tv Varney Company FOX Business March 30, 2022 9:00am-10:51am EDT
maria: well, its been a great show, you ladies, thank you so much for being here this morning , really interesting to hear what harvey pitt said about the securities and exchange commission, pushing their climate change agenda. they said they are going to lose credibility if they keep at it. dagen mcdowell and nancy tengler great to see you both the dow industrial down 109 on weaker than expected economic data. stay with fox business here is "varney" & company stu take it away. stuart: good morning, maria and good morning, everyone. first the overnight developments in the war. the russians said they would drastically scale back their operations. not so. they renewed their attacks on kyiv and the u.s. says they're not withdrawing, they are repositioning and keeping the war going. germany, this is a blockbuster, they have a plan to ration natural gas. they are heavily dependent on russian supplies, got it. the cost of nat gas in germany is now around $30 per million bt u's that is six times the price we pay in america. blame the russians, and blame
the climate crowd which deliberately cut the production of fossil fuels way before the war started. all right, to the markets and first, the price of oil moving well-above $100 a barrel again, we're at 108.05 as we speak. gas, as in gasoline, little changed. the average is $4.23 a gallon nationwide, but diesel same story, but it's holding at what, $5.12 a gallon. the stock rally, well taking something of a pause this morning. dow is going to be down about 100, nasdaq down about 84, this follows a terrific nasdaq rally since the beginning of march. i think it's up about 15%. that is spectacular. interest rates hovering around 2.4% on the 10 year treasury, 240 to be precise, all right, that's the markets, that's money , now politics. aoc says the democrats will lose in november because the president hasn't pushed hard enough for left wing causes. the democrats split moderates
versus radicals on full display today. the president's regime change comments are still front and center. the white house now says biden was speaking personally about his own moral outrage at putin. oh, yeah, and the slap. that's still with us. the board of directors for the academy awards will meet today to decide what action to take against will smith. he could lose his oscar. whoopie goldberg thinks he should just get , wait for it, a slap on the wrist. wednesday, march 30, 2022, "varney" & company is about to begin. >> all right, start with ukraine two new attacks have been reported in areas where russia has vowed to reduce combat operations. all right, lauren, where were the latest areas to be hit. lauren: in the north, more than 100,000 people are trapped there , they say they have supplies maybe for a week, russia also hit a food warehouse
in kyiv, all indications putin has no desire to end the war. let's go further south now because russian missiles blasted , we have the video, a hole through the middle of a government building in nikolyah. that is geographically important because it's on russia's path to take odesa and the black sea area but look, ukraine is fighting back, a ukrainian missile hit a russian military camp in russia, near a border town, so all this is as hopeful peace talks we were talking about yesterday morning they had the market up they lasted what a few moments? almost 10% of ukraine's population has now fled including half of the children. many of those kids taken to russia raising fears of human trafficking. stuart: all right, still dreadful. lauren: it is. as we're in the fifth week. stuart: that's the war we're covering all three hours, got it now let's get to d.c. congresswoman alexandria ocasio-cortez issued this warning about the november election the mid-terms. she told new york magazine, if the president does pursue and
start to govern decisively using executive action, i think we're in the game, but if we decide to just kind of sit back for the rest of the year and not change people's lives, yeah, i do think we're in trouble. end quote. todd pete: with us for the hour. do you agree with that that the democrats lose if they don't go hard left. todd: of course not, she says the democrats are in real trouble but the other part she is way off base and she has this thesis statement i want to read it. she basically says the increasingly narrow band of independent voters don't really count. you need to appeal to the very very far progressive left. that couldn't be further from the truth, because she is entrenched in this twitter world where yes, everybody is progressive left. that's not real-world. the majority of americans 80% are not on twitter. this is not what the family of four in the middle of the country is talking about. they may not be political, but they certainly aren't far left. they want to focus on things like inflation taxes and aoc and
her far left agenda and that's not what they want. stuart: the democrat party is split and that statement from aoc puts it on full display. what do you think the moderates are going to say about that? oh, you gotta go further left. i think that's the reason why they are losing in the first place. todd: moderates have a really tough dance for the next couple months leading up to november. they are in trouble. they know it. you'll see people trying to distance themselves from this but it's not going to work. they have votes on record that show they voted for this progressive agenda with the exception of maybe four or five very very moderate people, they are in trouble come november. stuart: it's just fascinating. todd: it is. stuart: seven months until the elections, it's in the headlines almost every single day. todd: as it should be. stuart: the democrats are in such trouble. todd: people want change and people are tired of gas double what it was this time last year. stuart: this could be the biggest turnaround in mid-term elections in a long time. i don't know how many years but it's a long time. all right good stuff, todd stay with us, please. next case, senator joe manchin clashing with his party again. what's this he doesn't like the billionaires tax?
lauren: well, because it taxes millionaires too but that's not why he doesn't like it. he doesn't like it because it targets unrealized capital gains , as in assets that are not sold. senator manchin says taxes should only target earned income , not his words, things you don't have. so, his opposition potentially dooms the democrats plan. stuart: wait a second. wait a second. does it doom the whole plan or just that one billionaires tax plan? lauren: maybe the whole plan here. stuart: really? i don't see how that could be. lauren: well what do you mean? stuart: because if you vote against the billionaires tax, you don't get the revenue from that, so the shortfall of revenue to pay for all these programs, that doesn't kill the list of other programs. lauren: what else the left wants to do you mean. they just need to find funding for it so the argument which you guys were just talking about is we're seven months before the mid-terms, right? who is the democratic voter right now? how do you get new voters in? is this , is this hard left to
get a new base, to get them to register, to get them to vote in november? you're scrunching your head. that's the strategy. todd: it's not going to work. there aren't enough of those individuals. lauren: the white house knows this isn't going to sell. we've been told time and time again it won't sell and i think moderates and manchin's worry is that this starts as a uber rich tax but so did the alternative minimum tax that started as a flat what 10% tax on very wealthy individuals, and now ten s of millions of middle class americans are paying it. stuart: well, we'll tax the rich , will that strategy work? i don't think it does because i've heard so much about it and it just doesn't work. lauren: i think it appeals to your young uber left voter, who might show up in november. might. stuart: might. exactly. voting great numbers we've had a long discussion about november seven months away all right, let's get back to the markets, take a look at the futures paint ing not a grim picture by any means but i see some red ink , dow is down 100, nasdaq is down about 100 as well, look
whose here. shah galani, the man him sex. we've got what, near stalemate in the war, looks to me like the market is beginning to settle down a little. i've said this before, i think i've said it to you before, what do you say about this? >> it certainly has settled down considerably. we were as far as the dow and the s&p we were in correction territory on both of those and nasdaq composite was in a bear market down 22.5%. now those three major benchmarks are more than half way back from their lows and much closer to their all-time highs than they are to the low so the market has momentum, retail investors have come back in a big way, institutions are once again following retail bank in, so right now i think the momentum is to the upside, and i'm surprised at how quick its been but certainly a positive. stuart: should i buy the dip? i mean the dips been bought well and truly so far but there's still a little bit of room left before the big techs get back to their all-time highs should i buy them? >> well you're right. the easy part of the dip has been bought up already and the
money easy money has been made. i think you can investors can get in here but i think you need tight stops, here, stuart, because again, the war maybe going into stalemate, it may, there maybe a resolution which i think markets could jump at least five to 10%. we're nowhere near anything like that and what we do have certainly on the front burner is the fact that the federal reserve is going to be raising rates all year, so right now we're in a bit of a dicey situation. the easy money has been made but i think investors can buy their favorite stocks, quality companies with great balance sheets and use stops to get out just in case we have a reversal. stuart: i didn't like that 7.1% inflation level, inflation rate that was in the gdp report this morning. let's not get technical but a 7.1% inflation rate is not good news. a bit of a negative for the market? >> yes, it is a bit of a negative because that says that the fed has to raise rates, maybe sooner than later in terms of maybe making 50 basis point hikes at a time as opposed to 25
basis points that could shake up the markets a little bit. stuart: i think it could indeed, shah gilani, thanks very much see you again soon. back to the futures, sorry about that, dow is going to be down about 100 at the opening bell, nasdaq same story down about 100 now this. one msnbc host is puzzled by president biden's low approval ratings. watch this. >> inflation here at home is still a big problem, jobless rates are the lowest they have been in more than 50 years. why isn't he reaping the benefits in the polls? these are big wins. stuart: okay, well, we'll take that on and we'll tell you why he's not up in the polls. pentagon press secretary john kirby not buying russia's pledge to reduce its military operation s in some parts of ukraine. watch this. >> should be fooling ourselves, the kremlins now recent claim that it will suddenly just reduce military attacks near kyiv or any reports that it's going to withdraw all of its forces. stuart: kirby will be here on
this program, later today, coming up, next, retired four star general jack keane, the best military analysis there is. at jp morgan, the only definition of wealth that matters is yours. it can be a smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you. planning. investing. advice. jp morgan wealth management. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates
stuart: all right, russia said it would begin deescalation around the capitol of kyiv and other cities, ukrainian official s say that's not happening, there has not been any reduction in attacks. alex hogan joins us. does anyone there grieve that russia is actually retreating? reporter: stuart, no, there's a lot of speculation coming not only here but across the country
the pentagon says it has noted small numbers of ground troops leaving the capitol of kyiv, but ukrainian president zelenskyy says he does not believe in this deescalation and just last night there were even attacks in one of the two regions that russia said it would withdraw from, the governor there said that not only homes were attacked, but libraries as well. >> yes, you can call the signals we hear from the negotiating platform positive but these signals do not drown out the blows of russian shells. of course we see all the risks. reporter: in these southwestern part of the country, the death toll is only rising, 12 people are dead after russia's attacked on a nine-story government building yesterday. mariupol largely in the hands of the army that is bearing down there in eastern city, within just five weeks since russia's invasion, 90% of the buildings there have been destroyed,
according to ukrainian president zelenskyy. ukraine, however, is fighting back, with troops managing to win back territory like irpin which is about 12 miles outside of kyiv and troops have also been able to regain kharkiv on the eastern side of the city and occupies have lost more than 1,700 armored vehicles and almost 600 tanks meanwhile remember snake island, which was taken over the first day of the russian invasion and there was that ukrainian soldier who famously cursed at the russian troops? take a listen back. >> [indiscernible] reporter: well, initially, those soldiers were killed, they were actually captured and then later released
, and that soldier has now been honored receiving a medal for his bravery but still, it is a tense situation on the ground with more and more people continuing to flee the country as of today, 4 million ukrainian refugees have left the country in just five weeks, and most of them, stuart, are leaving to go to poland and they are crossing here through lviv. stuart? stuart: 4 million, all right alex, thank you very much indeed look whose here now retired four star general jack keane joins us general, can you just give us your assessment of where the battlefield stands as of now? >> yeah, well, certainly, it's still stalemate as we've been reporting for a number of days now and i think what is happening with the russians, i think, stuart, i mean, they have likely concluded that they don't have the capability right now to take the capitol city of kyiv. obviously, they repeatedly tried
to bring down their artillery now for over a month to encircle the city so they can really decimate the city with those area-type weapons and they have been completely unsuccessful in doing that and that's why i think they've offer ed up this so-called concession as part of the negotiations, where we're going to deescalate but what they have done over the course of the last couple of weeks, there's been so many units there that have been severely damaged by the ukrainians that they've had to take them offline, take them into belarus and make a decision, are they combating effective, can we just replace them with people, or do we have to reconstitute? that's been ongoing, so that is what is taking actually taking place, and i also think that part of this ploy with the goodwill concession that they in theory are making is they want the ukrainians to stop counter counterattacking and re taking territory around kyiv and that's the last thing
the ukrainians should do, so the frontline traces of forces are around kyiv and they're still bombarding kyiv and i believe that will continue to go on. it's happening at kharkiv as was just mentioned in the journalist report and down in the dombas region there's intense fighting taking place, much of the dontesk republic, ukraine still has a significant amount of territory there and there's fierce fighting there so the russians still have a hard task in front of them, even in that region where they've had troops since 2014, and in mariupol, i mean, we have pockets of resistance, that's all that's there and it'll end when the pockets of resistance, when ukraine military runs out of supplies and amunitions and they have to exit covertly. then that thing will end, that's i think where we are. stuart: now, we have a report that ukrainian fighters have
attacked inside russia, just over the border, but inside russia. that sounds like an escalation. what do you say? >> no i don't see it as an escalation at all. i just see it as something that makes a lot of sense, probably pretty close to the border. ukraine is completely under attack by russia, and certainly they are within their rights to do something like that. i don't think it has, it's decisive at all. i don't think it'll impact on anything that has taken place inside ukraine. if true i think it's just ukrainians trying to punch the russians in the nose a little bit publicly. stuart: general, the wall street journal has a piece today titled "america's declining military." it says the president's proposed military budget leaves us vulnerable. i think you would agree with that, correct, sir? >> oh, yeah, i mean, we have a serious problem here. president trump began digging us out of the hole that the 9/11 wars have put us in, and it's
going to take sometime to do it. the current defense budget has a 4% plus in it or $31 billion over last year, just listening to your report, it doesn't even account for inflation so obviously, it's actually a reduction when you apply inflation to it, and what's actually in the budget, think of this , the navy, who wants to have 500 ships to deal with the threats that are out there, they're going from 298 ships to 280 ships in this budget. the air force, as the wall street journal reported, is the oldest and also smallest air force we've had in decades and the army is going from 48 5,000 troops to 473,000 troops. listen, given the threats we have with china and with russia and iran, this makes no sense. we've got to step up and face the reality here. stuart: general i'm out of time but that's real good stuff. thanks for being with us general
jack keane, sir, see you again soon, i hope. all right, and by the way i'm going to be talking to pentagon press sec john kirby in the 11:00 hour this morning. look at the price of oil this morning, you're backup to 107.92 we've got this blockbuster report that poland is going to stop taking oil from russia by the end of the year, todd, what you got? todd: poland announcing this step early this morning, they are going to end it by the end of the year, as germany issues a warning over its natural gas supplies the government there asking its citizens to conserve energy amid concerns russia could cutoff deliveries, unless it's paid in rubles. germany says it is prepared for a sudden stop in russian gas supplies but warn this would have considerable impacts and urging citizens to do their part stuart: outstanding. all right, thanks, todd. check the futures, we've got a small loss coming up for you at the opening bell, and we'll take you to the opening bell, after this. ♪
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a decline after recent gains and look whose here now, eddie ghabo re. eddie are you still selling into this rally the way you said you were selling for the last couple of months? >> absolutely, stuart, i think this is nothing more than a bear market bounce, and look, there's two things right now, the one camp that says because we've had a 50% retracement from the lows this is the start of a new bull market and then there's our team , and we believe that this is not the start of a new bull market and it's really as simple as this. let's not overthink this. as an investor, ask yourself, do you think the fed can engineer a soft landing? if you think they do, then you're fine taking risk on. i don't think there's anyway in hell they are going to be able to navigate a soft landing and if they don't, you're going to see the market crash in our opinion and a crash means go back down to 20% or lower, and look, here is another thing that i find very interesting. i've shared with your viewers we've been buying utilities this year. over the last several days with
this rally, utilities have done pretty well so this is really a risk-on rally. why is something as defensive as utilities doing well? so playing defense doesn't mean you can't make money, it means you need to manage volatility and be prepared for what potentially is coming over the next few months. stuart: okay, now, you've consistently said that the second quarter of this year which begins i believe on friday , april 1, the second quarter begins then, you said that's the time for the big, big sell-off. you're still holding to that, you still think we'll be down, you said we're going to crash down 20% in the second quarter. you are still holding to that? >> so i do. i think that this market when we look at where it ends we'll be down 20% and here's why. we have earnings coming through. we have the fed that's going to be more aggressive on their rate hikes. how is this market going to be able to continue to grow when we have a fed that is basically deleveraging everything that they've done over the last several years?
they are removing the drug that this market and economy has been on with free money and loose monetary policy so i think earnings are going to be bad i think gdp is going to be bad and you have the fed on top of that is why i believe risk assets going to be very troubled in the second quarter. >> [opening bell ringing] stuart: we listen to you, eddie ghabour. thanks again we'll see you again soon, the market is now open on wednesday morning, march 30. we're going to see a little red ink, i believe at least at the very early going and we've got the dow down 50-60 points, 70 points maybe and it's evenly split, left-hand side of the screen half and half winners and losers, the s&p 500 also on the downside, but about a quarter percent just eight points down, .18%. nasdaq down one-third of 1%, so let's have a look at big tech. i imagine there's some selling there if nasdaq is down one- third of 1% a little selling over there. microsoft, apple, amazon and
meta are down, alphabet moving up just a little, $0.83 not much how about apple take a look at that one this morning it's down slightly, and i mean slightly, down $0.15 that's it, lauren, isn't it very very close to $3 trillion? lauren: very close in fact $3 from an all-time high for the shares it's up, well was 11 days in a row can't quite make it yet today but if i talk long enough you might see it go back into the green here so yeah it hit that $3 trillion market cap in january, and it's headed back there again. we've had over the past two weeks this 11% rally, some are calling it a bear market rally, right? for the overall stock market of which apple is a huge part, so people are saying, is this an indication of stocks have made a turn, or can you say apple is a modern day equivalent of holding cash? is it such a safe stock, it's like holding cash. stuart: that's interesting, 179.18 as we speak, up a little
bit more, thanks to you, no doubt. look at pop stocks as in marijuana stocks. most of the , it's a mixed picture, but don't we have a vote coming up, is it today or tomorrow in the house i think it is? lauren: huge gains yesterday leading up to this vote, yes, so it's on the house rules committee it's a hearing today, the full vote is on friday, about creating banking for marijuana, decriminalizing it, even rules for consumer packaging of it so a lot of the retail traders are very interested in this space especially the canada growers because it opens the u.s. market to them, so these stocks have come up in a big way leading up to this. stuart: this is not about whether it should be legalized or not. it's about whether the federal government should allow banks to finance the pot trade. lauren: then you get tax revenue from it. stuart: yup, exactly. in resistantable to many politicians. take a look at biontech up 8% with an earnings report. did they get much of a boost? lauren: they did, and going forward they continue to as well
, so going forward, they say new vaccine orders for covid increased to 2.4 billion doses that'll be annual revenue of about $17 billion. they also announced the share buyback up to $1.5 billion over the next two years. not only is this up 9%. the stocks up, it was up 7% in the two days prior so you're looking at a 16% gain in three days and you always say pfizer does it on vaccine news but they have a deal with biontech on their jab and biontech is the mover part of that equation. stuart: how about lululemon. i used to call them yoga pants people but they sell a whole bunch of stuff surging today nearly 5% higher. what's the story? lauren: the story is, is they are getting into footwear. sneakers, that's a new catalyst, and investors like it. is there still momentum when it comes to yoga gear wearing loose leggings when you're sitting home or maybe going to work. maybe they need something else and that's where sneakers come
in. i don't want to dismiss their latest earnings because it was a terrific report card for the full year they reported 6 billion in sales annually for the first time and they do expect sales to rise 20-22% for this coming year so lululemon has momentum and they are getting into new categories and they have the mirror, you know the workout in front of the mirror, do your yoga poses. they bought the mirror. it's literally a mirror that's also personal trainer that you put in your house. stuart: oh, it's in your house? lululemon sells mirrors? lauren: yes, it's not new. todd: it's a workout thing. it's another gimmick like peloton but it's giving you the bike, we'll give you something you already have in your house and put a guy in it. lauren: but it's also a mirror. todd: right. stuart: oh, really? i didn't know anything about that at all. lauren: that was considered a new catalyst for lululemon back then and i'm making the point that sneakers might be the new catalyst now. stuart: you're allowed to laugh at me up to a limit. todd: i'll ratchet it down, next
week you should be fully dressed in lululemon for one day. stuart: i went into a lululemon store and it's good quality clothing. it's good stuff. lauren: if you talk to the street about this women who shop in lululemon buy a lot of things from lululemon, so they aren't just going in and buying pants. they are buying the matching sweatshirt too. stuart: mirrors, accessories it's a whole new world opened up to me. all right, chewy is down 13%. good lord what's the problem? lauren: do you know about chewy? stuart: yes. lauren: do you use chewy? stuart: no. lauren: me neither they are down 13% because of supply chain problems, jpmorgan rbc cutting their price targets. rbc's commentary was pretty notable. they say they underestimated the duration of the supply chain issue. okay that's a big deal, and that's why chewy had a loss of $63.6 million. that was almost double the expectation so they really did terrible and they are paying for it today. stuart: if you stick around on this program long enough you'll get into the habit of saying you
don't know what that company does, do you, stuart? chewy, you don't know anything about them, lululemon what do you know about lululemon you get into the habit of organizing that. todd: i'm ready. i'm ready, i'm going through it like how can i nail stuart here. stuart: micron, i know it's a chipmaker. they just come out with a report did the war in ukraine have a positive impact? lauren: i don't like this question, so yes, war in ukraine is having an effect on everybody but micron says we haven't seen a component shortage just yet but they are worried about a pricing problem, so like everybody else, what do you do when you get neon for instance and so many of your supplies from ukraine and that area. analysts say look into the future, these supply issues shortage issues take seven to nine months to show up, micron is up today, because their revenue rose 25% to $7.8 billion stuart: okay, smarty pants what does snowflake do? todd: snowflake, wow stuart,
well done. stuart: take a look at dow winners headed by caterpillar, they are at the top of the list, united health is as well, s&p 500 let's see if i can read it at a distance. okay, well oil is going backup a little bit, and mosaic is on there as well, nasdaq winners headed by micron technologies, which we just reported on, and i don't see the big tech names up there like they used to be. hopefully they will come back. big board down 60 points look at that level, please. the dow is firmly back above 35,000. the 10 year treasury yield this morning, 2.41%, and the price of gold way, it was below 1,900 bucks an ounce yesterday, struggled back to 1,935. bitcoin $47, 100 price of oil roughly $108 a barrel this morning, going up, nat gas $5.46 per million british thermal units. that is 30 bucks in germany, right now nat gas, 30 bucks per
million btus. the ample price for a gallon of regular gasoline 4.23 but in california that regular gallon will set you back 5.91. newly leaked videos shows just how woke disney has gone. roll tape. >> when we brought the fireworks back to the magic kingdom we no longer say ladies and gentlemen, boys and girls, we say dreamers of all ages, we don't want to assume because someone might be in our interpretation maybe presenting as females that they may not want to be called princess. stuart: i think i get it, sort of. we will have the story for you though. cdc officials say even if you get a fourth jab now you may need another booster shot this fall. what is this? shots forever? new poll says inflation is our biggest economic concern, but what's congress going to do about it? i'll ask republican pennsylvania congressman
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stuart: 11.3 million job openings, and yet, we are quitting our jobs in record numbers. last month, 4.4 million people handed in their resignations. lydia hu joins us this morning. i want to know how companies a track and keep employees in this environment. reporter: it's all coming down to compensation and it's a big driver of inflation. you know, today's adp report shows a gain of 4 55,000 private sector jobs, but economists tell me to be cautious about this number because it doesn't capture what's happening at small businesses, which are struggling as you mentioned, a near-record number of people quit their jobs last month,
4.4 million, and the number of hires hit 6.6 million, economists say this means people who left their jobs quickly found new ones but it does not mean that the roughly 4 million people who have left the job market entirely are returning, which is a problem. >> we keep seeing pay rate inflation, but all that's doing is recycling workers. unless we can find people from out of the labor force and bring them in, then, you know, this starts to become a math problem that doesn't solve itself really well. reporter: now, businesses competing to attract or retain workers, wage growth, now track ing at roughly 5% it's a very expensive problem for businesses, a new survey from small businesses found that employee retention along with inflation, well those rank as the top two headaches for business owners today, and inflation is also top of mind for workers because they expect employers to keep up with inflation which we know is tracking close to 8% and mentions of inflation on job review website glass door, stu,
that surges 612% in february, over a year ago, so some economists tell me they expect wages to continue to grow this year. stuart: well for the last two, three, four, five months, everybody has been talking about inflation, and nothing else and every time you get your grocery bill, you look at what you just paid for your groceries, it's a shock. every time you go it's a shock. great stuff, lidia, thank you very much indeed. now look at this , please. 17% say inflation is indeed the number one problem facing the country. that's double what it was in january, extraordinary, congressman guy reschenthaler joins me now. congressman, the democrats want to fix inflation, want to send out stimulus checks, invest in green energy, and they want to put a windfall profits tax on the oil companies okay i've got all of that but what's your solution, what would the republicans do to get inflation down? >> well, stewart, thanks for having me on as always please just call me guy. i can tell you the republican plan is much different, because we believe in real science and
real economics. republicans and conservatives know that there's only one way you increase revenue. there's only one way you bring more money into the federal treasury and that's by growing the gdp and stuart, you and your listeners, we all know that there's only two ways to grow gdp. number one, you cut taxes, or two, you reduce regulation or better yet, you do a combination of those two. then you actually grow the economy, you increase gdp, and those revenues come in. what biden and this far-left liberal budget is doing is it's actually going to harm the economy and lead to more inflation. those tax increases, especially the corporate income tax, they want to raise it so it be higher than it is in communist china. that's going to drive jobs to china. it's not going to bring manufacturing, for example, or other jobs back on our shores. it's going to do the opposite and then this millionaire tax. let's be honest. they aren't going to pay this , and those extremely wealthy individuals, those are the donor
base for the democrat party. they aren't going to allow their donor base to pay these taxes, there's going to be loopholes and exemptions and if there aren't those , those billionaires are just going to move offshore taking their wealth with them so this is a recipe for disaster. stuart: you make a very good case, congressman, guy, you really do, but i suspect that you won't be able to kill all of the tax increase plans. you can't get rid of them all. they are going to get something through. can you live with just a little something? >> well i would not, stuart, i would not be comfortable voting for any tax increase. now in terms of what we're going to do from here, i'm on the appropriations committee. this is going to be part of the negotiation between the house, the senate, and the administration, and hopefully, we can get a lot of rollbacks on these far left policies especially the green new deal provision. stuart: absolutely. >> which hurt our energy sector , but -- stuart: tax the rich is a popular slogan. that's going to ring some bells in a certain part of the country
, you know? >> well certainly an attempt by biden to save his poll number s but again just look to europe and see what happened when they took the path of the wealth tax. it didn't work in europe, how we think we're going to make it work is beyond me. stuart: the socialists love it but the rest of us don't. congressman guy reschenthaler thanks for joining us, sir, we appreciate it. >> thanks, stuart. stuart: ba 2 that's the new covid variant the dominant strain across asia and europe. all right what about here, todd? todd: i don't think you'll like this report, its got bad news in it. the cdc warning that the omicron ba 2 variant is now more than half of covid-19 cases here in the u.s.. the northeast where we are has the highest concentrations, including more than 70% in new york and new jersey. obviously something we now need to pay attention to, again. meantime, the fda is warning that people might need another booster shot in the fall. all this after it authorized a fourth dose for people age 50 and older and a fifth dose, five , for certain individuals that are younger with compromis
ed immune systems, have to be very careful about the language. the shot for 50 and older was just authorized but the fourth shot for 50 and younger was warned about by the fda for the fall. nevertheless, we're up to four, what comes after four? five, this is what a lot of the people, even people who wanted to take the vaccine said i don't want to do this multiple times a year but that's where we look like we're headed. stuart: shots forever is not an attractive prospect. todd: not for anyone. stuart: thanks, todd. are we close to a deal that would allow russia to buy enriched uranium from iran? i'll ask congressman mike waltz next hour, he was just at a classified briefing on iran. crime out of control in new york city, democrats are at each other's throats over what to do about it. brian lanis has the full report, after this.
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about what to do. brian bryan llenas is here, all right, brian what's the story? reporter: hey, stuart well look, there is in-fighting among new york democrats about whether to change the controversial 2019 bail reform law, a law celebrated by democrats for ending cash bail for most crimes. on the one hand, amid a 44% increase in crime in new york city compared to last year, democrat mayor eric adams who was a strong supporter of the law now wants to amend it to keep more repeat offenders off the streets. democrat governor kathy hochul agrees, she proposes expanding the number of crimes eligible for bail and to give judges more discretion. hochul says, "we should make it possible for judges to set more restricted pre-trial conditions" but the top three state democrat s do not want to change the law. the majority leader write being, despite a few misleading headlines, it's working. progressives say the pandemic is at fault for the surge in crime nationally.
one assembly member, latrice walker, the author of the 2019 bill, went on a hunger strike over the proposed changes. democrats have lost the public on this though, 64% of new yorkers say the bail law has resulted in more crime according to a say enes sienna poll and 82 % say judges should have more discretion and moderate democrat s say they believe there will be changes to the law. >> perhaps judges ought to be able to give a little more consideration to an accused criminal history, and perhaps judges ought to be able to give a little more consideration to setting bail standards where someone is charged with gun violations. reporter: state republicans are pushing for a full repeal of the bail law, stuart, and as the deadline looms for democrats to make changes to the law, as part of next year's budget which is due this friday, but bottom line is, it's hard to change something you don't think is broken.
it's hard to fix it at all, right? stuart: absolutely right, bryan llenas on the board with that one, thanks very much. all right the mayor of chicago lori lightfoot, she has pushed the defund the police movement in the past. apparently that doesn't apply to her now. she has extra police protection? todd: this is infuriating, especially if you're a resident of chicago and i'm not mad you forgot my name. chicago mayor lori lightfoot, no stranger to anti-police rhetoric but that's reportedly not stopping her from secretly using , get this , up to 65 extra police officers for added protection. nearly two years ago you remember the chicago police department quietly created a special unit to protect her home and city hall. stuart: now she's got special police protection. okay what a change. thanks very much, todd. you're all right still ahead pentagon press secretary john kirby is going to be with us, west virginia senator shelley ca piteau, and indiana senator mike braun, will cain too.
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price of oil on the upside one hundred $8 a barrel and the 10 year treasury, what is the yield, 2.40% as we speak, that is a brief look at the market, dow up 50. now this. you are paying the price for the climate crowd's green dreams. how many times have you heard me say that? green policies mean you pay through the nose for fossil fuels. a classic example just announced this morning, germany is getting ready to ration natural gas, this has to do with russian supplies but it is the environmentalists who got germany into this mess in the first place. angela merkel band fracking years ago and canceled plans for a terminal to take american natural gas the week donald trump lost the election. result in germany natural gas cost the equivalent of $30 per
million btus, just over $5 in america. the germans are paying of a price, so painful they changed course going back to call and nuclear. the greens killed fracking and pipelines, pressured banks to stop lending to oil and gas companies, pile on the writ redtape, delayed permits, ran the show when biden was elected and now we've got $4 gas, one hundred dollar oil and we can't get the energy that is under our own soil. and like germany we have not changed course. i am not ignoring the impact of russia's invasion. is clearly a big factor but before the war started the supply of fossil fuel energy was not enough to meet demand, the wars two months old, energy prices have been rising for a year, you are paying for the climate crowd's green dreams. second hour of varney just getting started.
our next guest has been a fierce critic of president biden for many years. in a new op-ed, president biden's reckless words and ukraine missteps raise risks for the united states. the author was liz who joins me now. spell it out. what are the risks? >> he went to poland and emboldened vladimir putin who is waging an unprovoked attack on ukraine and the excuse is he's defending the motherland from an aggressive west. what did president biden help him out with? saying we wanted to get putin out of power. impossible for americans to imagine putin is a popular leader in russia. he has convinced his country they are under attack, that this is a necessary special
military operation he is waging so everything biden said gave him fodder for that propaganda machine that has been effective. the russian people, there are video clips on radio free europe showing the russian people have no idea what is going on. they think we are the propaganda agents, that we are waging war against ukraine and russia and they have no way to counter that, there's no evident portals available except youtube. it dyer. when biden talks about regime change, that affirms what putin has been telling his own people. when he says our troops are about to go into ukraine from poland, russians are told that and there are clips right now being shown in russia with all these things that biden said basically furthering their narrative so russians are being told that american troops are
about to come into ukraine to fight against russia, that we want to get rid of putin as a leader and also that if they use chemical weapons we will respond in kind, removing any moral high ground or advantage americans have on the world stage. why is this dangerous? this is what we know he has been saying. what about the 2 hour phone call with xi jinping a couple weeks ago? this is in the public sphere. we have no idea what went on in that two our phone call and if he is as unconscious of what he is saying and by the way, in the walk back yesterday in the press conference he doubled down and did it again. now he is saying we are training ukrainian troops in poland, that's not true according to the pentagon, not true according to jake sullivan but that's what the president says.
it is like one unforced blunder after another, completely feeding into putin's false narrative and his propaganda machine and raising the stakes. if putin, god forbid were to launch a nuclear weapon he would blame those comments for that injudicious and illegal act but it is not inconceivable. stuart: you got it right again. >> people need to start saying kamala harris is the alternative but how dangerous is this, he's very dangerous. stuart: thanks so much, see you soon. a new poll shows the lack of support for one democrat politician throughout the country. who is it? >> nancy pelosi. the pole comes from the national republican committee, a 34% favorable rating, down 13% in the past year, 58% view her unfavorably but worse than president biden and vice
president kamala harris. regardless of what some voters think about her, she will run for reelection. stuart: that was a republican poll, we should make that very clear. >> they view her less favorable than the president and the vice president. i thought maybe kamala would have been worse. stuart: president biden's approval rating has dropped to 40%, 40% approve, 55 don't. ms baffled as to how the president's ratings are so low. watch this. >> biden's job approval falls to the lowest level his presidency amid war and inflation fears, the united states, spending billions on economic support to ukraine, and every indication economic sanctions are strangling the russian economy, jobless rates are the lowest they've been in
50 years. these are big wins. stuart: an economist, john, would you like to explain why biden's polling numbers are not higher. >> it is quite simple. consider price inflation going through the roof, fastest price inflation since 1982. the american people are not stupid. we have low unemployment rate but that low unemployment rate is mostly the consequence of putting the us economy on steroids. the largest amount of monetary and fiscal stimulus since the second world war and because of the steroids, this high level of stimulus we have rapid inflation and that is the stimulus as taken away, we will see the us economy slow down
and the unemployment rate rises and each time in the past 20 an employment rate begins to climb higher what do we have? we have a recession. stuart: are you predicting a recession in america? >> not this year. the yield curve. we hear about the treasury yield. i want to see a total inversion of the yield. i want to see the 3-month treasury build rate up where the 10 year treasury is but currently the 10 year yield, 2.4%, less than 0.6%. we have a way to go. getting that type of yield curve inversion requires the federal funds rate barely 2%. that won't happen anytime soon. recession maybe 2023 or 2024 during the presidential election year.
stuart: a slow down and inflation before november of this year will make it interesting. thanks for joining us, see you again soon. looking at the movers. wayfarer down 6.5%. lauren: you bought your furniture door in lockdown, this is a slow period for the company and inflation, but digital advertising because consumer is so distracted there's inflation in digital advertising. cost for advertisement. stuart: are h as in restoration hardware down 11%. lauren: jeffries upgraded them to buy while lowering the price target, nice gain from here. we've seen a 50% pullback.
that is excessive. i don't think the street is convinced it is time to come back in. stuart: there's a restoration hardware competitor. they are up 18%. lauren: same-store sales growth of 40%. we are seeing some positive return to some of the retail sector and started trading a year ago. stuart: it is furniture. lauren: they call themselves a lifestyle brand and other the quorum but it is home the quorum. stuart: bank of america has a grim outlook about the 11% surge in the past two weeks. lauren: calling it a rally in a bear market. the morning they are given is this could give way to deeper losses. we've seen this before.
they rally in recession like the financial crisis. you could profit, and even if there's a stalemate or solution in the more on ukraine, that gives the fed more covered to rates more aggressive. you have rates going up and the brief inversion between the 10 year and people say that's a harbinger of recession. stuart: here is a story i want to know more about. as disney drops the use of boys and girls in park greetings new the surface videos reveal real reason that happiest place on earth is going well. florida congressman mike walsh attending a classified briefing on iran. i want to know if they are making a deal that would let russia get enriched uranium from iran. the us and ukraine skeptical about russia's claims of
pulling troops out of keio. alex hogan on the ground in ukraine after this. you know liberty mutual customizes your car insurance, so you only pay for what you need? like how i customized this scarf? check out this backpack i made for marco. only pay for what you need. ♪liberty. liberty. liberty. liberty.♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
>> reporter: ukrainian officials do not believe there will be any de-escalation. despite the fact that russia said it would pullback troops from kyiv, it is the opposite of what we saw on the ground overnight. the governor of chernihiv talking about what took place in the early hours. >> translator: all night long, all night long they were shouting in chernihiv, infrastructure, libraries, shopping centers, many houses were destroyed in chernihiv. >> reporter: in the southwestern part of the country, russia is bearing down, 12 people are dead as the death toll rises from russia's attack on a 9 story government building. russian forces are hammering the eastern city of mariupol pushing toward odesa in an effort to cut ukraine off from the black sea. these photos are the before and after.
just weeks of the different changes taking place in mariupol. within a month and one week, 90% of% of the buildings have been leveled or damaged according to ukrainian president volodymyr zelenskyy. and the ukrainian army, and 12 miles outside kyiv. and destroyed building, a shell of what is left, ukrainian troops, which is outside kharkiv on the eastern side of the city. growing humanitarian crisis on the ground with restaurant saying 18 million people could be there for context, nearly half of the population of the country. stuart: that is a big number.
we are going to move away from ukraine towards another hotspot, the iran new deal. the gentleman on the right side of the screen is congressman michael walsh. we have been another one today. i know you can't tell us what you heard but did you hear anything alarming? >> reporter: any attempt by this administration to tie a future administration's hands and what the iranians are talking about, and inherent guarantee which meant essentially this deal would put things in place, that if a future administration pooled out of the deal, future administration the iranians could go back to enriching
uranium, we were assured, and to put those things in place. they are involved, the russians take enriched uranium if we have a deal. and what he does with it. stuart: can't believe congress, democrats or republicans. and negotiating this deal. >> loud and clear from the american people, biden won't dare bring it to the conference. i teach the negotiating team, they need the support of the american people.
and line with the constitution. it won't have the support. stuart: two thirds support in the senate for any treaty, 2 thirds of the senate to do that. going from ukraine to iran and now to florida. is a red wave brewing in the sunshine state? registered republicans outnumber democrats by 100,000. i am not surprised and i'm sure you are not either but i bet you are delighted. >> in 2012, there were 700,000 more registered democrats than republicans. that's how much of a swing we have seen in a decade. the leadership of governor desantis, before that, rick scott, our schools have been
open since august of 2,020. we have progrowth policies and most importantly the state government lets you keep your money and you, the families of florida make decisions with what you are going to do, not bureaucrats in the state capital. olivette times with great beaches, great weather and nascar and people are moving here in droves. we are reregistering them and the rnc is reregistering voters at the gas pump. when they are feeling the pain they walk over the registration and say i am voting republican. i give rhonda mcdaniel a lot of credit for that. stuart: i hear a lot of snowbirds from the north came down to florida as they usually do in december but this year they are saying, not going back. is that just anecdotal nonsense or is there something to that? >> there is something to it. people that visited are saying i'm not going back to new york
or massachusetts or illinois with lockdown policies, high taxes, where government makes decisions but at the end of the day, we have to have them reregister to vote in florida where their vote matters and between the florida republican party, the grassroots efforts, the democrat during covid shut their ground game operation down. we kept going and you are seeing the differences, you will see florida go from purple to red, final thing is with the hispanic population, they know socialism and are coming to our side and with biden trying to deal with maduro in venezuela they are furious and permanently going to come our way. stuart: very interesting. congressman michael walsh, thanks for joining us. your electric bill is going up and you are paying more at the pump. that isn't stopping the administration's all out war on fossil fuels. edward lawrence has the report after this.
more than 4 million ukrainians fled the country, most are now in poland. west virginia senator o --itoh will tell us what she saw. ♪ ♪ i'm the latest hashtag challenge. and everyone on social media is trying me. i'm trending so hard that “hashtag common sense” can't keep up. this is going to get tens and tens of views. ♪ ♪ ( car crashing ) ♪ ♪ but if you don't have the right auto insurance coverage, you could be left to pay for this... yourself. call a local agent or 1-888-allstate for a quote today. (vo) verizon business unlimited is going ultra!
stuart: we do not have that much price movement for the market. a little bit of reading, dow is down 70, nasdaq down 24 but not much movement. show me goldman sachs, no impact on the stock. junior bankers are threatening to quit over dean and they show up to the office 5 days a week. they don't want to go in. they want to work from home and they will quit if they don't let them. that is goldman sachs. amazon, not much movement. >> initiated coverage with an underperformed rating, that is very rare, a $2800 price target. stuart: what i am interested in is it is underperformed. they think other big tech stocks or major corporations will do better than amazon.
not than amazon will go a down but it will not go up as much. lauren: the retailers they like, but in terms of amazon they are worried about their margins being hit by fast expansion, the higher cost of anything. can the customer pay those high prices? it is very rare, the only underperform are i see, 58 brokers covering the stock. 9 rsl which is in underperform her. stuart: it is another retailer. what have they got? lauren: it is five and a quarter. bad earnings and the forecast current quarter results below expectations. this is inflation even hitting the lower end because they are a discount retailer. stuart: remember we were? are they still around? lauren: now they need a chairman. maurice colore stepped down at
the beginning of the year, their ceo is chairman too. he has to turn around the company. sales i vio, might find its place because of goldman sachs. workers don't want to going 5 days a week so companies may be get rid of their big expense offices and smaller companies rent companies. stuart: the goldman sachs story is fascinating because junior bankers make a great deal of money and they would quit and leave high paid jobs if they can't work from home. lauren: the younger generation is more into lifestyle and balance. we are seeing it play out. stuart: we are all work. lauren: a certain way has changed. now ceos have to be responsive. stuart: despite the energy crisis the administration's war on fossil fuels is ramping up. edward lawrence at the white house.
the republicans are pushing back. >> the underperforming stocks, hopefully that's not a signal. the administration has done anything to discourage investment. foxbusiness.com obtained a memo. 81 specific examples that president biden took, we have higher gas prices. big ones on the memo, cancel the keystone pipeline, banning future oil and gas leases and rejoining the paris climate accord which restricts e-mail and from oil and natural gas. the memo outlines added regulation from the administration like the shift to consider the social cost of greenhouse gases looking at oil and gas leases the administration was forced to sell making it more expensive and another signal.
the president's proposed budget removes 3. $6 billion in tax breaks for the oil, natural gas and mining industries, they say no wonder americans are paying more for gas. >> even as president biden presided over soaring prices for gas and home heating fuel he wants massive new tax hikes on american-made fossil fuels. he wants to skyrocket discretionary domestic spending and a whole catalog of liberal wish list items. >> reporter: next wednesday we we hear about the assault on the fossil fuel industry, major oil company ceos will go before the house energy and commerce committee hearing. lawmakers will go on record as to why the gas prices are higher and not drilling as much. stuart: thanks very much.
senator shelley moore capito joins me now. west virginia natural resource state. do you get the impression the government is in your way exploiting those resources and doing it deliberately? >> absolutely. the government is definitely in the way of energy production in west virginia on the call side and the natural gas side. we can't get a major mvp pipeline and that's a major issue. and the government's effort to stop the production of fossil fuels has hurt west virginia. interesting europe wants our call and they know that baseload energy is what we have. stuart: the green block in the democrat party so strong they can keep on stopping getting at our own resources when we've got such an obvious shortage, are they that strong? >> i think the american public is waking up, a high price of gasoline, the high price of heating your home and we are
ready to go into summer and a high cost of air conditioning and we see what is going on in europe and the weakness some of the nations in europe are feeling because of the reliance on russia and so we know we can be energy independent. even though these forces are strong, the american general public is much stronger than any political force that can be mustered by either environmentalists or others who want to keep everything in the ground. stuart: i know you have come back from germany and poland, looking at the refugee facilities. we are hearing that 18 million people, will be displaced. you've seen this firsthand. how are things being handled so far? >> it's very sad to talk to the young mother of a 6 and then 8-year-old who had to leave, she left her husband, her parents, her home and she was
pleading for help and going to the uk for temporary facilities she can live in with a friend. it is unimaginable. the interesting thing we learned is not only for million left the country but the remaining 14 million are displaced within the country. i don't know what the conditions are. i can tell you poland has stepped up, they are treated humanitarian lay, lots of meals and things for the kids to do while they are waiting. it is very orderly. i was impressed with the way they are moving through, so fast to see those women and children and elderly that can no longer go home. stuart: thank you for being with us, thanks very much. a programming note. pentagon spokesperson john kirby will be joining me live in the 11:00 hour.
take a look at amazon. they've launched a program to help the refugees. the stock is down but not because of the program to help the refugees. what are they doing? lauren: it helps displaced individuals find new careers, rebuild their lives, navigating the immigration process which is very complicated, free college courses, free english classes. stuart: just for the ukrainians. lauren: they do have programs for all refugees and in slovenia our warehouse in so many basic necessities going directly to ukraine. stuart: doctor anthony fauci says we should be prepared for more covid restrictions. >> things change and we do get a variant that gives us an uptick in hospitalization. we should be prepared and flexible enough to pivot
towards going back at least temporarily to a more rigid type of restriction. we when you will have a hard time getting most americans back to more rigid restrictions but that is the doctor fauci view and we will deal with it later. despite tensions with russia and american astronaut returned to worth this morning aboard a russian space capsule. phil keating has more on the historic spaceflight next. ♪♪ rocket man ♪♪ rocket man ♪♪ ♪♪ it's going to be a long long time
4% and that is significant. as for the price of oil going back up again, 96, 97, $98, now we are back to $107.76. we are just hearing this too. the white house says president biden will speak with ukraine's zelenskyy three minutes from now. after 355 days in space which set a record for the longest single spaceflight a us astronaut has returned to earth and came back aboard a russian capsule. phil keating is in miami. there are concerns the russians would leave him up there. i guess this is very good news. >> they leave politics on the planet. in the end, the school use capsule brought home keeping
diplomacy in space and partnerships, working perfectly. he returned with two russian cosmonauts parachuting in kazakhstan. then spent a record 355 days orbiting the earth at 250 miles up surpassing retired astronaut scott kelly's historic 348 days in space. kelly was back in the news a couple weeks ago in a bitter twitter back and forth with the head of the russian space agency with each calling the other a moron and a child, suggested nasa astronauts could fly home on broomsticks instead of using russian spacecraft. kelly told us last night he felt obligated as an american to chime in. >> leaving an american crewmember behind that they are responsible for, it kind of was outrageous to me.
>> reporter: the farewells in space happened just before midnight. they undocked for the four our trip down to terra firma. has the case in 2014 when russia invaded and annexed crimea, as it is today, space cooperation between russia and the us continues as does the research and shared spacewalks with the astronauts and cosmonauts leaving political differences on the planet and friendly teamwork on the orbiting space lab. even one of the two russians the left this morning during the goodbye ceremony around midnight eastern said people have their political differences on the planet. up here we are one crew. once he is thoroughly checked out medically which he was initially as well, he will have a long plane ride back to houston. stuart: phil keating, floridian, hardly likely to move to new york.
you are all right, thanks very much. nasa's 2,023 budget gets more money. how much more? lauren: $26 billion. they want to go back to the moon, haven't done that in decades, want to get there by 2,025. you have companies looking to profit in space. we could have a hotel in outer space by 2027. you could do activities. stuart: that's not a video of the hotel because we haven't got it yet but float around just above the stratosphere. lauren: it will cost a lot, i don't know how much. stuart: space tourism. a new report exposes, quote, uncommon ties between the cdc and the teachers unions. they are accused of coordinating at an unprecedented level on reopening schools, this is a story i want to hear and hillary vann will fill us in
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stuart: republicans accuse the cdc of coordinating with teachers unions at an unprecedented level when it came to crafting its school reopening guidance. i'm interested in this story. tell me more. >> reporter: this is coming from a report from house republicans who sit on the committee over the coronavirus crisis from congressman scalise, the facts are clear, biden's cdc overrode routine practice to allow a radical teachers union a donated millions of dollars to democrat campaigns to bypass scientific norms and rewrite official guidance. the damaging edits by union