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tv   Varney Company  FOX Business  March 23, 2023 9:00am-10:00am EDT

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latest word salad speaking at the white house celebration of women's history month. happy women's history month. >> oh, happy women's history month. i want to know who that speechwriter was because man -- >> she's history. >> send in her resume. just unbelievable at that level, you can not get a better speech written for you or you can't read it. maria: yeah, unbelievable. they use chatgpt writing her speech. guys its been a great show dow industrials up 49 we'll be watching this market and hand it over to "varney" & company, thank you, so much. mark lee, "varney" & company begins now stu take it away. stuart: good morning, maria, good morning, everyone. okay the fed has raised rates a quarter point. the market did sell-off. treasury secretary says she's not planning government insurance for all deposits. okay so now what? well try this. the regional banks are all up this morning. this is where the bank scare
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started. apparently, the rate hike has not upset the banks too much. stocks did sell-off big time. she modest bounce today the dow is off over 500 points yesterday backup a mere 42 this morning but its been all over the place. the s&p a small gain. the nasdaq though solid gain there as big tech is stabilizing as for interest rates, i don't see much change. the 10-year is right at 3.5% up slightly. the two-year right at, a moment go at 4% now it's at 3.96. not that much change this morning. here is what i got wrong. i thought gas prices would fall sharply when oil tumbled below $ 70 a barrel earlier in the week unfortunately, the price of regular gasoline still averages 3.43. no change. virtually no change this entire week, and diesel is still at 4.27 again unchanged virtually no change this week. sorry folks i did get that wrong
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bitcoin, again, not affected by turmoil in the crypto industry. the sec has warned about legal action against coinbase the crypto exchange. bitcoin still at 27, 500. politic, whoa an interesting exchange between the leading republican candidates. trump calling ron desantis just an average governor whose not done well on crime or covid. not sure floridians will agree with that. in response, desantis questioned trump's character. he wasn't nasty. he kept a smile on his face. new york da alvin bragg's case against trump has run into trouble. a source tells fox that bragg is having a hard time convincing the grand jury he has a valid case but that grand jury will reconvene today at noon. the ceo of tiktok will be grill ed on capitol hill. the commerce committee wants to know about tiktok's impact on children and its relationship to the chinese communist party. we'll hear from a parent who wants a total van. more reverberations from the
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outrageous shouting down from a federal judge at stanford university. tyran steinback led the disruption, finally, a little pushback. she's been placed on leave. maybe wokism has peaked. we live in hope, don't we? thursday, march 232023, "varney" & company is about to begin. ♪ you raise me up so i can stand on mountains ♪ stuart: okay, you raise me up, oh, dear, now that's our producers desperate to getting on board with the federal reserve, which raised interest rates a quarter point yesterday. lauren: yup. stuart: you raise me up. >> yes you do. todd: it's the ring tone whenever you call my phone, stu. you raise me up, whenever you call that rings. stuart: is that true? todd: no. >> laura: do you ever call him?
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todd: no. stuart: can we get serious for a second here, welcome to the show , todd piro. lauren: big goals. stuart: lauren good morning to you. lauren: good morning. stuart: you have to tell me about this push and pull between jay powell at the fed and treasury secretary yellen. lauren: quite a split screen on the one hand you have powell and the fed saying the banking system is sound. you know, one more rate hike, but no rate cuts really in the cards, and then you have yellen and the treasury saying well, is it so sound that we don't have to guarantee all bank deposits or too bad for you if another bank goes under. i mean, that's the push and pull right now. if you take a look at this moment, the regional, those are the big banks they are higher but the regional banks first republic up 6%. the regional banks are also higher. so investors are now thinking, i think this is the bottom line. the fed will soon stop hiking rates. they took the words ongoing rate increases out of the statement, but that doesn't mean that they
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are not worried about inflation. doesn't mean they aren't worried about a hard landing and doesn't mean they aren't worried about credit risk. stuart: push and pull, difference of opinion right there, and what we've got is the banks up this morning. a little calms down i would say despite the push and pull. lauren: that's what i keep stressing right now at this moment because it keeps changing. stuart: yes it does. look at the market this morning look at the dow, s&p, nasdaq, modest bounce but the dow and the nasdaq though is up 100 points. david nicholas with me, market watching for the day. the fed has raised rates. might not do another hike. inflation may be coming down a bit. is this a time to buy? >> you know, stuart, we're see ing a lot of volatility and look the fed meeting we're see ing some positive movement for the markets today but look that may not last. i think that the rate hike environment, inflation could still be heading higher. generally that does not bode well for markets so we're being patient. i think there's a better buying opportunity around the corner but the fed said a lot yesterday
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that still has left to play out for the markets so i think it's better to be patient than dive right in right after a fed meeting, stuart. stuart: okay so you're not prepared to jump in today. a lot of people are, but that's another story. hey, i read your stuff. why are you so big on the beer people? molson coors? >> [laughter] that's right so stuart there are still gems out there and look, p abts here is one thing that i noticed that consumers are cutting their budget but you nowhere they aren't cutting it, stuart, is in beer so if you look at ebidta margins a year ago, margins were at 6%, that doubled at the end of last year to 12%. why? because of the cost of transportation, wheat, supplies that go to make beer has started to come down so i think like a name that has tap that has quality cash flow, good earnings could be a buy in this market, because stuart, people are still buying beer, regardless of how high the price is. stuart: all right, david is not jumping into the market today, but he is interested in beer.
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david, thanks for joining us, and we'll see you again real soon. >> thank you. stuart: let's get to politics shall we? the bread and butter of this program, actually. florida's governor desantis laughed off some of the nickname s that former president trump had been throwing at him. watch this. >> what's your favorite nickname trump has given you so far ron desanctimonius? >> well, i can't, i don't know how to dell desanctimonius, i don't really know what it means but i like it's long, it has a lot of vowels so we'll go with that, that's fine. you can call me whatever you want, just as long as you also call me a winner, because that's what we've been able to do in florida is put a lot of points on the board and take the state to the next level. stuart: well desantis did take a mild shot at former president trump about his character. it's kind of mild though and here is president trump' response. part of the statement was now that ron desanctimonius is fine tallly admitting he's in the race by beginning to fight
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back and now crashed so he has no other choice let me explain the facts. florida has been successful for many years, long before i put ron there. it's amazing what ocean and sunshine will do. tongue and cheek. what do you say about that there , todd piro? todd: well, buckle up, stu, because we are not even out of march of 2023 and these two are literally beating you know what out of each other. i don't know if you feel the same way but they are just playing for the top spot on the republican ticket and all of the other people are sitting back like saying we like to be v p, but what's interesting to me about this , desantis is not backing down. he's not taking the bait. he's leaning into the nicknames but also willing to fight back. trump obviously is going to fight as hard as possible. this showed he doesn't mind the nicknames, but it's interesting also, you have trump attacking florida, the state in which he lives, and a state in which he has said look how great florida is. look at everybody moving to florida for the conservative
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right wing policy, so boy, it is wild to watch. stuart: it's like a setup , it reminds me of 2016. todd: absolutely. stuart: a whole bunch of candidates facing trump and trump's picking them off one by one. todd: that's a great analogy but you know what's different? in 2016, the people did not know how to react. the candidates didn't know how to react to trump and they kind of all got upset by it, sort of got insular when the names came in. stuart: lauren? lauren: yeah, just first of all, desantis hasn't even officially entered the race, okay? that's still somewhat of an unknown. i don't think he should take the bait. i don't think he needs to. todd: you think he is? lauren: i think he needs to rise above it. i think he's handling it well so far but it could get really bad and you might need to kind of stand up for yourself and then before you know it you're fighting back and i don't want to see that as a voter. i just want it to be a little bit more gentle. stuart: piers morgan, desantis had a smile on his face.
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todd: right. stuart: he really was playing nice. lauren: for now. stuart: change the subject. this is for you. the grand jury hearing evidence against president trump returns today at 12 noon. yesterday, they were told not to come to court. they are coming back today at noon. all right, you are a recovering lawyer. is the case falling apart? todd: that's the best way to describe it. look it wasn't much of a case to begin with, and even in a da's office like the blue, blue deep blue new york da's office you have to wonder about these coming. you have to think that there is something behind the scenes where these lawyers are worried about their own careers going forward. they're worried about and i heard hall alan dershowitz raise this point, they are worried about bar certifications going forward, because if they signed the brief and documents that can hold them out with the new york state bar and federal bars in the future so i wonder if they have heard how bad their case is they have been reminded, stu, of how bad their case is by the media including many on the
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left and they are thinking of themselves i've got to getaway from this as fast as possible but we'll see. nothing is set in stone yet. we don't know if this is going to happen. we don't know if this is not going to happen but if i were a lawyer i'd worried about the reputational harm. stuart: and your future. stick around you're with me for the hour. todd: sure. stuart: we have an update on the 2024 race. start with trump please, lauren. how much has he raised by tweet ing since the possible indictment? lauren: the social media post went out saturday morning and he's raised $1.5 million. this is grassroots supporters. people looking at this and saying this , the hush money case is pure politics that's how much he's raised in a couple days. separately, reuters is reporting that president biden is considering wilmington, delaware for his campaign headquarters should he run in 2024. he goes there frequently. stuart: why am i not surprised? lauren: senator tim scott is planning another trim to iowa,
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april 12, next day new hampshire both early primary states, and then he's going to spend two days on the 14 and 15th in south carolina meeting with donors. he's got $20 million. stuart: 20 million already? lauren: 20 million. stuart: last word? todd: i think that's desantis' biggest concern the fact that trump can play anything. look at how he played a potential appearance in handcuff s. he got $1.5 million from the rank-and-file people, the people, still love trump. stuart: i thought it might be more than that. todd: we'll see where it goes. it's still early. stuart: lauren, todd, thank you, coming up here is what we have for you. car even jean-pierre claims biden's economic plan is working and we're a strong economy. florida congressman byron done adlers not having that. watch this. >> see a recession, or pre- recession. we see a strong economy and it's because of the work that this president has done. >> inflation is created by too much government money going into the economy. if she took an economics course maybe she would realize that. stuart: you know? we need an economist to set the
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record straight. we have john lonski, he's good. he's here later in the hour. a college in michigan under fire for hosting five graduation celebrations. they are separated by race, sexuality and gender. former michigan gubernatorial candidate dixon on that. she is here, next. ♪ you'll always remember buying your first car. 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. if your child has diabetes, you'll love how easy dexcom g7 is. it's on. and, he's off. you can see his glucose numbers right on your phone,
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stuart: i've got to say that looks nice. i don't care about the song but i like the view. that is daytona beach, florida. it is 67 degrees. i'd like to be there right now. i don't surf, i don't swim. all right. todd: low cash isn't coming on "varney." stuart: i get sea sick. i can't swim. i hang out on the beach though. lauren: okay. stuart: should we get a change of subject. here we go it's a great show so far let's not kill it. a bipartisan group of senators wants to stop china from purchasing u.s. farmland. todd, here is my question. if i'm an immigrant from china, and i'm an american citizen, can i go out and buy a farm? todd: that's a great distinction you're pointing out. let me get to the details and i think you'll understand why this is a really good idea. bipartisan group of senators led by mike braun, democrat john tester giving us the bipartisan moniker pushing a bill to prevent people associated with governments of our main adversaries from buying ag land
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in our country, china, russia, iran, north korea have been designated as threats to national security by the office of the dni. now this ban, to your point, stu , does not apply to u.s. citizens or immigrants who are lawfully admitted for permanent residence to our country. you remember last summer, chinese food manufacturer made headlines for purchasing 370- acres of land in north dakota. only 15 miles away from grand forks air force base. that is a center for both space and air operations. i think this is a great idea. we need to do this. not discriminating against immigrants. discriminating against the governments that are our adversaries. stuart: tell us how you feel there, todd, let me move on. i have a related story directly related. communities in rural michigan pushing back on plans by chinese -owned firms to build battery plants in their towns. look whose here. tudor dixon is the former republican candidate for governor of michigan and joins me now. look, i understand that these chinese-owned companies want to build these factories, and i understand that you want to
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reject that, but you're rejecting capital investment in your community. you'll pay a price for that. >> so that's exactly what the democrats are saying. in fact even lawmakers on both sides are saying this is bringing jobs. this is going to bring a company to michigan. let me take you into the by laws of this company because right in the bylaws of this company it says that in michigan on this one mile square foot, one mile piece of land they are going to have a chinese communist party organization right within the company and that ccp operation is supposed to infiltrate the grassroots of the company. so imagine that. not only that. they will bring 250-300 chinese nationals to live on the college campus. they will provide housing on the college campus. these are not american jobs. this is not the community getting jobs. they are going to bring in chinese nationals. stuart: okay, no, that's a very valid point. those are details i did not know i thought you were just rejecting capital on the ground they might be spying.
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i didn't know about the square mile and all the chinese nationals. point taken very much so. separate case, and next one. a liberal college in michigan is holding five separate graduation ceremonies based on race, sexuality, gender identity. it sounds like segregation to me >> right. now, the university will tell you, well we have one big graduation celebration and that's going to be the ceremony and then these are separate celebrations, but it says in the e-mail, you look like you're going to graduate in the next six months, so we believe that you might be welcome at one of our cultural graduation ceremon ies. so this is said, a ceremony. it's said it's a cultural ceremony but if i get that e-mail and i don't fall within one of those categories how am i supposed to feel? well, i'm not one of those races , and i'm not part of the lgbtq community, so i am therefore not welcome at an additional celebration? by why are we segregating people
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anyway? when did this start we have to have separate graduations? stuart: like we're returning to the 1950s or something. tudor, i'm sorry we're out of time but thanks for informing me on the battery plants. that stuff i did not know. >> well we appreciate the fact that fox and the midwest are the only places that will talk about what's really happening in michigan. thank you. stuart: that is so true. we appreciate you being here, thank you very much. now this , a new report, we've got another one, reveals the biden administration's role in trying to get parents labeled domestic terrorists. what do you got on that? lauren: it's a report from the house subcommittee on the weaponization of the federal government and they say the national school board shared the draft language of its letter with the white house, which apparently raised no concerns with the reference to counterterrorism tools, or the inclusion of the patriot act in the letter that eventually went to the fbi to go after parents at school board meetings. this means that the white house colluded. colluded with the national school board to classify parents
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as terrorists and then get political by using law enforcement to go against them. stuart: you've got an opinion on that todd? todd: absolutely and it doughs back to the same opinion we've had since the story first came out. we need the fbi to be laser focused on keeping our homeland secure from bad actors. we're talking people who want to do our country harm. not on a mom whose worried about what her child is learning in school. this is our doj is focused on. stuart: tudor dixon i see you nodding. you've got 10 seconds to agree if you like. >> i absolutely agree because as a mom, i am horrified by the thought of parents being told that they don't have a say and then, finding out that the government is working against us. stuart: education should be a part of the 2024 campaign and i hope it is. tudor again thank you very much let's check the futures, please. it's thursday morning, seven minutes to go to the opening bell. i see green, especially for the nasdaq. big tech rebounding nicely. the opening bell is next.
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(fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them. (other money manager) well, you must earn commissions on trades. (fisher investments) never at fisher. (other money manager) ok, then you probably sneak in some hidden and layered fees. (fisher investments) no. we structure our fees so we do better when our clients do better. that might be why most of our clients come from other money managers. at fisher investments, we're clearly different. stuart: the dow is going to be
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up about 70 points at the opening bell it was down 500 yesterday. the nasdaq is going to be up 132 that is a solid bounceback. d. r. barton with us this morning. all right, the fed has raised rates. we are hearing inflation may be calming down a bit. is it time to buy? >> well nine times in a row, stuart, maybe they are getting a little tired of hitting the button, but i think that we are going to slow down a little bit in those rate rises. i think secretary yellen was the whole reason that the market had a big damper put on it after the fed announcement because the market responded favorably to both the statement and the level of the raise which i think both were appropriate, so i do think it's a good time to put some more money to work in stocks, if you've not now and you probably shouldn't be because april, before a presidential election year, is one of the strongest months in
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the whole presidential cycle, so we have some good tailwinds coming. stuart: are you big on the cybersecurity stocks, like a lot of other people at this moment? i mean palo alto networks has been recommended on this show for several months and its gone straight up. you like fortinet? >> i do, indeed, stuart. i recommended it with you the first time back in 2020, and have been a fan buying dips. it is a strong stock. it does a couple things that i like number one, they've increased earnings and revenue over all the past five quarters, all the cybersecurity stocks can't say that and they work both on software, firmwear, and hardware, so they are one of the companies to watch if you have some money to put in a little bit longer term play. i like them right here around 61 stuart: okay there's a couple of stocks which have gone to the moon and i missed both recommended on this show, palo
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alto networks and nvidia. missed them both. tragedy of my life. dr, you're all right thanks for joining us. i'll be checking out fortinet. i hope i don't miss that one. thank you, dr. the opening bell is going to ring in about 20 seconds and we'll see how we open up after the big drop yesterday. we're coming off a rate hike of just 25 basis points from the federal reserve. we're coming off a treasury secretary janet yellen's statement that she's not planning to back all deposits at all banks. >> [opening bell ringing] stuart: and we had a big sell-off yesterday. what's in-store for this morning all right here we go we'll find out in 3-2-1 it is 9:30 eastern. here we go. what do we got? the dow is up about 100 points, roughly. that's in the very very early going. 102 points to be precise that's one-third of 1% and we've got more than half of the dow 30 on the upside. several stocks are gaining significant ground. just a couple losers dow is up 114 right now.
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s&p 500 also opening higher i think just a little. not bad, three-quarters of 1% still shy of 4,000 but up this morning. nasdaq ceo not bad at all. show me big tech they have to be doing well. yesterday was awful, microsoft is up five bucks recovering almost fully from what happened yesterday. amazon, let's see alphabet, amazon, meta apple 159 not bad. susan is with us with big news. let me say it, let me see if i've got this right. hindenberg research shorts jack dorsey's payment block betting it goes down. >> right, hindenberg you have to listen to them because they are famous for taking down india 's richest man adani and trevor milton, now convicted of securities fraud, so they are eying twitter founder jack dorsey's $100 billion payments company square. now, known as block, and there are some pretty strong allegations here, so i was looking through this filing and this includes allegations that they allow criminals to use the
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site. accounting errors and also inflating their cash app user base, and they really flooded the kyc rules. you know what that is? pretty important when it comes to finance. know your customer rules. hindenberg says a block has systemically taken advantage of the demographics that they claim to help, which is a lower income population. the under banks so you can't get a bank at a branch you go on cash app and square and block instead. last count i saw 51 million active users on cash app which is that peer-to-peer banking app that you can send meme money over your phone and the internet , actually up from 2021 but they are saying those numbers are highly inflated. stuart: that is a very serious thing hindenberg has real clout in the market. they do that's why the stock is down 18%. stuart: got another big story, this is yours. coinbase big drop this morning i think down 10% last time i checked. >> 15. stuart: are the regulators going after them? >> well yes, not an outright
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lawsuit just yet, the step before is what's been initiated and wells notice as its been called usually indicating that they are set for court action against coinbase, and the sec says that coinbase violated their security rules by offering certain cryptocurrencies, offering high interest products, and that's when users lend out their crypto -to-coinbase so coinbase gives you a higher interest rate on that and using their wallet to store the cryptocurrencies. by the way also the sec is really clamping down on crypto. you know, they've sued celebrity ies like jay paul to return their endorsement dollars from hawking crypto products which they didn't disclose they were actually endorsing. by the way even though we're looking at coinbase down about 14% the stock has doubled in the first three months of this year. stuart: and bitcoin is still at 28,000 bucks a coin. >> yeah, i think they are anticipating this kind of action you've heard also coinbase's founder brian armstrong saying that the sec has really changed their view on crypto and going
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hard at the industry. stuart: you know, we've been talking about ford motor company for several days and there's a lot of big stories there. their electric vehicle business i understand they've lost literally billions of dollars. >> yeah, $3 billion. the stock is still trading up though, because, well look. i mean, i think elon musk will tell ford and everybody knows in the electric car industry, that it takes years before you actually start making money. i think in tesla's case it took them almost a decade-plus to start turning a profit so ford says they are going to lose 3 billion this year, 2 billion last year and 1 billion the year before. now, i would say would you say ford has been under performing? you know, they have had execution issues. they've said more than 18 million vehicles had been cut from their production because of the chip shortage, and the earnings were really just sub par compared to the rest of the industry in the sector. stuart: it's fascinating 11 bucks a share on ford motor company. here is something i really want
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to get into. >> yeah. stuart: and you know why. apple. a bidding war getting into it to stream premier leg soccer. >> yeah. it's gasping for stu there. stuart: i'm appalled. >> you're appalled? the streaming rights, so these are streaming rights and it's not for domestic from what i understand so it's not going to cost, they aren't going to pay $6.3 billion like bt sports guy and amazon does from 2022-2025. i don't know how you watch premier league football but you might watch it on apple in the future. they spent multi-billion dollars to get the exclusive right for major league soccer and also spent for that exclusive game for major league baseball on friday that you'll start paying for on apple tv plus. stuart: in the interest of getting as much news in as we possibly can, i shall ignore premier league soccer. >> wait i have one more apple headline with content and they are spending a billion dollars making films for the big screen before it goes on the streaming
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site. stuart: tesla. >> they might be losing some of their $7,500 credit. the rebate from the government, if you buy an electric car because they have sold so many of these model 3, we're talking about model 3 in particular because of the cost cutting and price reduction which everybody else is copying right now in order to catch up with tesla's lead. two-thirds market share here in the u.s. for electric cars can you believe that? stuart: yeah, that's pretty good >> it is pretty good. stuart: have we got time for tiktok? yes we do. i just saw the ceo for the hearing this morning. what about other social media stocks? are they up, if they might ban tiktok? >> well yeah, meta has more than doubled since november, right? stuart: has it? doubled? >> that's right. snap, look at snap performance up 8% and google. so the thinking is if you ban tiktok, which is a trillion hours streamed a lot of those younger users will migrate elsewhere and will they go to meta, instagram and the like in pinterest. by the way it's the third anniversary of the covid stock market bottoms and we're up 70%
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since march 23, 2020. stuart: it's a wonderful thing. >> [laughter] making money. stuart: susan all good stuff. great story today we appreciate it thank you very much indeed. check that big board. we are six and a half minutes into the day up 165 points. please remember, we were down 500 yesterday. the dow is up a half percent. dow winners top of that list who have we got? i'm waiting. there you go. microsoft at the top of the list it's up four bucks. intel is on the list, they're up 1%. netflix tops the list of s&p in withers whoa 7% you've got to cover that next time around susan that's a huge gain and we have the nasdaq winner, netflix and match group in there again. coming up, florida governor ron desantis took a swipe at trump's leadership style. roll it. >> my approach to leadership, i get personnel in the government who have the agenda of the people and share our agenda. the way we run the government i think is no daily drama, focus on the big picture.
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stuart: well, how will the chair of the republican national committee, that will be ronna mc daniel, how will she manage this clash between trump and desantis? remember, the big debates arrive in august, just a couple of months away. ronna will be here and then there's this california governor newsom staying silent on the l.a. workers strike. when if ever will he put the kids first? we will be back. ♪ ♪
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stuart: all right let's have a look here. what do we got? left-hand side of the screen the dow industrials up 178 after 12 minutes worth of business and the nasdaq is up 135. a modest rebound from yesterday 's sell-off. fed chair powell admitted prices are still too high.
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his words. and that without price stability , the economy does not work for everyone, anyone i should say. edward lawrence at the white house. from what powell has said, what can consumers expect for price inflation in the future, edward? reporter: yeah, he's going to try and get in front of price inflation. now the fed chairman says the two banking failures actually helped the fed or will help the fed tighten the money supply. he said that the smaller banks will look at, take a second look at the loans that they make. now this is a double-edged sword because yes it will help the fed tighten the money supply but it could also prevent the next great idea from getting a loan. that next company might not then hire new employees, then not expand in future years. still the fed chairman made it clear inflation is our top priority, so i wanted to know this. inflation has been rather sticky , so do you need help from the fiscal side to get inflation down faster? >> we don't assume that. we don't give advice to the fiscal authorities, and we
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assume that we take fiscal policy as it comes to our front door, stick it in our model along with a million other things, and we have responsibility for price stability. the federal reserve has responsibility for that, and nothing is going to change that, so and we will get inflation down to 2% in time. reporter: now the federal reserve forecasting one more rate hike this year. now we have shaken confidence in the smaller banking system, but the white house is saying those issues are nothing to worry about. >> i'll just repeat that the chair powell said which was, and i quote, our banking system is sound and resilient with strong capital and liquidity, so i'll just leave it there and i won't go beyond what he said. reporter: and the president off to canada today. he will talk about trade with the canadian prime minister as well as supply chains. stu? stuart: all right we got it. edward thank you very much indeed. now this. senator john kennedy stumped president biden's judicial
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nominee kato cruz in his confirmation hearing yesterday. was it embarrassing? todd: not a good look. kennedy asked a question on a legal proceeding. watch this. >> tell me how you analyze a brady motion. >> how i analyze a brady motion >> yes. >> senator, in my four and a half years on the bench i don't believe i've had the occasion to address a brady motion in my career. >> do you know what a brady motion is? >> senator, in my time on the bench i've not had occasion to address that, and so it's not coming to mind at the moment what a brady motion is. reporter: trial court nominee ka to cruise is assuming a brady motion related to the second amendment, brady bill, guns, good guess but incorrect. really the result of a landmark supreme court decision which held the prosecution must hand over potentially favorable evidence to the defense. somebody going for a federal
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judgeship needs to know that. stuart: is the administration playing identity politics? todd: 110%. stuart: that's the problem. todd: huge problem. stuart: thank you, todd. karine jean-pierre says the economy is strong. listen to this. >> the president's work and what he's been able to do building an economy from the bottom up, middle out with the jobs created more than 12 million jobs last month, we saw 300,000 jobs created. that continues because of the work that this president has put forward because of these historic economic policies that have passed this administration. we do not see a recession or pre-recession. we see a strong economy and it's because of the work this president has done. stuart: all right, unfortunately , economist john lonski is with us this morning. john, good morning to you. >> good morning, stu. stuart: karine jean-pierre says no recession, no pre-recession. the economy is strong. is she right? >> no, she is not right. she's just looking at one economic indicator. the unemployment rate. yes, that's very low, and near
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historical low, but many expected that's going to move significantly high by the end of this year. the fomc, the federal reserve predicts the unemployment rate rises from february's 3.6% to 4.5% by the final quarter of this year. stuart: and what about, she says we're not in a pre-recession, we're not going into a recession >> whoa! the economic indicators have been negative for months now. we also find we have this invert ed yield curve that does a pretty darn good job of predicting a recession. i think there is a 75% chance that we have a recession within the next 12-18 months, and in my mind, it's a question of when and not whether. stuart: okay, existing home sales. we've got the numbers just the other day. the median price was down i think for the first time in 14 years, and there were fewer homes, existing home sales. is housing in trouble? >> yes, it is. housing is in a recession.
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it's like with stocks, you know, and bonds. when you have interest rates go higher, not only do the prices of financial assets move lower. eventually so does the price of housing. there's this big jump by the mortgage yield. remember not that long ago it's about 3% or so? and now, it was nearly 7%. it's a little bit lower, it's still very high compared to where we were in the past 10 years, and this tells me that because of affordability problems with housing, if you're going to sell that home, prices are probably going to have to fall. stuart: so, we've got a recession already in housing. >> yes. stuart: we're heading towards a recession you think within the next 12-18 months. >> yes. stuart: is that enough negative economic news to bring inflation down? >> it will be eventually but we are slowing price inflation, slowly but surely, but we still have too rapid of a rate of inflation if we're going to have economic stability overtime and let's not forget that inflation rate may be coming down to 6% but that's still well-above wage
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growth that's about 4.6% and that's the crux of the problem when you have prices outrunning wages, outrunning earned income, eventually you're going to have problems with consumer spending and i think they are starting to develop. it's not only housing though. some of these auto sales look lousy. we have less than a 15 million unit annualized sales pace and that's well-under the 17.2 million unit average we had back in 2017-2019. stuart: that was a very succinct run down of the economy juxtaposed with the way karine jean-pierre sees it. very good, john lonski, that was good. take a look at this. moments ago, tiktok, the ceo of tiktok, he arrived on capitol hill. he will begin his testimony in about 10 minutes. got it. speaking of tiktok, the platform just gained its first defender in congress. new york congressman jamal bowman blasted efforts to ban the platform. watch this. >> republicans in particular have been sounding the alarm,
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creating a red scare around china. let's not marginalize and target tiktok. >> i just realized something. republicans ain't got no swag. stuart: [laughter] ain't got no swag. all right taking that one. if we get rid of tiktok won't kids just use another platform? that's a pretty good question isn't it? the mayor of new york eric adams wants to give migrants free college so how much will taxpayers be on the hook for? a report on that, after this. ise sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you. oh, genius! for more breakthroughs like that... ...i need a breakthrough card... like ours! with 2.5% cash back on purchases of $5,000 or more... plus unlimited 2% cash back on all other purchases! and with greater spending potential, sam can keep making smart ideas... ...a brilliant reality! the new ink business premier card from chase for business. make more of what's yours.
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stuart: the mayor of new york, eric adams, wants to provide free college education to migrants with room and board. madison alworth has the story. how much is this going to cost the taxpayer, madison? reporter: stuart, for the first year alone, it would cost taxpayers over $1 million, but for the migrants that could be starting college here as early as this spring, it be completely free. so new york city mayor eric adams wants to provide as many as 100 migrants with 12 months of classes, room and board at su ni sullivan. the migrant workforce training program will likely exceed that $1 million in the first year, and that's based off of the cost of two semesters at the college. free college at a time when democratic governor kathy hochul
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is discussing raising tuition rates for in-state legal residents. we reached out to suni sullivan and they acknowledged the program is being discussed but would not comment on the plan because according to them, nothing has been signed yet. state lawmakers are furious to see a new york city leader rewarding illegal activity and pushing problems elsewhere. >> this is overwhelmed the richest city in the united states that has almost virtually unlimited resources, and yet they are going to try to push this now into some of the poorest rural areas, in new york state. reporter: now, the goal of the program is to provide job training for those migrants, but the thing is, there's no requirement that they go into the jobs that they train for and there's also no requirement that the training and the education is even fully completed. stuart? stuart: we hear you, madison. cost us a million bucks just like that. thanks. all right, let me see now thanks
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todd for being with us for the hour. todd: thank you, sir. stuart: check the markets real fast as we head towards the top of the hour. dow is up 200 points, down 500 yesterday, up 200 this morning. the nasdaq is doing nicely though, up 1.3%. that's 162 points. i see green. still ahead, rob smith, jason chaffetz, deroy murdock and california congresswoman michelle steele. a whole lot more, the 10:00 hour is next. ♪ ..
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stuart: how come lauren is taking the music we play at the top, she's an elvis fan and we get an elvis song just about every day. your father's generation. good morning, everyone, 10:00 eastern, straight to the money, why not.


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