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tv   Varney Company  FOX Business  May 2, 2022 9:00am-12:00pm EDT

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air but almost i was at that wedding. brandon and kristen thank you for being here. don't miss maria live from the institute global conference she will be speaking to mike mccaul susan clark of the chairman of congress and global chairman mike weinberger, that does it for us this morning. "varney & company" is up right now, take it away. stuart: good morning day getting good morning, everyone. april was a rotten month for the market, let's bring on day. not a great start to this month, this is not a convincing bounce. look at it the dow job 939 friday, it was down 4.9% for the month and the dow this morning is up all of two points. s&p 500 was down 8.8% in april. this morning got a fraction again. the nasdaq down 4% just on friday alone and 13% for the month of april on the downside
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again this morning if you want to bounce it doesn't look like were getting one, interest-rate, the federal reserve is going to start hikes this week. here's another negative energy price inflation into record high for the price of diesel this morning $5.32 a gallon. gas keeps going up as well, now you're back to $4.19. the administration has no answer for this other than to blame putin and the oil companies. it is hurting politically new abc washington post poll shows 94% are concerned or upset about inflation. i cannot remember 94% of us agreeing on anything. it's not helping the economy either. the news out of china not helping wall street, beijing is in a near lockdown for the 21 million people. a well-known market analyst over there has been silenced pretty warned about the economic consequences of the shanghai
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lockdown, criticism not allowed, no retreat for xi jinping on 0 covid. the supply chain robin process. politics, bret baier questioned dhs secretary mallorca is about free speech enters proposed this information governance board. mayorkas said it's not about speech, it is conductivity to violence. we will sorted out and we will show you how the older generation vets. 91-year-old warren buffet style is buy and hold. wait until you hear what 98-year-old charlie mungo has to say about bitcoin. let's just say he is a really strong opinion. it is monday may 2, 2022, "varney & company" is about to begin. ♪ ♪ ♪. stuart: you looking at new york
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city were gonna talk markets right now because you're coming to us on a monday morning following the dreadful month, you look at what's going on, where are we going on this market. for anybody who is hoping for a bounce after the dreadful week, there's a lot of disappointment this monday morning, the china slowdown, energy inflation, good morning lord. >> the fed wraps up their meeting on wednesday, we all know rates are going higher, are they gonna signal how much higher they get ago we have three troubling data points an index that measures labor cost hugely inflationary optimo since 1984 at fed preferred inflation gauge topping 5% and did the economy contracting. in all the worst april for the dow in the broader market since 1970. how do we start may the new month of may gasoline rose 7 cents in the past week, is at $4.19 a gallon, they will has
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never cost more of record at $5.32, you wall street and main street right here in gas prices battling the higher cost and now higher rates, is it going to be aside of either one of those abated. i hope you had a good weekend. a new poll shows voters have more trusted republicans on key issues, those issues include inflation, academy crime and migration, match lap with us this morning. you think the market selloff is also hurting the democrats. i asked because tens of millions of people had a 401k and an ira and they are down across the board. >> what did they say two thirds of americans have some investment in the stock market, the investor who is investing for the long term across averaging in every month every year the wise and inflation in the taking of the stock market. i don't think you can separate
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that from the public performances of our president, he seems confused and he seems out of it, that is jarring to voters. >> to you think inflation is the democrats biggest problem, i know you have the border and a lot of other things, do you think inflation is the big deal? >> i do in the sense, there is not an answer, democrats all they really know how to do is to spend more to solve problems inflation you know better than me too exacerbate inflation in every policy crisis to have an emergency relief go through congress and the other problem they cannot solve inflation in the short-term, they cannot solve it easily, this is going to be a long-term problem for us. i think the american people eyeballed the enough to remember
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a raise throughout our economy and the smartest people in the land were stumped on any short-term solution. a very long slot which accommodated in ronald reagan to get this country back. stuart: i'm worried that were gonna hear demands for price control from bernie sanders in the far left. we bernie heard those demands, that would be a catastrophe but again inflation is going to pick up some energy price will push all across-the-board higher, incomes bernie sanders and demands price control. heaven forbid we go down that road. >> that's right this is what they decided to do in the nixon administration and the carter administration to artificially have a government set prices which did not rejigger demand and exacerbated all the problems so when i was a kid yet even days are all days. the government allowed you to buy gasoline. the other thing i've been to five or six states and i know we do the stress test on banks.
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and we do stress test on small business right now, it would be alarming. my take more small business failing now than we did in the middle the pandemic, what is the number one reason all their costs that they need to run their businesses going through the roof. the secondary problem they cannot get people back in the workforce, this idea of doling out money for people not to work, something happened where they will get back into the stores, that is the number one concern i hear from people across the country. stuart: that is a profound shift, i think you are right, thank you for being here. we will see you again really soon. dennis gartman joined us this morning. i know you are a bear, you been a bear for a long time, obvious first question have we hit marko
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lower into keep it simple is moving from the upper left to the lower right and it will continue to do so for some period of time going forward. i hate to say that as the chairman of the university, i had us move almost 50% of the endowment out on december 31 of this year. in a bear market he or she who loses the least will be the winner. >> let me refer to your personal portfolio, your big-time investor. what proportion of your portfolio is in cash. >> 77%. stuart: 77%? you shifted the all over the. what is the rest of it. >> a little bit in golden the little bit in the bond market and is not dramatic amounts but i got stopped out of a lot of stocks last thursday and friday.
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predicated on the fact of the stock market i got a large cash position and the only thing i'll be able to do in a three or four year note to get a little bit of a return, 77%. stuart: i want to listen to warren buffett and charlie monger, disarrayed in bitcoin and the other crypto's, watch this. roll it. >> you told me that you owned all of the bitcoin in the world and you offered for 25 hours. i wouldn't take it because what would i do with it. >> my friend i think they are stupid and evil and made me look bad in commercial and something else. and bitcoin does all three. it makes us look foolish compared to the communist leader in china he was far enough to ban bitcoin and china with all of our presumed advantages, we
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are a lot dumber than the communist leader in china. stuart: stupid and evil, restrict your comments to that he would. >> i'm not sure it's evil but i do believe it's stupid and fts at the stupidest thing i've seen in my lifetime picture attention going for a quarter of a million dollars it makes no sense it made no sense and it shall make no sense in the future and it will be senseless going forward. i avoided bitcoin, could go to half a million dollars and if it does so it will do so without me i'm with mr. buffett i think at this point it is a worthless entity. stuart: i think there is a generational difference in investment style. >> definitely a difference. >> you and i and the millennial's. great stuff thank you for being with us. stuart: never a day goes by where we don't have elon musk headline. what is elon musk saying about buffett's comments on crypto.
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>> it took us ten minutes to get the does headline. he traded this and said ha, bitcoin, so many times because musk is a dogecoin proponent which is arrival to bitcoin. really it is 13 cents, the high was 73 cents. he's beginning dogecoin. bitcoin is down 16% this year, i don't think that much compared to the nasdaq. stuart: we do squeeze elon musk into the final portion. >> he also gave investment advice on the day of the shareholder meeting which to some that could be interpreted as are you trying to replace warren buffett the oracle of omaha as ambition very the legendary investor. stuart: that should've been the headline, what is his investment advice. >> pipe companies and products that you like. futures, this is how the market opens, 60-point up for the dow after it lost 900 on friday.
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that is no bounds. top i did official using the global food and fertilizer shortage to push for green energy. >> fertilizer shortage is our real were working with countries with natural solutions like manure and compost never the crisis go to waste. stuart: never let a crisis go to waste. we'll get into that homeland security secretary mayorkas insist qualified to head up the disinformation board, this despite her own role in dismissing the hunter biden laptop story, watch this you think janco winces anywhere near enough for this particular job. >> i do and i don't question her objectivity all of this is beyond outrageous. byron donalds is next. ♪
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from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: dhs secretary mayorkas is playing cleanup. he said he did not effectively communicate of the new disinformation board. david spunt is with us. what is the white house saying. >> the disinformation government board falls under the department of homeland security which falls under the white house, white house officials defended the purpose of this board creating to battle misinformation coming from russia, coming from china and also coming from south of the border.
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critics specifically have questions about the timing of this because this is during an election year during the midterm elections. some critics are calling it a ministry of truth. the executive director of the board nina jankowicz have experienced foreign policy in the disinformation expert out of a d.c. think tank, the wilson center but she was criticized for downplaying the hunter biden laptop story in 2020 when she worked there. the president said as we know is under federal investigation, although he has not been charged the infamous laptop is in fbi custody. secretary mayorkas came to nina jankowicz defense yesterday with brett. >> i don't question her objectivity, there are people in the department who have a diverse range of views and their incredibly dedicated to the mission. we are not the opinion of police. she has testified before congress a number of times, she is recognized as a tremendous authority and we are very fortunate to have her. >> jankowicz release to state
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what saying i would consider working for any administration with a solid respect for the truth and democratic and human rights. whether conservative or liberal, i was in play motivated by the desire to make a positive impact and strengthen our democracy just as all my work on disinformation in the past six years, i just want to be able to do the work. the big question, white house officials are supporting jankowicz, the fact that the department of homeland security has been battling misinformation and disinformation successfully in many cases permitting years. the question wide now. we will continue to follow that. stuart: david spunt thank you very much indeed. let's bring in congressman byron donalds from the state of florida. can you stop the disinformation board? >> i will tell you this, this is the creation of public security. what we can do in the next budget, created by republicans, we can try to wipe it out the best that we can.
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this is a function of joe biden the lack of leadership. he wants his board to exist. you don't need something like this if you actually tell me the truth about what is going on. specifically if you're worried about russia and china, why is this being housed as a homeland security. you can do this in the department of state, a lot of this does not make sense at all. the reality alejandro mayorkas has been a disaster with respect to handling the southern border. i'm not sure what information he's putting out that everything he says is disinformation and misinformation when it comes to what's going on on our southern border and how joe biden has allowed for mass trafficking, that no and people into the united states. stuart: i always associate you with education, the white house is considering income cap to qualify for student loan forgiveness. are you against any loan forgiveness for anyone?
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>> i'm absolutely opposed to it. first of all in america if you take out debt, you have a responsibility to pay it. that is the bedrock of our credit system. secondly the white house engages in this, their literally writing contract law. when you take out money does a promise to pay that is a contract, what is the safer the value in its ability for the contracts in the future that the white house can come down in the future, this is bad precedent for country and this creates a moral hazard that we should not allow for this. unfortunately, yes, there's people struggling with student loan payments. but we cannot go through this process of eliminating student loan debt. it's a wrong way to go. stuart: congressman byron donalds, thank you for joining us. i'm having a hard time getting it out, it is monday morning. thank you, congressman, the administration says the ongoing global food shortage will make farmers embrace green energy.
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>> samantha power made the remark, she is ivy league educated and she told farmers this over the weekend. listen. >> fertilizer shortage is our real because russia is a big export fertilizer. even though fertilizer is not sanctioned, less fertilizer is coming out of russia. as a result were working with countries to think about natural solutions like manure and compost and this may hasten transitions that would've but in the interest of farmers to make anyway. never let a crisis go to waste. >> she should've left out the last part through the crisis is russia is the number one exporter of soil nutrients that u.s. farmers need for the harvest and pivoting to green farming, that is not what the farmers and people that rely on food need to hear right now. stuart: you cannot just substitute the green stuff, it is not there yet. you cannot throw fertilizer out and say put green stuff in
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place. it is not there not developed. >> the pivot never let a crisis go to waste, use the crisis. >> it does not work for me, but then again i'm not a farmer. check those features, monday morning if you're looking for a bounce you get the tightest and most modest bounce when the market opens it a couple of minutes. we will take you there. ♪ your projects done right
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only from fidelity. stuart: i see some green heat joins us just about as the market is about to open. do you have any doubt that we are in a bear market? >> 0 doubt in my mind but you know what that does not mean there is nothing to do, there is plenty to do this is the time when legends are going to get made in the next generation of millionaires is going to be created. stuart: have we hit bottom? >> that is too tough to call it's about psychology and the feds found hawkish in us which we knew was long overdue and they have been out to lunch for a long time. i don't think the bottom is in but the fact that we've been clashed over the weekend and a little bit green on the screen
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as a reminder the markets are working normally they have to be buying and selling. the fact that there is tells me traders want to get on the gas there just looking for flight clearance. stuart: if you want to walk into this market, invest in it right now and end up making a lot of money down the road, what are you buying? what you buying today? >> after we get off the air, my plans before we came on the air was to go after nvidia, microsoft and apple. these are stocks when you're at the barbecue and somebody says did you buy nvidia when it lost 30% i'm gonna be the one guy that says yes and everybody else won't. >> nvidia, microsoft, what was the other one, apple. anything else. >> pal interior is my favorite it's a tough stock to own is been beaten to smithereens but board is interesting to, these cavities are going to change the world the fact that they are on
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sale right now is really tempting i have to admit. apple and microsoft, the big tech stocks. interest rates are rising sharply. >> yes, they already had most of this blood out of it, there's nothing fundamentally wrong with either of those companies their fire rated every business unit they got is growing at double-digit. tim cook and the ceo of microsoft at the stuff figured out. i'm willing to enter a short-term pain if i got a three or five or ten year horizon. >> outside of those that you mention outside of the stock market is anything that you put money into any other investment vehicle? >> i have to tell you i'm getting very interested in fine wine, it sounds unusual i have my motorcycle in the car but fine wine in particular 1% of the $400 billion wine market
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that is something i am exploring because it's done very, very well over five, ten, 20 or. particularly when inflation is there, every time 70 jigs a bottle there is less of it, so the price goes up. >> i will introduce you to varney winds in australia. >> i would love to learn more. keith you are all right, thinking for joining us, see you again soon. the opening bell is ringing, now it stopped ringing 930 monday morning, may the second, welcome to the brand-new month the last one was really awful. we are up and running up 70 points for the dow industrials, that is a quarter of 1%. a lot of green on the left-hand side of the screen, modest bounce, the s&p 500 on the upside only just one point to percent, the nasdaq composite, dead flat up .08% how about big
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tech all over the place, the only winner is microsoft and meta platforms, the restaurant the downside i've got to take a look amazon in particular, 33.1.6% again, that a terrible april they dropped 24% just last month alone. more bad news. >> the valuation gods are coming from amazon in the news today wedbush took them off of the best ideas list because last week they reported the first loss in seven years. the question investors are facing the selloff that we've seen of this magnitude is that rational? you look at the average price target on amazon 2452. the average is $35.81. nobody is throwing in the towel just yet but they are acknowledging rbc that the headwinds are creating a perfect storm and may take longer to solve investing in distant.
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>> moving on. stuart: move on to tesla. they have a terrible april, down 20% and they were down again this morning. >> april was the first month since march of 2020 they are tied up into storms, elon musk trying to buy twitter using his tesla steak in part and then you have the sloping chinese market. china is a quarter of tesla's revenue, auto sales in total in china fell almost 12% in march, wait till we get the april numbers nio, they are down not even 1% but they delivered half the number of vehicles in april as they did in march, cut that to 5000 in april similar story
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it was worse for the auto. >> that tells the story of the china slowdown. 0 covid equals slowdown for china. >> the factories are slowing and the residents are stuck in their homes in shanghai speak what i what is the microsoft, warren buffett revealed that he has a big stake in activision, how big of a stake. >> $5.6 billion, he had less than 2% of the videogame maker, he boosted that tonight it have percent, he is betting on the closure of the 69 billion-dollar deal with microsoft, he also went on a buying spree he did not buy the thing for the longest time and he spent $40 billion in cash in the first quarter so we now tops 106 billion from 144 billion if you want the exact numbers. >> look activision $77 a share, microsoft bidding 93. what is the difference. >> i cannot expect not to you. >> the largest selloff. >> i'm interested in this
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netflix. stuart: they are cutting a lot of content with the subscriber numbers. >> productions as part of the animated series, the pearl series. they lost subscribers so they canceled a whole bunch of series and unfortunately meghan markle is here we are talking about amazon in april, tesla, netflix is down 49% in april. no one is saying it's a buy at this level. you would think after 49% one-month drop that the stock would be up almost 76 cents. stuart: 40% down and one-month. >> i watch netflix every day. think about it the valuation gods have come from the same name and netflix is one of those names. stuart: i've seen it. >> we have spirit airlines rejecting the offer from jetblue, watch this.
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>> they're down 8%. >> the board of spirit unanimously supported the merger with frontier over with jetblue, jetblue was a 33-dollar higher, jetblue increased to also, not the price tag but the terms of the offer because. said we don't think this deal is going to pass regulatory, we don't care what the price tag is in that sense. they said no to jetblue and jetblue is only down a nickel. stuart: i would like to see some consolidation, more consolidation. >> than the price would go up. stuart: everything is hogged by the top five. you see more competition to get involved. >> the top four have 80% of the traffic control for price. when you have a merger with jetblue i don't know they called him across carrier, i think they think it is jetblue comes in and you don't have as many low-cost participants in that case.
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what i'm not sure i like that with just the. stuart: pfizer 47 television. >> wells fargo looked at a trial in paxlovid and how we can prevent infection in people living with someone who has covid and they did not like what they saw. we could be living together and you have covid and i popped paxlovid for five days and i still get covid. it's not a good preventative rate and we will find out more tomorrow because pfizer reports tomorrow and they're expecting to say paxlovid would bring a $22 billion in sales at the household treatment if you have it in your medicine cabinet, will that be the case when you look at the trial and don't like the result that you see. stuart: got it. dow winners headed by friday feedback. >> so far but we are ready. >> cisco systems followed by doubt, chevron, ibm and home
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depot. >> buffett boosted his stake in chevron. stuart: s&p 500, the cruise lines are back, royal caribbean is back, mccormick, the spice people i did not see activision blizzard because buffett has a big stake. >> the world is opening back up, activision blizzard the nasdaq winners vertex, american electric, power in regeneron. those are big names, check the big board we've been open for seven minutes and we are down 116 points, that follows the 900-point route on friday. the ten year treasury close to 3% 2.97%, gold moving down by 50.2.5% down bitcoin 38, 39000, 383 is your price, not gas crude oil first $101 a barrel look at not gas very important it is up
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today energy price inflation is back put it like that the average price for a gallon of regular gas $4.19 what you pay for the gallaudet regular gas $5.74. come up the real estate market is hot in the real world ended the metaverse two plus virtual land just sold for a total of $200 million. i don't get it but we will bring you the story. admissions from cal births are so bad you can see them from space. i'm telling you we cover absolutely everything on the show we have the pictures as well. you will see you then. president biden laughing off a joke about rising consumer prices of the white house correspondents dinner. >> ever since you came into office things are really looking up gases up, brent is up, food is up, everything. >> no laughing matter to economist stephen where he has a
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♪ ♪. stuart: a fine band which included george harrison just to let you know. that is greenville north carolina 86 degrees on this monday. warren buffett spoke about inflation over the weekend. is inflation an issue for brookshire hathaway? >> a major issue, for the past two years you see one thing prices go up and up and up. >> inflation i should say the bottom investor to and it
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swindles a person who keeps their cash under the mattress is windows almost everybody. >> then he went on to say the best protection is to invest in your own skills but i don't think that is comforting in the legendary oracle of omaha to many people who are having trouble making ends meet month-to-month but inflation is affecting him, look at geico the auto industry exposure and the cost of auto parts, new vehicles, everything is going up. berkshire hathaway. president biden took a little heat for inflation at the white house correspondents. watch this. >> if you didn't come, these people had been so hard on you which i don't get a really don't. sent you came into office everything is up gases up, rent is up, food is up, everything. stuart: stephen moore knows a
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few things about inflation and he is serious about it. he is an op-ed the bitter fruit of inflation down 29500. welcome back to the show you think inflation will push the dow down to 29500? >> let me be clear about this i think it's an important point that investors have to understand. the last time for years ago we had this high inflation and the persistent inflation in the 1970s we had inflation for 12 or 13 years. what that did it lead to a slaughter in the stock market. investors are interested in thereafter inflation return before inflation rate of return. if you have a date now% inflation rate as we do now, not only is the dow and the nasdaq down in nominal terms but when you count inflation you're
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talking about real losses that people are suffering in the stock market right now, i'm not predicting, i want to be clear about this are laffer and i are not predicting it'll go below 30000. what we are saying if we have the same experience that we did in 1970 stuart and if we continue to replay this then you are going to see, back then we saw a 20% decline in stocks in nominal terms over a ten or 12 year . . . that happened now we would see the dow go below 30000. it is a warning to people and people in washington we have to get this inflation down you get her back the economy. stuart: it sounds like your predicting stagflation, very limited growth if not a recession and inflation at the same time. >> we sort of have that right now, it pains me too say it but we have 8.5% inflation and negative real growth in the
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economy in the first quarter, we are not in a recession that is two quarters we have one quarter of negative growth in the first quarter but we are certainly scathing on the edge of a recession right now and with high inflation that puts the fed, think about this if you're at the fed what do you do if you raise rachel slow down the economy if you don't raise rates you have this inflation continue to rise, i would not want to be at the fed right now they do not have any good choices right now. job one has to bring the inflation rate down or you will see a continued decline in wages and you will see a continued decline in people savings and josie addict continued decline in the real economy. stuart: not a great situation on this monday morning after a dreadful week and month last month and last week. >> by the way remember this idea of modern monetary theory, that is the dumbest theory ever that we've been practicing in this fashion economy we have to get
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back to sound economics and get prices under control, the taxes have gone down get regulation down in the economy will boom it's pretty simple we did under trump. stuart: yes we did, stephen moore see you again soon. look at this the surge in diesel prices is a real crisis for truckers prices are up $2 a gallon in one year, why? i'll ask gas expert patrick. good news for vacationers will tell you about the tourist hotspots and covid restrictions. we'll be right back. ♪ 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? (fisher investments) nope. we use diversified strategies to position our client's portfolios for their long-term goals. (other money manager) but you still sell investments that generate high commissions for you, right?
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and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: welcome news to me i have a son and a couple of grandchildren in new zealand in new zealand is opening up to tourists, the first time since we seen the pandemic began two years ago, you know the story what are the requirements to get in. >> you must be vaccinated and test negative for coping but many people who have not seen family and friends for years are more than willing to do that. as of today people for more than 60 countries are being welcomed into new zealand.
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they have 5 million people in about 700 deaths, those are not terrible numbers in the past two years. stuart: the problem was they close down completely and pretty much shut out the virus that at some point you have to open up. as soon as they opened up the virus started to spread. >> a little immunity because they were not exposed. summer vacation is upon us people are taking trips, greece and italy are popular in the open further pretty do not need a negative test or a vaccine test for it to go. you have to mask up in the airport, and italy most indoor places you do not have to wear a mask. i tell you i italian's rejoiced about that, you can go into a restaurant instead of going in and check it in and going to your table and take it off while you eat. >> my parents are headed there very shortly and they are
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excited. doctor deborah birx wording we may see an uptick in covid cases the summer. >> what you need to look at is global data i follow south africa very closely they are on an upslope again that tells me natural immunity wanes enough in the general population after 4 a significant surge that will occur again. we should be prepared right now for a potential surgeon the summer across the southern united states because we saw in 2020 and 2021. doctor marc siegel joins us now. what preparation should we be making for this surge, bearing in mind it's not a vibrant strain is that? it's nothing serious is it? >> actually it is the ba for a sub at various of omicron that is spreading in south africa and i'll be speaking with the doctor this week who is the top
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epidemiologist, the issue is that natural immunity, were not even talking about here, our officials are not talking about the u.s. is waning after four months, the combination in south africa to study this, the combination of a vaccine plus natural immunity is not waning. i think were talking about a slight increase i don't think were talking about a big increase in hospitalization or deaths at all the not see that south africa, every time with all due respect to doctor birch every time we problem that preparation there is a tremendous economic cost isn't there not just an economic cost but a psychological and medical cost. by the way my moderna made a big announcement that they are going to have an omicron specific vaccine by the fall, their stock is up eight points, that will be a big tool that doctor brooks could've mentioned that we will have to fight against omicron.
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stuart: their tightening up in beijing, is not a full lockdown is this going to happen help with 0 co-pay? >> this is insane compare that to new zealand which is opening up, you and lauren made it great public health point, suddenly the virus spreads like wildfire that is strategy that never works, shanghai is 58 cases outside of the quarantines on, people have been stuck in their homes for a month and invasion you have to get a test you're not allowed in restaurants they close their main resort, their suffering big time i predict more restrictions it makes no sense from a public health point of view and by the way the vaccine uptake is very low in elderly people in the not using the western vaccines. all of it is a huge mistake. >> is hurting our economy, i'm out of time sorry about that thank you for being here. we appreciate it. steve forbes, kt mcfarland, all on top next.
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♪. stuart: okay. that's new york city of course and looks rather misty, cloudy, that it is. we'll get past it. good morning, everybody, it is 10:00 eastern. straight to the money. the dow is down 30. fractional loss for the s&p, small gain for the nasdaq. this ain't no comeback from last
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week's selloff, isn't it? treasury yield is close to the 3 mark, 2.97. oil 101 bucks a barrel. bitcoin will below 40,000 bucks, 38,900. numbers of manufacturing in the month of april. how good, how bad, lauren? lauren: pretty sharp drop to 55.4 in the month of april. look, i know that march, which was higher than 55.4 with an 18-month low. so this is a pretty dismal number for trends in the factory sector last month. stuart: i notice maybe it had a small effect on the markets. dow is up nearly 90. nasdaq is up 70. maybe a slowing manufacturing sector is food for the market, i don't know. that is just what happened. now this. one of the most important inflation indicators is the cost
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of a tank full of diesel. it is an indeight tore that is flashing a danger signal. the national average is now at record high, $5.32 a gallon. is that is is up roughly 40% from a year ago. that is serious inflation. it points to worse inflation coming this summer. diesel is used by farmers, truckers, construction workers. it's a baseline cost for any enterprise. that is a cost passed along. you may not be buying diesel yourself but will be paying for it. the biden team is thrashing around. they released oil from the strategic reserve, promised more federal land for drilling and tried to appease. look at this, "abc/washington post" poll says 94% concerned or upset by inflation. imagine how bad it will be if diesel brings us double-digit inflation this summer?
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don't be surprised if bernie sanders, the socialist, demands price controls. how many of the beltway crowd have ever filled up a tractor or a backhoe with five dollar diesel? the elites wouldn't be caught dead at a truck stop. they're out of touch. my prediction? 6-dollar diesel, 10% inflation and 6% mortgages by july the 4th. not good. second hour of "varney" just getting started. ♪. stuart: joe concha is with us. i don't think the elites are really in touch with every-day americans on this inflation issue, are they? >> it's been a problem for sometime now in terms of those particularly in media and obviously in politics all concentrated in washington, d.c., where donald trump got something like 4% of the vote,
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right? there is a watercooler, koolaid thing going on at this point where everybody is drinking from the same cup. they are out of touch, stuart, excellent commentary you had there. i wrote it down, predictions, 10% inflation, 6-dollar gas. you're not far off and meanwhile we're looking at analysts saying that gas will be $6. so you may very well be onto something there. remember when donald trump left office gas was about $2 a gallon. we're talking about tripling gas is froms under this president in the span of only 16 months. it is incredible. stuart: having quite an impact on politics i do believe. president biden went to the white house correspondents dinner. told a few jokes at that dinner. joe, you're a critic of humor. listen to what the president had to say. roll it please. president biden: i'm really excited to be here tonight with the only group of americans with a lower approval rating than i have. this is the first time the
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president attended this dinner in six years. [applause] it is understandable. we had a horrible plague followed by two years of covid. already referenced, very first president to attend the white house correspondents dinner was calvin coolidge in 1924. i had news general elected to the united states senate. stuart: joe, you saw it, you heard it. how did he do it as a man able to tell jokes, to stand up there as a guest speaker? >> you know. he read off of a teleprompter fairly well. those things are written for him. not like biden was in the bathroom beforehand scribbling it down on a bathroom somewhere. the horrible plague joke, i found it out interesting about president trump. horrible plague include 40-year high inflation. when donald trump left office, inflation was below 2%. it is up eight%, that quadrupled unthis president. did horrible plague including
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more than police officers targeted in decades. more than 100 police officers are shot in 2022. 63% increase compared to the trump's final year in office. the border plague allowed 2 million migrants to enter last year under this administration? nope. i don't believe the taliban took over afghanistan under the previous president and the putin invaded with president plague. journalists broke ribs laughing so hard at the joke. at this point you can have one night nice out. this president is polling 33% approval in an election year. that mean as red tsunami is coming in november, stuart, if history is any indicator. stuart: sure looks like. joe concha,. >> you're all right, stu. thank you. stuart: i am indeed. a "new york post" op-ed really blasts democrats. they're not mincing words.
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are they? lauren: the author i will quote what he says, the democrats have become part of the miserable whiney grumps. when was last time anyone encounterd a happy democrat? they don't exist. they're perpetually miserable, normal people moved on from covid, offended to anyone objects to public schools teaching 7-year-olds about sexual identity and fetish with critical race theory is not as widely shared as they thought. his opening line referenced elon musk tweet from last week, the far left hates everyone, including themselves. i thought that was a way to get musk in the 10:00 hour. that was kind of a brilliant statement. we walk around, wearing a mask outside not near anybody because you say you care about everybody else and judge other people that don't do the same thing. that is not a good look for people. that is one example. stuart: we got musk into the first block of the 10:00 hour. >> there you go. stuart: on this program last
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week jeff sica called twitter a garbage company. he is back. he is sitting right next to me. jeff, welcome backpack. you have three suggestions to what musk has to do to turn twitter around. number one, i read the stuff. number one, account l cut employees. how many employees have to go? >> at least half. they have 8500 employees. they have to come down to 4500 to be somewhat profitable. they especially have to cut their chief censor who they're paying 17 1/2 million dollars. they got to send her packing. stuart: i heard that. that lady, $17 million a year, she is the chief censor on twitter. >> i'm thinking she could work for nina jankowicz at the disinformation bureau although i don't i this the government can pay her $17 million. stuart: item number two, you say musk should move the headquarters out of california to texas? >> to texas. that is where tesla is. obviously texas is a free state.
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he should also maybe consider florida. i think it would be cool went to orlando right next to disney. stuart: that would shake them up. >> that would be a great move. stuart: last one i think is most important. he has to get some new sources of revenue. what do you got in mind? >> right. the reason i said it was a garbage company, here you have a company, that you have a platform that's free. they make 90% of their revenue through advertising. they make about 5 billion where their competitors like google and facebook make hundreds of billions. what they need to do is they need to find a way, number one, to earn back public trust. the problem with twitter is it's become a gigantic cesspool of robots of fake accounts. there is a lot going on there. he really needs to look at figuratively burning it to the ground and building it back up because outside of advertisers there is not much else other
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ways you could make, he could sell a lot of teslas off of twitter but there is not many ways he could make money. stuart: jeff sica, that is is real dramatic stuff he has to do to turn it around. thank you very much, jeff. see you soon. "the wall street journal" details who actually encouraged elon musk to take over twitter. did jack dorsey play a role? lauren: 100%. according to the journal they had become friends recently, close friends at that. the journal also says that elon musk got guidance from peter thiel, david saks and some others. impetus seems to be "the babylon bee," the satirical publications because they were suspended because they made a comment about a transgender female. that was it for musk muck. he had to do something about it. he had the ted talk in april, meeting with all these people, yeah, that is how it came about. seems like there is a relationship, a positive one
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between jack dorsey and elon musk. he really helped push that deal forward. stuart: that is the second headline from musk in the first block of our 10:00 show. we got him in again. please observe the dow industrials down 114 points. lauren: yeah. stuart: that is no bounce after last week's big selloff. i'm looking at vertex pharma, down 5 1/2%. that is one of the bigger movers today. the story? lauren: fda paused a study after diabetes drug they were working on. whenever that happens that is not a good look for the stock. they're tumbling 5 1/2% right now. stuart: blue apron. i remember them as a pandemic winner. 30%? what -- lauren: i was looking recently at the all-time high for blue apron. so, it was $12. so they have come down quite a bit. they're a meal kit maker. they raised $70 million in new money through debt and equity financing. that is why the stock is up 89 cents. stuart: moderna, we mentioned it
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earlier, a sharp gainer. lauren: their chief medical officer, they're talking about vaccination, vaccine for under 6-year-olds will be ready in june for review by the fda. next month we could have a market for a vaccine for two-year-olds. stuart: everyone could get vaccinated if they wish. lauren: everybody. stuart: six months old up to? lauren: i don't really know what to say about this i think we have to see what the case counts are, what the hospitalization rates are, to see if parents will say okay, let's do it. stuart: see what moms and dads say. lauren: yep. stuart: a new poll shows voters have more trust in republicans to handle top issues like inflation, crime and others. we'll take that on for you. president biden spent his weekend cracking jokes. let's do that again. roll it please. president biden: i'm really excited to be here tonight with the only group of americans with a lower approval rating than i am. stuart: speaker pelosi made a
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surprise trip to kyiv. kt mcfarland will deal with the speaker's show of support. russians sees attack at a steel plant in mariupol. hundreds of people trapped inside. griff jenkins is in ukraine with the latest report for us next. ♪. you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit big game today! everybody ready? alexa, ask buick to start my enclave. starting your buick enclave. i just love our new alexa. dad, it's a buick. i love that new alexa smell. it's a buick. we need snacks for the team. alexa, take us to the nearest grocery store. getting directions. alexa will get us there in no time.
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for these stocks. you don't see much of a bounce for any of them. look at amazon, down another 80 bucks a share as we speak. 10-year treasury, this may be a big problem for the overall market. you get close to a 3% yield. 2.98% to be precise. that is not necessarily good news for wall street. let's get to ukraine and the war, to kyiv. griff jenkins is there. can you tell me the latest on mariupol, please? reporter: well, good morning, stu. it's a good breaking development perhaps that the first of those civilians trapped into that azov steel plant in mariupol are starting to get out. they were trapped for weeks on end without food, water or medicine. some not even seeing daylight for more than a month but now president zelenskyy says that the first 100 or so civilians, mostly women and children, are starting to get out and the humanitarian corridors set up by the u.n. and the red cross are starting to work.
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whether russia continues to honor that agreement and let the rest of them get out is another question. there is believed to be some 2,000 soldiers and 1000 civilians stuck in that plant. this as house speaker nancy pelosi, the first and perhaps highest ranking american official secretive visit to ukraine in a surprise visit over the weekend. pelosi met with zelenskyy, walking out in the open with him, along with a delegation of ee whaet wrerereitin ty you f yo re w- for fre freedomndnd youigt ever ayoer ao commi centmooe t l ghtt is ieonon.on.on.on.on.on re.cheo out e ukrai une shshshedes russi ran r r u unian dro ds.s.ckck sea struc
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meanwhe,wh stu thiarar 68, russian foreign minister sergey lavrov making outrageous anti-semitic comments sure not to help the peace process. >> translator: if i'm a jew, i remember it right, i may be wrong, hitler had jewish origins. it doesn't mean absolutely anything. so time we have heard from the wise jewish people that the biggest antisemites were jewish. reporter: those comments outraging ukrainians on social media. we're learning one other thing, stu, the u.s. diplomatic mission that started to work its way back into ukraine is now saying they hope to bring it all the way here to the capital in kyiv, and possibly reopen the embassy here by the end of may if conditions hold. stu? stuart: griff jenkins in ukraine. thanks, griff. speaker pelosi pledged u.s. support, until the country,
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ukraine defeats russia. i want to bring in kt mcfarland. i'm sorry, i just heard about lavrov's comments. obviously anti-semitic comments saying hitler had jewish blood. what is he saying that for? is he deliberately provocative? is this the anti-nazi theme he is coming up with? >> it is the anti-nazi theme. it is not meant for international consumption. it is meant for domestic russian consumption because putin has told the russian people that their incursion into ukraine is to get rid of nazi thugs, the anti-semitic nazi thugs running ukraine. that is absolutely, patently false. that is how he selling it to the russian people. he is tolling them that this is a noble thing the russians are doing because they are defeating nazis just like their grandparents defeated nazis during world war ii and the timing is important. because on may 9th is the russian equivalent of memorial
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day, 4th of july all wrapped into one, celebrating russia's defeat of nazis this is just a theme for domestic consumption. stuart: speaker pelosi went over there with a delegation and said ukraine would be supported until they win. seems like that is a new move, that they're being more firm insisting upon victory and winning as opposed to just holding peace talks. what do you say? >> well i don't know what winning is and as long as nancy pelosi and congress and particularly the biden administration continue biden's war on fossil fuels they're preventing ukraine from ever winning. why? because russia is getting massive amounts of money from selling oil abroad. because there are high oil prices. historically, stu, when russia is rich with high oil prices, when oil prices are high, russia rebuilds the military, it has proxy wars and invades neighbors. when oil prices are low russia
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hunkers down, guess what? oil prices are two to three times what they were a few years ago. russia will continue to fight as long as they want. they have got resources to do it. stuart: i want to raise the issue, senator menendez, democrat, has a message for the biden administration on iran. he says, look, no deal is better than a bad deal. okay, why is president biden pushing so hard for an iran nuke deal? >> he wants a win. you know, it is also the same people in the biden administration who were in the obama administration who decided that signed the iran nuke deal in the very first place. what the deal does now, there is no reliable verification. it has no limits on iran developing missiles to deliver nuclear weapons, and it allows iran to have nuclear weapons legally in just a few years time. and then the kicker, it will lift sanctions on iran. that coupled with the high oil prices i just mentioned, iran will have the resources to have a nuclear arms arsenal in the
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middle east and they're going to ignite a nuclear arms race in the middle east. stuart: sorry, kt, i just don't see that as a win any way you slice it. i don't think you do, either. that is not a win, good lord. >> no, i don't. stuart: kt, see you a soon. thanks a lot. food prices are rising, portions are getting smaller. the usda warning that meat prices will go even higher by the end of this year. we've got the report for you. more people expect to dine out this summer as covid restrictions get lifted but how will labor shortages, of course, inflation, how will that affect the restaurant industry busy season? that gentleman, "bar rescue"'s jon taffer. he is on that next. ♪.
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stuart: where are we now? the market has been open for almost an hour and we're on the upside. it has been all over the place this morning. dow is up 160, nasdaq is up 80 points. i want to know about amazon. look at them go down. they're all over the place
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actually. they're down 2%. what is the story, lauren. lauren: on friday we saw them give up $206 billion in market cap, right? this morning come in a wedbush note, bearish note, removing them from the best ideas list. questioning how amazon can continue to take our money and grow at the same time. we use it all the time but they're facing inflation as well. stuart: these analysts are predicting it goes well above 3,000 bucks. lauren: the average price target is 3580. they're at 2447 now. stuart: we'll see if they have another look at it soon. what about roku? they are up. lauren: apple music is available on the roku streaming platform. that is a win for roku up 6%. stuart: global payments, don't know them. what do they do? lauren: point of sale company, number one in terms of losers on s&p 500. look, their profits rose 24%. sales grew 8%.
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outlook, investors didn't like it. down the stock. stuart: food prices, usda said we'll be paying more for meat this summer, certainly by the end of the year. we're paying a lot already. lydia hu is at a meat market in queen. how much is the owner raising meat prices? tell me. reporter: stuart, the owner here told me is forced to raise prices five and 10% across the board. that is impressive it is not more. the price for beef and veal is up 16% across the country. we're joined by frank. you said you took so seriously the increase in prices because you keep the consumer in mind. take us inside of the decision to raise prices. >> we took everything into consideration. it is not meat and beef and pork and lamb and meats they need to purchase. rents are going up, wages is going up, gas is going up.
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everything is not in proportion actually. they are making more money but we have inflation is causing things to go up even further than what they're making. reporter: that forces you to raise prices on your end. what happened to your costs? >> prices go up between five and 10%. we try to keep it down as much as possible. again taking everything into consideration. we have a legion of customers coming into the ottomelli for years and years. we want to keep the customer base. we want to keep everything possible for them to keep coming back again. reporter: the hard truth, the usda says food pricing will increase even more. they are expecting beef and veal prices to increase 6 to 7% more by the end of 2022. pork is expected to go up four or 5% until the end of the year. frank, says they're preparing for a busy memorial day weekend. despite price increases demand remains strong. stuart, if you're curious
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learning more about the cattle industry. we have a new episode how america works with mike rowe. coming on tonight at 8:00 p.m. we're taking a fresh look what is going on behind the scenes. stuart: mike rowe will be on the show in an hour's time. lydia, thanks a lot. look who we got here now, the man himself, knows more about the food industry, than just about anybody. jon taffer is back. jon, here is the question. you've gone through a pandemic. you've gone through labor shortages. now you're hit with inflation. you have been clobbered. >> you have been clobbered. stuart: is there any sign of improvement? >> the consumer has stepped up. las vegas had great quarter. we said there were pent up demand. they came back in huge numbers. the average restaurant is up 15 to 25% in revenue to prepandemic levels. stuart: is that right? >> so the revenues are there but we don't have the staff to
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realize it. brands are fighting to maintain standards to protect their brand. you can't wait 20 minutes to be served, half hour to be served. we have not only inflationary issues, specifications change. for example, say your normal chicken breast was this size, bun on a plate. now the newkirken breast you get is smaller. doesn't fit on the bun. doesn't look right on the plate. can't get consistent products in steak and chicken. consistency is an issue. stuart: but you're still making money? your operations are still making money? >> it's a challenge. my taffer taverns is making money. we have computerized robotic kitchens that reduce labor costs in the back of the house. we were ahead of the curve. three years ago when trump was still president. unemployment low, very hard to find employees. we created a new kitchen model that didn't need employees computerized. it is consistent, high quality, we solved it. the average restaurant hasn't. with old style kitchens you
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don't have the amount of people in the kitchen you are in big trouble. you have to retrain them, retrain them as they turn over. it's a nightmare, stuart. the customers are back. we're fighting to take care of them and keep prices in line. stuart: you have a book coming out, do you? >> i do. stuart: the power of conflict, speak your mind and get the results you want. that is jon taffer, all over, is it. that is exactly what you do. >> on "bar rescue" i learned after 12 years i use conflict deliberately to change peoples minds to open up their mind. you know in today's society, no matter what side of the political spectrum you're on, if we don't speak up our ideals are going to disappear. this book was really written to teach people how to engage in dignified respectful conflict. not cursing each other out online. understanding that you and i might disagree with things. how do we sit down in a dignified way to try to change each other's minds? stuart: i have watched
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"bar rescue." i seen you get hot under the collar. you pounded table. >> i sure do. stuart: is that power of conflict. >> not really to that degree. some of that i do is because of the pressure i'm under. i do a 30-day project in four days. i don't recommend that for normal people. it is more about digfied, strategic and deliberate engagement. with that brother at thanksgiving who you argue with. with the boss, with conflicts in the workplace, conflicts in schools, conflicts are all around us today. i want to arm people to not be scared to defend what they believe in. stuart: is it a how-to book? >> it is very much a how-to book. it has charts, various gauges to engage level. it is engaging conflict in a nonemotional, respectful way. getting what you want. stuart: that's fascinating. i try to get what i want with a smile, does that work? >> it works for me. stuart: jon taffer, you sir are all right. thanks for bringing the book
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along. i will read it. jon taffer. good man. still ahead here is what we have for you. netflix cancels a number of series including meghan markle's series pearl. gas prices are high. gas buddy patrick de haan will open fully have a answer for us. because we have all-time high at diesel. we'll deal with it next. ♪ usaa is made for the safe pilots. for mac. who can come to a stop with barely a bobble. lucia. who announces her intentions even if no one's there.
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♪. stuart: the price of natural gas is up this morning, it is well above $7 per million british thermal units but production of nat-gas in america is actually declining. ashley, good morning to you. what's the problem here? ashley: good morning, mr. varney, look of pipeline infrastructure. it's a real problem for the two regions in the u.s. that produce
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the most natural gas, west texas and the appalachians. appalachian region supplied 37% of u.s. gas last year, have seen production slow down because of difficulty energy firms are fairing to try to build new pipes to funnel the gas out. analysts are predicting that the texas, new mexico basin will be suffering significant declines if energy firms don't begin building the new pipelines soon. all this comes as european countries are looking to the u.s. for more liquified natural gas as europe looks to end dependence on russian fuel. stu? stuart: back it pipeline problem. my, oh, my. look at that on your screens, now. that is the price of diesel at an all-time high as of today, 5.32 a gallon. that is up more than $2 a gallon just in the past 12 months. gas buddy's patrick de haan joins me now. why has diesel gone up so much,
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patrick? >> stuart, there is a lot of really awful metrics here. we'll start with the basics especially various areas of the country, including your home in new york, diesel and distillate inventories, distillate inventories cover things like heating, jet fuel, distillate are lowest in years. path one region in the east coast, distillate inventorying one number away, one click away being lowest on record since 1990. a lot of russia oil is heavy, gets turned into heavy product like diesel, jet fuel, other distillates. we're looking at a wall of little supply at a time demand recovered quickly. another time, in stuart, back in 1996 we saw the previous low on distillate inventories we doubled more than the refining capacity or number of refineries on pad one. lack of refining capacity, lack
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of heavy oil, it is all up and down. that's why you're seeing diesel oil prices explode. stuart: this is a serious problem for truckers, farmers, construction people that use the heavy machinery. if we're 35.32 now. the backdrop is the condition you described, where are we going? >> i think, stuart, the groundwork, foundation is there that we could go up to 5.50. if there is any bump or kink in the chain we could go dramatically higher than that. as you mentioned, semi-trucks, trains, planes, automobiles, not so much on gasoline, just to put this in perspective, stuart, as well, we never seen the difference between gasoline prices and diesel prices so wide. it has never been over a dollar a gallon until now. areas of northeast, new york, pennsylvania, maine, prices for diesel approaching $6, prices in new york state, 5.85. pennsylvania, 5.91 and it is going to get uglier before it gets any better.
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stuart, this is a long-term issue. this is not something that is going to improve overnight. stuart: 4.19 is the national average for regular gasoline, where is that going? >> i think stuart, we'll continue to go up. the national average is up for the second straight week. keep in mind this came after gas prices fell for about five straight weeks. oil prices down this morning but there is still a lot of concern as we approach the summer driving season. the story is really not only oil with russia and ukraine but is there going to be enough refining capacity for the summer driving season and if americans keep filling up at pace we are today, that could be a challenge with gasoline as it already is with diesel. stuart: my goodness me, what a rotten inflation situation is cropping up now. patrick de haan. thank you very soon. >> thank you, stuart. stuart: big tech, car companies are issuing new warning about chip shortages. what are they saying now, ash? ashley: the chip shortage will force them to scale back the
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target this year. apple's tim cook says the company is not immune to supply chain challenges, highlighting the supply chain business had serious constraints in the recent quarter. nokia, said it would have grown faster in the last quarter had it not not been for supply chain issues. daimler said the supply shortages are one of the biggest challenges in the current business environment. volvo says the chip shortage will hurt business in the current quarter as well. automakers says the chip shortage has created a massive backlog of orders that will take some time to clear. stu. stuart: goes on and on. ash, thanks. >> yep. stuart: fort worth, texas, will be the first city government to mine bitcoin. the mayor will tell me all about it in the 11:00 hour. homeland security secretary mayorkas says, his department has been preparing for the lifting of title 42. roll tape. >> what we started to do in
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september last year was prepare for its end. we planned for different scenarios. so we're ready for anything. stuart: ready for anything. interesting. so how are they preparing for immigrant surge? i will ask the former acting dhs secretary chad wolf. he is next. ♪. only two things are forever: love and liberty mutual customizing your car insurance, so you only pay for what you need. if anyone objects to this marriage... (emu squawks) kevin, no! not today. only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit and get started today.
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♪. stuart: take a look at this. exclusive footage, two migrants struggle to cross the rio grande river. sadly only one of them survived. bryan llenas is there. you spoke with the survivor. mold on a second, is something happening right now, bryan, a rescue? reporter: yeah, stuart. the fox news drone over the rio grande behind me in eagle pass, texas. there is 16-year-old, 14-year-old, who are attempting to swim across this is something we see consistently every single day. they're told by mexican authorities, don't try this, you may drown. that is exactly what happened yesterday in front of our cameras this is a graphic video
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we're about to show. this is disturbing. you can see two migrants yesterday right in front of us. they were attempting to cross over. you see one friend trying to hold on to a pillar. the other one is struggling to trend water. eventually he goes under and completely disappears and drowns. this was witnessed by dozens of people including mexican and u.s. authorities. yet nobody went in the water. our fox news drone followed the surviving man as he struggled to survive. he ended up on a pillar on the bridge, 150 yards away. the currents were really strong. when he arrives at that bridge, he is holding a plastic bag with cell phone. he is exhausted, shaken, at that moment, when i began talking to the man. [speaking spanish] [inaudible] reporter: sit tight. not make a swim for it. his friend just died. his name was castro, 42 years
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old from nicaragua. his friend nelson was 38 years ago, he knew how to swim. the dam let waterloos in the river. it was incredibly dangerous. they left home back in december. we called texas dps the national guard called border patrol. they called mexican authorities. they eventually picked him up. he was retuck tant to go back to mexico. we spoke to a guardsman. his body floated up there. the drowning took place 350 yards away from a couple of guardsman. there were kayaks there. a national guard humvee there with flotation devices inside and they did nothing to help them. they were told not to do anymore water rescues in the rio grande river, following the tragic death of 22-year-old national guard veteran bishop evans who drawned heroically save two
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migrants. we reached out to the governor about this order but we have yet to hear back. stuart? stuart: thank you, buyian. alejandro mayorkas says his department has been preparing for the lifting of title 42. roll tape. >> title 42 is a public health authority. what we started to do in september of last year was prepare for its end. we're not projecting 18,000, but what we do in the department is we plan for different scenarios. so we're ready for anything. stuart: okay. ready for anything. let's bring in former acting dhs secretary chad wolf. chad, it seems to me that they're going to let them in, give them a court date to reappear for asylum hearing. they will just disappear. have i got that right? >> well you do, unfortunately. he talks about, the secretary talked about a six point plan he unveiled last week but all six
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are authorities, actions, this administration should been taking from day one there is nothing new there. use of expedited removal. processing of more individuals. there is nothing in there that will deter the illegal behavior in historic numbers that we see. the plan is simply a plan to process more and more individuals into this country faster to be released into american communities faster and so that is not solving the underlying problem at the border. that is simply trying to manage the process. so they have been at this now, he talks about planning for it for six months. what they should be planning for how to stop and deter some of the illegal behavior that is occurring, that is causing a lot of concerns on the u.s. side, certainly on the mexican side. certainly some of the deaths that you just talked about. stuart: what happens, what's the border look like if you do get a surge and it is 1thousand people a day? -- 18,000. what does it long like? a vast refugee camp?
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>> overwhelmed today when you're apprehending somewhere between six and eight thousand individuals. they don't have enough facilities. they don't have enough processing units along the border. why they're releasing them on street corners into the interior that you see today. if it goes beyond that, it is projectorred up to 18,000, then you start seeing pictures again of individuals probably under bridges and other places that they don't belong. what the secretary and others in the administration will have you believe they are surging more individuals to that border. again they're asking congress for more border patrol agents, not to actually patrol the border. no the to actually do their job. just to process more and more individuals into the country. so this is a little smoke and mirrors what the department is trying to do. they don't want to solve the problem. they want more and more resources and individuals to simply process more and more people into the country. again you're not solving issue there you're incentivizing more and more of that illegal immigration to occur. stuart: what a mess. what an absolute mess. chad wolf, thanks very much for
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being here. come back soon because we need more on this. thanks very much, chad. still ahead on the program today, brett velicovich, mike rowe, harmeet dylan and steve forbes. when it comes to investing there is a generational divide. guys like warren buffett, they're kind of old-style investors, buying and holding long term. but younger folks? they don't seem to share that investing style. we'll compare and contrast after this. ♪ ...
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you get up to 10 times the speed pea on the company's estimated 3 million ounces of gold. while drilling and permitting continue across all of the company's assets in quebec. bonterra resources. >> for democrats, all they really know how to do is spend more. every solution they have to every public policy crisis is to have an emergency relief bill go through congress which will just fuel inflation, the other problem is they can't solve inflation. >> we have not hit bottom and it'll be quite some period of time before we hit bottom. i'm embarrassed of the stock market this time and it wants to go lower than the bear market. >> i don't think the bottom is in yet but the fact that we didn't collapse over the weekend , the fact that we've got a little bit of green on the screen now is a reminder that the markets are actually working normally. >> it's a warning, it's a warning to people and people in washington, you got to get this inflation down or you're going to wreck the
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economy. ♪ i heard you were a wild one ♪ stuart: it is 11:00 eastern time , monday, may 2, do you realize that? may already, it was a dreadful month, april on the markets, a little bit better this monday morning, but not that much. i wouldn't call that much of a bounce, stocks were so far down in april, you'd expect maybe a nice bounce in may but we're not getting it at least not so far this morning. the price of oil about $101 a barrel that's where we are right now. here's the problem for the markets the yield on the 10 year treasury awfully close to the 3% level, big tech generally goes down when you've got interest rates going up like that. that is what's happening this morning. now this. when it comes to investing, there is a generational divide. it was on full display over the weekend when warren buffett held court at the berkshire hathaway annual shareholders meeting.
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buffett is 91. his right hand man, charlie mong er is 98. they have enriched millions with old style investing, that is, buy and hold, long term. young folks don't seem to share that investing style. the retail investors who emerge during the pandemic trading from home, often using their pandemic checks, put their money into cryptocurrency and meme stocks or spacs. often, short-term investments, they trade moving in and out frequently. to buffett, that's not investing , that's gambling, and to charge it monger, it's just plain stupid, watch this. >> i try and avoid things that are stupid, and evil and make me look bad in comparison with somebody else, and bitcoin does all three. it makes us look foolish compar ed to the communist leader in china. he was smart enough to ban bitcoin in china and all of our
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presumed advantages of civilization, we are a lot dumber than the communist leader in china. stuart: when you're 98 you can say anything you like but charlie monger is not going to change his investing style and neither is warren buffett, they have been wildly successful. i'm with them, successful maybe but i'm old enough to know the value of long term buy and hold, and i'm also old enough to bear the financial scars of gambling. third hour of "varney" starts now. >> look whose here, steve forbes , the ideal person to comment on the generational divide in investing. is there a generational divide, steve forbes? >> well, unfortunately, a lot of generations have to learn the hard way that it's going in and out of stocks doesn't always lead to wealth and so you get to these big bear markets, a lesson learned and then a lesson
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generation forgotten, so that hasn't changed, but the point you make, the point munger and buffett makes is important for younger people and i show my age 55 and under, for your retirement funds whether it's ira, 401 (k) and the like. you should stay fully invested. yes, have a cash reserve because you don't know what life will throw your way but the rest of the time you should be in the stock market whether it's an index fund or the like, and keep putting money into the market, even when it goes down, whether it's quarterly, monthly, whenever you make your payments into your retirement funds keep doing it, because the market goes down that means you buy more shares and what they call dollar cost averaging end up having you do better than most money managers. so the key thing is, every investor says i'm a disciplined investor, i'm a long term investor, until the market goes down and they say is it too late to get out? so don't let emotions be your enemy. stuart: sounds a lot like me actually, steve, but i'm not going to admit to it publicly. you're a new yorker. i want your opinion on this.
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there are some high end retailer s on madison avenue, new york city, of course, they are locking their doors and opening only by appointment trying to stop the surge in daytime shoplifting. you're a new york guy, what's your reaction to this kind of thing? >> well just goes to show the utter failure of government. you can get the spending right, the regulations right, the money right, the taxes right but if you don't have a sense of public safety you're going to have a troubled city a troubled economy the first task of government is public safety, or as they used to say, defending the realm from outside enemies and from criminals inside. you don't do that, you're going to have a disfunctional society and what's happening on madison revenue where they can't even apprehend shoplifters they just come in and steal, or you might get where they know the police aren't being backed up and the amazing thing is i hope it changes with the election, stuart is why the mayor of new york and governor can't change these idiotic no bail laws, every criminal knows you get
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arrested you're out again to do your bad stuff including murder, the very next day. stuart: yeah, got to change that steve forbes, great stuff, thank you very much indeed, steve, we will see you again real soon. >> thank you. stuart: that's a fact. back to the markets the dow is down 60 nasdaq is up 17, and the s&p is down eight, that's not exactly a bounce from last week's really heavy duty selling jason katz is with us this morning. you say this maybe, i think this is your words, this maybe the hardest investment environment of your 30-year career. that bad? >> first of all, i'm thrilled to be in this studio. stuart: yes, welcome back. >> quite all right yeah, i will tell you, this is particularly hard. it's like death by a thousand razors, because you reflect on previous corrections or major pullbacks whether it was the tech rack or the financial crisis or the covid crisis, we could point to something specific in terms of what got us there or what might get us out.
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now you have this confluence of events, so investors can't have this crutch in terms of okay, when this changes, then this will happen. stuart: would you be prepared to say that the market is close to a bottom? >> look, the multiple on a forward basis has come down from 17, excuse me from 21 to 17 times earnings, and if you take out the five largest companies in the s&p, the multiple and the average stock is only around 15.5, 16 times earnings which by no means is an extreme valuation , but i won't go out on a limb and say we're near the bottom but i will tell you that the fear is palpable. now, people have said, we need capitulation, we haven't had that yet, its been a very orderly market, a very liquid market, but the sense in terms of speaking to colleagues, clients, and people in the industry, we're getting close to the point where people are going to throw in the towel. as much as it pains me to have to go through that, i know that's what we need in order to swoosh out and have that
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moment where we distinguish the adults from the children. stuart: you'll call a bottom when you have this capitulation selling, when that happens you'll call a bottom? >> yes, but let me say this. it's almost semantics at this point because the largest stocks have yet to really get hit and these market-weight ed indices probably do come down but the average stock probably doesn't. you look at the nasdaq, the average stock is down 40%. you look at the s&p, yes, it's not down in bear market territory, but the average stock is in bear market territory, so maybe some of these leaders will in fact come down and go into correction territory but the average stock probably has found its bottom. stuart: is there any area of the market, any industry, any group of stocks that you'll be able to say not a bad place to put your money right now. >> yes. so number one, i'd say quality growth at a reasonable price, or what we call qgarp.
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companies that generate high free cash flow pay that in a dividend or buyback stock. secondly sometimes the best offense is a good defense and healthcare looks particularly interesting. look, the democrats stand a significant chance of losing control of congress, so price performed for drugs is probably not as big of a risk and now that covid is clearing, talking to clients who are in the medical industry, we're see ing procedures go through the roof, so you're going to see a pretty meaningful surge in earnings on valuations in healthcare that are very reasonable. stuart: it's much better interviewing you when you're sitting six feet away from me as opposed to in your house some place outside the city. it's much easier and better. >> for you and me both. my dogs not barking. not telling my kids to be quiet. stuart: do you have to do that? >> yeah, i got signs all over the house, shhh, stuart is going to scream at me. i'll actually show you some of the signs. stuart: no you don't. jason, thanks very much for with being us in the flesh.
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lauren, looking at the movers, start with oil companies. lauren: it's difficult today, the movers because the market is all over the place we had a 432 point range for the dow, 266 for the nasdaq so that's my caveat when i show you companies that are moving but not as much as they were moments ago, [laughter] oil companies are moving, as prices for fuel go up, berkshire hathaway has increased stakes in occidental, chevron, how much? occidental now has a 14% stake and chevron makes up like 25 billion of the portfolio. also take a look at phillips 66 it's at 86 and change now, wells fargo gets them $114 price target. stuart: bath & body works. lauren: i always mix them up with bed, bath and beyond as well. this is bath & body works my six -year-olds favorite store and i bring that up, they got an upgrade at cohen to out perform they see the price going to 82 because the young consumer is there. stuart: would that be a solid
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gain? lauren: yeah. stuart: when? lauren: this year, soon. have to pull the exact report to get that. stuart: let me see netflix and meta. lauren: look at this , you've got up nearly 4% for both stocks that were questionably oversold. not only last month, but this year. i mean the year-to-date performance for netflix is down 68% facebook down 40%. we're talking about, you were talking about reasonable prices. what is a reasonable price for names like this? they have got a huge hair cut. they are still very popular companies. stuart: so, speak even though you don't like to mention individual stocks. >> well this is sort of anecdotal we were talking about this before i came on. speaking to clients who cover middle market clients, hedge funds and traders, there was huge short positions and tremendous gains that were made in this space of late, and i think given how badly that group sold off, a lot of them are just simply locking in profits, so i think it's ultimately earnings that are going to stabilize and
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drive these stocks and the short run, it's a trader's market you're looking at short covering in a meaningful way in those two positions. stuart: yes a trader's market, thanks, jason, thank you, lauren a new poll shows most of the country trusts republicans more than democrats that handle top issues like inflation, the economy and crime, but what if that poll is being taken in california? would the results be significantly different? i'll ask that question to someone who knows the answer. speaker pelosi shows solidarity with ukraine on a surprise trip overseas, roll tape. >> america stands with ukraine. we stand with ukraine until victory is won. do not be bullied by bullies. stuart: we're going live to ukraine, we'll be on the ground there, shortly. fort worth, texas, will become the first american city to mine bitcoin, and they will run the mining machines right out of city hall, how about that? the mayor of fort worth explains , next.
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should have "large amounts of their covid booster shots this fall" the jab will specifically target the omicron variant. paypal just launched a new partnership with aon, that's an insurance company. paypal small business customers can use aon to shop for , manage and buy coverage online. now you know. the wikki media foundation, the organization behind wikipedia, announced that they are no longer going to accept crypto donations. ashley? why not? ashley: well, they say it has decided to discontinue direct acceptance of crypto as a means of donating because, it says, it's going to close, also going to close its bitpay the preventing any future contributions but the reasons given include concerns over environmental implications of bitcoin, and at the risk of scam s and the fact that the wmf gets such a lower amount of donations in cryptocurrency compared to other forms of payment. last year, the foundation that
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began accepting crypto, by the way, back in 2014 so its been a while, says it received just over $130,000 worth of donations in cryptocurrency, or , they say, less than 1% of the total contributions it received so its cut it off for now. stuart: did you see this , ash? the company behind -- ashley: yeah. stuart: the board nft series, they raised hundreds of millions in cryptos to buy, wait for it, wait for it, virtual land. ashley: yeah. stuart: can you explain this to me? ashley: i wish i could, but here we go. right around $285 million worth of cryptocurrency, by selling tokens which represent, as you say, stu, land in a virtual world. a game that is building and using the land to sell it, like deeds. last year, u.s. start up created the board ape yacht club nft, it was a blockchain based token representing sets of 10,000 computer generated cartoon apes.
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what, you say? well they became one of the most prominent nft brands with apes sold at top auction houses owned by celebrities including paris hilton and madonna. now it is setting its sights on the metaverse selling plots of virtual land in ape coins in a future board ape-themed online environment called other side. the company announced on twitter that all the deeds are sold out and that's the latest from fantasy land. stu? stuart: the only thing i understand that it is gambling, case closed that's my personal opinion. ashley: yes and generating a ton of money, yes. stuart: so they say. all right, fort worth, texas will become the first city government to mine bitcoin in the united states. the mayor of fort worth is maddi e parker and joins me now. your honor, this will take a ton of energy. i know a little bit about the cryptos and to mine these things takes an enormous amount of energy. where does the energy come from for fort worth? >> well, good morning, and
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thanks for having me on. actually for fort worth we just have three machines, the equivalent of a vacuum cleaner with your household. this is a pretty small project for us, a six-month pilot program but working in close consultation with the texas blockchain council to understand any kind of hinderance on the energy grid and importantly be really good stewards for fort word and our taxpayers here in our city. stuart: this is a city government project is that correct? >> yes, yes. stuart: you got the three machines and these machines are in city hall correct? >> they are, in our server room and actually important note is that these machines were actually donated to the city of fort worth so we didn't have to purchase them. stuart: okay where does the funding come from? you've got to put some money into this i presume. >> we didn't actually, interestingly. no we didn't. in this situation, the machines were donated. we plugged them into our server room and in close consultation with the texas blockchain council which provided the professional experience needed, we were officially min ing bitcoin as of a week ago
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so exciting things for fort worth. important info, we're just really learning in this process what it looks like for the future of cryptocurrency this is not about making money but making sure we understand the future of technology, innovation and city of fort worth. stuart: will it make money? do you intend to make a profit? >> probably not in the first six months honestly. i think we'll learn more, really focus on breaking even and understanding what cryptocurrency means for fort worth and for texas more broadly , but importantly after that maybe added more machines if we possibly could but i don't think we're anticipating that this first round. stuart: where do you think you're going with this , if it's just a six-month pilot project, don't cost much money, what do you want to get out of this? >> well, i think the number one goal for fort worth is to make sure we're known with tech and innovation, understanding what the future of cryptocurrency is. this conversation is happening with major organizations across the world, and fort worth wanted to be a part of the conversation , and we really gained that in the last week. people asking the question, who is fort worth? i don't know about if you got to
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visit our great city, we're the 12th largest in the country and a lot of people didn't know who we were and we want that to change and we want to be a tech innovative city but we have to tell our story a little bit better and this bitcoin opportunity was that for us. stuart: i'm sure what you saw charlie munger had to say he calls bitcoin stupid and evil but i think you knew that already, maddie parker very interesting innovation at fort worth and we're pleased to have you on the show to talk about it >> appreciate you having me on. stuart: thank you. amazon says they will get a hear ing that could overturn the union vote in new york city. on what grounds, ashley, are they looking for new hearing? ashley: well, amazon is accusing the brooklyn office of the national labor relations board of some 25 violations, including the appearance of supporting the union drive, and claims that labor organizers intimidated workers to vote in their favor. the union dismissing those
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claims, but the accusation s could justify a hearing that may overturn the result that hearing by the way slated to begin later this month. 55% of the employees who voted from amazon's jfk 8 warehouse in staten island opted to join the amazon labor union which has argued for higher pay and job security, voter turn out was about 5 l 8% and it marked the first time that the u.s. staff at amazon decided to unionize in the company's nearly 28-year history, but maybe not, we'll have to follow the story as they say. stuart: let's follow-up on netflix, announcing they are canceling meghan markle's cartoon series for kids. why are they doing that? ashley: because of budget cuts as netflix subscribers numbers as we know are plummeting. markle's plan was supposed to revolve around a 12-year-old girl on a journey of self- discovery inspired by the
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legacy of famous women from history. the executive producer on the series, by the way, which was being created through prince harry's productions was elton john's husband david furnish but now the whole thing has been ax ed along with other planned animated series. netflix lost nearly half of its value since warning in january that its subscribers were jumping ship. stu? stuart: got it. i hear it. ashley, thank you very much. now take a look at this. what you're seeing on the screen are actually emissions seen from space. wait until you hear what's causing these emission emissions california will have an un precedented $68 billion surplus this year, they are thinking about sending checks to every taxpayer but why not just cut taxes? harmeet dhillon takes that on, next. ♪ california dreaming on such a winter day ♪
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♪ fly like an eagle ♪ stuart: i
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do like that, i like the harmony to that song which i particularly like and by the way you're looking at london. we're showing you london, because an airline, they're one step closer to launching direct flights from australia to london and australia to new york. they've ordered dozen airbus 350 s which they hope to start flying in 2025, now these flight s will be just over 19 hours, non-stop, 19 hours, making them the longest flight in the world. all right, back to the markets, i mean, we said this all morning been open for two hours and we've been all over the place for two hours. right now, dow is down 130, nasdaq is up 14. it'll change leave me. it's a very volatile marketplace today. the airlines show them to me, please. spirit has just rejected jetblue 's $3 billion takeover offer instead spirit wants to move forward with plans to merge with frontier so some
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consolidation in airlines coming carnival the cruise line just became the first cruise line to make a full comeback from covid shutdowns. all 23 of their ships are back in service. there's this , i'm astonished of this , governor of california gavin newsom says he might delay the planned closure of the states last nuclear power plant. he needs the juice, doesn't he, ash? ashley: that's right. california could be facing electricity shortages, so, governor newsom is suggesting the diablo canyon nuclear power plant may continue operating beyond the plan closing by 2025. newsom says pg &e who operates the facility could receive a share of the $6 billion in federal funding that the biden administration is offering to support continued operation of nuclear reactor s at risk of closing. the administration, by the way, has touted u.s. nuclear reactore
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of clean energy, but, wait a minute. newsom's office does stress that in the long term, the government continues to support the closure of diablo canyon as the state moves to renewable energy, but not just yet. they could be short on juice as you say. stuart: okay here is something else that astonished me about california. they got a budget surplus of $68 billion. harmeet dhillon is with us now. harmeet, the governor wants to send checks, checks in the mail, to taxpayers. why doesn't he just cut tax rates? >> that's a great question, stuart. we are very overtaxed here in california, and i think this has been the stuff of many segments on this network, but there's a dispute between the governor and our legislature as to what they want to do with this money, so the legislature wants to send $200 checks not to all taxpayers but households earning under $250,000 for two. the governor in turn wants to
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actually send $800 tax rebate checks back to people to aid with the gasoline and transportation issues and also wants to pay for three months of free transportation in our public transit, but neither of these proposals gives relief to a segment of the population and as you point out the simplest way to do this would simply be to cut our taxes, but of course, that wouldn't give every taxpayer getting a rebate a nice check in the mail which is a public relations and election promotions not for democrats in the state so that's why they are doing it. stuart: you vote for somebody who sends you a check in the mail but not necessarily for someone who cuts your taxes down the road. >> right. stuart: it's his way of buying votes really, in a way. >> well, and point out the fact that the people who are not getting the rebate in the legislature's proposal are the ones who pay the highest taxes so people with higher incomes in california so the fact we had the surplus many are touting oh, we don't need to worry about cutting taxes because these billionaires are
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paying a share, a hangover is about to come, so yes, last year people who lived in the state may have paid a huge amount in taxes, elon musk is an example, those people aren't going to continue to pay taxes. they are fleeing the state in record numbers, anybody who live s here can tell you that, and we're not even talking about the fact that the high housing costs in california are effectively a tax on the middle class in the state, making it more and more unaffordable. stuart: harmeet i wonder if you saw this poll from abc news. it shows voters have more trust in republicans to handle top issues like inflation, crime, and the economy. it's a national poll. suppose that that poll had been taken just in california. would the results be the same? would californians think reporter conditions are better placed to help inflation and the economy and crime? >> well, i think you'd have to divide the state up into the red part of the state and blue part of the state. if you look at california on a
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map the vast majority of the state actually is red but in the high population centers of san francisco and los angeles i think you'd be hard pressed to find similar numbers in those regions and that's reflected by who voters vote for to represent them at the federal level. that said we are seeing record amounts of discontent amongst voters on certain issues so for example, here in san francisco, we had a recall of multiple school board members and if i were a betting person, i would bet that by significant margin, our district attorney here is going to be recalled. that signals that at least on the crime issue voters throughout california are, well, not necessarily ready to vet for republicans incredibly dissatisfied with our quality of life here. i was thinking last night as i was going to sleep and thinking am i going to walk to work like i did two years ago or take a car which pollutes the environment more, i don't feel safe walking to work like i did two years ago in san francisco. it's like vibes of 1980 new york
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here and very unsafe and not sustainable for investment, for people moving here, and for quality of life. stuart: okay, i was going to ask about san diego because i always think that politics there are a little bit more conservative than san francisco or los angeles. would that be true? >> it is, and so what you see in san francisco county is you do see a number of republican elected officials in the legislature as well as at the local level, and possibly hundreds at the school board and other local boards, so it is different but it isn't different to a degree that you would see those national numbers necessarily reflected there in san diego but the ratio is better than in san francisco and los angeles county. stuart: i loved san diego. guaranteed, 72 and sunny most days. i wanted to be a weather forecaster in san diego. can't get it wrong. 300 days of 72 degrees and sunny it's beautiful. i'm out of time, taking it up myself here, harmeet dhillon thank you very much indeed see
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you again soon. >> thanks for having me. stuart: you got it price of diesel hit an all-time high, look at that 5.32 a gallon. that's putting a strain on farmers and truckers, mike rowe, the man behind how america works , he's here. more than 100 ukrainians evacuated from a steel plant in mariupol. they have been hiding there for weeks. the russian forces trying to take over the city and right now , hundreds of ukrainians are still trapped inside that steel plant. griff jenkins has our report from ukraine, next. meet jessica moore. jessica was born to care.
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hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 stuart: nearly 100 ukrainians have been evacuated from that steel plant in mariupol. there are still people in that steel plant. griff jenkins in ukraine, griff is there a plan to get them out? griff: well, stuart, the plan is
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to continue doing what began yesterday as you reported some hundred civilians mostly women and children got out but we have not heard today from the u.n. or the red cross how successful it has been today and it's almost 7:00 p.m. here in ukraine. this after president zelenskyy talked about those thousands of civilians and soldiers stuck in that steel plant, cutoff from food, water, or medicine. zelenskyy saying these humanitarian quarters did indeed open yesterday but much, much work is to be done. now, this comes as house speaker nancy pelosi became the highest- ranking american official to visit ukraine in a surprise visit over the weekend. pelosi meeting with zelenskyy even walking out in the open with him, along with a delegation of democratic lawmakers. here is some of what she had to say, listen. >> we are visiting you to say thank you for your fight to
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freedom and that your fight is a fight for everyone, and so our commitment is to be there for you until the fight is done. griff: and take a look at this video. this ukraine defense ministry releasing saying it shows to destroyed russian boats in the black sea struck by ukrainian drones. meanwhile, as this war enters day 68, russian foreign minister sergey lavrov makes outrageous comments that will certainly not help the peace process, watch this. >> what can we have, if i remember it right, i maybe wrong , but it also had jewish origins so it doesn't mean absolutely anything. for sometime we have heard from the wise jewish people that the biggest anti-semitism were jewish. griff: ukrainian officials are absolutely slamming those comments as well as israeli officials. meanwhile, one final note, stu,
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and that is the u.s. embassy here in kyiv may reopen by the end of may, according to the u.s. diplomatic mission, that was in lviv earlier today. stu? stuart: okay, all right, griff jenkins in the middle of it. to the markets, please, because i use this expression all morning and it's accurate. they are all over the place. we started out this monday morning coming off a dreadful week last week, where the dow was down 980 points that was just on friday, and we had the markets really sharply lower throughout the month of april, so you come into may, you're hoping for a bounce, we just don't have it so far. i want to bring in now let's get back to the ukraine situation, brett velicovich is with us just returning home from ukraine. why are you so concerned about russia's upcoming called victory day on may 9. why the concern? >> well because putin has always said, stuart, he's going to win this war at any cost so i
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think because of victory days potentially he might do something that we never seen before and a lot of people in ukraine are preparing for that and the reality is right now innocent ukrainians are still dying, women and children as we speak are without food, they are without water and you've got teams on the ground who are finding out more and more evidence of putin's war crimes as they are getting into areas they wouldn't have otherwise been able to get into before. this is a war logistics. there's speed that needs to take place in terms of getting weapon s and aid as fast to the ukrainians as possible and i think this victory day date that exists is really going to be a key moment because we're going to have to see what putin does and we know that again, very much a war still going on there. stuart: speaker pelosi, as you know, was in kyiv over the weekend and she made a point of saying we're going to see this through until it's done i believe she actually used the word "victory." i'd call that a stronger commitment on our part for the ukrainian cause, wouldn't you? >> yeah, absolutely and i hope they continue that commitment
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and the thing that though is disappointing to me is that the u.s. administration still has no idea where a lot of these weapons are going into. i think they need to account for that and then provide a little bit more oversite to make sure it's getting to the front lines because it's mind boggling to me, stuart, that all the information that i've received honestly from some individuals at the highest level s of the u.s. government, they are basically saying that they don't know where some of the weapons are going to and they aren't reaching the front lines in certain cases so that's one thing really concerning to me. i think that there's a lot more we can do to help, and it's groups like non-profits and private entities that are out there that have been really funding and helping save the lives of you ukrainians. it's groups like ukrainian congress committee of america, everyday great americans, the ukrainian congress committee who are literally buying medical equipment to get to the front lines because all this u.s. money that's supposedly pouring into the administration isn't getting there fast enough and so when i hear that pelosi visited the country that's a great step in the right direction but i hope she sees the reality on the
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ground which is that they need help. they absolutely need help. this is a war unlike anything we've ever experienced before. stuart: thank you very much for sending me the ukrainian flag which had seen action in ukraine. i'm pleased to have that and i appreciate it. brett velicovich come and see us again real soon, please. cattle ranchers working double time to meet production demands, mike rowe just spent sometime on a cattle ranch, he joins me, next. ♪ we got the house! you did! pods handles the driving.
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by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: for the first time ever, emissions from cal burts have been detected from space we would like to bring you this story satellites recorded five emissions all coming from california's and the company that recorded these emissions said that it's sustained for one year it would have been enough gas to power more than 15,000 homes, we just thought you'd like to know that. cattle production, that is the theme in tonight's episode of how america works, with mike rowe. just a brief clip, roll it, please. >> cody takes position, as one
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of the lead. >> basically what i'm going to do here is ride gently up into the calves, not get in no big hurry, just kind of ease up in here to them, and i'm just going to slowly go back to the guys and they are going to throw him on the ground. stuart: what a way to make a living, that gentleman is mike rowe, as you know, of course. he's on the show, how america works, and tonight, you've got beef production. do those guys make any money? >> first of all, did you say methane? stuart: yes, i did as a matter of fact. is it supposed to be methane? >> you know, when in rome. stuart: you got me. >> and when in oklahoma, you go to bergen ranch, that's where our cameras went and to answer
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your question, yeah, cowboys whatever you have in your mind, whatever movie you think of, whatever bromide, they still exist. they're real, and you pull them out of the fabric of the quilt that is our working country, and you're going to see a trickle down effect that's going to impact anybody who shares my addiction to chewing and swallowing things. stuart: do they make any money? >> yeah, sure they do but look they are under the same kinds of pressures only in an exponential way. you mentioned diesel, you mentioned gasoline. obviously, you can't talk about agriculture without talking about energy. the two are hand-and-glove but since you mentioned methane we should talk about fertilizer up 400%. you can't grow food without fertilizer and my friends in the farming business have been saying for months now, when the chickens really come home, it's not just going to be driven by the cost of energy.
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it's going to be driven by the cost of poop. stuart: the episode that's on tonight, that shows a farming industry, a beef industry, really squeezed. that's what it shows. >> it does. it's first and foremost, it's a fly on the wall look at a big working ranch, right? it's not, you know, a cinematic take. it's not a hyperbolic take. it's just real people working on a real ranch in realtime, showing what it takes to get the meat to market. along the way, you see their struggles, and you see how everything is impacting that industry and hopefully, you'll also see how it impacts the cost of whether you go to mcdonald's or sardi's. it's having an impact on everything everywhere all of the time and to unwind that, from the point of view of a cowboy, i think is pretty cool. stuart: see what i really like about your show is it's real people. >> that's right. stuart: i mean real people.
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and some of them have a voice as good as yours. >> no they don't. stuart: wait a minute. should it be methane? >> it should be methane. me thinks. stuart: [laughter] >> me thinks it should be methane. stuart: 15 love to you, buddy. now we'll be watching you on the all new episode of "how america works" tonight at 8:00 p.m. eastern, that is, on fox business prime. by the way, you can catch all the new episodes of "my dream car" with danielle trotta 9:00 p.m. eastern and don't ever forget"american built" which me thinks is a pretty good show. >> it's a fine program and by the way, if your viewers are curious, yes that's the only shirt i own. stuart: i knew that. >> i'm wearing it there and i'm wearing it here. stuart: [laughter] what a guy. all right, don't go anywhere, it's time for the trivia question of the day. how many baseball players have hit more than 600 home runs in their careers? five, nine, 13 or 17?
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mike rowe has got a baseball voice. he will try to answer that question, after this.
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and energy production that starts in your cells. address one of the root causes of aging with tru niagen, researched by the world's top scientific institutions. stuart: all right. how many baseball players have hit more than 600 home runs in their career? mike, what's your guess. >> the answer is nine, stu. if you say it with authority, it doesn't matter if you're wrong. nine is the answer. >> ashley, what's your guess?
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>> if mike he gets right, does he get a new shirt? i will go with 13. stuart: i will go with 13 as well. nine. >> when it doubt say it with authority. stuart: barry bonds holds the record, 762 career home runs. mike rowe thanks for being on the show. ashley, you too. time is up for me. neil, it is yours. neil: thank you, stuart. this confusing market up a lot, down a lot. one thing i've been watching a lot lately, what is happening on the interest rate fronts. we've been following seven year, 20 year, 30 year bonds, all going over 3%. 10-year bond, crucial one attached to most mortgages, car loans, et cetera, that one is so close to 3% right now, keeping an eye on that. man, oh, man, do we have couple busy couple hours. we have henry fiskar, fiskar


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