaller laws, higher sales during the busy holiday travel season with omicron but the morning omicron is going to your bookings and they've heard their bookings in recent weeks and dealing the airline's recovery from covid and united lowering their growth forecasts for this year and they say they will fly less planes, less roots than they do three years ago before covid because american airlines doing better in the premarket because of sales in the final four months, smaller loss was the highest
sales quarter and unlike united you have american predicting prices will being going up and bookings for trip some as a way of stronger than the current levels in there looking to hire 18,000. stuart: if there's one group of stocks i wouldn't touch with a 10 foot pole it is the airlines. i lost my should on people expressed 35 years ago. china stocks surged this morning on screen. what's going on with this? >> this is a recovery, rallying in 18 months over hong kong, that's helping lift the name and china trying to stimulate its economy by cutting rates, specifically mortgage rates to get the real estate market going once again and that's a big deal in china because the real estate market in china makes up 50% of the economy, twice what it is here, 20% of
the us economy. when you cut rates that leaves more money to spend, to buy things on ali baba. stuart: what is this about amazon opening a brick and mortar clothing store. why would they do that? >> it is an important consumer trends. when the biggest online seller in america when it comes to brick and mortar amazon is launching a clothing store called amazon style with a location in the suburban area which will open later on this year. the amazon apparel store where you can buy shoes, try on clothing and sell high end and medium end brands and also high-tech algorithmic suggestions to touchscreens. i think if you are t.j. maxx or department store chains like saks i would find this a bit threatening. amazon went up 15% last year to $21 billion. stuart: this story is called
amazon style but it's not the style of clothing, not a new amazon style, just like an amazonian or something. >> no but i would be curious to see what jeff bezos would offer. stuart: i'm intrigued about travelers, the insurance folks reported that without, looks like they did well. >> this is after making twice as much money as wall street forecasts so investments in underwriting were pretty strong and probably contributing to this 100 point bounce. stuart: let's go through it, the dhows of 142 and here are the dow winners headed by travelers, microsoft is in there as well, up one.6%. s&p 500 winners, here's the list. baker use, i see energy companies all over the price, the price of oil is up, nasdaq, the winners are electronic arts, gamers going up after
microsoft tries to buy electronic visit -- activision blizzard. they thousand 130 points, 0.4%. the tenure treasury yields not changing that much, one.82%. the price of goals not changing much but $80.47. bitcoin at $42.07. oil $86 a barrel, down little this morning. natural gas dropping below $4 was the price of gasoline inching higher, $3.32 is your average for regular. in california we like to show you this. americans are grading president biden's performance when you're in. role tape. >> you like inflation, you like illegal criminals coming across the border, if you like gasoline -- >> heart in the right place but
his policies don't have much effect. stuart: we have more grading coming up for you. this is hard to watch. school employee caught taping a mask to a child's face. parent and that pennsylvania district are outraged. we have the story. only four states have fully recovered all the jobs lost during the pandemic. idaho is one of them. we are going to talk to the state's governor next. ♪♪ working for living ♪♪ it's a thirteen-hour flight, that's not a weekend trip. fifteen minutes until we board. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position.
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four states recover the jobs they lost during the pandemic. idaho was first to do so. governor brad little joins me now. congratulations. great to have you on the show. can i ask if your success is the result of attracting remote workers? >> it was a combination of employers and employees working together, incredible organic growth, new businesses moving in, businesses expanding. you talked about the silver industry and a lot of it was an agrarian state with agriculture, mining and timber industry and now we are a high-tech state, diversified state, a lot of volume going through the economy right now and the pandemic slowed us down but we have 12% more jobs now.
we are offering record tax relief, record investments in roads and education without raising taxes or taking on any debt. we like to compare ourselves to the federal government. stuart: do the people who moved to idaho bring their politics with them? if they came from california and they are california democrats and go to idaho you can mess up a wonderful situation pretty fast. >> it is interesting. they come here, fleeing washington and california for the most part and they are coming with not much more than the standard where they came from but always want us to change a little something. it was pretty good when you got
here. stuart: i am told that you are the least regulated state in the nation. is that accurate? >> we are. we are going to continue to look at all the rules. government by the nature tends to be additive. one on top of another rule but in our state agencies with the help of the legislature a process called 0-based regulation. we need any of those, the first year to simplify or remove, we embedded a permanent process where we review those rules and that helps small businesses and new businesses. stuart: i am sure you will say no but have you considered moving to new jersey or
reforming the state i live? >> a lot of questions about what we've done for a regulatory standpoint, from a licensing standpoint, it was something i wanted to do. all my agency directors, i give them golden scissors and award ceremonies, simplified rules, left hundreds and hundreds of pages of rules on the cutting board and that helps business. but when you are not moving to new jersey. great to have you on the show. congratulations for what you've done for the great state of idaho. pennsylvania parents outraged, a teacher taped a mask onto a student's face.
>> a pennsylvania middle school. the school district has a school board meeting tonight. you might see parents plan a demonstration. what is going to happen to that teacher? whether you are pro-mask or anti-mask, you don't want to taper mask to a child's face to make an example out of them. stuart: i'm going to editorialize at the top of the hour this morning on this show that we should get rid of mask mandates. it is time to get rid of them. they don't work and they are especially damaging in schools.
it is damaging in schools. you are a mom, you have kids in school. what do you say? >> there used to be an offramp. kids have been wearing masks for a long time and there will always be a risk of covid. you cannot eradicate it but you've got to just move on. say this boy wasn't behaving and his mask was under his nose or around his neck. she couldn't just ignore it. she had to tape it to his face. was she so scared of contracting covid? the sickness around covid. stuart: maybe it was the rules in that school in that school district. all the time at school the teacher, put the mask on. i got to move on and we will get back to this later on. the cops have a suspect in custody. the man who allegedly stabbed the 24-year-old ucla student, a long rap sheet. and dropping covid restrictions. how do the brits feel about
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relax people. my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one-upping itself. take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. stuart: california considering
a single-payer health care system, the news this morning is it would include illegal immigrants. somebody is challenging this. >> advocacy groups pushing back against this, 2 thirds super majority, there's a lot of momentum for this. be on the illegal immigrant peace, they are concerned about medical care and quality of healthcare in the system and then there is the cost. that's where i want to dig in. california would have to more than double its tax revenue it currently has annually. a new proposal would fund $163 billion by raising taxes 12,$250 per household. a previous initiative collated the cost at $400 billion. let's remember california already has the highest marginal tax rate in the nation into the new proposal of the
top marginal tax rate would reach 18%. this is more than 7 points higher than the next ice in hawaii and new york and the cost of business, not only will companies more than 50 employees incur a one.25% payroll tax but also barrow 2.3% gross receipts tax. experiencing inflation, they would have to pass it on to the consumer. >> there is a new business tax. instead of being on profits it is on all the revenue. grocery stores tend to have margins of 2% or less. this is 2.3% of growth, that is more than their profits, you think groceries are expensive? imaginative this tax. >> reporter: this would be the first proposal of its time in the nation and he would have to have a measure passed before going to voters likely in 2024 but when you have residents leaving in droves, what are
these policymakers thinking? stuart: higher income taxes, payroll tax, gross receipts tax, q the exodus. see you soon. 25 minutes into the trading session the dow is up 300 points and the nasdaq up 207. that is a rally. florida senator rick scott, nigel farage from britain, bill hammer, the 10:00 hour of varney's next. ♪♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi.
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♪ listen to the music, whoa -- stuart: rainy day in new york city. you're looking at midtown manhattan. god morning, everyone. 10:00 eastern. straight to the money, please. dow's up 320, nasdaq's up 213 as we speak. the 10 is-year treasury yield, that's at 1.82%, not much change there. the price of oil, $86 a barrel last time we checked, and we've got 86.89 now. and we have bitcoin at $42,9. that's where we stand. just got some very important real estate numbers for you. existing home sales. all right, lauren, this is a big
deal for realtors. what's the number? lauren: yeah. so from november to december, they fell 4.6%. so it's a big fall. the annual rate seasonally adjusted is 6.18 million units, so that was aing big disappointment, stuart. stuart: okay. those are weak numbers implying a slowdown in the housing market. no impact on the stock market that i can see. no change in the numbers from when we got those real estate numbers, so there you have it. it's a slowdown in housing. we'll have some more comment on this with mitch roschelle later this hour. mortgage rates, tell me. lauren: speaking of the slowdown in housing, you can tie these two together. they rose 3.56% now that the 30-year fixed rate, that's a up from 3.45% the week before. so we are seeing rates go up ahead of the spring buying season, and freddie mac says, yes, purchase demand has
modestly waned. stuart: there you have it. thanks very much, lauren. mow this. i'm going to sum up the president's news conference like this: i'm making enormous progress. i'm not going to change course, the republicans block everything. i'd call that combative defiance in the pace of grim real estate -- in the face of grim reality. what is this enormous progress? those were his words, by the way. inflation? 1.4% when he took office, 7% now. i see no progress. the border, 200,000 a month coming across illegally. that's way up. no progress there. covid? the president said i think we've done remarkably well. what? we're firing the unvaxxed because they won't get a jab that doesn't work to sop infection nexts, and -- to stop infections, and we might get a booster just when omicron
passes. where does he want to take the country in his second year? what's next? more of the same. he's not pivoting. no change of course. he's still pushing build back better, he's still trying to cripple energy companies. and when he blamed republicans for blocking everything, he really lost touch with reality. it was democrats who killed voting reform, it was democrats who rejected build back better. it's the division in his own party that helped mess up his first year. however, there's one thing he can claim as a win. he lasted two hours without looking frail or losing focus, and that is a good thing when kamala harris is waiting in the wings. the second hour of "varney" is just getting started. ♪ ♪ stuart: michael goodwin joins us now, pulitzer prize-winning journalist, by the way. michael, he's not changing course, sticking with his current policies. how do you think that plays out
in the elections this year? >> well, stuart, i think that was the attempt to save face and to say we're not doing anything wrong. i mean, i was struck by those things as well and particularly on the covid. i mean, what, 480,000 people have died in the last year under his presidency, and he has no apologies to make? that was kind of heartless, i thought. but, look, i think the one thing he did say that contradicts all of this bravado is that he's going to leave the white house more and that perhaps he has pent too much time -- spent too much time acting as a senator in chief rather than the president. and i think he's absolutely right about that. it does seem as though he is bogged down by what's happening in congress. and you think back, donald trump had a republican majority only for his first two years in the house and in the senate, but you don't feel that donald trump was
bogged down by the, what the legislature would or would not do. so i think joe biden has become a victim of his own strategies, and now he's going to get out more and talk to people more and help democratic candidates on the campaign trail. well, how is that going to work because he's not a good campaigner, he has nothing to sell except to blame republicans and donald trump. i don't think it's an uplifting message, and i think at the end of all of the back and forth what people want from their president is real optimism, a can-do spirit, a lot of energy. joe biden can offer none of those. stuart: well, at least he lasted two full hours, and i'd put that down as a success. i would. and i'm not being facetious here. i didn't think he could do it, but he did it. michael, thanks so much for being with us. see you soon. >> thank you. stuart: check back on the
markets, please, because that rally is holding. dow's up now if 267, nasdaq's up 223. solid gains this morning but, again, that's how we start out. i have no idea how we close. dennis gartman with us this morning. p you know i read your stuff, and i know you're into high dividend-paying stocks, and you're buying gold. now, when i look at someone who's invested like that, i suspect that that investor -- you -- believes that the market will continue to slide. do the ya? >> i think on balance the market will continue to slide. i think we saw our top almost nine weeks ago. without getting too esoteric, we had an outside reversal in the dow -- i mean, the nasdaq. that was very important. the same circumstances in the s&p. be careful. you have a nice rally today, let's give that a nod of affection. i think that's in response to, as you were saying, the president did better last night than i think people have feared. the market sold off yesterday
worried about the press conference, and we're bouncing. but that's the best we're going to get. for my own stuff, i'm low on high yielding dividend stocks, less long than i have been in a long period of time. i'm not quite bearish to overtly yet, but careful watching the s&p. there should be support at 4525, if that is taken out at the downside and if gold should go up to 1850, you'll have two terribly ominous technical signals that i think should be paid attention to. so -- stuart: real fast, dennis, i know you invest in high dividend-paying stocks. can you just tell us a couple of the stocks that pay high dave lends that you're into? >> i like chevron. i like that one. i like merck. it's been down hard over the course of the past year. i like intel for the first time in a long period of time. those pay 3, 4, 5, 6% a year, and i like those. and the dividends are well
covered. am i aggressively long, no, i'm not, and i've got calls against almost everything. stuart: in a bear market, he who loses least wins. >> yes. stuart: and that's -- i think you're quoting somebody else, but that is, oh, so true. >> actually, i'm quoting -- you're quoting me from what i sent you this morning. he or she who loses the least in the bear market is the winner. i've got us less involved in the market, 10% reduction in our position, and i'm, i constantly say, again, the same thing, he or she that loses the least in a bear market will be the winner, and i'm afraid this is a bear market, so be careful out there. [laughter] stuart: yes, indeed. dennis gartman, thank you very much, indeed. >> always good to see you. stuart: come on in, lauren. we've got some movers. whoa, casper. mattress people, right? up 0%. the story, please. -- 10%. they're lauren the mattress in a box going private next week, it's a deal with an investment
group called durational capital management. the company has been struggling. amd cut to neutral at piper sandler. they think the automotive and computer markets both slow down, stock down 1.3%, and what is leading the market today? baker hughes. it swung to a profit, orders increasing 28% in the quarter on strong demand from oil producers for baker hughes' services. it's the first oil field services company to report, so we get a glimpse of the sector because omicron has not killed demand. stuart: that's for sure. now then, i want to look at peloton. lauren: yep. stuart: at a crucial level. it's back above $30 a share. it had been plunging. now, there's some talk -- i know there's some reporting of executives selling a lot of stock. right before the plunge, i think. what kind of numbers in how much money are we talking about here? lauren: $496 million, and they were selling when the stock was
sharply higher than the 30 or so that it is now. so those executives include the ceo, john foley. it raises questions what did he know, what did they know. leaders typically sell stock right near the peaks, but this seems like an exaggerated case, shares at $110, you saw where her now at 32. so the i if po in 2019 at 29, so this has been a big fall from grace for this company. we're not -- nothing illegal was done, it's just what do executives know about the company when they decide they're going to sell when the shares turn out to be pretty high. stuart: i'm sure the lawyers will be asking. all right. here's a question for you, lauren. what does the metaverse have to do with microsoft's deal for activision blizzard? lauren: i'm going with everything. there are many metaverses that we can participate in, and microsoft wants to be one, a main one of the many.
activision has 400 million gamers. well, that helps, right? they're all going to be in the metaverse. and then microsoft is going to figure out how to use that experience from video games to professionals meeting in the office as you're having your conference calls, shopping in the metaverse. you know, just think about how you dress the avatars, how they move, the human-like motions. they're going to learn and use all those eyeballs. stuart: i'm beginning to understand. that's a breakthrough. i am beginning to understand what it's all about, and who knows? one of these days i'll use it. all right, lauren, thank you very much, indeed. [laughter] a writer from politico blames president biden's bad polling numbers on hatred for the president. roll it. >> a lot of people gave him an f, and that's a measurement of just how much hatred there is for him especially on the right. stuart: republicans, and and he used the word hatred. i just don't get it, but we'll report it. if you live in d.c., you
have to show an id to eat at a restaurant, but you don't need one to vote. we've got a report on that coming up. fentanyl overdoses, oh, are they on the rise in america. and the attorney general of west virginia says it's time the state department steps in and takes action. the state department. he's on the snow -- the show next. ♪ ♪ y to get a quote at libertymutual.com so you only pay for what you need. isn't that right limu? limu? sorry, one sec. doug blows a whistle. [a vulture squawks.] oh boy. only pay for what you need. ♪liberty, liberty, liberty, liberty♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
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or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. stuart: if you live in d.c., as in washington, you have to show vaccine papers and a government-approved id to eat in a restaurant. but you don't need id to vote. aishah hasnie in washington. are democrats doubling down on this? >> reporter: they absolutely are. they say it works to prevent,
what else? cheating, stuart. mayor bowser's new vax mandate just went into effect this weekend for restaurants, gyms and concerts, and it basically forces businesses out there to not only check your vaccination card, but also verify that vaccination card with a photo id like a driver's license or a passport. it happened to me last night when i went out to eat at a restaurant. but according to the d.c. board of elections' web site, you don't need a government-issued web site -- if you want to vote. rather a utility bill or even a bank statement to vote. so republicans, of course, lashing out about this as democrats push their so-called voting rights legislation on the hill. representative thomas massie announced that his office will not be complying with this new d.c. mandate while house republican whip steve scalise said this is really a fight over freedom. >> well, exempted from voting, but they just want to continue to control people's lives.
it's really about government control versus freedom. >> reporter: so d.c. democrats don't see an issue at all. here's congresswoman eleanor holmes norton. >> we're talking about apples and oranges. voting is not a problem in this country, witness the last election in 2020. but counterfeit ids to get into restaurants have been shown to be a problem. >> reporter: yeah. so they want to stop the counterfeit vaccination cards out there, stuart. so norton also wants those lawmakers on the hill from other states to just butt out, just butt out of d.c.'s business, she says. [laughter] stuart: i'm not eating in any restaurant if i have to present my papers and an id to get in the door. thanks very much, that was a good story. we appreciate it, thank you. i'll calm down. president biden calls the supreme court's blocking of the vaccine mandate on big business a mistake.
watch this. >> the supreme court decision can, i think, was a mistake. but you still see thousands and thousands of people who work for major corporations having to be tested as a consequence of the decision made by the corporation, not by the standard. stuart: okay. the attorney general of the state of west virginia, patrick morrissey, joins us again today. mr. attorney general, it's always good to see you. thanks for coming on. now, your state covid vaccine exemption bill just went into effect this week, i believe. are you trying to protect workers who request a religious or medical vaccine exemption? >> well, we certainly are, and that's the reason why our state legislature passed the exemption bill several months ago. and it's also why i fought so hard against every one of these mandates coming out of the biden administration. we had the huge victory last week at the supreme court, but our work is not done because we know that there may be private
sector entities looking to put mandates in place. we know that the health care mandate from cms is still in place, and we have to keep pressing because this is a fundamental debate in american society today. we need people to know that we have their back and that they're going to have their public officials push for freedom. stuart: are you basing this on principle, that forcing people into vaccination is not good, or are you doing it because forcing people into vaccination means that they leave the work force, and we've got a labor shortage? >> well, look, i think it's a combination of two things. west virginia can't afford to have such tremendous job loss either in the health care field or any other field. we're actually working to try to lure more people into the state right now to fill the tens of thousands of jobs that are available. so we say to everyone come to west virginia. there are a lot of good paying jobs. you don't want to slap them as they're coming across the door
with a mandate. but there's a broader principle at stake as well, and that is that with something that that's this new where you don't have the data to be able to say you absolutely must have a mandate in place, that's not desirable. it's a little bit different than some of the other school-based mandates that we've seen over time. this, we all think, is wrong. persuade and educate, don't mandate. stuart: with you all the way, mr. attorney general. here's another one. i believe you're leading the charge. you're urging the state department to take a tougher stance on stopping the influx of fentanyl across the southern border. my question, sir, is why are you going to the state department for this? isn't this a border issue? >> yeah. so here's why i went to the state department. first of all, we've had no luck with mayorkas, and the homeland security department has fallen down badly on the job. we see what's going on with the number of people streaming into our country. well, beyond the lines that you're seeing on your television sets every day, there's massive quantity of fentanyl coming up
over the southern border from mexico. so as we've investigated, we've learned that these are chinese ingredients, chinese precursors going to the mexican drug cartels. these products are then being assembled and then shipped over the border. so we need the mexican government to step up. they're falling down on the job right now as well, and blinken is the person to do that because of the diplomatic mission that he's charged with. p so we think this is important for homeland, but it's also important for blinken as well. we sent a letter, we have a lot more we're going to be talking about in the next few weeks. we want the government to do its job. stuart: it's an untold story which should be told, bigtime. mr. attorney general, we appreciate it. >> thank you so much. stuart: we're told there is a credibility crisis at the cdc but, lauren, president biden has no plans to make any changes? lauren: and that's the thing, americans are unhappy, distrustful of their reality
that the president is just dismissing. and, you know, he's dismissing everything that we feel, staying the course and keeping the same people in charge of it. >> willing to make -- interested in making any changes either at the cdc or other agencies given the fact that the messages have been so confusing. >> well, first of all, the messages to the extent they've been with confusing is because the science has been learning more, learning more about what's needed and what's not needed. louvre. lauren: i think people understand the science changes, right? it's the way that science is communicated that has people just losing their minds. [laughter] masks, no masks, double masks, n95, mix your vaccines, don't mix them. isolate, don't isolate. stuart: massive confusion but don't change the leadership. okay. one state is threatening to sue school districts that are enforcing maas mask mandates on students. which state? lauren: missouri.
the attorney general, eric shut9, who's also running for senate, wants the power of decision making to go to parents. that is a popular political decision these days and, honestfully, it might be common sense too -- honestly, it might be common sense too. where's the offramp, right? stuart: absolutely. i'm going to editorialize at the top of the next hour, get rid of the mask mandate in schools and do it now. i think you'll agree with me. thanks, lauren. home buyers rushing to get mortgages before higher rates push them out. is in this panic buying? our real estate guy is mitch roschelle, and he's going to report on this in just a moment. new york city's mayor, eric adams, wants workers to return to the office, but crime is scaring off commuters away from the subways, and the mayor just admitted, yeah, that subways are not safe. full report right after this. ♪ ♪
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stuart: we've got snow in parts of the northeast today. you're looking at doylestown, pennsylvania. it's snowing there already. 30 drees, that's snowy temperature. check the markets, the rally is holding for now. we're almost one hour into the trading session. we're still up 200 for the dow, 200 for the nasdaq. again, i keep saying this, i have no idea how we'll close. lauren is looking at some movers. first of all, target which is up. what's the story? lauren: okay. so key bank cut target's rival walmart, although you'll see walmart's not moving too much. they say walmart is going to be impacted because the stimulus checks are no longer, inflation is certainly high, they have to pay their workers more, and walmart will be more affected than target. therefore, they prefer target for 2022, and the stock is up. take a look at marriott. it's up a healthy 3% at last check. they added more than 500 hotels and 86,000 rooms last year. they say extended stay has been a hit with them because
everybody or a lot of people are working from home. so that's been successful. and first solar, this is a winner even though jpmorgan cut their price target from 102 to 83. they see a lot of commercial solar projects being delayed in part because of supply chain. nonetheless, first solar is a winner. stuart: okay. i'm moving to the real estate market. we just got interesting numbers from them at the top of this this hour. existing home sales on an annualized basis, 6.1 million. i i just heard lauren right there. [laughter] let's bring in membership rochelle. -- mitch roschelle. he is our real estate number. that was a disappointing number, 6.1 million existing home sales. what's your analysis of the market right now, real estate? >> stuart, i think what you saw in the last month was largely supply-related. because we've talked about this before, we have sort of run out of it. i'm looking ahead to this year,
rising interest rates are potentially a headwind, but there is tremendous demand. people just still can't find homes. the question is how high do interest rates have to go before it starts to chill demand. my little informal survey of realtors tells me that there still are lines of buyers looking for homes that they still can't find. so it's really going to be a push-pull tug-of-war between higher costs in terms of home prices going up, higher costs in terms of mortgage rates going up and whether or not demand will be cooled at some point as a result. stuart: i've got some numbers that suggest that at the end of december -- what's that, about three and a half weeks ago -- the inventory of unsold homes stood at 910,000 nationwide. that's the e give equivalent of just 1.8 month's worth of sales. so you've got a drastic limitation of supply. you're telling me there's very, very strong demand. i presume that means that prices are going up some more.
>> right. that's college econ first week. supply and demand. the question is, you know, will that demand sustain. my prediction is, because i know you like bold predictions, stuart, i think it will. i think there still is a thirst for homes and the american dream. if we get 4% on the 30-year fixed rate mortgage, that could start to take some buyers out of the market. but i think that there's still a lot of savings that people have. they won't borrow as much, and i think that people still want homes. stuart: what about the stock market? you're still at lofty levels. okay, we've come down maybe 10% on the nasdaq, but you're still at lofty levels. i'm told there's still a lot of people taking money out of the stock market, you know, making money while they can and putting it into a second or even third home. are you sigh -- seeing that? >> yes. it's still cheap money. especially if it's not your primary residence because you wouldn't get the deduction for
mortgage interest. people are still doing that. they're taking those margin loans against their stock portfolios because they have tremendous gains in their stock portfolios, and it's cheaper to borrow money at, say, 2% from your stock portfolio than it is to pay a capital gains tax if you sold, in your case, your microsoft shares. stuart: exactly. you're still in sunny florida, and i'm still in snowy new jersey. what a guy. thanks very much for coming on, sir. we will see you again. mitch roschelle, see you soon. wizs in new york city -- businesses in new york city struggling to bring business -- workers back. madison alworth, what are businesses doing to bring people back? >> reporter: well, there's not much they can do, stuart. they just keep pushing back that return to office date. in fact, 75% of businesses this month alone have pushed back that back to office date because covid-19 continues to be an issue but so does crime. just another factor that is, you
know, concerning new yorkers and keeping commuters at home. mayor eric adams himself has admitted that he doesn't feel safe on the subway. this is a real 180 from earlier this week when he wrote off subway concerns saying we are dealing with, quote, the perception of fear. but the numbers don't lie. when you look at subway crime, everything -- including from murder to robbery, all of that included -- crime complaints are up over 65%. and those statistics have a really big impact on real world jobs. it's impacting how businesses run and also what workers want to do. i spoke to an accountant who even though it's right before tax the season, she is sending her employees home earlier to keep them safe, and i spoke to an executive recruiter who says the people he speaks to, they just don't want about to come back to new york. take a listen. >> because everyone in this neighborhood taking subway or even taking bus. so we want to leave early so it
leaves, you know -- at least, you know, there's light outside. not in the dark, right? >> i'm not going to go in and risk my life, i'm not going to have to worry about getting mugged or pushed in front of a train. i don't have to worry about getting omicron, do i have any fast path -- passport to go to a restaurant. i'll go somewhere else. i'll work remotely and work for another company. >> reporter: so, stuart, right now as we've seen with the great resignation and everything, employees really have the power. and when it comes to safety, they just don't feel safe in new york. just another reason that is keeping people home instead of returning to these empty office buildings. stuart? is. stuart: madison, thanks very much, indeed. new york city's mayor, eric adams, he says he will get his first paycheck automatically transferred into crypto. he's going to be using the coinbase wallet exchange and will receive the payment today. okay. pasadena police arrested brianna couper if's alleged
killer. you're about to look -- you're looking at aerial images of police putting sean laval smith in the back of a police suv. he is now in la if pd custody. smith's a career felon. he's suspected of stabbing the 24-year-old ucla grad student to death in a random daylight attack. those are all of his arrests right up will on the screen. look at this. border crossings are way up, nearly 200 -- well, 178,000 apprehended at the southern border last month. is the white house doing anything to help border states like arizona? i'll ask the arizona attorney general who's on the show in the next hour. the omicron surge hitting american manufacturers real hard. consumer demand is strong, but there aren't enough skilled workers to push out the product. grady trimble talking to the ceo of jenner -- generac in wisconsin. he's going to tell us how he's getting around the hiring hurdles. ♪
stuart: check those markets, because the rally has resumed, and we've gone up a little bit more. look at that, the dow's up pretty close to 400 points, better than 1%. the nasdaq is up 260 points, that's 1.8%. and the s&p is up 1.25%. now, we've seen this kind of rally after big declines before, and often the market ends lower. but right now that rally is going strong. how about this? a company that sells organic baby food and, by the way, they debuted just as covid hit in 2020. the ceo is greg sheerson, and he joins me now. okay. first of all, what's so special
about your baby food? >> good morning, stuart. thank you very much for having us and letting us tell our story. what's different can about us is almost everything compared to the category that we play in. our business was started by a neurosurgeon mom that went back to school at stanford and pursued a ph.d. in neurobiology really trying to understand what causes early onset optimal brain development as well as abnormal brain issues. and all of that science is reflected in all of our products. is so not only are we organic and low in all the things that you want to stay away from like heavy metals which has gotten a lot of news, but we also deliver 16 important, critical brain nutrients in all of our products. stuart: okay. i've got some rapid-fire questions. from day one when you started, right as the covid hit to now, what's your growth in sales?
>> we've grown more than 3x in 2020, and we'll grow more than three and a half times in 2022 as well. stuart: okay. >> high growth plus supply chain damages. stuart: your price, it's not cheap. i think you're looking at a couple of -- three pouches of your baby food for $7.99. that's not cheap, is it? >> it isn't, but when you think about the impact and relative to the category, it's within reach. so so we look at the other organic options that are available to parents and feel we're very much within what most parents and families can afford. stuart: where do you manufacture word manufacture, but where do you produce? >> we make only in the united states, so we produce with several best in class partners that are delivering the highest quality to get into the marketplace. stuart: no supply chain problems? >> no. everybody that's in the manufacturing and consumer product industry these days is dealing with challenges, and then when you grow at 3x the rate of growth, it certainly
adds some complexity. but we're up for it and we're excited about our opportunities, and we're planning ahead. stuart: we love success on this program and you, sir, appear to be a success. cerebelly, you are the ceo, and we thank you for joining us today. >> thanks, stuart. stuart: you got it. next, the omicron surge has caused a record number of workers to call out sick. this is intriguing. how many are we talking about, lauren? lauren: it's bad. 8.8 million between the roughly two weeks right after christmas, december 29th and january 10th. they were either sick themselves or they had to take care of someone who was sick. it's triple the number from the first two weeks of december, and it really paralyzes a number of industries. i want to talk about trucking for a second though, because starting this saturday the vaccine mandate for truckers goes into effect when they're crossing the northern border, okay? it's estimated that that will cut in half the number of truck drivers that can bring food and
paper products here to the u.s. okay? so mandates essentially add insult to injury. so it's not only that people are getting covid, it's also fact that some of them can't work because they didn't get their requireed shots. stuart: yeah. mandates, to me, don't work, and i'm going to editorialize against them in about 15 minutes. there you have it. [laughter] there you go. the ongoing -- the surge and the ongoing worker shortage are affecting manufacturing even as consumer demand remains high. grady trimble on the factory floor of general rack, the generator people in wisconsin. how are they dealing with hiring problems? because demand for their generators, i know, is booming. >> reporter: it is, stu. not much they can do about omicron, but they are raising workers' pay to try to keep the workers they have. i'm with the ceo, aaron. obviously, trying to retain the current employees. but if you could right now, how many workers would you hire? >> we have openings for over 200
positions right now. >> reporter: and as you raise wages for those workers, i guess prices have to go up too. >> they do. everything from the wages themselves to materials, logistics, all of those costs are up for us, so price have gone up. >> reporter: fortunately with the omicron wave, it hasn't been as severe as some of the otheraways, but it is so infectious. tell us where you are in terms of employees isolating, and do you think you're past the peak? >> yeah, i think about a week to ten days ago we hit the peak and, hopefully, are coming off of that, but it's been incredibly disruptive. since the end of december to today, it's been interrupting operations. of. >> reporter: you told me 10-15% of the your employees were isolating because they had covid or at home because they were exposed? >> absolutely. >> reporter: how do you deal with that as a company? >> you have to be nimble, you have to be flexible. we move a lot of people around,
but it does limit what we can build because of that. >> reporter: yeah. how long is this going to haas? >> well, that's a good question. i've been looking for the answer for a number of months now, but hopefully we're coming off the back side, hopefully things are going to go in a more stable type of environment. we still have some supply chain channels as well. >> reporter: you say inflation is permanent. >> i think inflation is definitely here. there's been a lot of discussion whether it's transitory, whether it's permanent. i think we've been seeing this for the last year for what it is. as wages go up, very rarely do wages come back down. >> reporter: yeah, nobody's going to take a pay cut. it is a good time to be a worker. there's a now hiring sign outside of the factory here in whitewater, wisconsin, just like factories all across the country right now. stuart: i ordered a generator some time ago. there's an eight month wait for it, and i think it's somewhat similar. thanks very much, grady, good story. chinaishes shoes a stark
warning to limb pick athletes, you will be punished for protests during the winter games. president biden says he expects vladimir putin to order an invasion of ukraine. watch this. >> i'm not so sure he has -- what he's going to do. my guess is he will move in. he has to do something. stuart: well, florida senator rick scott calls what he calls the president's mr. nice guy act, he says that's not going to work with russia. senator scott here next. ♪ ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪
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♪ stuart: all right. this is a rally, and it's going further towards rally territory. look at this, the dow is up 423 if points, that's about 1.25%. the nasdaq's up nearly 2%, and the s&p is up 1.5%. so far today this rally is holding. solid bounce. president biden says e expects putin will order the invasion of ukraine. roll it. >> it's one thing if it's a minor incursion and we end up
having a fight about what to do and not do, etc., but they actually do what they're capable of doing on the border, it is going to be a disaster for russia if they further unsaid ukraine. i'm not so sure he is certain what he's going to do. my guess is he will move in. he has to do something. stuart: he has to do something. senator rick scott, republican of florida, joins me now. he is shaking his head. what would it take to deter a russian invasion, mr. senator? >> well, the first thing he ought to do is biden ought to show up and say you're not going to have the nord stream 2. but as you know, last week we had a vote on this, and the biden administration's trying to make sure they keep giving, you know, putin a pipeline so he can sell more fuel, more oil and gas into europe to make europe more dependent on russia. it makes no sense. he ought to be very clear that you've, one, nord stream 2 is
over now, number two, we're going to sanction you now until you take the troops away from the border. you've got to show up now. don't wait until the minor incursion. what's that? maybe 2,000 people die, 5,000 people die? would that be a minor one? 100,000 people, that would be a major one? this is a joke. biden is a complete joke with regard to foreign policy. why is putin doing this? because he knows biden's weak. biden would rather have ice cream with somebody rather than stand up for americans. stuart: what owes -- what's your judgment overall of yesterday's press conference? >> it's a disaster. biden's a clown. i mean, biden has never been a serious person. he's never -- you know, he's just a talker. talk, talk, talk, talk, talk, that's all he's ever done. he's never had a logical policy issue. even obama said, you know, biden will screw up everything he touches. look at inflation. he's done nothing about inflation. look at the jobs. we don't have enough people working, nothing on that. the border, nothing.
solving the problem out in port of long beach, nothing. afghanistan is a disaster. yesterday was a reset, you know, what was the reset? what was his new idea that i'm going to take care of you as an american family, you're going to be better off because i solved inflation just like that. nothing. stuart: you are pouring on the scorn, many senator. are you comfortable -- mr. senator. are you comfortable calling the president of the united states a joke? >> absolutely. i mean, look at -- i mean, he doesn't show up to anything. i mean, what have they, what have they done? what serious thing have they accomplished? there is nothing in 12 months. i mean, go to the border. it's open. 100,000 people died of drug overdoses last year. china, the cartel in mexico, they are, they're killing our citizens. and what's -- and joe biden does nothing. a minor incursion is okay in -- okay? we'll have to think about it, maybe we might -- oh, gosh, we
might do something? i mean, that's a joke. stuart: i'm glad you used "varney & company" to get it off your chest, mr. senator, because i think a lot of people agree with you. unfortunately, i'm out of time. i'd love to pursue this, but come back with soon. >> have a good day. bye-bye. stuart: still ahead, the attorney general of arizona, todd pyro, nigel nigel farage on what the brits are doing and bill hemmer who's just interviewed jen psaki. i think it's time to remove all mandates, magmassing and vaccines -- mask and vaccines. the pain is greater than the gain. that's my take and it's next. ♪ is there anyone out there, 'cuz it's getting harder and harder to breathe ♪♪ i may be close to retirement, but i'm as busy as ever. careful now. nice! you got it. and thanks to voya, i'm confident about my future.
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>> i think president biden has a become a victim of his own strategies. what people want from their president is real optimism. a can-do spirit. a lot of energy. president biden has none of those. >> surprising to a lot of people he would want to reset. he plans to change nothing. that is bad news for the country but good news for republicans in november. >> an unmitigated disaster.
i didn't hear anything about afghanistan or the border crisis or crime. >> government by its nature tends to be additive. hundreds and hundreds of pages, that helps. >> if we go further into bear market something that needs to happen so we are at the top of the business cycle. we are not at the top of the market. stuart: it is 11:0 one eastern time, thursday january 20th. i'm about to show you a stock market rally. plenty of green today. the dow is up one and a quarter%. the composite nasdaq up 300 points, better than 2%. looks to me like a by the dip
rally. microsoft at the top of the most active list for big tex up 7 points, 2.3% and the rest of the big techs on the upside. how about the 10 year treasury yield which has a big impact on big tech, not much change, one.83%, big tech loves it. now this. time to get normal. by that i mean it is time to take off covid restrictions because at this stage of the pandemic they are hurting more than they are helping. masking children hurts big time. if kids can't see facial expressions they are not being socialized, not learning how to communicate and the rise in emotional problems because of this masking is a scandal. if a parent wants their youngster to mask up that is fine. it is their choice. top-down mask enforcement should end.
vaccination mandates hurt forcing people to get a vaccination that doesn't work is just plain wrong. everyone i know who has got it has been fully vaccinated so why fire people for not getting a jab when getting the job offers no protection? it forces good people out so now we have labor shortages in key industries. that is pain without much gain. we should take a close look at quarantine. it is highly disruptive, imposes great pain on parents and the economy. quarantine is supposed to slow the spread but with omicron it is not working. this variant has swept through like a tornado despite masks, vaccinations and quarantine. the biden white house and most democrat run states, containment and eradication. time to change course, time to
ease the pain. republican run states have done it. have you seen florida? it is booming, not much pain there, spring is coming, the virus has peaked or is about to peek. i say that is a good time to throw off restrictions that don't work and get back to the freedom of normal. third hour of varney starts now. come on in, thanks for staying up late. time to remove all covid restrictions? >> the mandate pressures are about eradication. it is not about eradication, nothing is slowing omicron down, the vaccine appears to do is if you get it your symptoms are way less severe and that is fine. i do a lot of things that make my health better in the long
run so that if i do get sick, i am not going to be particularly harmed by it but i don't to do a lot of other things i'm not mandated to do. you don't see be working out or eating healthy. those are things i probably should do but they are not mandated because we live in a free society. if someone is willing to take the risk of potential health impact if they do get omicron and they don't want to take the vaccine that is their choice. to think that taking the vaccine and wearing a mask will prevent you from getting this at this point that notion has to disappear and to your point the liberal left and the mandate nazis are sticking to this like it is 2020. it is not anymore. we are living in a new reality, mandates got to go. we've got to get back to life. i want to sit next to you in new york city. stuart: you can do that anytime you like. stuart: you are fired up. a writer for politico blames biden's bad polling numbers on hatred for the president. role tape.
>> a measurement of how much hatred there is for him especially on the right is 69% of republicans giving them an f grade just antipathy towards biden is much more than that, much more emotional. stuart: come on, that is attack over-the-top. hatred? come on. what is your response? >> it is the opposite. that is the exact opposite of what truth is. president biden was elected president because he is nice uncle joe. i don't know a lot of people who think he's a bad guy and they have antipathy toward him. the reason he was elected as he did not send mean tweets. he was nice guy versus the mean by donald trump is the reason people are acting out now and those numbers implemented is there are 0 policies from this administration that are worth anything. they are horrible, they are the
opposite of what sane people in a sane society would do. that's the reason he's getting fs and polling in the 30s, not because people hate president biden but they hate the policies he is trying to put in place and thank goodness we have a senate that is preventing that from happening if they come to the center and do democracy. get the legislation the majority of the american people agree on, and that will answer what are republicans for, republicans are for democracy and mutually negotiated bills that the american people want. stuart: you may have seen this was vice president harris defensive on the today show this morning when asked about russia and ukraine. watch this please.
>> ukrainian officials reportedly heard these words from president biden with alarm. i know the white house tried to clarify it and clean it up afterwards but was the damage done? >> i will repeat myself and i am vice president of the united states, the president and i work closely together and i know his position. he has been consistent in that regard. if flattery putin and russia take aggressive action, it will be met with the cost that will be severe. stuart: your response. >> two part response, the latter part of the answer is clear. what else is she going to say. they have to intend cleanup on aisle 5 for the insane thing president biden said, minor incursion is okay. that is like saying minor pregnancy. it is an incursion, and invasion. it is bad. a statement like that makes us look horrible on the world stage but the beginning part of the answer, she knows she is having a horrible run in the media in the last year so she's doing this thing where she is pausing and saying words that make no sense and have no
relevance. i don't come on when you ask me a question and say i'm the cohost of fox and friends first in order to buy me some time so i can say something that's not going to get me in trouble. i into the question. the vice president of the united states, you should have a better chance how to talk in public and answer the question, figure out how to give your answer and learn your policy so you're ready to go, an interview that doesn't come as a surprise. stuart: you are the coanchor of fox and friends first weekdays and you start at 4:00 am. i don't start until 9:00 but we will be watching and we thank you for staying up late and being with us today. >> looking forward to seeing you in person. stuart: take a look at oil, let's get back to the rally. that is a rally and a half in stocks and look at oil. the price has gone up to $87 a barrel, bill baroque joins us.
you think it could hit $100 by midyear, what does that do to the stock market? >> right now 852100 i don't think is going to be a big deal, the market taking in stride, if we start to overshoot 100, back to those days a decade ago when we have $5 moves higher in oil and the stock market is down because of it but it is not necessarily because of oil but they are exhausted. looking at the retail sales number, consumer sentiment is diving as well. stuart: if you get crude oil going to 87 now i do goes to 100 gasoline prices go up, all kinds of prices go up because it is an energy country, that means energy price inflation, can't imagine that is good for the market. >> i agree totally. i put an editorial out on site today talking about it and this
is bad policy in washington, bad policy around the world forcing crude oil prices higher. energy transfer company put a great commercial out in the middle of the national championship football game a week or 2 ago and it showed the people in the commercial using things every day your iphone or lipgloss or car keys, we are attacking, these oil producers. the government is bringing in a banking sheet to tighten up credit for oil producers. this policy is driving crude oil higher and i have been on your show for months calling for $100 oil. that's where we are heading and we are in a melt up phase to see it right now. stuart: thanks for being here, see you again soon. an interesting story developing on american airlines and it is
not affecting the stock which is on your screen slightly higher. what is the story. american airlines and mask wearing, what have you got? >> last night and american airlines flight from miami to london was forced to turn around when a passenger refused to wear a mask. the airlines are yes, the mask police but what happened yesterday in the uk? prime minister boris johnson relaxed covid restrictions. starting today you wouldn't have to wear a mask in a classroom or on public transportation so maybe some of those passengers, i don't know, i am speculating, when we land thursday morning london time i don't have to wear a mask. who knows? in terms of earnings. stuart: i just think that is such an overreaction. a plane flying miami to london three hours into the flight turns around because one passenger will not wear a mask. that is overreaction. that is just me. go ahead.
nicole: they are fed up. stuart: what is going on? nicole: a technology company that makes sensors that are used in autonomous vehicles just inked a deal with first eighties benz and investors love that. the stock is surging right now. amc, they are higher even though goldman says sell the movie theater stocks, they prefer streamers, the marble are comfortable at home instead of going to the theater. this could be a short squeeze. stuart: the short -- lauren: it came down a lot. stuart: new york city tourism devastated by covid but now we know how long it will take hotels and retailers to recover. it is grim and we've got the story. 179,000 migrants intercept at the border last month, 100,000 etc. etc. than it was in december of 2020.
border states. are they getting help from the feds? i asked the attorney general of arizona. the uk dropping covid restrictions including mandatory masks as of today. nigel farage ask what the brits think of all this. he is next. ♪♪ how i want to be free ♪♪ how i want to be free ♪♪ now costs less. ♪ and savings like that follow you everywhere. ♪ now, save more with allstate. ♪ because better protection costs a whole lot less. you're in good hands with allstate. call a local agent or 1-888-allstate for a quote today. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do.
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meeting with members of the infrastructure implementation, how are they going to build up and deliver results from the infrastructure law? we will monitor it and bring any headlines we received. the brits, as in uk, dropping their covid restrictions, saying passed their peak. nigel farage is with us. i wonder how the brits are responding to this. are they happy about this? >> reporter: from the start with the omicron variant, the south africans unlike the chinese warned us about it, told us what the profile was but also said that even in an unvaccinated country, it was causing very few serious problems and so it has been, very few hospitalizations, low numbers of death and now what we see is the infection rate coming down and i'm delighted to say, whether european
governments or australian and new zealand government absolutely going man, raining on them now, fourth jabs, a rare outbreak in common sense coming from london and dropping restrictions in england next week, from the 20 fourth of march, we treat covid 19 just the same way we treat winter flu. stuart: do you still have a vaccination mandate for any groups of workers in britain? >> this is a very real issue. we have a vaccination mandate for the care sector looking after the elderly and it resulted in tens of thousands of people leaving the sector. on the first of april, all those in the national health service which the second biggest employer in the world, the chinese army. i think the realization is 100,000 nurses and doctors, we
are having a re-examination. in those areas it is quite strict. with the removal of restrictions we are getting rid of covid passports to go out to dinner or the nightclubs, we are heading decisively in the right direction. stuart: i want to mention boris johnson's political problems for what they are calling partygate. he's in the political trouble. he just dismissed calls to resign. does he keep being the prime minister of great britain? >> i think he stays as prime minister for a bit but it is inevitable there will be a major challenge to his leadership before the middle of this year. i have to say at the moment i doubt he survives. why do i say that? a good upbeat bubbly character, he's a fantastic cheerleader good at spreading optimism but also chaotic and his chaotic
lifestyle, his management led to number 10 downing street and during lockdown when the rest of us couldn't visit elderly parents. university drinking club flouting the rules. when they were caught and found out rather than putting his hands up boris has given a series of explanations. if i was being polite i would say they were missed trees and public trust has fallen. stuart: sorry to hear about them may be leaving because i kind of like the guy. i like his character but thanks for coming in. back to you soon for another update on the brits. i got to update the market. the dow is up 400, nasdaq up 250. show me walmart please, keybank downgrading that stock.
the end of federal reserve stimulus will flow middle-class spending. walmart down $0.24. amazon interesting, opening a brick and mortar fashion store, and how does algorithm work to tell me what to wear? >> this is a brick and mortar store. in los angeles, 30,000 square feet, smaller than a mall, with the same floor pattern, you pick things and take them to the dressing room, you start to tell amazon the things you like and they bring you stuff. it is changing the shopping
experience to streamline it. the suggestions are quite interesting, the things i like. stuart: it is fascinating, it is your choice. the pre-pandemic jobs new york city lost and has yet to recover. the new york governor is saying when we are going to get them all back, when do we get them back? >> 3 to 4 years from now. what we are talking about for these job losses in new york. remember looking at industries that are hit really hard, leisure, tourism, the hotels, restaurants, the retail expenditures that go along with tourists being here in new york city as well. it will take some time. we lost 30% of our jobs.
stuart: the jobs are staying away because of all the restrictions. >> i think they do. we have gone so far we can't dial it back and even if you did we wouldn't fix it by snapping your fingers so this is where we are, this year alone 2022, when we come out of omicron, only supposed to get 5% or 6% of these jobs back. look at the street as we need people back on the street, we need people here. stuart: live shot outside the window of our studio. good stuff, thank you very much. novak djocovicz in talks to sue the australian government after he was thrown out of the country. we will tell you how much he is asking for. the press conference made clear the media is frustrated with the president. watch this please. >> did you overpromise to the american public? >> do you need to be more realistic and stale down these priorities? >> why are you trying so hard in your first year to pull the country so far to the left? stuart: there is peter doocy.
bill hammer will join us to talk about the press and the president. i'm ben affleck and i want to thank you for joining me and supporting paralyzed veterans of america. i joined the navy to serve my country as a navy seal. i wanted to protect the people i love and the country i love. being a seal gave me so many things, but i gave something too. while parachuting with my platoon, my parachute
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stuart: a viewer whose name is dave greer, the band you listen to now, as into it on spotify, you can look at it. back to the markets. 400 for the dow, 260 for the nasdaq. >> you haven't got my request for more gregorian chants. as for chipmaker, and down to neutral, to the west of them. and xp as well, or 210 in their
view. it is slowing for both of these chipmakers, demand for car chips. they are still positive. a one year high, most of that is priced in worth $89 billion taking its leader of the electric carmaker which overtook ford at the end of last year with $1 million in sales. i do this for you, the fts says it might be next. acquisitions after microsoft, a buyout of activision. stuart: they should by electronic arts, it got the
cash. >> i see what it can do about gregorian chants, the music on this program. see you later. put him on the camera. you asked jen psaki to respond to the president's tweet about the minor incursion. >> what was conveyed, and military troops, if they go into ukraine and invade that is an invasion that errors severe economic consequences. stuart: the minor incursion gap? >> it really rippled after the press conference leading
officials in kiev, zelinski comes out, there is no such thing as a minor incursion and no such thing as a small nation of the headline is going to permit. i think president biden is lucky to have jen psaki. stuart: she seems more like the president. >> her work cut out for her. within an hour after that, i know what putin has, into ukraine, would not call it an invasion. you wonder about the freezing of european powers our thinking and what president biden knows as well. stuart: a minor incursion is not okay.
the president faced a frustrated media, watch this please. >> you overpromise what you could achieving your first year in office. >> do you need to be more realistic and scale down these priorities? >> i spoke to a number of black voters who fought to get you elected and now they feel you are not fighting hard enough for them. >> why are you trying so hard in your first year to pull the country so far to the left? stuart: i personally don't think the media has ended their honeymoon with -- >> no chance. that would be a good question to see how jen psaki would answer. the comment about i have not overpromised at all. probably outperformed. that is a hell of a statement over the last 12 months. the progressives in the democratic party looking for more than he has given. omicron is not a cause for
panic. tell that to the millions of americans, looking for a test kit and tens of thousands looking for the infusion and could not get the therapeutics when they needed it. third thing, inflation, he said it has everything to do with the supply chain. stuart: what has he done about the supply chain? >> you have to reflect on the 1.9 trillion that the government passed. stuart: endless money, shocked at the economy. we've got it. i understand you celebrated your one year anniversary on america's newsroom with dana perino. we celebrate 12 years. any memorable moments from the last 12 months? >> when we were going to the air i looked at your chiron and dana and i had a blast together. we had a great relationship before and a better relationship now.
stuart: you've only got two hours. i do three. >> it was 50/50. i used to do 3 hours. i have pity for you. you don't have to do this. when you do, it is my job. >> i remember you doing this 26 years ago. i was on one side, you were on the other. and here we are. stuart: we were together at another network, the clinton news network. >> a shout out to your produces. i love the spotify. the moving picture. stuart: are you going to steal that idea for your show? >> we will see how i can progress on that. it is pretty simple, you watch the rest and feel the best. stuart: you've got that right. i will be watching you on america's newsroom, back on the
air tomorrow with dana perino 9 am to 11 am eastern on the fox news channel. thanks for being here. >> happy anniversary. stuart: right back at you. we told you about a college summer under fire for special women's records in the poll. the ncaa is responding, changing some rules, we will tell you all about it. remember what the warrior's owner said about the leaguers in china? watch this. >> tell you a very hard, ugly truth. of all the things i care about, it is below my line. stuart: wall street journal guy dan heninger says the scratches the surface on a much bigger problem. heninger is next.
>> you bring it up -- >> what do you mean nobody cares? >> the rest of us don't care. i am telling you a hard ugly truth. of all the things i care about it is below my line. stuart: that was the golden state warriors part owner saying no one cares about human rights abuses in china. that is an op-ed in the wall street journal. progressives to uyghurs, drop dead. it is about protecting domestic spending, not us security. dan heninger wrote it. that is explosive stuff. >> the statement, people were shocked by it. the more interesting thing is what he went on to say in my mind which was the reason he
doesn't care about the uyghurs is because we have to take care of things in our own backyard. we have our own priorities. that was the point of progressive or left-wing isolationism which is to say they don't want to be involved anywhere in the world in a way that would force the united states to think about the difference between spending its money on defense, national security or domestic spending. in his world, all money should be reprogrammed into domestic spending, build back better, entitlements, climate change policies in the united states. that is exactly what has been going on the past year under the biden administration. we have the world these shaking. we know about ukraine as russia. china's overflights of taiwan, hypersonic missile developed by russia and china, continuous cyber attacks inside the united
states, ran somewhere attacks inside the united states, meanwhile president biden and the progressives are spending trillions and trillions of dollars on domestic spending is what i am arguing in this piece is it is the opposite of what we should be doing right now. we should be bolstering our defense spending the way ronald reagan did in the 1980s to meet these manifest threats. stuart: absolutely. i am not going to argue with you. i'm glad you pointed out what that gentleman said in the long run. you are quite right. he doesn't want any money spent on the military, doesn't want defense. you wants it all spent on the progressive agenda. i don't think they are going to get it. i think the country is awake to the threat from the world especially from the iranian's, the russians and the chinese. last word to you. >> impossible to avoid. everybody's acutely aware of what is going on and i cited the cyberattacks and ran somewhere, those things affect people right here where we
live. we know those attacks are coming from russia, iran, china. people are beside themselves, they want something done about that. emphasis is going to shift from trillions of dollars in domestic spending towards securing the lives of these people in the united states. stuart: we live in hope. see you again soon. next, novak djocovicz considering suing australia's government. on what grounds and for how much? >> $4.4 million. that would include the $2.75 million he is saying he would have won if he had been able to participate in the tournament. that is a little presumptuous but he is very good. having said that, consulting his legal fees, that he could possibly do and where he could
prevail and not waste a lot of money trying to litigate it. remember that he has a virus. he got an exemption because he has the natural antibodies. he started not being upfront about his whereabouts, you are public health risk and back and forth, but this raises a huge discussion if you will about those antibodies, natural immunity. everyone i know has had a look on. everybody. when i am around everybody who has it, i haven't had it, i feel safer because they had the antibodies. this is going to rip through at some point and we've got to let it go and move on. stuart: is he going to be in the french open? it is all up in the air. >> it has been two years. and good explanation, thank you very much indeed. the ncaa is changing its policy on transgender athletes effective immediately. each sport will be responsible for determining transgender athlete participation. transgender athletes will be
required to document sport specific testosterone levels four weeks before their sports championship starting next academic year. there will be another series of regulations as well but the new ones start now. show me the dow 30. we have a rally and a half going on. this is a dip, that is my opinion. most of the dow 30 in the green tells you the state of the market. up 400 points from the dow industrials was the white house threatening to take back arizona's covid relief funds over there and i'm asking policies. the attorney general of arizona says arizona will not be intimidated. he joined me next. ♪♪ ♪♪ keep on rocking in the free world ♪♪ throughout history
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where he killed the gasoline. >> his heart is in the right place but his policies don't have much effect. >> i think he's doing a much better job than the former president. >> i think we have better candidates that were suited for the office and i feel like we need a change. stuart: i call that a mixed bag but it has been edited to represent all sides. there you have it. arizona's attorney general urging treasury secretary yellen not to take away covid relief funds from schools over there and time asking policies, mark brnovich says it's no surprise it is overstepping constitutional bounds and dictate to arizona how our state should fund our schools. are you challenging this because masking schoolchildren is a bad thing or is this
challenging on legal grounds what the treasury has the authority? >> thank you for having me on. it is a bad policy. all sorts of confusion out of the cdc what you should do or shouldn't do. it is all over the board. the only consistency is the inconsistency. my job is to wreak havoc in the court room. what the biden administration is doing is trying to systematically undermine our constitutional rights. what they've done at the southern border, nationalizing our elections or insert conditions into federal statutes that congress didn't include. the biden administration doesn't get to unilaterally
rewrite congressional laws and impose conditions on states like arizona that do not exist. stuart: as a constitutional lawyer and i presume that's what you are, are you opposed to all mandates? >> i believe the federal government's powers are limited, james madison use to remind us two sides of the same coin. rights and powers play off of each other. any time the federal government assumes more power and authority it diminishes our individual liberty. the states created the federal government, not the other way around and that is why it is our job to push back against federal overreach. as arizona attorney general, i am pushing back against the federal government and trying to preserve state sovereignty because that is the arizona way. this isn't california or washington dc. i believe washington dc is where problems go to die, good ideas go to die. stuart: you are from arizona, you are a border state. 173,000 apprehensions at the border, 178,000 in december. are you getting any help from
the federal government? >> 0. the biden administration, president biden, secretary health and human services becerra, refused to acknowledge the problem, to talk about how to address it. a record amount of sentinel coming to the country, 9 million pill seized by the da, the population of arizona, criminals are not being deported but released into our community. it is a sad state of affairs, john f. kennedy promising to put a man on the moon and president biden promising to put a felon and everyone's neighborhood, this is what we have to live with, consequences of the biden administration failure for decades. this out to us. you know what it is?
desi desi arnaz came up with the idea. to give lucy rest to raise their newborn son. markets rally as we head toward noon. send in the "friday feedback". firstname.lastname@example.org. been a great day so far. i will try not to mess it up tomorrow. david asman in for neil. larry: you couldn't mess it up. did you grow up with "i love lucy"? did they have it over in england? elizabeth: yes. larry: i'm david asman in for neil cavuto on "cavuto: coast to coast". david: president biden kicking off the year arguing he did not overpromise. he underpromised.