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tv   Varney Company  FOX Business  March 6, 2023 11:00am-12:00pm EST

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i remember when i first started flying, and we would experience turbulence. i would watch the flight attendants. if they're not nervous, then i'm not going to be nervous. financially, i'm the flight attendant in that situation. the relief that comes over people once they know they've got a guide to help them through, i definitely feel privileged to be in that position. ♪ >> we've had 21 don sective months where cpi outran inflation and the worker has to
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wear off. >> chairman needs to step up and make comments and but to the point the mar markets are learng to live with urn certainty and people on the sign lines are recognizing that. >> stop calling it d-e-i but d-. that's what you do. they'll vote accordingly for candidates that talk and act this way. stuart: it is 11:00 eastern time and monday, march the 6. let's go to the markets and still have green but we're backed off a little from the best levels of the day. dow up 100, nasdaq up 112 or 113. big tech moments ago, all of them were higher, same story now. every last one of them on the upside. let me point out apple in particular, 155 is the price there. that's up two and three quarters percent today.
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check the 10-year treasury yield backing a little bit away from the 4% level, that helps big tech. 10 year treasury has yield 395. now this. wherever taxes are high, there's an exodus. people are leaving blue states in record numbers and taking their money with them. this is a trend we've been covering and for now exodus is speeding up and blue state government is panicking and however they've not learned their lesson. growing budget deficits and they're raising taxes. according to a study by art laffer and st steven moore, stas are proposing higher taxes on the wealthy. think about taxes on income. in new york city, the local and city tax rate hits over 14%. in miami, 0%.
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in california, the top state income tax rate is over 12%. in dallas, again, 0%. moore and laffer show in the last ten years these seven states have lost a quarter trillion worth of income. higher taxes will not bring it back. it often feels like there's a national divide that's growing and not just a political divide, blue states: democrat, red states: republican. no, no, there's more to it than that. so many things in blue states are different than in red states. taxes, education, crime, guns, employment, and most important of all that sense of individual freedom. last month representative margey taylor green subjected a national divorce where red and blue states live under completely different economic and constitutional arrangements and sure looks like we're going in that direction, doesn't it? third hour of varney starts right now.
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stuart: steve forbes with me this monday morning. the exodus is speeding up. where does this leave blue state governors? >> in the dust but the reason why they're not changing their minds, they know better is they all think they're going to run for president in 2024. a year from now, gavin newsom, you see that. governor of illinois, see that. even the governor of michigan thinks she might be a vice presidential candidate and far left is dictating policies in those states and eventually their politics will change seeing the rest of the country going in the opposite direction, especially if the republicans win in 2024 and the blue states will realize no more federal bailouts and they'll have to face rate. california is already beginning, $25 billion budget deficit after $100 billion surplus cash after all the handouts from washington. stuart: they're not going to reverse the exodus. they're raising taxes. >> not reverse but internal politics will force a change. stuart: how do you run for
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president if your state, people are leaving your state in droves and you've got a whopping great big deficit and you're running for the presidency and you can't reverse that? >> well, they're all entrolled on the far left of the democratic party. if they appease the far left, there's a chance orgeat the nomination and maybe a miracle will happen and they ignore joe biden's numbers in the 30s and 40s in terms of approval and the economy is worse. reality facing the fact to dream i'll be in the white how many times now, you'll be in also ran. stuart: nice turn of phrase there, steve. speaking of california, the governor of florida, desantis, says gavin newsom is to blame as people leave california for florida. watch this. >> if you look over the last four years, we've witnessed a great american exodus from state's governed by leftist politicians imposing leftist ideology and delivering poor results. from the beginning of this state's history, all the way until like the last four or five
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years, people beat a path to california. you didn't beat a path away from california and yet now you see the state hemorrhaging population. stuart: steve, national politics is rapidly becoming politics between california and florida, isn't it? >> it is indeed. he's right about gavin newsom even though the id seizure disorderses in california -- idiocies began in late 1980s and 1890s and the terrible friar and water, they're having drought water problems and do you realize their annual rain fall, half is flushed into the pacific ocean and only 10% of that annual rain fall goes for commercial and residential use and 40% for agriculture and 50% flushed away and sheer idiocy. doing to the electrical grid, it's the same thing. he didn't reverse and he went along with it and has eyes onto appease the far left, i'll be the natural nominee in 2024 as joe biden suddenly decides to
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retire. stuart: he might be the nominee and can't count how gavin newsom could win a national election. i don't see it. >> i hope you're right and i agree with you once you get down to the issues and it'll be like 1980 and want all the things we had in the 1970s or a better future like reagan versus jim my carter and you'll see the same thing in 2024 and nice thing about a federal system is states can change and show what works and doesn't work. the politics and states like michigan will change once again to going in a more sensible direction instead of the craziness you see now. stuart: the voice of common sense from steve forbes. good stuff, steve. got to get to the market and going to the market and check out the numbers but you've also got to get to the federal reserve and the concept of a recession. jason catas catastrophe -- katz joining us this morning and he's got a grim look saying a recession is not if, it's when.
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oh, dear. >> so, i know what i'm about to say is going to say no, ma'am nows and i want you to wait -- ominous and i'll wait for the punch line and in a heads and tail environment. if the coin comes up heads and you start seeing the economy deteriorating and numbers and earnings coming down, stocks follow suit. watch what you wish for rooting for bad numbers. on the other side of the equation, on tails, if the consumer remains resilient and the worker remains resilient, it postpones the inevitable. the economic cycle will come to an end regardless because under the second scenario the fed will stay higher for longer and the punch line is however the markets have absorbed all of this or a lot already. i do think that when we have this inevitable recession, it's going to be wild not to dismiss it and the magnitude of the line
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and everything is baked into the cake. stuart: we go into inevitable recession, doesn't mean to say we have an inevitable sharp downturn in stocks. >> on average you see 30% draw downs with a recession and had a 20% draw down and look at the average stock in the s&p and far worse than that and if we have a recession, we're going to have further downside but i'm not necessarily suggesting be cat liz mc. stuart: okay. what -- cataclysmic. stuart: okay. what do you see tuesday and wednesday? >> it's game time for the fed in the next two weeks. i would argue the balance would be predicated on the next fortnight and between the fed testimony this week and job numbers on friday and cpi next week and feed will have a much greater handle on where this so-called terminal rate will be. people like me that buy stocks and do so predicated on rates and that's part of the formula
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and we're going to have a much better handle on that factor in the next two weeks. that'll set the tone for the balance of the year and stay tuned. stuart: very important fortnite as we used to say. jason, thank you very much. appreciate it always. back to the market and lauren is with me. start with movers zoom is up -- 1.8%. lauren: yeah, they fired their president eight months after hiring him without any reason, without cause amid the layoffs and the number about 1300. stuart: the stock goes up nearly 2.7%. lauren: yeah, change could be coming at the company i suppose. stuart: just like that. lauren: he was change just eight months ago. things move fast on wall street. stuart: tough at the top. shoaly me dollar tree. i -- show me dollar tree. i believe it's down. lauren: last week several brokeraging came out and downgraded the company and lowered price targets and it's still reacting to that today. the latest was truist cutting
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164 and jm morgan off the conviction list last week. stuart: enfaze energy. lauren: they're expanding in illinois to meet demand for residential solar systems and heating and cooling with solar. big demand up 13% and stock up 5.25. stuart: solar for your house? got it, thank you, lauren. a college professor thinks black employees should get extra paid time off to deal with fatigue and trauma from systemic residentism. we'll discuss that. racism. we'll discuss that. liberals on edge after lori lightfoot's landslide loss in chicago. it's a warning sign for the whole country. people are fed up with crime and feel unsafe. the president will release its annual budget blueprint this week and he's said he wants to raise taxes but not all democrats are on board and mark meredith has the report from the white house. mark is next.
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(soft music) ♪ stuart: nothing like a little motley crue to wake you up in the morning. lauren: makes me want it hit the gym. stuart: not bad for beginning of
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march, 61 degrees at the white house. president bide listen release 2023 budget. biden said he's going to raise some taxes. do we know which taxings he'll raise? >> stu, we know which kind of americans or what kind of wealthy americans will raise and later on this week, good morning to you. it's 51 degrees here and a busy week ahead for the president unveiling his budget at the white house and expected to call for congress to strengthen both social security and medicare and reduce the deficit and raising taxes likely to come up but that'll be a nonstart we are house republicans. the president will officially unveil the budget heading to philadelphia on thursday and congressman brendan boil invited the president to his district tweeting "ranking member of house and budget committee, i look forward to welcoming the president sports grill investing in a better, brighter future for america's working families". it's likely we'll hear the white
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house start dropping hints about what it wants to offer up in the budget and even though the president destroy that had himself and he's been hinting as recently as last month what he expects to push forward. >> any of you billionaires out there, you're gonna stop pay 3:00 o'clock%. >> tax fight is coming and house republicans talking about the economy and talking about more since inflation and house republicans are committed to ending with the president out of control spending and driving down cost for americans and the economy is likely to dominate the discussion with the budgets and imagine what it's going to be like for the next several months and inching ever closer to 2024 and republicans likely to talk about inflation and in the interest rates will continue to go up and i imagine the white house will continue to push back and the labor market talking about this and 2024 speak about an hour from now.
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stuart: tax the rich, baby. new york lawmakers must stop blaming rise in crime on politics and wall street journal wrote about that. jason, welcome back. it's been a long time since you've been on the show and you've been sorely missed and now you're back. what's to blame for rising crime if it's not policy. >> we've passed bail reform laws to make it more difficult and lock up repeat offenders and tieing the hands of prosecute herbs that want to lock people up and judges to keep the public safe and how could we not be having a crime wave is the real push? stuart: is it just a question of policy that's creating this crime wave, that's it, policy?
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>> pretty much policy. i think voters are getting tired of it and in new york city where we've had a mayoral election where a police officer that ran on tough on crime laws was elected, mayor eric adams and not progressives in the race. in san francisco, there was a district attorney that was recalled recently and in philadelphia which also has a progressive prosecutor and there's been effort to impeach him. i think the public is getting tired of this and it's the latest example of chicago where the mayor lori lightfoot lost her reelection bid. stuart: eric adams, the mayor of new york said the mayor of chicago and the election and the big loss by lori lightfoot, that he says that's a warning sign for the entire country. listen to him now. >> is what happened to her a warning sign for new york? >> on the contrary. it's a warning sign for the country.
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eric adams has been talking about public safety on the campaign trail and for the first year. i showed up at crime scenes and knew what new yorkers were saying, and i saw it all over the country. i think if anything, it is really stating in is what i've been talking about, america, we have to be safe. stuart: jason, in the next presidential election, do you think crime could be a big issue in a way that crime has not been such a significant issue in previous presidential elections? >> i think it absolutely could be and there's evidence that the white house joe biden also thinks it could be a big issue, and i say that because he did that about phase recently and this mayoral race recently and changed his mind about vetoing a bill out of congress and dc council last year and passed legislation that put in place more of the soft on crime laws and congress has jurisdiction
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over dc and they've passed a bill saying no, we're not going to let the council do that and initially biden said i'm going to back dc but after the chicago election, he changed his mind and he's trying to blame it on racism and people not liking women or gay people not liking gay people but of course if any of that was true, why was she elected in the first place? that's where she's going with this and that's where a lot of other progressive democrats are going with this and that's been the white house starting to look at this much more pragmatically in terms of where voter sentiment is. stuart: i don't know if you saw or heard this. eric adams, mayor of new york city said he doesn't like to see prayer taken out of the schools as it has been taken out for many, many years. you have any comment on that?
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>> i think eric adams is very old school in that sense. he speaks his mind but frankly, you know, i think a lot of black politicians including a lot of black liberal politicians or most black politicians share eric adams sentiment about that even if they're afraid to say it out loud and give the mayor credit for being brave on that front. stuart: he was out front on that one for sure. jason, don't be a stranger and come see us again soon. you're welcome any time. thank you, jason. see you soon i hope. a college professor demanding black staff members get special paid time off because of systemic racism. tell me more. lauren: her name is angel jones and critical race professor and at southern university saying black staff should receive bereavement leave and staffing services as they deal with police brutality and the trauma it causes and they need time to
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process it. she didn't specify if other minorities that work in the college should get special bereavement leave et cetera because of trauma they might be experiencing. can you imagine that? stuart: i can't imagine that and i cannot imagine that and lyric it's victimhood and constantly asking for a ca carveout and something special. stuart: there was a request for gays and the denial of gay marriage and they were traumatized by that and it was $20 or $30 billion in reparation and the cult of victimology rolls along. lauren: group after group as if money make it is better. stuart: i think i'll have to editorialize on this. lauren: if you had an issue as any faculty member and said
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police brutality or whatever the issue and brought that to your chair they'd give to you or work with you. you don't need the blanket carveout for everybody. stuart: everybody get it is and back to the market and -- stuart: 333 fentanyl pills seized and four times more than in 2021. portland, oregon, saw a 9% jump in crime and set a new homicide record and my next guest says crime was turn intoed a hollowed out shell of what it used to be. there's more right after this. ♪ ♪
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stuart: that is new orleans,
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hard to recognize it. standing monument that place it is there as well. it is 75 degrees there right now hawaii do you expect for the first week of march? down south, not bad. on the marks there's a rally going and it's fade ago bit and dow up 78 points, nasdaq up 100 and susan back with maine looking at mo movers. susan: looking at possible tiktok ban and that would benefit likes of facebook, snap chats, google and more. if they spend more time on tiktok than others, if it's gone, they'll spend more time on other platforms. banning tiktok, blocking foreign tech and they say 100 million americans spend 90 minutes a day on tiktok and a lot of those being teenagers and other individuals and spoke to give
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biden power to come as soon as this month and flying up 53% this year stuart: banning tiktok outright on the devices and push a sale during the trump administration and oracle and microsoft. susan: palo alto and c3 ai retail favorite and stock is up 154% in two months time and just incredit card and will that means there's a shorting opportunity in this stock as well and the important
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attraction with customers and failing partnerships and z scaler and p palo alto and investing in big cybersecurity names this year. stuart: palo alto first time it's been down for a long time. apple's the biggest contributor to the dow. susan: nasdaq and s&p and apple is the largest on the planet and they're worth about 4%, 5% of s&p, which is the most influence we've seen since cisco in those days and goldman calling apple a bye for the first time in six years and stock worth 199 in their views and 30% upside and microsoft in the last few hours
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and features launch on their cloud service azure and giving wrong answers and most, not most but many times. stuart: portland, oregon, hitting a new record for the second year in a row. there's more for now and how do the suburbs feel about portland's slide. what are they doing about it? >> i can tell you what we're doing in our county specifically. we're governing in a different way. we prioritize law enforcement,
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we fund our law enforcement, we don't allow a culture of lawlessness in the communities and i want to make sure the people in our communities are safe and kids are safe in their schools and can walk down the street and play in the parks and without running and cross section of criminallalty that does harm communities and we're criminality and without harming other counties. stuart: the county is largely republican and portland oregon is way out far left. there's a political component to this. >> yeah, you're right. for the first time in a long time, there's a really more republican centrist board governing the county and we believe the board expects the government to fix the problems
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and be innovative and creative and support families and get to work easily and the roads are working and they're safe and these articles in the county and we want to be a contrast to the things that are happening in portland. stuart: portland itself, is it losing population and businesses dramatically? >> yeah, first time in decades, portland decreased in population and it wasn't that long ago that oregon was one of the west coast lands of innovators and job creators and the past like texas and tennessee and florida and leading to places that feel safe. stuart: your county i believe is one of the first to have certified fentanyl detecting dogs, canines, in oregon and that's clacimus county and who do you blame for the fentanyl
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crisis? >> the measure of 110 with the voter got duped on and what they're getting to and we've de-criminalized people in the heart of drugs and even when i did a 14-hour ride along with the deputies and they do great work and we intersected with fentanyl all day long. the whole entire shift and what we need to do is find resources to be able to battle this on a local level and i'm glad that we're doing that in our county of clackama s and more. stuart: there's talk of the military leaders being used to talk out the leaders of the cartels. what do you think about that? >> it's far past time and
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happening across america and as much to blame for the progressive policies and lacked border policies stuart: hope you can come back too? stuart: wal-mart closed all the remaining locations within the city because of crime. lauren: yeah, crime and rampant shoplifting and the ceo with authorities in michigan don't address rampant shoplifting and wal-mart will have to raise prices or close the stores. all wal-marts will close by the end of the month and 580 workers were impacted and in portland
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165,000 as well. stuart: thanks, lauren. coming up, some gen z workers have no interest in going above and beyond at work. >> i'll make sure you don't have to go to any meetings and if anyone comes to see you, i'll share them away. >>-- scare them away. >> choosing between these two ties. >> you're hired. stuart: blame social media for that and we will explain. president biden making a decision on the willow oil project as early as this week. revenue $17 billion and biggest oil and gas project in america but the greens might stop it, dead. grady trimble reports, next.
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stuart: this is all about gen z on social media. lauren: it is. it's the movement on social media and largely organic and aided by environmental groups working with some of the social media gen z influencers and turning the willow project into the lightning rod for the administration and dunleavy
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coming to conoco phillip's defense. >> he's being held hostage by echo terrorists and the pressure is so great and willing to override common sense and logic. lauren: oil now and in the foreseeable future and 180,000 barrels a day. but the greens will be here and sue and sue and sue and protest and do everything that we can. stuart: synergy home am i not surprised. grady trimble is with me now and we heard about the opposition and is the white house approving it or not? reporter: stu, the biden administration is scaling bactrimed down versions of the project and lauren pointed out benefits of the project and conoco phillips says the
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$8 billion project and the full version of it could create 2,000 construction jobs, 300 permanent jobs and produce the equivalent of 1.5% of the united states total oil production. alaska's lawmakers both here in congress and in the state legislature really liked the sound of that but lauren pointed out, environmental groups do not. it's the behind faith they have in their climate religion and everything else is secondary. we have the highest standards on production of oil and gas anywhere in the world. why not in america? reporter: in a leaked memo about a different project, a natural gas project in alaska's cook inlet and the former head of the bureau of energy management admit that had lower royalties with that project deserve to lead to higher government
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revenue and create greater energy security and nevertheless the memo reads because of the serious challenges facing the nation from climate change and impact of greenhouse gases from fossil fuels, boem is not recommending this option since it would not include an appropriate surcharge to account for those impacts and that's separate projects and that gives you a sense of where the biden administration is thinking where they await a decision on willow and where they come now. stuart: thank you, grady. it's that time for when we show you all the dow 30 stocks and tell you how the market is shaping up today. two-thirds on the upside and one-third on the downside and the dow is up 100 points as we speak. next story, fascinating, the world's first three yearlong cruise is about to set sail.
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it's going to take passengers all around the world and it costs less than some people in rent and how about that? we'll deal with it next. ♪
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serious allergic reactions may occur. watch me. stuart: from quiet kitting to bare minimum bonds, there's no short -- mondays, there's no shortage of trends in the workplace. lydia hu went to the twitter to ask people what they've heard. >> yeah, we found a lot of people that like this idea of bare minimum monday. in fact, they admitted to it. watch. >> bare minimum mondays, i can go with that. how can i work hard on monday? i want to sleep in. >> see yourself working less hard on mondays? >> yes. being able to chill on monday and reset works better. >> five days a week is fine. been doing it a long time. >> i do believe on monday, a full recovery will be very beneficial. >> i have a feeling everyone gets lazy and count do [ bleep
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]. >> working and they want to go home and want money from the government. >> people don't want to work. people are lazy and want to do as least as possible. >> bros on our phones and looking for our next break and checking our phones to see what's up. i'm lazy and i'm guilty of it. >> at least he admits it; right. i like to think, stuart, of bare minimum monday as quiet quitting's little brother. quiet quit asking popular far more than any employer wants and half of workers are = of quiet quitting and companies have a role and trying to get workers back to the office and so at least here in new york city, it could be that workplaces and employers feel like they can't put pressure on their employees to get back and actually work hard and do their job, even on a monday. stuart: we used to call it skyving off. that's an english expression or translating into america?
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means not doing your best. >> seems to apply. lauren: schedule fewer meetings maybe. like do things like that to ease into the week. doesn't mean you have to work less. stuart: okay. whatever you say. that was very interesting. that was fascinating. especially the guy who admitted to being lazy. >> i got to give him credit. stuart: he at least admitted to it. >> right. stuart: life at sea cruisers announced the world's first and only three year world cruise. you visit 375 ports, 135 countries and all 7 continents and life at sea cruises managing director mike pettison joins me now. mike, i have a lot of question and can we do rapid fire stuff here? >> sounds good. stuart: first of all, how much? >> $35 a year per person per year. stuart: essentially -- that's per person per year. you're renting a cabin is what you're doing? >> yep. stuart: does that include food? >> it includes food, lodging,
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travel. and access to the business center and free medical visits as well. stuart: free medical? >> yes. free medical visits. stuart: free medical visits. what happens if i come down with -- >> if you need surgery or something. there's a cost to that but, yeah, certainly we -- you can visit the doctors that we have on board free of charge. stuart: okay. do you need to sign up for all three years? >> yes. right now we are sailing a three year ultimate world cruise that lasts the three years. you have full access to come on board and disembark whenever you please and welcome friends and family any time they want to come visit. stuart: now, do i have to -- do i sign up for three years when i sign up to start this thing, i'm in for all three years. there's no getting out and can't do one year, two years?
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can't do that? >> you can sell it or, you know, rent it out. that's up to you but, yes, you buy the full three year cruise. stuart: who's signing up? give me the demographic. i would think a lot of retired people. who is it? >> yeah, well, we thought about 55-75 would be our target market, but what we see people are signing up is much wider of a gap. we have 25% of the people signing up are less than 45 years old. stuart: 50% are less than 35 -- >> 25% of the current purchases are less than 45 years old. so the ability to work from sea, i think is really attractive to a lot of the buyers. stuart: will you tell me how many people have signed up so far? >> we have about 124 sales right now. we've been overwhelmed with the response. we have 15,000 contact requests
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just on friday alone. so even with a huge call center, we wouldn't be able to keep up with that. we're a little bit behind on those contact requests. you know, we're definitely getting to them. stuart: maybe i'll bring in more for you, who knows. mike petterson, life at sea cruise. fascinating and thank you for joining us this morning. >> thank you. stuart: time for the monday trivia question, good one: how many keys on a standard grand piano? 72, 88, 96, or 102? what is it? the answer after this.rst ♪ but the things 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. - [announcer] payroll takes too long. at least it used to. now, there's roll,
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right? uhh...nope. intuit quickbooks helps you manage your payroll taxes, cheers! with 100% accurate tax calculations guaranteed. ♪. stuart: all right. earlier we asked how many keys are on a standard grand piano? i actually got a little hint on this from one of the producers who said that same number of keys on a grand as in a baby grand, baby piano. 72 in total. what say you? >> 88. ii thought you were going with 88. stuart: i lied the answer is 88. i got a hint, i got it wrong. typical, isn't it. that is it for "varney & company" today. join us tomorrow. "coast to coast" starts now. ♪. neil: read it and leap.


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