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tv   Varney Company  FOX Business  March 1, 2023 10:00am-11:00am EST

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stuart: that is a dell, lovely voice. it looks good. 10:00 eastern. stocks pretty flat to ever so slightly lower, the dow is off two, s&p down 7, nasdaq down two. the tenure treasury yield getting closer to the 4% level, and coming at us from the atlanta fed president, quote, we have seen inflation narrow, it is quite elevated. this could cause inflation, the tight labor market remains in top concern. we had the latest read, 10:00 -- >> still in contraction and in contraction for the fourth month in a row. the numbers 47.7, worse than
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expected but up from january. inflation, there's a component to this manufacturing court, up for the second month. 51.3. you get 51 in change, prices paid inflation in the pipeline. stuart: you've got it. dow is up 35. now this. call it a tantrum. colletta scream. you are about to see the face of public education in america today. >> we understood small businesses were hurting and we helped them. it didn't go to the supreme court to challenge it. all of a sudden, when it is about our students, they challenge it, corporations
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challenge it, that is not right, that is not fair. stuart: we will run that later in the show but it is a meltdown from the teachers union chief, randi weingarten. she runs the public schools like she has run them into the ground. she kept schools closed, insisted on asking young children, demanded vaccination, academic achievement plummeted one. 2 million students left public schools and didn't come back. she was ranting outside the supreme court which is considering the president's $400 billion student loan giveaway. she knows it is unconstitutional and a vote buying operation but she is out there screaming about fairness. is it fair to those who paid in full? is it fair to those who didn't borrow and work through college? her performance was so extreme and out of touch that she may have created an opportunity for real change. it started already.
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32 states have some degree of school choice. she opposes this because it puts power in the hands of parents, not the union. maybe she's ranting because she knows that in the future republicans will make the public school failure a big issue in 2024. as the santos has shown in florida and sarah huckabee sanders in arkansas, school choice, it is a winning issue. one more point if i may. i don't like to see the leader of the teachers union screaming like an out-of-control activist. that's a very bad image and does public education no good at all. second hour of varney just getting started. katie pavlich joins us, will
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the republicans take advantage of this and public school failure. take advantage please. >> you should spare your viewers and not play that again. that was quite the slap in the face. this is a vision of a woman losing her grip on a last piece of power that she has, as a result of self-inflicted problems. it was randy weingarten who worked at the cdc to enter politics and public health to keep schools closed, she single-handedly responsible for the test scores we are seeing, lack of learning and responsible for the school choice movement in terms of pouring gasoline on the fire and parents looking for alternatives for education. this is something republicans will capitalize on, it is a bipartisan issue and moderate
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democrats, offering an effort when it comes to school choice and using your taxpayer dollars for the school of their choice. that's what these voucher programs are about. stuart: it is time to change the subject but we will get back to that. fbi director christopher ray admitted that the pandemic was likely caused by a chinese lab leak. >> the fbi has, for quite some time now, assessed that the origins of the pandemic are most likely a potential lab incident in wuhan. a potential leak from a chinese government controlled lab that killed millions of americans, that is what that capability was designed for. of the one now the energy department and fbi talking about a wuhan lab leak. what are we going to do about it?
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>> it was obvious to anybody who looked at this early in the pandemic of that this was a lab leak given behavior from the chinese commonest party, they were burning labs, kicking reporters out of the country, and then doctor fauci and doctor collins, the federal government, destroying the careers of any other scientist pointing this out but in terms of what we do about it china has not been held accountable not just to the united states and the world. a million americans dead, combined with the number of fentanyl deaths in this country, china is waging war on the lives of americans. there is no interest by the biden administration who says china is a friendly competitor, not an adversary to hold accountable for what they have done. with one we will get an expert nationwide biden is so soft on china.
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we will see you again soon. congressman brian mast introduced a bill to make china pay for the pandemic. lauren: the us would withhold debt payments to china to cover the cost of covid. no dollar figure was given, but a timeline was given. you forget it has been three years. november 17, 2019, first covid case in china, wasn't until a month and a half later that they told the world health organization and ordered the lab to destroy the sample, silenced scientists on social media and brian mast said china should pay. stuart: covid response coordinator deborah birx is worried about the possibility of another pandemic.
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lauren: she's concerned we have few answers three millions, millions of lives, billions of dollars later. >> to me, what is really important is we went through this after sars. the world health organization developed treaties, literally hundreds of millions of dollars saying we were ready and would prevent the next pandemic and it happened. let's be clear that what we have done today has failed. i worry, we haven't put new things in place that will protect us from the next pandemic. stuart: she doesn't accept what we've done was a failure. lauren: it didn't work. the shutdowns didn't work, the fact that we can't prevent another pandemic. stuart: that hurts. good stuff. back to the markets. where are we? 39 minutes of business.
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a modest loss on the exchanges, dow 30, nasdaq 48, s&p down 16 points. the stock market seems to be expecting is that the federal reserve will pivot lower rates, later in the year. i don't think you agree with that. >> i don't agree with that. the expectation originally was the fed will drop 2% by the year end that they pivot. now meniscal percentage of that, the reality is the market moves in cycles. there's two types of investors here today, those trying to be more conservative, loss of principal and those trying to beat inflation, those are two completely different investment strategies. the other side is a more conservative standpoint.
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we need to understand how this will play out. of the one i am asking all our market just how do i make money right now? can you give me an answer? >> sure. it depends upon your time frame, the goal is to ride bulls entertain bears. what you do at the top of the market, allocating cash assets, protected assets, i want to caution people on bonds, there's going to be an opportunity in the future where we can re-risk when things go on sale. in my opinion we will be seeing this show up the first part of the summer, as we see in earnings recession and market compression as more corporations have to borrow at higher rates, chapter 11 coming out, it has become more expensive to borrow at these heightened levels.
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stuart: cash now, stocks later, got it. sorry to cut this short. i am out of time. appreciate it. we've got movers. tupperware, forgot about tupperware, down 17%. lauren: they have a loss, pulmonary loss. the supply chain disruption, even though -- employees call out sick, affect your ability to get product. stuart: jack in the box. i used to go there frequently and they are up 8%. lauren: there same-store sales surging 8% and stock is up 8%. lauren: they are hurt by elevated shipping, consumers pulling back on discretionary. why is stock up 2.5%, and $5
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items. by adding $5, $3 price points, that bothers me. the name of your stories dollar tree or dollar general or family dollar. i might do $1.50. stuart: you are tough. neil: go to a regular store. the center will vote on scrapping president biden's woke investing rule for 401(k)s. good story. one sheriff demands the president fulfill a duty to protect americans from the flood of migrants descending on florida shores. that is in the 11:00 hour. president zelenskyy is getting more difficult to take back from the russians. is a time for peace talks?
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i will ask adam, a negotiator for the abraham accords. ♪ that last a lifetime like happiness, love and confidence... you can't buy those. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. ♪ ♪ get $1500 purchase allowance on a 2023 cadillac xt5 and xt6. ♪ visit your local cadillac dealer today. the new dexcom g7
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stuart: russian forces continue their attacks, even president zelenskyy admits the fighting is becoming more difficult in ukraine. the latest from kyiv please. >> ukrainian officials giving hints they may begin to withdraw forces, that's he is
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being pulverized by an intense artillery battle on both sides, at a ukrainian field hospital, you see conditions getting 50 to 60 wounded ukrainian soldiers each day. some have been wounded more than once. >> i got shellshocked and then i got shot in the leg. i got shot in the head. >> reporter: russia is accusing ukraine of launching attack don't and there have been several they have shot down, on the russian side. one of those drones landing 60 miles outside moscow. finland building up its border fence 100 miles of the border, concerned that thousands of russians have been crossing illegally.
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stuart: i believe we just lost the audio transition. we will get back to if he can. a negotiator in the abraham peace accords. let's talk ukraine. president biden wants peace talks. in private, he wants peace talks now. >> we can have dialogue. of the president would like to push forward, the biggest issue we have right now is we've moved and half measures. at the end of the day often times of the day oftentimes the current administration reaches the right point. we get them things but getting them late. why not get them when they are needed. i worry about that.
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we are not in a good position. of the one lindsey graham is calling out the decision to withhold f-16 jet fighters. what should we give them if we gave them what they want. could they win and win quickly? >> one thing we shouldn't do, if we are going to give them f-16s, my daughter is turning 12, what are we waiting for. at the end of the day, and the decision on the tanks. we dragged our feet, can't be doing half measures. then i will guarantee ukraine won't be in the best position. sometimes we going to analysis paralysis. this is important stuff. make the call, arm them the most we can, but do it now.
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nothing good will happen in 3, four, six months. stuart: slow walking delivery of weapons. the president wants peace talks and slow walking the weapons, holding things up is a way of getting things going on the peace talks. >> it's the second reason. the second reason is he is afraid of provoking pruden. what i will tell you in this region, it's a region that responds to strength. we need to play the american game. we can't go around being afraid of other people, it works in the reverse. it empowers someone, pruden in this case, to push further. stuart: you really know what you are talking about, you are a negotiator of the abraham peace accords. would you want to be a negotiator of peace talks in ukraine? >> of course. in these situations where strength brings the right
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resolve, it's important from our administration, the abraham accords where the best peace agreement we have in modern times. people think that is about peace, bringing people together but i will tell you if we didn't kill out soleimani, we took down the number of people in iran, the abraham accords, showed how serious we are. my recommendation if you are negotiating, dialogue is always fine. i don't have a problem with dialogue at any point. if you are looking to reach an agreement, it can't help russia sitting in ukraine and constantly -- if you do that you will show our weakness. this is not about russia ukraine. it is about more. stuart: that was fascinating insight. come back soon. japan wants to purchase much
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more american equipment. what do they want and what do they want it for? ashley: they are close to buying a hundred tomahawk cruise missiles to bolster defenses, japan's prime minister says his government hopes to finalize the purchase later this year, the pentagon and state department have to approve the sale which will give congress an opportunity to block the deal though it is considered unlikely. japanese lawmakers approved $50 billion in defense spending which includes $1.5 billion for deploying tomahawk's. the move comes as tensions with china have increased including a dispute in the east china sea and beijing's threats toward taiwan. let's not forget north korea has regulated the test by launching them into the sea right around japan.
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they feel surrounded and want to bolster their defenses. stuart: thanks very much. elon musk wants to create his own artificial intelligence program. he things ones like chat gpt have gone too woke. chief justice john roberts questioned by the administration's authority to forgive $400 billion of student loans. watch this. >> most casual observers would say if you're going to give up that amount of money, affect the obligations of that many americans on a subject of great controversy they would think that something for congress to act on. stuart: i will speak to carol harnish of the job creators network who was listening to that hearing. ♪ ♪
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oh yeah, that is them. (that is howard) yeah, that's on howard's campus. ohhh, she's so powerful, she carried on the family legacy. we were blown away. (chuckles) i not only was a student and an undergrad, but i've been a professor there for twenty years, so it's really a special moment to know that i had a family member who over a hundred years prior have walk these grounds. it's deeply uplifting. yes, it is. we're walking in their footsteps.
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stuart: here's where the markets are after one hour of business, not much change, dow is down 40, nasdaq down 60 for
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devon. 3m is moving today, 3.5%. lauren: they make many industrial products but also earplugs that are used by soldiers and facing a lawsuit from hundreds of thousands for hearing loss. the stock is up and records for the department of defense show 90% of plane trips have suffered no hearing loss so that would be a win for the company. wall street estimated they could face liabilities of $14 billion. stuart: that takes your case away. the taser people. stuart: lauren: thanks to the recently announced taser, full-year revenue to grow 20% and margins to come in 20%. stuart: i remember abercrombie and fitch, down 3%. 3%. lauren: they are popular again. those are from abercrombie and
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fitch. full-year sales growth above wall street estimates but executives on the call, still a head wind. there better-than-expected earnings. stuart: they used to sell clothing that went down your spine on the outside to stop the sun from getting at your spine. this was 100 years ago. they fought the sun on your spine was bad news. lauren: how do you know that? have you been around that long? i remember them being a store that smells like cologne. stuart: thank you. elon musk may be creating his own artificial intelligence program. he couldn't sit on the sidelines on ai. ashley: no he couldn't. he has good reason. musk wants to create a rival to
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chat gpt which he believes is gone, quote, woke. musk was an original founder of open ai, cut ties in 2015 due to disagreements with leadership but in recent tweet musk complaint open ai was training ai to be woke. he's been critical of open ai for filtering out ardent content from data to make chat gpt less violent, sexist, and racist. musk has approached several ai researchers and there is speculation he is looking at a new ai center project that would feature a chat bot with fewer speech restrictions that could be integrated into twitter. should be interesting. stuart: the senate is set to vote on scrapping the administration's woke investing rule for 401(k)s. this already past the house. if it passes the senate, the reese's revoking those 401(k) rules.
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will biden veto it? >> he says he will and that would be the first time president biden used his veto pen since taking office. this rule republicans want to overturn would allow fund managers to consider climate change and other social justice goals when making investing decisions. it covers 150 million americans with retirement packages investing up to $12 trillion on this topic of environmental, social, and governance investing. republicans found a friend in democratic senator joe manchin. >> esgs itself could cover the economy. >> it is a trojan horse with a green new deal, gets them all the stuff, starves capital from family farms and manufacturers, jobs, makes everything more expensive for hard-working americans. >> reporter: other democrats
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argue esg goals can and should be a consideration when investing. >> it is one thing if there is a mandate esg be included, i could understand this should be a mandate. if there's not a mandate. >> reporter: with senator john fetterman out and gender -- senator joe manchin republicans will have enough votes to pass this resolution overturning the esg rule that biden has put forward. we will see if it passes today and what president biden decides to do once it lands on his desk. we when john fetterman is out, you can't vote by remote in the senate. supreme court justices seemed skeptical of biden's student loan handouts, watch this? >> what is missing is cost to other persons in terms of fairness. people who paid their loans,
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people who plan their lives around not seeking loans or eligible for loans in the first place and half $1 trillion is diverted to one group of favored persons over others. >> most casual observers would say if you give up that amount of money or obligations of that many americans on a subject of great controversy, they would think that something for congress to act on. stuart: a chief legal officer at job creators network joins me now. you were in court for the hearing. looks to me like the supremes are going to kill this plan. is that what you saw? >> thank you for having me. we were very happy with how arguments went. we continue to agree with the justice who said how is it the
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administration can unveil a $400 million program, and that not go through congress, and in our case, not even through the american people. the administration didn't go through normal channels of rule is about making by asking all of us our comments. those -- winners and losers, none of us got to say our peace. none of the borrowers got to say their piece. this is a big spending deal cut in the back rooms of the white house. not even elected congressional body. stuart: it was vote buying by the administration. randi weingarten screaming about the supreme court hearing outside the supreme court. look at her rent.
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what do you think about it? >> as a mother of two who went through the pandemic and public schools, i have a lot to think about randi weingarten, i'm disturbed she's not focusing on her anger on the real culprits on this which are the colleges and universities that are sitting on $700 billion of endowments. this administration wants to get to the root cause of problems. in addition to spending $400 billion for backroom deal, it is not to solve the crisis, they need to call the colleges and universities together, randi weingarten and all those others at the supreme court need to ask them for accountability intuition dollars. stuart: you've got it dead right. you want to double upcoming
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travel plans, airlines changing flight schedules ahead of the busy summer season. president biden's pick to the faa getting a confirmation hearing after being nominated 8 months ago. many republicans are worried biden's pick may not be the first person for the job. connell mcshane will have the story next. ♪ ♪
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stuart: flying blind khmer travel in trouble. airlines are changing thousands of flight schedules ahead of the busy summer months. why are they doing this? ashley: airlines published
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schedule year out from departure. as the flight day gets closer they often need to change those times or scrap the flight altogether based on demand. this is true since they rebounded after the covid lockdown so if you're booked on a flight for may, june, july, or august, there's a chance your departure time or day of travel may have changed. usually the schedule change may only be a few minutes. in some cases hours and in extreme situations your flight could be changed to another day. experts recommend downloading your apps and checking your itinerary to see if anything has changed and american airlines is following united's lead by announcing it will guarantee children will be seated next to an accompanying adult, the latest carrier to respond to calls for better policies. stuart: thanks. 8 months after being nominated,
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president biden's faa pick is getting a confirmation hearing, but some say phil washington is not fit for the job after being tied up in a corruption probe. connell mcshane with us. ashley: charles: he had to wait to get hearing, republicans holding it up on concerns about his background. as it gets underweight is clear senator ted cruz is the one leading the opposition. the ranking republican on the senate commerce and he called for the committee to slow the nomination even further with new allegations against washington. a lawsuit alleged discriminatory and retaliatory actions at the denver international airport and ted cruz adding to that with this. >> congress mandated the faa administrator must, quote, have experience in a field related to aviation. phil washington had a long and
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honorable career. he does not have experience in aviation safety. this is simply a position he's not qualified for. >> it is more than the lawsuit and a whistleblower complaint at la metro which is part of a water corruption investigation and the senator's point, the work experience question. only at the airport in denver, a year and 1/2, before the denver regional transportation district for 20 years in the army and led the transition team for the transportation department when president biden took office. a number of republicans look at that and say that is not enough aviation experience. this nomination process comes at a time when the faa is facing a high level of scrutiny. so many close calls on the
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runways including just last week at burbank airport, mesa airlines pilot aboard a landing realizing another plane was about to take off. it is a backdrop for phil washington as he faces questions. stuart: today marks the first day of women's history month, highlighting grace hopper, former u.s. navy rear admiral and computer scientist. >> we have admiral grace hopper to thank for computer bugs but not in the way you think. grace hopper received a phd in mathematics from yale in 1934. when world war ii erupted, he took a leave of absence from her professorship to join the navy women's reserve. he was commissioned as lieutenant junior grade assigned to a project at
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harvard university, hopper stayed at harvard after the war building two more computers for the navy and it was there she popularized the terms bugs and debugging to provide computer malfunctions. when she retired in 1986, amazing grace hopper had attained the rank of rear admiral. america together, celebrating admiral grace hopper. stuart: more things like that through the month. the months. noncitizens will now be allowed to vote in washington dc's local elections. we are all over this one. laurie lightfoot, the first chicago mayor to lose reelection in 40 years. what is next for the windy city? we are on it. ♪
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stuart: dreadful, shocking new video shows several women attack a grocery store cashier in new york city. cover this one for us. ashley: it is quite horrifying, the video shows the defenseless bronx cashier being pummeled by a deranged woman at her grown daughters following a dispute the began the week before, 25-year-old isabel rodriguez luna was left bruised and battered and scared for her life. the cashier says she encountered the main assailant in all this the week before when she called her out for skipping the line to turn in at ticket for recyclables. that was enough to set her off, she vowed to return and she did, bringing her three daughters and a friend, all five who waited outside the store until she saw luna, then launched that brutal attack. police say the assault is being investigated but so far no arrests but the video speaks
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volumes, the latest example of a crime surge as a growing number of new yorkers want something done. in siena college a total of 49% of voters say they somewhat or strongly disapprove of governor kathy hochul's handling of crime, 60% of respondents say they believe crime is a serious problem in the state, 67% of respondents saying crime is a serious problem in their own communities. look at video like that, you can understand. stuart: yes, you can. back to the issue of the chicago mayoral race, mayor lightfoot lost her bid for reelection, first chicago mayor in 40 years to lose reelection. lee zeldin is former new york congressman. i am intrigued at the guy who led the whole, paul villas, he is the exact opposite of lori lightfoot. this offers hope for other big cities.
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>> chicago voters have had enough. the policies of lloyd lightfoot, taking the city in the wrong direction regarding rising crime, loss of economic mobility, homelessness, mental health, the list goes on. if your democratic voter voting democrat for a long time, you are realizing the policies of lori lightfoot taking the city in the wrong direction and you have to try something different and give it up to voters in chicago willing to take that action yesterday. stuart: why not new york city? why not los angeles, could see the same thing happening there at some point. >> you have democratic voters voting for republicans, conservatives to show up. the assumption being made by republicans is people who are democratic voters are just going to flip their vote but a situation of the devil you know, they may dislike the democratic party and their
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policies but they don't trust republicans even more. you have to show up and don't pander. don't show up to black voters and hispanic voters and say lack people vote for me, i love hispanic people, vote for me, show up and say we need to make it safer, we need to approve quality of education for your kids, here is how indian all those cities you start to see the change. stuart: illegal migrants, foreign students, tourists, staff at foreign embassies are now allowed to vote. in washington dc, local elections. you could be a russian tourist, stick around in dc for 30 days and you can vote. >> it is not constitutional, principal of one person, one vote. when you start giving away votes to people who are not citizens, you are eroding the
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vote of that citizen. one vote for your one person. new york city was going to do that in this november's election, the judge ruled it was unconstitutional and it was overturned. hopefully what we see is action at other levels, the house passed a bill that is signed by the president but you might be relying on the courts. stuart: they want to be the camel's knows in the tent. lee zeldin, pity you are not the governor of new york, but thanks for joining us. michigan congressman, will kane, bill bennett and mark tepper. if you are a chip manufacturer and you want government money, turn your company into a social welfare operation. i will call it soft socialism. that's "my take" and it is next. ♪
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>> it was obvious to anybody that looked at this early on in the pandemic it was a lab leak. >> china has not been held accountable for what they did and they're waging a


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