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tv   Varney Company  FOX Business  March 24, 2023 9:00am-10:00am EDT

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a hedge against inflation because while inflation was soaring last year, bitcoin did sink. it went up massively. it's up like 60% in the last month. maria: i know, and i'm scratch ing my head about that, if i'm worried about banks i'll buy bitcoin. >> i mean that's the whole strategy. the real bitcoin people hold on for dear life. saving it not to make money but as a reserve a hedge against the world's reserve currencies. maria: guys have a great weekend , will you please? >> i will. maria: great to see you both. have a fantastic weekend, everybody. i'll see you tonight on wall street and "sunday morning futures" live "varney" & company picks it up right here stu take it away. stuart: george, maria, good morning, everyone. the banking system is still rattled two weeks after a silicon valley bank collapsed we're still watching the jitters ripple through the financial system. today it started in europe. questions about the rapid increase and the cost of ensuring a bank against default, deutsche bank taking the biggest hit. it sounds technical but it's really about confidence. is your money safe?
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not surprising, there's another rush to safety. money going into safe treasuries that raises the price, it pushes the yield down and look at the 10-year. that is astonishing. now you're all the way down to 3.31%. that is a rush to safety, and this is the two-year, down 20 basis points. you don't see moves like this very often all the way down to 3.63 astonishing and no surprise. stocks rattled too. the dow industrials this is pre- market down 200, nasdaq down about 50 points. let's sum up the markets like this. high anxiety and unease. we're heading for a weekend and who knows what develops. let's get to politics. i'm going to call this a sinking presidency, an ap poll shows the presidents approval rating at a near-record low, just 38%. the banking crisis, the economy, foreign policy, with voters, the presidents in trouble on all fronts. tiktok ceo testifying before
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congress could not definitively say that the chinese communist party does not have access to the personal data of 150 million americans. by the end of the hearing, my reading is this. if tiktok can't ensure that personal data will be transferred to full american control, tiktok will be banned. that's my reading. in france, chaos. widespread demonstrations against raising the retirement age. paralyzing the country. it's becoming a constitutional crisis and it's so bad, king charles has canceled his state visit. in california, a scramble to sell high-end real estate before a mansion tax takes effect on april 1. that's only eight days away. the sellers want out now. the buyers want in now, at bargain basement prices. only in california. and the stanford law school disgrace rolls on. the diversity dean who shutdown a speech by a federal judge as an op-ed in the "wall street journal", she says she interven ed to stop escalation. the new york times chimes in
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with an op-ed of its own. free speech doesn't mean free reign to shout down others. you know it's about time the elites confronted themselves it is friday, march 24, 2023. "varney" & company is about to begin. ♪ let's get loud, turn the music up ♪ stuart: get loud, all right, pick-up my voice. i'm going to start with tiktok. the ceo was on capitol hill yesterday. i want to bring in lauren. what do you think were the key takeaways and how are the other social media companies doing this? lauren: other social media companies are up and down. stuart: okay. lauren: so no direction. this is the biggest takeaway. the ceo shou chew was asked has tiktok's parent company spied on americans and he answered "i
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don't think spying is a way to describe it." stuart: okay. lauren: he was asked, why aren't your young children on tiktok? he answered, singapore where they live, doesn't allow under 13-year-olds on social media. that's all i needed to know. i'd call it an aggressive hear ing, bipartisan anger, at tiktok, and i think he failed to convince lawmakers security and mental health concerns. this , in my opinion, increases the chances that tiktok is banned in the u.s.. this will not be easy to do. as you noted 150 million americans use it, 7,000 are employed by it, and 5 million small businesses rely on it. stuart: okay. lauren: that's the issue. stuart: what else we got snap, meta, google. lauren: all over the place all up yesterday, but this number, so if you look at instagram real s which is like a tiktok competitor, 17 million hours a day are watched, 17 million hours a day on that service. tiktok, the number is 197 million. stuart: okay. well that's --
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lauren: so they would get business, should tiktok be banned. stuart: i've got it. lauren: but it's not all just going to go to those companies. it might just go away or somewhere else. stuart: we've got more on tiktok throughout the show believe me. i want to get back to the banks this friday morning. all slightly lower. it started in europe, banks in europe particularly are taking a beating today. kenny polcari watching the market for us joins us this friday morning. look, kenny, the markets nervous because the contagion shows signs of spreading here and we don't know what's going to happen over the weekend. we've still got banking jitters, right? >> there are banking jitters but i've got to tell you. i'm in the camp that i think it's way overdone. yes, i understand what's happening at deutsche bank and in europe and that's just part of the hysteria they'vevery created. i do not think that the global banking system whether it's europe or the u.s. is really in trouble, but when it gets nervous the path of least resistance is always lower and that's what we're seeing around the world in the banking stocks but i do think it provides
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opportunity. stuart: i see the pre-market dow down 200 points. is that because of the banking scare, or is it something else in the market today? >> i think that's all related, right? it's the nervousness, the anxiety that the banking scare is giving and so to your point. there's this massive flight-to-safety in the bond market. we've seen what's happened in the treasury market and so people are just, they are feeling anxious so where do they go? they go to gold. you see what gold did yesterday up 50 bucks right? and treasuries are certainly the benefit of that. so i think it's just the overall nervousness. stuart: okay. that's putting it in perspective and we appreciate it. kenny polcari thank you. by the way look at that left-hand side of the screen the yield on the 10-year is down to 3.30. now that's a flight-to-safety and a half let me tell you this. all right move on. take a look at this a new poll, president biden's approval plummeted to 38%. that is down seven points from just a month ago. byron york with me. byron?
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i'm calling this the sinking presidency. how can he run again with number s like this? >> well he apparently plans to do it and i will tell you, i think the introduction, your introduction to this program pretty much tells everything about this story. if you look at the associated press poll, this , what has happened in the last month is that there's a lot of economic anxiety, a lot of uncertainty, and that is translated into significantly lower ratings for president biden. if you look at the number of people who think the country is going in the right direction, went down significantly. the number of people who feel optimistic about their own finances went down significantly that reflects on president biden , and president biden really has two types of problems they are the problems he can do something about and the problems he can't. you seen him try to move to the center on crime and the border, which are two areas that he's had terrible job approval
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ratings on. he might be able to do something about that. he's 80 years all. he can't do anything about that and this poll showed people concern about his age. put that all together, and he's not in really good shape as he contemplates announcing a re-election run. stuart: i didn't read the poll results really fully, but his age was a big factor. pushing down approval? >> yeah, people, when you give people an open-ended chance to answer, you know, what are you concerned about, what are your thoughts about president biden, a lot of them volunteer the fact that they're concerned about his age, and that's been something we've seen all along, but i think it's going to be more prominent as they confront the concrete idea, the prospect of him actually running for re-election. stuart: byron would you just stay there for a second? i have to handle another subject and i'll get back to you right after that. hold on, please. there are reports of a growing
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rift between president biden and vice president harris. tell me more. lauren: reuters is describing president biden as being irked. he feels harris is not rising to the occasion and is reluctant to take on risky assignments for fear of messing up, or sounding like this. >> so during women's history month, we celebrate and we honor the women who made history throughout history. >> you need to get to go and need to be able to get where you need to go. >> i do believe that we should have rightly believed but we certainly believe that certain issues are just settled and that's why i do believe that we are living in, um, real unsettled times. >> the significance of the passage of time, right? the significance of the passage of time. lauren: those are the word salad s, but her accomplishments haven't won anybody over. you could say she hasn't grown into the job but this is complicating his decision according to reuters, complicating his decision to run in 2024. he feels if he doesn't run,
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she's not popular enough to run at the top of the ticket or any democrat in the field, but i wonder if he's worried about running with her. but here they are, tethered together. stuart: we still have byron york lauren: i'd love to know what you think, byron. stuart: what do you think, byron can he run without her? >> i think vice president harris, well, she weakens a biden-harris ticket. that's the problem because voter s when they're concerned about something, about a president, they want to see a little balancing in the vice president. if you remember when george w. bush ran for president, and barack obama ran for president there were concerns about their competence or their experience and so they chose more experienced vice presidents, dick cheney and joe biden. now, you have a country that's worried about a president's ability to serve a second term, if he were re-elected they would
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want to have confidence in a vice president who they think could take over from day one and serve as president of the united states, and nothing kamala harris has done has reassured them that she is that person, so when you're looking for balance in a presidential ticket, you don't see it in the biden-harris ticket. stuart: i wonder who leaked that idea that the president was irke d about that. i wonder who leaked that because somebody leaked that to reuters i don't know who. i'd love to know who. was it his camp or her camp? >> well the leak comes from something called "biden world" and there are a lot of people around the president if you look at concentric circles around the white house, but i think there's no doubt that there is concern inside the white house about the vice president's performance. stuart: heaven knows how that plays out. byron great to have you with us this morning we really appreciate it. see you again soon. >> thank you, stuart. stuart: check those futures i see red ink that's still there. dow is down about 200 points that's pre-market.
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coming up house democrats really don't like a gop bill on parental rights. listen to what house minority leader democrat hakeem jefferies said. roll it. >> extreme maga republicans don't want the children of america to learn about the holocaust. extreme maga republicans don't want your child to learn about the lgbtq plus experience. stuart: well the house will vote on the parent's rights, bill of rights today. the ceo of tiktok grilled on capitol hill, pounded from both sides of the aisle. andy biggs is going to join us and he wants to ban tiktok out right. ♪ you'll always remember buying your first car. but the things that last a lifetime
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we planned well for retirement, but i wish we had more cash. you think those two have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell
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to say that the chances of a tiktok ban grew as that hearing went on for about five, almost six hours yesterday. put it this way. i haven't seen a single positive review of tiktok ceo shou zi chew's performance in that hearing. he failed to convince lawmakers on a number of fronts about tiktok's relationship with the chinese communist party, about its addictive nature, and its ability to flag and remove harmful content. chew tried to sell lawmakers on what the company calls "project texas" to have an american third party oversee the app's data and algorithm, but lawmakers accused him of repeatedly dancing around their questions. one, comparing him to fredestair e. the top democrat on the committee told me just after the hearing that by the end of it he was even more convinced that the chinese communist party controls tiktok. meantime, a number of business leaders including apple ceo tim cook are in beijing for a forum where they will have an
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opportunity to meet with heads of the ccp. the "wall street journal" reports american ceo's there plan to keep a low profile as tensions between the u.s. and china grow, and back on tiktok, the company immediately went into clean-up mode after the hearing, sending a statement out right away saying the hear ing was filled with " political grandstanding." stu? stuart: got it. grady thank you very much indeed now the ceo of tiktok was asked whether it poses a national security threat to america. roll it. >> how can all of these countr ies and our own fbi director have been wrong? >> i think a lot of risks they have pointed out are hypothetical and theoretical risks, and i have not seen any evidence. i'm eagerly awaiting discussions where we can talk about evidence and we then can address concerns that are being raised. stuart: he sees no evidence that it's a national security threat
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to america, and andy biggs the gentleman on the right hand side of the screen joins us now. have you seen evidence that it is indeed a national security threat? >> well, the stuff that's been presented to us is that they are actually accumulating data and there seems to be a tie. i mean, stu, stuart, we start looking at the intelligence community of the u.s. , which i view as skepticism always, but they are united on this and they are saying that 150,000, or 150 million american's data has gone through tiktok into the hands of the ccp. that's what's been presented to us and i've got to tell you. that's pretty damming stuff right there. stuart: okay. it seems to me, let me just give my interpretation if i may for a second. i think we've reached a crossroads. either tiktok transfers all-american personal data to an american-controlled company or it's banned. what do you say? >> well, yes.
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i guess that's not a bad approach to it, stuart. i mean, really, not a bad approach. the question is how are you going to make sure that that data that the american company then has does not get moved offshore. stuart: okay, you favor just a flat-out ban, right now, do you? >> i'm leaning that way. i mean, i don't think the ceo did himself any favors yesterday , and i did get a kick last night when i turned on the tv late. i did see a pro-tiktok commercial which i've not seen before and i thought oh, that's interesting, ironic timing. stuart: do you think this could be a political issue? republicans largely think oh, ban it, democrats maybe want to give them a second chance. i know it was a bipartisan pile- on yesterday, but is there something of a political split here? >> there didn't seem to be yesterday from the committee hearing and talking to some of my colleagues on the other side of the aisle. they're not quite sure what to do with it either but i think they are leaning ban.
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that's what people are talking about, and i think we're all trying to figure out exactly what do you do with a company that looks like it's a front for espionage to china, to the communist party, but i think both sides want to come together on this and i think it may be the most unifying issue that you'll see in this congress, stuart. stuart: yeah, that is interesting. toxic separation on everything, but not tiktok. got it. andy biggs you're all right thanks for joining us, sir. always appreciate it. thanks very much. tiktok itself really didn't like yesterday's hearings. watch the complaint? lauren: the coo vanessa poppas tweeted it's a shame today's conversation felt rooted in xeno -phobia, thank you to our employees who worked tirelessly to protect our platform and community. she fired that off immediately after her boss, mr. chew, was drilled. is this a new strategy, you're racist? it's what we heard from jamal
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bowman yesterday, who hosted that press conference showcasing the tiktok influencer s. was he lobbied to do that? stuart: i don't know, but i don't think that approach works. i don't think so. lauren, thank you. again check futures, please. coming up to the opening bell on a friday morning end of the week we're looking like we're heading south but not that much although the dow is down 270. the opening bell on wall street is next and we'll take you there ♪ the new chase ink business premier card is made for people like sam who make...? ...everyday products... ...designed smarter. like a smart coffee grinder - that orders fresh beans for you.
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- double check that. eh, pretty good! (whistles) yeek. not cryin', are ya? let's tighten that. (fabric ripping) ooh. - wait, wh- wh- what was that? - huh? what, that?
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no, don't worry about that. here we go. - asking the right question can greatly impact your future. - are, are you qualified to do this? - what? - especially when it comes to your finances. - yeehaw! - do you have a question? - are you a certified financial planner™? - yes. i'm a cfp® professional. - cfp® professionals are committed to acting in your best interest. that's why it's gotta be a cfp®. find your cfp® professional at stuart: futures pointing south. down 200 on the dow industrials. mark mahaney joins us. mark, i want to talk about meta. i know you've raised the target price what is it 200 now. you think it's going to 300 i believe. what's got you so bullish? >> that's right, stu. well you want to be careful in this market we'll have a lot of banking pressures. you want to find companies that the have got really clear valuation support and product cycles, and i think that's meta. so i know stocks up 70% year-to-date but hold on. it's trading at 13 times earnings, so it's still at a
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discount to the market. this is a very large, high free cash flow generating business and here are the product cycles starting to better monetize this thing called reals, the short form videos on facebook and instagram. starting to improve the targeting on their across their platform, that kind of got gutted when apple made its privacy changes and third they rolled out a new ad format, called click-to-messaging and this is extremely popular and valuable for them, they are generating about 10 billion a year in revenue, mostly in overseas markets so i like this kind of product cycle setup for what i think is an intrinsically cheap stock. i'm long meta. stuart: is meta benefiting now a little bit because of the possibility of banning tiktok? >> yes, of course. i should have mentioned that, stu, and i know you just talked about the topic. when you and i talked six months ago about the potential for tiktok ban, i would have said, you know, less than 10% chance but clearly that's changed. there's nobody in washington who
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likes tiktok, so i think there's a distinct possibility that this happens, and facebook will be, it be a beneficiary, google be , and snap be. stuart: okay let me move on to netflix. you've been right, you've been pushing netflix, saying how good it is for some time, and now, i think you've raised your price target to 400 bucks a share. 321 now. >> that's right. this is the product cycle name that i'm probably most excited about for this year. it's not as inexpensive as meta. it trades at around 20 times earnings. i think it warrants that multiple and can warrant a multiple higher than that but it's bwa, if you can remember one thing, it's basic with ads, so they are rolling out an ad- supported service in the u.s. , but in overseas markets as well, and what it essentially allowed them to do is lower the price of their offering and still generate more revenue per user so they went from 9.99 to 6.99 but as they layer in advertising revenue they can actually generate 10, 11, $12 in revenue per user. stu, you rarely see this in
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business history. somebody cuts the price by 30% and generate more revenue per product that's the beauty of this basic with ads offering, the biggest product cycle i know of in the internet space, that's why i want to be long on netflix stuart: he's long on meta, netflixnd he's been right before mark mahaney see you again real soon. >> have a great weekend, stu. stuart: thank you, sir. ten seconds to the opening bell. >> [opening bell ringing ] stuart: we're expecting a minor loss on the big board. we had banking jitters in europe i don't know whether they flooded here at this point yet. maybe a little bit but the dow has just opened, and we're off about 150 odd points in the very early going. i've got to tell you. i've got a couple of hours ago, the dow futures were down about 300. now we've opened with a loss of 136 points. the dow 30, not all of them opened yet but i see the top four are up. intel, verizon, mcdonald's and another couple right there. okay let's move on to the s&p 500. it too has opened on the
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downside, about .44%. that's not a huge loss by any means. the nasdaq composite, where's that today? just down a quarter of 1%. have a look at big tech please. where are they this morning? you always check the opening bell. meta is up again, .8%. well-above 200 bucks, 205 now apple is up just a fraction 158. microsoft down $0.11. alphabet down $0.30 and amazon down $0.68. not much movement. can we show you please deutsche bank. i believe it's way down still yes it is, just 5% down. it was down about 16% earlier. susan? is the contagion spreading here? >> well, if you look at the bank stocks, we're talking about the large ones like jpmorgan, bank of america, they are all down today because of this concern stemming from the european side. don't forget just about a week ago we were looking at credit suisse heading into the weekend and we know that it was taken over by ubs, now there are these concerns over deutsche bank because on the european side
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biggest sell-off for deutsche bank since 2020 and you saw insurance against bankruptcy searching to the highest levels in almost a decade. just doubling this month alone, and that was the same type of price action that we saw before credit suisse was forced into this forced marriage with ubs by the swiss government, but credit suisse had much more severe stress indicators and db. still, you had the same concern, slowing growth, poor management, and u.s. investors in particular are concerned about their exposure to commercial real estate here, since no one is going back to the office and also their large derivatives book. stuart: can i say the anxiety lingers. >> i would say that but also think about the central bank action we've seen over the past week. everybody went ahead to raise interest rates anyways, and first republic, if you want to look at some vulnerable lenders, first republic hit a record low yesterday so we're adding to that shall we say that concern, and then if you look at the stress indicators, you know what the fed's discount window is?
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that's where banks can borrow cash immediately and cheaply. it spiked to a record high, $117 billion worth of money, cash, each being borrowed these banks and even higher than during the -- stuart: each night? >> each night higher than the financial crisis. stuart: over 100 billion a night >> 117 billion a night being tapped by the banks to sure up their cash reserves. by the way if we can just check in on treasury yields i think this was a recession indicator for us, right? stuart: huge decline in yields. >> march 8, you know the two year yield was sitting at over 5 %. today, we're sub-3.5%. what's that tell you about -- stuart: flight-to-safety. >> that's right, indications that people are concerned about -- stuart: look at that 3.29 on the 10-year. >> that's incredible. the banking crisis also. stuart: here we are talking about 12 basis points down. >> it's a big deal. stuart: it is a big deal. that's the movement of a trillion dollars. >> that's 1.8% in a matter of three weeks. that's flight-to-safety right
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there. stuart: can you update us on block? because the hindenberg report took them down something awful yesterday. >> yes so also downgrade from atlantic equities just in case to them. block formerly known as square only worth $70 and billionaire jack dorsey, you can't really feel too sorry for him because he's still a billionaire, also twitter's co-founder as well. yesterday in that 15% sell-off he personally lost $526 million. now, hindenberg we know accusing block of false accounting over stating user accounts exploiting the low income customers and the under bank that they say they want to serve also, alleging loose background checks, which allows criminals to use the platform. now, block says they will vigorously defend against these false accusations, but i'll tell you whose still confident. block supporter cathie wood stepped in last night to buy on the dip and bought 21 million block shares and dorsey, okay so you lose $526 million, it's still not as bad as india adani,
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who lost $60 billion in personal wealth. stuart: because of hindenberg. >> attacked him and his conglomerates. stuart: what doesn't elon musk like? what does he not like about open ai? >> it's being taken over by big tech like microsoft, sorry. remember that elon musk invested $100 million into the chatgpt created back in 2018 and pledged a total of $1 billion but then he walked away from it. now since then, open ai is now for profit in said of non-profit , but that does include that $10 billion investment from microsoft over the next 10 years, and microsoft we know has been rallying on the back of that infusion of can't gp t and musk not happy and tweeted that a meme here, and he says he's sure it'll be fine, despite him realizing that ai, the most powerful tool that mankind has ever created is in the hands of a ruthless corporate monopoly followed by a tweet microsoft has now gained exclusive access to the entire open ai code base which we know is the secret sauce, so, good
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news for microsoft i guess, in this case, they have access. also by the way this morning the uk competition regulators said they might let that $68 billion activision blizzard deal go through. stuart: so activision blizzard is up because they might be taken over. microsoft is down a fraction because they have to spend a lot of money. >> that also takes them out of the running for the tiktok right , here in the u.s.. stuart: i hadn't thought of that >> to divest and sell and become a u.s.-owned company. stuart: i wonder if microsoft actually wants tiktok. >> well they did before in 2020 stuart: they did that's right. >> during the trump administration and of course trump wanted a cutoff any sale. stuart: of course, coinbase downgraded, so what? >> look at the stock. i think we were down significant double-digits yesterday so i'd sanctuary cryptos are in trouble , so downgraded this morning worth $36. remember an its ipo was worth $100 at one point?
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now coinbase said they have a notice from the sec which indicates that the sec's just a step away from enforcement action. cathie wood bought it last night she bought, you can't say anything but she's a brave woman stuart: yes. >> she bought $18 million worth of coinbase. this is a high conviction trader that she is. also, in the crypto space, you know the luna founder? he was arrested reportedly in mo ntenegro, and he's been on the run since that $45 billion stablecoin blowup, which many people say actually started this entire crypto collapse including ftx. stuart: so what, bitcoin is at 27, 900. >> 28,000 yesterday. stuart: that's not much of a decline is it? >> still up 70% on the year and we're only in march, so i think we should point out the stress indicators. banking, crypto, hedges, safety plays. stuart: okay. fair enough. susan thanks a lot see you a bit later. more students turning away from college and then going for apprentice ships, mike rowe has an impact on that and he's
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been talking about the dignity of manual work for a long time. mike rowe will be here in our 11:00 hour. good news. they are going back-to-school in los angeles today after a three- day shut-out. what did that accomplish? governor newsom still hasn't said a word. the episcopal diocese will apologize for the church's role in slavery. resident theologian jonathan morris joins us later. you can put the blame on me, you can put the blame on me ♪ (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks?
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oh, my daughter gives the best hugs! we're just passing through on our way to the jazz jamboree. [ imitates trumpet playing ] and we wanted to thank america's number-one motorcycle insurer -for saving us money. -thank you. [ laughs ] mara, your parents are -- exactly like me? i know, right? well, cherish your friends and loved ones. let's roll, daddio! let's boogie-woogie! stuart: 12 minutes into friday's trading session we are down not a whole lot, we're down 200 on the dow down almost 100 on the nasdaq composite. some banking jitters still around. the china-russia alliance growing stronger. got a new report which claims russia has jumped over saudi
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arabia as china's biggest oil supplier. edward lawrence with us. what's the white house saying about that, edward? reporter: yeah, brushing it off right now, but president joe biden in canada at the moment. he's talking to canadian prime minister justin trudeau about trade and about bolstering supply chains among other things , but the first week in office, the canadians wanted to see the keystone xl pipeline go forward. the president ended that the first day in office, as the u.s. constricts oil supply here the chinese increasing their imports as you said from russia. now russia is now the number one supplier for the chinese surpassing saudi arabia for january and february of this year. now china's coal power plants produce the majority of energy in china, and help give it the title of world's largest greenhouse gas emiter in the world yet this week the energy secretary ignoring that other stuff and praised china for its investment in green energy. >> are you aware you made a comment also that more than the china emits more than the
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u.s. the entire eu and japan combined? >> oh, yes. >> were you aware when you made that comment that china brings online two coal fired power plants a week? >> absolutely. reporter: and republicans are saying that the chinese say one thing and do another, and that's fooling this administration. listen. >> china is the greatest strategic and economic threat of the united states of america in the 21st century. reporter: and they have not been on the u.s.' side at least when you're talking about the war in ukraine. the russian invasion of that spying on the u.s. , stealing technology in the u.s. , all of which we seen examples of this year. stu? stuart: well good, edward, thank you very much indeed. next case, goldman sachs. they say biden's clean energy law will cost the u.s. 1 $.2 trillion. stephen moore with us this morning. 1.2 trillion, actually, is three times the original government estimate. >> right.
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stuart: how come all this money? >> what's wrong with you, stuart? don't you want to save the planet, my goodness. look, all of these measures that the united states government has taken since biden has come into office, which have, you know, already cost the economy hundreds of billions of dollars in reduced oil output, they're not moving the needle one iota. i don't know if you saw the report that came out just two weeks ago last year carbon emissions were higher than they have ever been in history even after we've already spent $150 billion on the program. stuart: yes, and even after we shut the world down. >> exactly. stuart: for covid. >> yeah, and the reason for that is because as ed lawrence has pointed out, china 's emissions are literally three to four times higher than the united states and he's also right. the congressman is also right that china right now is building coal plants all over the country so here is how it goes, stuart. we shutdown a coal plant in west virginia and i womenning. they build three new ones in china. how in the world is that reducing climate change? they are, as trump would say, the chinese are laughing behind
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our back, and there's only two people in the world who really believe china cares about climate change. one is, you know, kerry, the climate change czar and the other is joe biden but they lied behind their teeth and laughing at us putting us at an incredible strategic disadvantage. stuart: talk to me about gas stoves. >> about what? stuart: gas stoves. i don't mean to lower down the discussion here but jennifer granholm, energy secretary, insists the new gas stove standards will only affect high- end models. just listen to this real fast. >> the gas stoves that be impacted are high impact, excuse me, high-end gas stoves for , you know, most expensive gas stoves, and the reason why they were found to be inadequate is because in many cases, they are very heavy grates and the burners can be an oval shape which causes excess amount of natural gas to be emitted.
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stuart: i'm sorry but i'm laugh ing, because they are jumping through hoops. do we know what they are doing? >> this is what happens when you have an energy secretary who knows nothing about energy. now really the interesting part about this story because i remember when you first broke this story a month or two ago, that the biden administration had this plan and remember they said oh, no, no, no, you know this is a conspiracy we're not going to do this so now we have documentation that the epa and department of energy want to shutdown gas stoves and i am for the good old days when liberals wanted to keep government out of the boardroom and bedroom and kitchen and now it's not just that. flush toilets, washers and dryer s, dishwashers and they don't clean your dishes so they say these things are going to save water. i love this but you actually have to run the cycle twice, so you know to flush the toilet twice. i mean these things are insane. people want utilities and things in their home that work and by the way they would take our gas stove out of our kitchen, out of my dead waive's cold hands. she is not giving up that gas
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stove. i don't know how you feel about it. stuart: the same way, actually. >> and mention one quick thing. stuart: do it. >> do you see the story today in the "wall street journal." zimbabwe is in big, big financial trouble. why is that interesting? they have the $100 trillion bill , and this is an economic lesson here. what's that economic lesson? it doesn't matter how many zeros you put on your bills. you know, printing money is no way to get out out of an economic debt. it's a little economic lesson. stuart: hundred trillion? >> yeah, you've got to show that on the screen. i'm going to -- stuart: send me one. >> text it to you. lauren: it be hard to write. >> even with all of those zeros they are still in financial trouble. will you tell jerome powell with that? stuart: governor gavin newsom, california, just scored a big win. wait a minute. he's got a price gouging bill through and that's a big win? lauren: politically, absolutely. stuart: for who? lauren: for his administration.
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not the people of california that have had to fill up their gas tanks. so the senate, the state senate approved a price gouging bill that would penalize the oil companies. so they set a maximum refining margin, if you go above it, you're fined. the bill heads to the state assembly next week. stuart: they will pass it. lauren: absolutely. it's unprecedented. it's hostile. in california, you were paying $ 2.60 for taxes, fees and regulation. all these companies have to report all this data now on 15,000 transactions a day to comply, so yeah. i mean, it's a huge political win. he will get exactly what he wants. higher prices. stuart: we got more on this later in the show. lauren: i don't even know what to say. stuart: thank you, lauren. coming up, it's not too late. don't forget to send in your friday feedback, e-mail your questions, comments critiques to next case. a federal appeals court just tossed out biden's vaccine mandate for federal employees.
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stuart: a federal appeals court tossed out biden's covid vaccine mandate for federal employees. jonathan serrie with us. all right, jonathan. what happens to everyone who already lost their job? >> stuart, there are actually proposals on the table to compensate or reinstate federal employees who have lost their jobs as a result of not following federal vaccine mandates. there's also a provision in a defense authorization bill to make members of the military whole and these proposals are working their way through congress but we're talking about a relatively small number of people, because 98% of employees affected by the original mandate have already been vaccinated according to the biden administration. the white house indicated earlier that it plans to allow the coronavirus public health emergency to empire on may 11 signaling that the pandemic is transitioning into a new phase where it can be managed with more routine measures, similar to what we do during flu season.
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whether mandated or voluntary, a new report published in gemma internal medicine suggests people who received at least two doses of vaccine were 40% less likely to develop post- covid conditions, also known as long covid. the report looked at multiple studies to determine common risk factors for long covid. it found that people over the age of 40, people with underlying conditions including people who are obese as well as people who had very severe cases of covid were at increased risk of developing lingering symptoms. stuart? stuart: jonathan, thank you very much indeed. hope they get their money back. check those markets. we're what, 25 minutes in at this moment. still got red but not that much. dow is down 180, nasdaq down 58. here is the real movement in markets today. the yield on the 10-year treasury. will you look at that? 3.34%, its been all over the place this morning, much lower than that, but it's still down on the day. the price of gold, now where's that?
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it was up 50 o bucks yesterday, down $0 paint 00 but well above $2,000 an ounce. where is bitcoin holding on to the $27,000 level, i think, there we are. 28,000, just stepped above that mark, all right, 27, 98 #. price of oil down to $68 per gallon. per barrel. look at nat gas. 2.21 that's cheap, folks now look at the average price for a gallon of regular in man did i get this wrong it actually went up one cent overnight and i thought the decline in oil below 70 bucks a barrel will give us cheap gas wrong, it's 3.44 on average in california you'll pay 4.82. still ahead, jonathan morris, steve hilton, mike rowe, caitlyn jenner. the 10:00 hour is next. ♪
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