tv Varney Company FOX Business January 19, 2023 9:00am-10:00am EST
shift in corporate america. they're recognizing that china is an adversary, and res been a lot of talk -- there's been a lot of talk, of course, about the recession potential and whether or not we're going to see things worsen mt. paris half of the year. so we, of course, are going to be on all of that. cheryl casone, mark tepper, great to see you this morning. >> thanks, guys. maria, again, can't wait to see you back in the studio. we've kept everything warm and ready. get on the plane, come on home. watch a movie on the plane. maria: and i'm going to be taking off these gloves, you're right. markets down 242 on the dowvilles, let's send it over to our friends at "varney & company." stuart: i'll take it, 10 seconds early, no problem. i can fill that in just fine. good morning, everyone. it's getting ugly again. another wave of selling hitting the market. the dow, which was down 600 plus
yesterday, down can another, what, 230, 250 this morning. the s&p also down yesterday bigtime, off another, what would that be, .7% this morning. and the nasdaq the down more than 1% yesterday, down another lee-quarters of 1 -- lee-quarters of 1% today. there's all kinds of problems. a slowing economy, an inflation rate that stays stubbornly high, and the federal reserve that says it's not done raising rates. in short, wall street sentiment seems to have turned very negative. interest rates staying at low levels. to some, that suggests recession. the 10-year yield's 3.40. and the 2 the-year coming in this morning at 4.11. it was much higher hand that yesterday. bitcoin, $21,000 yesterday, 20,700 this morning. gas keeps going up, $3.37 is the average for regular. that was up 2 cents overnight. you know, really looking at the whole market, there's not that
much to cheer about this thursday morning. how about politicsesome vice president harris goes to arizona today. yes, it's a border state, but the vice president will not go to the border. she is checking out a green energy facility. mean while, a new plan to deal with the migrants, there's a border patrol app. migrants can use it to prefile for asylum. they get to the border, tell border patrol that they have an appointment for an an asylum hearing, and they're admitted. let's see what tom homan has to say about that on the show later. in d.c., pandemonium over the documents scandal. more contentious press conferences, mass confusion over who had authority to search biden's home, and we still don't know what's in those docs or who had access. and here comes more turmoil. the debt ceiling shouting match is just beginning. the white house says the republicans are economic vandals. new zealand prime minister resigned, done in by her
response to covid and crime just like some liberals here. the elon musk headline of the day, he's facing a big tax bill from california because he spent so much time in the state even though his residence is texas the. they're trying to charge him for every day that he spent many california working on tesla or spacex or twitter. and one too, a saudi businessman paid $2. 6 million for a ticket to a soccer match between the new saudi team and psg from paris. that's lionel messi's star-stud thed team. $2.6 million. what do you say? lauren: i didn't know that team. [laughter] stuart: you didn't know psg? lauren: no, sorry. are you shocked? stuart: utterly shocked. this is a big show, i promise. [laughter] it's january the 19th, 2023. "varney & company" is definitely about to begin. ♪ ♪ i'm coming up, so you better
get this party started ♪ stuart: it's thursday, that's why sixth avenue looks fairly crowded even though it is raining. this is one of the days when office workers come into the office. lauren: not tomorrow. stuart: all right. bearing in mind what's happening on wall street, we're going to get right to the markets top of the show is. gary kaltbaum here in new york, sitting right next to me. very good. looks like we've got another selloff on our hands. where's this market going? >> i think right now lower, and i think we may have crossed what i call a bridge. percent last 14 months -- for the last 14 months, all the market has cared about is interest rates. if interest rates went higher, when they skyrocketed, market came down can big. yesterday interest rates tanked, and normally the market would go up, market tanked also. why? we keep getting warner after
warning right now on earnings and sales for a lot of companies, and i really hi it started with goldman which missed by a mile, travelers and now a few more today. and if that continues, i'm not so sure the higher valuations we have are going to stick for right now. fundamentally, lower rates are a very good thing. lower oil, a very good thing. but i will tell you that i think market may be looking at the economy in a much bigger way right now. stuart: negative sentiment has taken over completely, has it? >> last couple of days we've dropped a thousand points in two days, and the dow matters. thirty of the biggest companies out will and, again, they're coming after stalwarts. goldman sachs, they have a reputation of blowing away wall street estimates to the upside. they blew away wall street estimates to the down can side, and that was a big one. travelers the same day and again today alcoa, procter & gamble. we're seeing -- these are not fly by night companies and have to be watching closely because
we have a couple more thousand in the next two, three weeks. stuart: add discover to that list as well, looking pretty grim. thanks, gary. stay with me percent if hour, please. all right, more chaos at the white house as reporters push for answers in the biden document case. morn, lauren. take me through what's happening. lauren: i called it an information vacuum yesterday. it's more like an information black hole. reporters are getting the run-around, right? it sounds like they're being stonewalled by the white house, by karine jean jean-pierre, and it is not just fox that is getting annoyed. watch here. >> reporter: can you tell us if there's any sort of assessment that has been planned or launched to determine if national security has been jeopardized at all? >> again, that's -- >> reporter: why is it? >> it's not your decision to make whether i can answer -- >> reporter: if you are not able to talk about from the podium, would you invite a doj
official to take our questions here? >> reporter: no, you would have to go to the department of justice. >> reporter: [inaudible] >> peter, i just, i actually just answered that question. i said we have someone currentl- >> reporter: so that means no. lauren: so david spunt of fox news is reporting that the doj says we are not limiting, we have not and we will not limit what the white house has to say. so why is the white house always referring to the can doj who has said, no, we're hands off, right? it makes absolutely no sense. also, you know, attorneys say is there a danger to this investigation if the white house answers basic questions? and the answer is, no. stuart: i think the general public is getting truly annoy manied at what's going on here -- can annoyed at what's going on here. not so much with the president or the media, just the entire situation that no one really understands. i just don't think they do. >> you know what i've found?
and i watch these press conferences. they're exasperated, and it's not just peter doocy and jacqui heinrich, it's the rest of them. i haven't seen that in a very long time, and they've had enough, and you can see it in their voice, you can see it in their face. and and they need to come clean a little bit better because the media, it's the big media that has been on their side for a long time. stuart: the governor of florida, ron desantis, he's ripping into biden's mishandling of classified documents, and he's calling him out for hypocrisy. watch this. >> they had all this stuff to say, now they're acting like this is something that's not a big deal. what's good for the goose is good for the gander. you can't have two different sets of rules based on your political party. [applause] stuart: perfect guest for this moment in time, byron donalds, republican from the great state of florida. congressman, i imagine you agree 100% with your governor, ron desantis. >> i do. he's absolutely correct.
you can't have two sents of rules, which is one of the key things house republicans need to find out from the national archives and from the department of justice, is why was it okay to raid mar-a-lago, but it was not okay to raid the wilmington beach home or even deal with what was going on at the penn biden center. and to kind of bring some focus, what's happened at president biden's home is one thing. the one area that is still a major concern even though the press is not getting into this nearly as much is what was happening at the penn biden center, because that is where the top the secret sci documents were found. that is a place where joe biden was operating out of that office before he was president of the united states. and so i think we have to make sure we don't lose focus on the penn biden center even though everybody wants to focus on the corvette in the garage and what was by the tailpipe. stuart: what do you think the public makes of this chaos? and i think it is chaotic to the outside looking in.
the chaos over the documents and the coming chaos over the debt ceiling fight. what do you think the people think about? >> well, the first of the documents is just a pure hi hypocrisy. of you have the white house now in this posture of saying, oh, we're cooperating, we're cooperating, but when it was donald trump in the crosshairs, they were saying it was obstruction the, maybe it was nuclear codes, unhow could he be so irresponsible -- how could he be so irresponsible. but you have somebody who should not have had classified information, that is a violation of the espionage act. so the it's a definite double standard and hypocrisy, i believe that's what the public is looking at. to the debt ceiling, this is the same, the same ways, the same strategy hat democrats have used on this time and time again, trying to make it seem as if you don't do a debt ceiling deal -- and, by the way, we're going to do one, but if you don't do it in a responsible way, that
somehow republicans are responsible and the financial markets will collapse. that is just not true. that is the same stuff that democrats always do around this topic. stuart: i'm very glad to hear you say that there will be a debt ceiling deal, because the other side of that is or we are not going to default on our debt. that's what's always held up. oh, we're going to default on our debt, and there's financial chaos. i think you should tell everybody that, yo, we are not going to default -- no, we are not going to default. can you say that? >> i fully believe we're going to have a debt ceiling deal, pulley believe that. but i will also say the white house strategy of, oh, we're not going to have any if negotiations is insane. there must be spending restraints and other things that go along with it. just extending the credit card to continue spending recklessly is not in the interest of the american people. stuart: clarity. that's what we want and that's what we got. congressman byron donalds, always appreciate it. thanks a lot. futures, okay, it is
thursday morning. on the downside again, all across the board. dow's off about 40. -- 20240. down 600 yesterday -- 240. listen to what the ceo of blackstone said about today's political climate. roll it. >> i think we need to move on for both parties, because it's a next generation of leaders. i think the public has spoken and would like to see a change. stuart: what characteristic do people want to see in the next generation of leaders? i'll ask the cofounder of home depot, that's bernie march -- marcus. the man's a legend. the u.s. is prepping a big new military package for ukraine. will we let ukraine win? i'll ask congressman mike gallagher who is on the house armed services committee. he's next. ♪ ♪
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♪ ♪ stuart: russia a is warning against increasing military support for ukraine. they say it could escalate the war to, quote, a new level. alex hogan in kyiv. the latest, please, alex. >> reporter: hi, stuart. before his meeting with ukraine's president volodymyr zelenskyy, i sat down with the director general of the international atomic energy agency today, and i asked what his biggest concerns were. and it was something that our viewers probably remember hearing about, the zaporizhzhia nuclear power plant, and he says conditions there the are only getting worse. >> the establishment of some entry measure of approximate of the nuclear site is --
protection of the nuclear site is even more necessary and urgent than it ever was. and i'm very anxious to see that i am not getting there as fast as i was expecting. >> reporter: as the fighting escalates in thest, iaea has just finalized a process of establishing a continuous presence at all the nuclear power plants in ukraine. and today ukrainian president zelenskyy spoke once again at the world economic forum about what he called a lack of specific weaponry to support country. formal lies will meet in -- tomorrow allies will meet in germany, the defense department is expected to announce a $3 billion allotment in security assistance. moscow, however, is warning the west not to get too involved. former russian president medvedev cautioned leaders saying it would take the war to a new level and that defeating russia, ukraine could trigger a nuclear war.
i asked the director general about his take on that. he said, well, he would not pass judgment on any comments by political leaders. again, this is an international organization that comes in to ukraine to monitor these situations. he said any type of nuclear attack or nuclear involvement would be with catastrophic, reminding our viewers again that this is the largest power plant not just in ukraine, but all across europe. stuart: alex hogan, thank you very much is, indeed. congressman mike gallagher is a member of the house armed services committee, and he joins me now. congressman, are you in favor of sending tanks and heavy weapons to ukraine? i'm really asking, are you prepared to let ukraine winsome. >> i am. i think this is a long overdue step particularly in terms of sending hem the stryker vehicles. reports indicating there are critical components missing in this package, however. the ukrainians have requested the army tactical missile systems, for example, as well as the abrams tanks.
i think the ukrainians immediate them along with orr critical capabilities -- other critical capabilities. there's something called the dual purpose improved conventions. but time after time, and this is really the issue, they're being turned away by this administration out of fear of provoking putin, and i think that gets it exactly backwards. every time we provided new weapons like stingers that the administration told us would be too provocative, putin has done precisely nothing in response. so i do think we have to continue supporting the ukrainians. to my friends and colleagues who are skeptical, we just passed the national defense authorization act which has critical audit provisions, we're going to get quarterly reports and, yes, of course, we need to push our european allies, germany in particular, to do more, to step up. but they're only willing to follow so far as we're willing to lead, and the path lies through strength, not weakness. stuart: the white house accuses your party, the republican
party, of economic vandalism over the debt limit issue. they say, and i'm quoting now, default would needless ily plunge the country into economic chaos, collapse and catastrophe while giving your competitors like china an historic boost against us, end quote. congressman, i think we should make it clear that we're not going to default on our debt. would you make that clear? if because i think that's out of the question. do you? >> well, it would certainly have negative consequences. what we're asking for is some sensible reforms package with the debt ceiling increase. and i do believe the more than people gave house republicans -- the more than people gave house republicans to put a check on the runaway spending. with inflation continuing to crush americans,9 with the martial debt can continuing to grow -- national debt continuing to grow, we have to inject some basic fiscal sanity. there's a variety of options. i have a bill called the trust act, we could do that, we could
move to a biannual budgeting process. we could pass no budget, no pay so legislators, members of congress, don't get paid every time we fail to do our basic job of appropriating. already sensible things we could pair with the debt ceiling increase. that's what we're asking for. stuart: but we're not going to allow a default on our debt. last word to you. >> i don't think we're going to get to that point. obviously, we play this fiscal chicken. it's a function of a dysfunctional process. it's part of the reason we had that bruising rules debate a few weeks ago. we don't want to wind up christmas eve next year passing a 5,000-page omnibus bill that nobody reads. it's crazy. stuart: well said. congressman gallagher, thanks very much. some republicans have proposed a balanced budget deal. it's the not an amendment, it's a proposal. lauren: there are several, i'm going to tell you about one from the republican congressman from california. he says the federal government would have to balance the budget many its fifth fiscal year, and
there's a provision if you want to spend more than tax revenue brings in, that would be allowed if two-thirds of congress does vote to allow it. the issue is all this is so much harder said than done. if you look at the nonpartisan committee for a responsible federal budget, they say if you really want to balance the budget in a decade, you need to cut at least a quarter of all federal spending. stuart: that is true, but it's not gonna happen. lauren: it's not. you already have the white house saying they're not negotiating with any republicans on spending cuts. stuart: in america, politicians spend money. that's what they do. lauren: you have these newly-emboldened republicans that just joined the house that are going to try to change its. >> the numbers are obscene. the year before covid federal spending was $4.4 trillion. past covid, this coming year, $6 trillion in federal spending. we we cannot continue with trajectory. that money a's coming out of the taxpayer and the economy in a
very inefficient and ineffective way. it's insane. it's got to be stopped. stuart: the debt bomb will explode at some point in the future. don't know when, don't know how, but it's going to explode. >> it's a guarantee. and with interest rates higher, we were already at clash 500 billion a year going towards enter, it's going to head towards a trillion dollars. again, the word obscene comes to mind and, hank my, somebody's -- thankfully, somebody's talking about it in washington. stuart: you're getting close to nearly $3 billion a day e in are interest. it's amazing. >> the deficit would be 1.5 trillion, federal spending in 2000 was all of 1.8 trillion. stuart: you made your point. dow industrials going to be down about 200 again at the opening bell. we'll take you to wall street next. ♪ she works hard for the money, so hard for it, honey. ♪ she works hard for the money, so you better treat her right ♪
stuart: thursday morning. red ink, money red ink on the left-hand side of your screen. ray wang is here. i want to talk about netflix because they report after the bell this afternoon. very important report. what are you looking for? >> yeah. i think a lot of work is being looked at for subscribers, an estimate of 8 billion for the quarter.
but that's down 4% from their high in terms of the year-over-year and, you know, they were getting 4.5 million subs, but that was 8.3 million last year. so we're just making sure that they're seeing growth in terms of subscribers, but more importantly, they're growing their ad-based business, the ability to pay $7 instead of $10 to get the basic with ads. we're really looking for growth there. stuart: that's the big deal, isn't it? how much growth did they get in the ad-supported tier. that's what everybody's looking at, right? >> exactly. they're trying to see if they're going to get the ad-based model up and running. of course, the stock's been up 60% in the past six months. stuart: that's not bad, is it? [laughter] >> not too bad. it's to coming back. stuart: what's with all these big tech layoffs? microsoft down 10,000, amazon 18,000. what's with this? why? >> it's one of the things they've been doing, they've been culling the bottom if- 3-5%, something they did not do over the last two years.
so we've seen 1400 rounds of layoffs, 220 the ,000 jobs in 2022, and we've seen 21,000 reductions in 2023. and it's mostly because they didn't get a chance to reduce staff which they normally do. they usually taken the 3-5 off. is so we're down from 3 jobs for every planet to 1 job. stuart: that's a real difference. ray, see you again later. we'll be checking netflix after the bell this afternoon. all right, we've got about 30 seconds to go before we open this market. a little background here. yesterday the dow was -- dow industrials down 600. the day before that, gary, what was it -- >> 390. stuart: so 1,000 points down in the last two grading sessions. we're down this morning probably at the opening bell which is now ringing, probably down another 200. so if you add it up, 48 hours plus the four hour of business, 49 hours, down 1200 points. that's not good, gary. >> yeah. and important companies are heading south, and that is the
big key. with all the other earnings coming on, you don't want to see any more goldman if or travelers. we're talking the cream of the crop here. stuart: we're down almost 200 points, and i see five winners on the big board. some haven't opened yet, most of the ohs -- others are down. s&p 500 also opening lower, a loss to of another half percentage point. the nasdaq below the 11,000 mark, down a half percent. big ec the, meta down just a fraction. alphabet, .20. amazon down nearly a third. microsoft is off a buck, and apple is back to $134. let's get back to netflix. as we kept telling you, they opened -- i'm sorry, they report after -- excuse me. they report after the closing bell this afternoon. a preview, please, lauren. lauren: three times the charm. [laughter] a lot of new shows, and some of them are very popular, but they're expensive. and the cost of borrowing money,
the cost of financing has gone up. so are they going to have to cut back? yes. like every other tech and media company. what about password sharing? they keep telling us they're going to crack down. i'd listen for that. you were talking with ray wang about the new subscribers. the expectation is 4.5 million new ones in the quarter, the weakest in almost a decade, since 2014. stuart: and the stock is down. okay. netflix is down nearly $5, 1.5%. okay. another negative for tesla. piper sandler cutting its price target for that stock. tell me more. lauren: so it to goes from 340 to 300, but this isn't necessarily a bad story. the tesla's cutting prices by 20 percent in some cases. so piper sandler says, well, they'll hit their margins, but they can sell more. he can achieve more than 50% delivery growth and a surprise upside to their margins by the end of this year. stuart: what do you think, gary? >> number one, i don't think it's a help for target to drop
from 340 to 300 when the stock's at 127, that's number one. [laughter] and number two, nobody cuts prices because demand is strong. they're not that sweet. they're cutting prices because demand has weakened, so they have to. and let's hope that helps the sales going forward, because it's a definite south koreadown -- slowdown. stuart: would you buy it at 127, where it is now? >> a year ago i told you it's my favorite pulses story. until the bear market ends for these high fliers, you've just got to wait. and i think down the road it's going to be a monster stock again -- lauren: up 300? >> i do believe so but not right now. stuart: show me procter & gamble, please. they announced before the bell this morning. the stock is down 1.25 the -- pretty much in line with the market. how did they do? what was their outlook? lauren: the outlook wasn't bad. they raised it a little bit. but for the quarter that just
with regard, falling sales, falling profits many every single division. volume fell. pampers, crest, tide, you name it. even hoe they raised prices, those price increases are making these products, staples expensive. so you trade down in brands or you use less. stuart: procter & gamble. >> you know there's issues when diapers are not selling as well. that is a necessity. it tells you price is a problem percent average consumer right now. -- for the average consumer. all you got to do is visit a supermarket, and you'll see it across the board, how high are prices. you know what sells the most? the store brands that are cheaper. they usually sell out especially in the paper goods. stuart: we've got a lot of negatives this morning. lauren: yeah, we do. stuart: alcoa, the aluminum people. what's the warningsome. >> lower aluminum prices, which isn't necessarily a bad thing, but it is when you're alcoa and that's your business. for fourth quarter revenue, it
fell 20% for them because of the lower prices of aluminum. prices have been, essentially, cut in half. i think it was 4,000 a metric ton last year, now about 2,500. here's your positive, they do expect an uptick in shipments. some of their competitors are doing a little better because of that outlook. stuart: down nearly 4%. let's talk uber. are hay planning any layoffs? lauren: no, but i don't think i believe them. in daf can vos the ceo said, well, 20% of our fleet could be self-driving in 12 is-15 years. so when you have a self-driving taxi -- >> no thanks. [laughter] lauren: in 15 years, we might change our mind. a lot of things to tell you about. they announced a deal with the city of denver, they're going to add 5,000 evs to their fleet there, and and they're working with automakers to design cars that would be cheaper and better to get around in the city. you don't need top speed to be
as high, for instance. stuart: i love the company. i really like it. but what hay did to that company by insisting that you have to be a full-i'm employee, you can't -- full-time employee, you can't be a loose cannon in your part time, they wrecked that company. they attacked it. >> i'm just jealous i didn't invent it. my wife used to own a delivery service, and i didn't think of something like this. i'm depressed -- stuart: what a great idea. lauren: the ceo says they're thinking of making, like, a two or three-wheeled type vehicle with a bigger trunk just to make deliver arelies more efficient -- deliveries more efficient on city streets. so they have, like, a car that we would take where we could face each other in the back and also a delivery vehicle. >> let's stop this driverless stuff. i will nebraska get into a driverless -- never get into a driversless car. are you kidding me? i know there's some out there on the road. i'll stay away.
no bank -- no thanks. stuart: let's move on to, i guess it's a meme stock these days, bed bath and beyond. they haven't found a buyer? lauren: no, no. they're in talks with lenders because they need money ahead of a potential bankruptcy filing and loan size, at least $100 million. stuart: okay. let's wrap that one up, bed bath & beyond at 3.85 as of today. lawyer lawyer they're still alive. stuart: the yield on the 10-year treasury back below 3.40. the price of gold still well above $1900 an ounce. bitcoin not 21,000, no, 20,700. oil, that is now right at $80 a barrel. nat gas, we still haven't had a real kohl snap senate northeast or the midwest, maybe the upper midwest, but certainly not missouri. -- new york. gasoline going up, up 2 cents
overnight at $3.37. diesel up one cent overnight to a national average of $4.61. coming up, congressman eric swalwell defended himself over the chinese spy scandal. watch this. >> so when they told me about this, i did everything i hope everyone would do, which was to cooperate and help the fbi, and she was removed. stuart: claims no wrongdoing. we will get into it. the cohost of the upcoming "big money" show hit the road. they're at a diner to get the pulse of the people. we'll hear from from them afteror -- after this. ♪ money, money, money --
permex petroleum is leading the charge in the prolific permian basin with an attractive portfolio of oil, natural gas, and royalty assets. with expanding drilling operations and plans to uplist to the nyse, permex petroleum is poised for growth. ♪ stuart: historically, people middle income families are hit the hardest by inflation. is that still the case? lauren: it was in 2021 and now it's not. the lower income americans are
feeling inflation more. i can explain with using the retail sales data that we got the other day. what fell,ing used car prices, gasoline. who owns cars? middle class. lower income more likely to use public transportation, and their biggest expenses, good and rent, and those prices are still up dramatically. so right now lower income americans, the ones who can afford higher prices the least, are getting hit the hardest. stuart: i thought that was always the case, the lower the income, the worst the impact on you if you don't have that much money -- lauren: yes, but you got freebies, which are now expiring. >> it's always the case. my family works closely with boys and girls club of central florida, with families, and i can't imagine what they're going through. i do just food shopping in my family. i can't believe what the prices for things and for lower income that is a big percentage hit. stuart: i'm going to bring up my $10 loaf of bread. [laughter] that's what i paid for a loaf of whole wheat bred ant -- bread
about 10 days ago. before the pandemic it was $5.99. anyway, enough with my exasperation. >> it's bigtime though. stuart: it hurts. >> it's huge. stuart: it hurts. the host of the new "big money" show here on fox business, they're at a diner in new york. brian brenberg, jackie deangelis, taylor riggs, they're joining us rights now. -- right now. how do people in that diner feel about the economy and inflation? sean: well, we're talking to them the, stuart. by the way, we're dressed up because i promised to buy breakfast for these guys. i forgot my wallet, so we're washing dishes here, but we're talking to people in between, and we're asking them how are you feeling about 2023? are you as optimistic as the president says we should be? jerry and matt here. jerry, tell us what you're feeling as we get into 2023. >> well, i wish we could be optimist in, brian, but we just can't. we're very concerned. my wife sue and i, as we go to the supermarket, we see prices
continuing to rise. and i'm getting to a certain age where in a few years we were thinking about retirement, but unless things level off, you just can't take that chance. brian: so you're looking at 2023 and saying the pinch. is still happening, the prices are not coming down fast must have. >> they're not coming down at all in the supermarkets where i live, long island. we have food services, and half the items are always unavailable, so we're still dealing with supply chain issues, and it's just very nerve-wracking for families like ours. jackie: matt, what do you think? across the board, goods,services, heating oil, it's all up. how's it payment -- impacting you? >> it's tough. it's hard to make decisions over savings and trying to aboard everything. puts you in a real pinch of where you're going to be to be in the future. jackie: how do you try to decide what the priorities should be? >> every day is a little different. you've got to just see what's available at that time, you
know? brian: we talked about optimism, how's the consumer going to be, we're e not hearing that kind of optimism. >> and, stu, we've been e owner who's been owning this place for now at least 17 years. he says that he raised menu prices since covid 5% every six months. i'll let you do the math, that's 25% on an uncompound pounded rate -- uncompounded rate. they also instituted egg prices that are up about 400% as well as the minimum wage increase, that's increasing their income costsful really feeling some of the pressure here. stuart: you are in nassau county, at a diner in nassau county. that county went 55% to the republican candidate in the gubernatorial election, to lee zeldin, and that is -- now a republican area. did politics pop up at all when you were talking to these folks about the impacts of inflation and the economy? politics? brian: well, i'll tell you,
stuart, i was out here at a diner during the election talking with a lot of people about that and, yes, it's coming up today because people felt like they really wanted to see a policy change going into this year. right now they feel like they haven't. you've got gridlock in d.c., maybe that'll be good. but what's going to happen to get this economy really movingsome people don't see an answer to that. stuart: got it. we're going to be watching "the big money show." it premieres on monday, 1 p.m. eastern time right here on fox business. thanks for joining us, guys. we will definitely be seeing you next week. i'm going to stay the on inflation for a moment. some schools are struggling to provide meals for their students. what do you have can on this one? lauren: in september lunch was no longer free. the federal pandemic aid had ended. i remember for a whole year our school district, no one paid for school lunch. now schools across the country having a hard time finding the money for both the food, you just went over the prices, and the staff. student lunch debt, $19 million.
kids usually have hair parents preload their accounts. so you go in either in the morning or weekly and say what you want. a school's not going going to nt field a child, so many a sense they're shaming some kids in giving them for free a sandwich instead of a hot meal. for many kids, it's the only meal they get all a day. if you have lee kids in the school, it would do be $67 a week for the family. stuart: gary, do you think we have hit peak inflation and are gradually coming down? >> we thought in july starting with oil prices a lot of commodities have come down, and now you're seeing it in used cars and things like that, so, yes. the question is, however down does it -- how far down does it go. we can't stand 5-6% inflation. this economy had no inflation e for a very long time, now you have the economy has to get adjusted to 5 and 6%? that's not good news. when we hear, oh, it's down to 6%, no, we need it back down to
2%, and i think that could take a while. and the bad news is it seems like our central bank is willing to go into a big, bad recession in order to get it, and and that's not good news. stuart: you're on a jihad against the fed, aren't you? >> i think they've been wrong on everything, and i think they don't do anything for anybody. stuart: -- should still be raising ratesesome. >> 100%, no. and there's a simple reason why. the 10-year is down to 3.3 and change. the market was screaming at them when interest rates were skyrocketing that they needed to get on top of inflation. the market is now screaming at them that the market's looking at recession, and if they don't recognize that, they're going to make it deeper. stuart: but recession is the way you get out of inflation. >> that is not true. i cannot believe that's what they think. you know how you get out of a recession? growth. stuart: after the recession's over. lauren lawyer do we get straight-up growth when china opens and we get over our moiled recession? -- mild recession?
>> not with the blob that i washington d.c. the amount of spending and money they're taking out of the economy in the real world and the real markets it, again, or it's becoming just too much. stuart: all right. got some drama going this morning. thank you, gary. coming up, not sure of pronunciation, charlemagne the god -- lauren: correct. stuart: he's calling out the media for being soft on hunter biden. watch this. >> mainstream liberal media gives hunter biden a lot of passes. i can't help but wonder how would all of this be reported on if hunter biden wasn't, you know, master biden's son? stuart: ah, would things turn out differently if hunter was nod not biden's son? we'll get into it. enes kanter freedom is on turkey's most wanted terrorist list. why? if enos if canter freedom is here, and he will answer that question. stay with us. ♪ fight for the right to live in freedom ♪
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problems with the faa system ahead of that outage last week. hillary vaughn on capitol hill. if they knew if about the problems, why didn't they do anything? >> reporter: stuart, the faa requested $30 million to upgrade its notice to air missions system for fiscal year 2023, writing in its request in the: the faa itself described the note and repository as failing vintage hardware and requested can almost $30 million to accelerate modernization. the system also has been criticized for being arcane and difficult to use and interpret. but this is not the only issue that the faa faces. hay also don't have an administrator because the democratic-controlled senate has not given president biden's nominee a hearing, something they were fine to delay into the new year but something that senate majority leader chuck schumer says will happen asap. >> we're going to clear the runway, so there will be an
administrator, and that administrator can do his job is. in the hearing anyone can ask any questions they want, but we ought to have the hearing. they've delayed the hearing all pall. >> reporter: and, stuart, so the nominee for the faa administrator job, republicans are not too fond of. they don't think he has enough experience, and he's also under -- or cited in an inquiry related to whether or not he used favoritism to hand out certain awards. stuart? stuart: just privatize it, why not. make it efficient, her -- for heavens sake. that that's just me, hillary, you don't need to comment on it. hillary vaughn, thank you very much for being here. what do you say, gang, privatize it? >> yesterday. [laughter] when we read there's only $30 million to fix this thing and the last 20 years our federal government has spent a measly $70 trillion and this is air safety? get the job done. what are these people doing for a living?
stuart: thanks for being with us for the hour, we appreciate it. >> pleasure. stuart: still ahead, home depot cofounder bernie marcus, tom homan, bill hemmer. all in the 10:00 hour, which is next. ♪ when you're ready, come and get it ♪ when you're ready, come and get it ♪ so, am i still on track to reach my goals? the plan we created can withstand uncertainty. .. t on personal financial advice. my ameriprise advisor understands the markets and me. she knows my goals and can help me reach them with confidence. the markets may fluctuate but you're still on track. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. we got the house! you did! pods handles the driving. pack at your pace. store your things until you're ready.
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