tv Varney Company FOX Business May 20, 2022 9:00am-12:00pm EDT
maria: welcome back, there was pretty explosive information that devin nunes just gave us, james, real quick. james: if it's correct about the spouse, seems like a recusal issue. maria: all right, james freeman, lou, good to be with you. stu, take it away, have a great weekend, stuart. stuart: glad you repeated the news by the way and good morning to you by the way, maria. record price of gas, it's rippling to the economy and people are mad about it and led to confrontation in congress which we will get to. here is today's number, another new record high. 4.59 a gallon. that's the national average.
in 3 states washington, oregon, nevada, it is 5 bucks and in california the average price is 6.06. as for diesel holding record 5.57. just imagine being a trucker paying that price today 2.40 per gallon than one year ago. this energy price inflation was the issue in congress thursday in senate hearings. energy secretary try today blame putin for gas prices, senator josh hawley said that's insulting and nonsense. strong stuff. you will see the exchange. here is the friday elon musk headline. he reportedly paid 250,000 bucks to settle a sexual misconduct accusation. earlier a worker at a tesla plant was awarded millions in a racial harassment case. musk responds, the attacks against me should be viewed through a political lens. this is is their standard despicable play book, must
thinks they are after him because he's disrupted left-wing twitter and he says he will vote republican. all right, to the markets, please. the dow industrials will be up at the opening bell. i don't know how they would close. up 230 roughly. the s&p 500 up 30 odd points and the nasdaq is up 151. the backdrop to today's trading is the possibility of an impending recession and, yes, the endless search for market bottom. are we there yet, are we there yet? we will try to tell you. interest rates well below 3% level 3.83%. more flight to safety to the quality of treasuries. oil, well above the 100 bucks a barrel. 112 as we speak. all right, back to the financial markets. on the show today a huge increase in voter turnout in the georgia primaries, double the number of votes cast in the last midterms. what was that about? voter suppression. and you'll see this, hard to believe it. warning signs go up at mirror
woods, stunning redwood forest, the woke begrade insist on telling you about wokeness. varney & company about to begin. ♪ ♪ ♪ ♪ ♪ stuart: i kind of like that. the foundation. i'm trying to figure out who sang that, the foundations. it's going to get real hot in new york later on today, empire state building and, yes, it's going to be about 90 degrees. certainly tomorrow, good stuff. now, we've had new headlines from elon musk every day this week and today is no different. former flight attendant at spacex accuses musk -- accused him past tense of sexual misconduct. all right, lauren, good morning
to you. when was this and how is musk responding. lauren: it was 2016. business insider reporting spacex paid her $250,000 to settle and that she signed an nda. musk is responding by denying the allegation and saying this, the attacks against me should be viewed but a political lens. this is their standard, despicable play book but nothing will determine for fighting for free speech. he hinted that the task would be coming and new he's sort of having fun wit. he also said finally, we get to use elon gate as a scandal name. i think we will see more of this. high profile. stuart: he likes being in the headlines, he's the richest person in the world bar none and a lot more stuff as well. this man will make a headline every day for the next month probably and we will report it. lauren: trying to buy at lower
price tag and i think he wants to run for office. stuart: sitting right next to me ryan payne, market guy of the market befutled. incredible stuff. that's why we report it every day. not because we are interested in the sexual harassment claim or anything else. this man makes news. he makes headlines, he makes waves. >> 100%, we need elon musk in our lives. needed somebody to really go against cancel culture, go against all the things that we dislike. stuart: wonderful thing. let's get serious, are we there yet, is there amarket bottom in place? ryan: i don't know if we are there yet, stuart. it's hard to say. we have a lot of volatility here. volatility is indicative of a bottom trying to be formed but i
think we have to look at here is where is the selloff really happening, right? if you look at it in a vacuum, it's really growth, big tech, disruptive technology, bitcoin, these are all the asset classes getting hammered here and you're throwing the baby out the bath water. we are selling overall selling in the market but it's really towards tech is where you're seeing the bleeding and if you go back to a year ago i was woking s&p 500 was tech on and drag and if i look, all the names, it's only down 12% this year. it's really growth that's getting hammered in tech. it's not the overall market per se. the variety correction. stuart: we have not hit bottom. we are trying to form a bottom. not trying to jump in with both feet basically? ryan: i would be a buyer here. if i had a crystal ball i would
say this is a perfect day to get in. you're getting good valuation. let's be real, we don't know if we are going to recession. a lot of economists talking about it but look at wage growth, look at unemployment numbers, half a million jobs every month. wages are going up and i dare say it inflation will probably start to come down here over the course of the year and markets historically start to do when inflation peaks and start to come down from the higher levels. stuart: close to jumping in with a couple -- i will leave it at that. pain pain fair enough. stuart: thank you very much, indeed. take a look at alphabet. i used to call it google. i adjusted. new bill by republicans, there is some democrats on board targeting google ad business. what would this new legislation do to google? lauren: it would force google and any business with a large digital ad sales to divest some of their businesses. so think of it like, this google the buyer, the seller and the broker for advertisements. the lawmakers say that's a monopoly and a conflict of interest. google says, well, if you pass this bill, cost would go up for
small businesses and users would see more spam and have less privacy. here is the deal. congress' window of opportunity is closing, recess is in august then you have midterms, they are distracted. many see this moment right now as do for die for any attempt to rein in big tech. stuart: the stock sup 1%. lauren: it never does. they tried many different things to rein them in. stuart: they don't think it's going to happen, that's what it is. now this, a 61% big number, of all primary voters so far have been republicans. matt schlapp joins us. gop numbers droving up in droves, are you sure it's going to carry out in november. >> i look at a couple of things, stuart. republican voters are more us the yaysic about voting in november and when you look at the generic ballot the republicans are at least tied or
have a slight advantage in generic ballot numbers which basically means if you ask a voter, would you vote for a republican versus a democrat without the actual names of the candidates, and then if you take into account this track record of these primaries we've had so far where republican voters are turning out in droves, partially in fairness because we've had big primaries but also they are itching to vote against socialism. stuart: what's your response to the numbers we are seeing out of georgia's primary voting? it was -- the georgia's new election law was supposed to suppress voters but the state had early-voting turnout. what do you make of that? >> the democrats love that term suppression and as ted cruz pointed out, african-americans voted in georgia in record numbers so it's a bit of an unfair characteristic and i think what it shows you in georgia, stuart, this was the epicenter of all of the concern about mail-in ballots and not
checking signatures. you know, in georgia they corruptly and illegally prevented mail-in ballots from having proper signature verification and a lot of people thought, what's the point of voting if people can cheat through the mail and i think what it shows, stuart, what i'm hoping it shows is people haven't given up on the idea that we can have a free election. we can follow the rules and then it'll come down to who gets the most votes. it's what it's supposed to be and maybe we are going to show something in georgia and i think republican wills have a big night. >> matt, i know that you're in hungary at the moment. >> that's right. stuart: i'm sure that you know that hungary is the holdout. they insist that they want to keep on taking russian oil. do you have something to do with that? >> yeah, look we are over here in hungary in cpac and what i would say these countries that rely over 90% on russia for their fossil fuels for crude oil, they're in a very difficult position. the government of hungary has cast against putin for illegal attack on ukraine but these
countries like ukraine, like hungary, like croatia and serbia, they get fossil fuels from russia and it's very expensive, stuart, because every time joe biden cancels a fossil fuel program in america, that's raising the price on all of these countries around russia. you know what else it's doing, it's making vladimir putin rich. i'm all for holding vladimir putin put accountable. it's a very dangerous position to be in. stuart: are you advising hungary to not take russian oil? >> well, it would be great but then you need a replacement and, of course, you understand the biden administration is talking about sending liquefied natural gas to -- to hungary and to other countries but it's incredibly expensive and they just can't replace -- they can't get all the fuel that they need. so they are trying with renewables, they are trying everything but what we need is more pipelines from more places.
we need more drilling in countries, in free countries like america where we have the fossil free resources and the green new deal, the green new deal is making it impossible because they are becoming more reliant on the fossil fuel. let's stop on the nonsense. let's drill, baby drill and let's have diverse sources of oil. stuart: i've heard that one before. matt schlapp. >> thank you, stuart. stuart: i see some green, dow up 200, nasdaq up about 140. interior secretary refuses to say if gas prices are too high. roll tape. >> do you believe that gas prices are too high? >> americans are still recovering from this terrible pandemic. >> sounds that you're unwilling to say that gas prices are too high? >> we are doing all we can, senator. stuart: well, if you think that was bad, wait till you hear what biden's energy secretary had to
first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... 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: is that twist and shout by the beatles? yes, it is. john lennon's throat was sore
after that. that is pennsylvania, 63 degrees right now. governor of florida facing criticism from democrat challenger. all right, lauren what is aniy freed accusing the governor for doing. lauren: in short ruining it. >> he has made our state unaffordable, he has divided our state and creating havoc in our local communities. this governor has one goal only, to get to the white house. lauren: she's up against two other democratic challengers to take on governor desantis in november. congressman and wormer republican charlie chris is one of them, real clear politics has him ahead of her by 19 points. stuart: has the governor desantis -- chris ahead of her. okay. got it. he's a name known in florida. president biden called out florida senator rick scott by
name. he attacked the senator on wanting to raise taxes on 15 million americans. senator rick scott responds with new ad. >> since joe biden has been president, all americans have one thing in cost, they all pay more food and rent. mortgage rates rising, 401 shrinking and baby formula shortage but biden says. >> i think our policies help, not hurt. >> joe biden is incompetent, confused and forcing us into a recession for. stuart: tell us how it is, mr. senator who happens to be here in washington. >> i used to come and get jobs all of the time. stuart: you used to come to drag people to florida. you don't need to drag them anymore. >> they are flocking now. stuart: are you running for the presidency? >> no, i'm running that we get this country back to work.
when i ran for governor i had a plan. we have to get back to work. i said 700,000 jobs over 7 years, 1.7 million, we have to get this labor paper rate up. we have to get people back to work. stuart: so you're not raising taxes on 75 million americans, what you're trying to do put more americans back to work so they would then pay taxes, is that it? >> i will never vote for tax increase, i cut taxes and fees as governor. i will not do it. if you go get a job, if you're able-body and have a job, payroll taxes, income taxes, you might get some of that back. buy a home, pay property taxes, that's what we have to do. they don't need food stamps and obamacare and things like that. stuart: it's jobs to you. >> my parents told me get your butt in gear, go to work. stuart: okay. we have this new poll and it
shows 26% of hispanic voters, only 26% approve of president biden's job. now, i think present thought that an open border would bring in hispanic voters to the democrat camp but that's simply not. i guess it didn't work. >> hispanic voters want voter security just the same as every other voters. hispanic voters are fed up with the public school. 80% said the hispanic system doesn't serve their needs. they don't want their kids to be dependent on government. they don't want critical race theory, this skin color and you're oppressed. they are republicans. they are all republicans now. stuart: okay. great to see you in new york, mr. senator. don't be a stranger. the weather is improving up here. thanks. elon musk voting republican in the next election. that's interesting.
so is he putting his vast amount of money behind any candidate? lauren: asked if he had a plan to donate to gop super pac and create his own and he said no and he did not respond to questions to donating directly to any one candidate. if he doesn't need to, if trump gets back on twitter, i don't think he needs to support anybody or have a super pac. you kind of did it with the acquisition in and of itself. stuart: you have $200 billion to spend if he so desires. a lot of money. we will open the market in 6 and a half minutes. we will see some green. we will take you the wall street at the opening bell. it's next. ♪ ♪ ♪
forecast? >> no, i haven't, but the big risk here is multiples in groups, big tech across the board has underperformed. there's been no safe harbor in this market year to date. we have taken down value wagses, estimates have come down somewhat. the question is whether we have real recession risk ahead. if we don't, here is your bottom in the stocks, here is your chance to buy, apple, microsoft, google, 20, 30% discounts because they are historical multiples. if we have recessions coming up and estimates coming down and you still have stocks underperform, that's the question for the back half of the year. stuart: what's your opinion on this possible impending recession, how does your opinion see it? >> we think distinct possibility but not a probability. ie, less than 50%. that's our house view on it. you know, one of the major differences here, balance sheets, corpse, household balance sheets, government balance sheets are a lot stronger than they've been in last cycles.
so and you do have a pretty well engaged labor force now,en employment rates are pretty low. so you put all of that together, we think we can power through this but we can get shock like we had with russia, ukraine, that could tip us down into a recession. that's the risk we are all facing here. stuart: i just want to press you an amazon because we talked about this for months and months. you suggested that by the end of the year amazon will be $4,000. >> 12 months out. stuart: at the moment 2,200. you're looking for a massive, massive gain, you only get -- there's no recession. >> yes, and you need a few other things to work. amazon -- amazon is the full macro, amazon has one and a half million employees. they've got sophisticated supply networks that go back into china. they've got massive fuel costs, labor costs, shipping costs, so if there's inflation out there anywhere in the world amazon sees it.
and what you had in the last six weeks of the march quarter and into april was 100% year over year spike in some of the costs that investor question has to be what's the second derivative, when do things get less worse, when do inflation factors get less worse and if they do, amazon can outperform. you don't normally get 100% sustained costs in spikes but that's the risk that you're facing with amazon. it's the full macro, probably the most macro exposed of any of the large cap stocks. stuart: maximum exposure. google, where do you see it going? >> that's the safest of the large-cap stocks. the reason two major renew streams, cloud computing and search advertising the two last areas to be cut. everything gets cut during the reconclusion but probably last two areas to get cut and big-tech stocks is held in the best. so it's the safest most defensive name in the space. if we don't have a recession that's probably less upside but
if you're looking for a shelter near the storm and there's really not much of a shelter in big tech during this storm, google is probably the best candidate. stuart: fascinating, mark, thank you very much, indeed. always appreciate it. >> happy friday. stuart: yes, indeed. you have that right. ten seconds to go. we open the market on friday morning, may the 20th, we are looking for modest gains pretty much across the board. dow, s&p and the nasdaq, here we go. it is 9:30 eastern time. we started out on the upside, we got a gain of as expected, we get a gain of 200 points and the vast majority of the dow 30 are in the green. okay. the s&p 500 also opening higher. pretty strong gain. up nearly 1%. as for the nasdaq, again, a good gain, it's up 1.3%. so check out the big techs. i presume they are doing okay this morning, yes, they are. meta, amazon, microsoft, alphabet, apple all on the upside. susan li, good morning to you. susan: good morning to you.
isn't it interesting that we are higher on the final trading day of the week on a friday. if there's all the risk out there and the recessionary concerns you would imagine that people would probably be rush to go sell because they can't sell out over the weekend, right, not the case. i think that's pretty bullish especially when china surprised the market by cutting interest rates last night. they were really reluctant to do this, if china is willing open up the spigots, remember in 2008 during financial crisis they spent $600 billion in order to backstop the economy. they haven't done that yet. there's still some dry powder from the world's second largest economy which could be bullish for global stocks. stuart: you're looking for the pluses, you're finding a couple. >> a lot of green today. jp morgan and goldman sachs, they are not convinced that we are going into a recession. they probably pegged the probabilities 30 to 50% and there's a way to get out of it according to jp morgan who has been correct over the last few
years in calling bottoms and also rallies. stuart: okay, what about profits, any news there. susan: ills listening to mark mahaney and he's right, 3 quarters of companies have actually beat, they are cashed up. so are households with stimulus checks. there's a way to avid a recession and i don't want to talk ourselves into one. stuart: i like the sound of positive stuff that you're coming up this morning. susan: it's friday. [laughter] susan: you look fantastic by the way. isn't that positive? i thought that was pretty good. [laughter] stuart: all right. retailers, most of them have been taken a dreadful beating this week. >> look at ross stores which outperformed. target dropped 27% and ross is having wal-mart moment with sales and profit miss and like other retailers are blaming inflation. they say exacerbated by ukraine and ross is being conservative they say with their guidance
because of all the uncertainty out there but also deckers outdoor. look at vf core, look at the rally in these stocks. bf corp, north face, timberland and the takeaway from me in the retailing sector and tell me if you agree, some retailers are doing better because they have the right inventory mix and they probably plan better, wal-mart, amazon overhired during the first quarter. you have the right size, right inventory to sell and experience is doing well, you're getting rewarded in the markets. stuart: can you show me apple for a moment, please. my question is this. is web bush which bus primary supporters for years and years. [laughter] >> a lot of people like apple. stuart: is red bush still like apple? red bush says apple could be better than any other tech stocks. and so they say that iphone
demand is holding up better than expected and that's despite the supply chain issues and it's trending better than the manage mentees guidance so far in this quarter. the supply chain, china issues will subside they say in june and all systems go for the iphone 14 launch to end the year. but lack at am bear market down 22% on the year and bloomberg reporting that the board is testing a new virtual reality augmented reality head set which suggests that it could be closer to being to launch and you have to remember that apple hasn't launched a new device since 2014. we are still waiting on the car. i don't think -- if apple is going to release any device, they don't do it until it's perfect. i don't know it's a goggle device, i think something sleek, expressive glasses i'm sure in the future that are people -- they are saying that the price tag could be $3,000 for this
augmented reality glasses that apple could release. that's pretty expensive. stuart: if it's not clunky and doesn't give me seasickness, i will buy it. wait a minute, we have tesla on the board up 5 bucks. >> i know. stuart: they are not number 1 anymore. susan: they've been number 1 since 2017. this is how kathy wood made her name, right, in calling tesla. she's still calling 4600 for the stock by 2026. tesla no longer the crown jewel in art. it's roku, over the top box. they see a lot of value. roku was closer to 200 plus, $300 just about 6, 7 months ago. now as for elon musk and tesla itself, elon musk as you neglect is in brazil and still dealing with the twitter takeover and you heard twitter's executive management team say they expect the deal to go through at 5420.
the market doesn't really believe them but it all really hinges on whether or not twitter can prove that more of its users are not spam bots, these automated bots. i think they said it's 5% elon musk says closer to 20%. it depends on how he proves fraud and whether or not he can get it for cheaper and he can walk away from the deal. stuart: musk gets twitter at a much lower price. >> what price? >> 37, 38. he will get it at a lower price. lower than 54 bucks. susan: i would say 40 bucks is probably closer to my estimates. we will see. again, i said to you in the past that town squares have proven to move elsewhere once you lose your legitimacy. i don't know if it's worth 40. stuart: susan, we will see you later. thanks very much. dow winners, nike, chevron is up there, so is visa, merck and
microsoft is on the list. s&p 500 winners, vp corporation, susan went through. nasdaq winners, is microsoft on that list? i'm trying -- no it's not. zoom is up there. susan: semiconductors are doing very well i have to say in the resurgence no. stuart: not bad at all, ten-year treasury yield, 2.84%. there's money going in there for safety. the price of gold 1846, bitcoin, not quite to that yet exactly 30,000 bucks. the price of oil $112 a barrel. nat gas above 8 bucks, yes, it is 805 per british units. new record high for gasoline. 4.59 and in california you lucky people will pay 6.06. coming up, the economist
magazine warns of a chronic worldwide food shortage. they say it's coming. the article is titled the coming food catastrophe. we are on it. title 42 will be lifted on monday, border cities bracing for surge of migrants the mayor of mcallen, texas will be here. what's he going to do when the flood arrives. gas prices are so bad that some people are canceling summer travel plans, that report next. (fisher investments) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? aren't we all just looking for the hottest stocks? (fisher investments) nope. we use diversified strategies to position
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4.77. madison alworth in gas station talking to people, anybody changing travel plans for the summer, madison? reporter: stuart, yes, they are. i mean, it's hard not to reconsider when you look at gas prices going up nearly 50 cents in one month. take a listen to what drivers had to say. >> no vacations i guess for now. >> this is ridiculous. you don't want to go nowhere. anywhere that you go it'll cost you -- for me like $100 just to fill up a tank. >> you know, unfortunately analysts are expecting it to get even worse, they are predicting that we will hit national average at $5 a gallon this summer. triple a found that if unfortunately when we hit that 5-dollar mark, 75% of drivers say that they will have to make a change here in new jersey we are rapidly approaching that. at this point, taking a look at the entire u.s., we are all now paying over $4 a gallon with 6
states paying over $5 a gallon. you know, this is the 11th straight day that we have hit a new national high for gas prices, we are noticing a pattern unfortunately there are no signs of that slowing down and it's not yet that busy summer travel season when gas goes up on its own. unfortunately as i said the 5-dollar mark can be coming sooner rather than later. stuart: i think the guy operating the drill in the background watches cnn. i don't think he's a viewer. reporter: definitely not. [laughter] stuart: that's what it is. madison, you held up very well, congratulations. there he goes again. [laughter] stuart: he's watching me. madison, thank you. look, that man is brian, he's an economist and we need one right now. all right, brian, is there a recession coming in the next 12 months and i want a real answer, not on the one hand yes on the one hand no. is one coming? >> stuart, i do not believe so and we look at the data we have
recently received. detail sales were strong, industrial production was strong, the employment data is strong, wages are up. inflation is here so that sort of lifts everything and then first quarter gdp, everybody talks about it being negative but that's all because of imports. that's a negative in gdp, if we import it we subtract it because we didn't produce it but that shows that we are spending and then inventories were down. if you take those two things out, we had a 3.7% growth rate in the first quarter. i think we are going to do 2% in the second quarter and 2 to 2 and a half for the full year. so no, i do not think there is a recession this year. stuart: that's a definitive answer from an economist and we really value that, thank you very much, indeed. let me turn it around. if you don't see a recession coming, do you see a real recovery in the stock market and a solid rally from here by the
end of the year? >> yeah, i think, you know, we would call it climbing a wall of worry, right? so if a majority of investors thinks there's a recession and then the data keep coming in positive, we will climb the wall of worry. i think we will go back to where we were at the beginning of the year. but let me just caution everybody because we did unprecedented things. we shut down the economy, printed all of that money, borrowed money, gave it to people to spend and so, you know, i look at some of the retailers that have reported, that got hammered, their stocks did this week, well, part of that was we got ahead of ourselves. we literally borrowed from our kids, gave it to people today to spend. now we are not giving checks out to people and retail sales are going to slow down. but services are going to pick up. more sporting events, more
cruises, more -- well, maybe people aren't going to drive as much but the bottom line, more movies, top gun is about to come out. all of that service spending that got held back during the pandemic is going to pick up. so even though retail goods sales are going down, i think -- i believe services are going to pick up and that's why we will grow this year. stuart: no recession, market rally this year. excellent. >> yeah. stuart: definitive, brian, that's exactly what we always want. brian, thank you very much, indeed. see you again soon. >> great to be with you, stuart. stuart: remember when president biden called georgia's new voting law jim crow 2.0, roll tape. >> new laws designed to suppress your vote to subvert our elections. here in georgia jim crow 2.0 is about two insidious things. voter suppression and election subversion. stuart: well, georgia's early
voting numbers are shattering records even with this new law. biden just couldn't resist playing the race card could he? you know it may have backfired. that's my take at the top of the hour. attorneys digging up the task in the johnny depp and amer heard trial. nancy grace has the latest developments next. ♪ ♪ ♪
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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: johnny depp suing his ex-wife amber heard the 50 million bucks, 2018 op-ed claiming she was a survivor of abuse defamed him. nancy, you have a new special out today recapping the event os testify trial. what do you take away? >> a lot of change in the last 24 to 48 hours, we will go to pick apart and analyze what's happening. there's been a series of witnesses. remember in the amber heard portion of this trial where she fights back against accusations made against johnny depp, he's
come across likable, she's come across unlikable but her witness list has really been stiller including ellen barten, an actress everyone knows and loves describes her relationship with depp, similar to what amber heard said she endured including jealousy, anger, alcohol, drugs and even throwing a wine bottle at her. stuart: so what has changed, the direction of the trial, the implications of the trial, has that changed in the last 24, 48 hours? >> i really believe it has, as a matter of fact because up until this point including amber heard's own testimony, you could listen to her, you might have believed some of what she was saying but you had to hold your nose to do it. nobody really seemed to like her. she's not obviously telling the entire truth.
she seems a little bit on the make and planning to video johnny depp in very bad situations to make him look bad but the list of witnesses including depp own former best friend, own former business manager that he sued, his own former agent that was with him for many, many years that he also fired, many of them have recurring themes about alcohol abuse, spending loads of money, blowing 650 million-dollar fortune and his unreliability, it's all feeding into amber heard's claims that he hit her, that he beat her. as much as we like johnny depp, they are going to be asking this jury to disbelief depp and believe amber heard. stuart: fascinating. nancy, thank you very much for being on this show this morning. we will be tuning on the latest developments to the fox nation
which drops which they say stream it live 11:00 o'clock eastern as of this morning. nancy, thanks very much. quickly to the markets, real fast for you before we move on. dow up nearly 200, nasdaq up 120. just ahead, tammy bruce, kenny, steve hilton, tennessee senator marsha blackburn and much more, the 10:00 o'clock of varney & company is next. ♪ ♪ ♪ this... is the planning effect. this is how it feels to have a dedicated fidelity advisor
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♪♪ simply the best ♪♪ better than all the rest ♪♪ stuart: that is an upbeat way to start the 10:00 hour on friday morning. it is 10:00 eastern, it is friday, may 20th and the market shows some green on the left-hand side of the string, of the screen, thousand 170, nasdaq up 121, the 10 year treasury still the yield is below 3%. 3%. it is 285 as of this morning,
the price of oil last time we checked was 112, still at 112, not much movement and bitcoin $30,300. this just coming at us. bill deblasio has announced he is running for congress. this is the mayor of new york, possibly the worst mayor ever, declaring his candidacy in a tweet, wherever i go people ask can things get better? i say from my heart yes but we have to make them better in our neighborhoods, in our nation, the way to save our democracies to be part of it so as i declare my candidacy in number 10 new york i ask you to join us. i thought you might like to know that. now this. it started when major league baseball moved the all-star game out of georgia. they were protesting the new voting law they said would restrict access to voting.
delta air lines and coca-cola made bold public statement announcing their crystal-clear opposition to the law, then in january of this year president biden went absolutely over the top, he called the law jim crow 2. oh, equating georgia's new voting law with segregation and voter suppression. look at this. 539,000 people cast ballots in georgia tuesday. a number terms two years ago under the old law, one hundred 82,000. where is the voter suppression? the id requirement on mail in ballot did not stop the explosion in voting, secure ballot process encourages voting and brings confidence to the result, the president couldn't resist playing the race card on voting rules biden's yet again in my opinion on the wrong side. meanwhile the governor of georgia republican brian kemp points out voting is easier in his state than in democrat new york. it should be clear by now that
the president, his team has done its best to slime republicans with the racist tyrant, not good. second hour of varney just getting started. what do you think? time for the president to give up playing the race card. >> you said this is in your opinion but this is a problem, facts show that it is a smear based on what you presented here. it is open you and based on what we have seen occur. on every single issue, not just on the issue of race and voting but on what is going on regarding the row versus wade dynamic and women's rights and women's bodies and then you have a democrat activist tell a judiciary committee that men can get pregnant. the real issue is here so let's see this absurdity of a situation being developed for
us is this is supposed to be a women's issue, it is about women's bodies so why aren't you including men, isn't abortion a man's issue? you can't have that because it doesn't suit their political narrative. americans in general see facts unfolding that show not just the hypocrisy but the lies being spewed, manipulation of important issues to the american people like equality and being able to live lives as we see fit are being manipulated and changed for political reason and used as a political weapon and political cudgel. sometimes it is about accusing someone of sexual harassment, sometimes accusing the system of destroying women's lives when they are you racing women in the nature of what it is to be a woman from the public sphere. these are serious things and americans are not liking it and i love that more people voted in georgia and across the country. stuart: if in november the
republicans really take some serious control of the senate and the house the democrats lose badly, does woke, id politics go away because it has been defeated? >> doesn't go away. it is like a cancer, you can go into remission, you can stay vigilant, take care of yourself, realize that anything can happen and there are forces that want to hurt you, to change you, netflix is a good example. in addition to they had a problem with subscribers but they put out the statement to their employees, you are going to see material, creative things you disagree with. if you can't handle the you might want to think about working elsewhere. they canceled certain programming, cartoons like antiracist baby, the woke programming is being pulled back. there's talk about the second quarter for netflix will be very bad when it comes to subscribers and what people are seeing, the promise that if you go woke you will be saved, we
are going to lift you up to the utopia and it is cancer, you - as best us being told it was health-food, it will kill you and this is what you need to step back from andrea just, netflix could do it, netflix is in an interesting position. other companies will have to do it as well. stuart: you build up your energy level for this program. >> you inspire me and so does this channel. thank you. stuart: thanks very much. let's get to twitter. twitter executives pushing back on elon musk saying the takeover deal is on hold. sort it all out. lauren: the deal is proceeding and will not be renegotiated. that was the message of executives at the all hands meeting yesterday to address employee concerns. what is going on? they've seen their stock price drop and that sends a message
to them they feel they want that deal to be in doubt because having them of them anxiety, they want answers and got them yesterday, twitter's board urging shareholders to vote on wednesday at their annual shareholder meeting to greenlight this deal. we will see if elon musk can wiggle his way out of or change the terms of it. stuart: what have you heard about concerned that musk is neglecting tesla, focusing on twitter? musk says that is not true, fill me in on this. lauren: he posted this mean that cracks me up, you can see, do we have a? elon musk is a boy in the middle and you have twitter, the girl he is chasing in front and the tesla girl in the background over there. that is with another joke, to be clear, he writes, i am spending less than 5% but actually, on the twitter acquisition, you got that right, less than 5%.
there is a lot going on but here is the story. investors might disagree he's not distracted. if you look at tesla shares, 692, they are down more than 30% since musk agreed to by twitter on april 25th. stuart: i think he gets it at a lower price, 10 seconds to agree or disagree. lauren: he has to show proof of the twitter purposefully misled him and that is hard to do. stuart: we will see how this works out. let's get to the markets. i see the down modest gain one hundred points, nasdaq modest gain, s&p up 20. can he says we are getting close to a bottom but don't bet the ranch. >> we had a lot of action recently, the market has fallen out of bed, but it hasn't
capitulated yet. feels like it is trying to build a base. there's a little bit of downside. i don't think there's this 3400 downside at all. i think if we hold 3800 then we are good and we can build the base and the market can start to adjust. doesn't mean it will take off but it might find a base which if we continue to disappoint a little but i think 38 fiftyish, 3600 might be in the cards but i'm not sure i believe that anymore. we when you wouldn't mind putting your feet in the water just a little bit. >> putting my feet and the water so i am buying consumer staples, semis, they are looking very attractive to me, energy on any pullback because the energy story continues, some of the big industrial names, ibm is one of my favorites, these are big boring names but in this environment they are beautiful to behold because they are big mega multinational dividend players. stuart: exactly, david - can't member his last name, on the show frequently, the dividend
guy, has pointed out -- david barnes, sorry to forget your name, i know you're watching, ibm pays roughly 4% to 5% dividend. >> 4.9%, a great dividend and ibm is a story of change, company of change. i love it. i think it is a great play and specially in this environment. stuart: give me one more. >> big tech, names like apple and microsoft, down 25% in the last week alone, doesn't make any sense to me so those names are names, microsoft is one of your big names, i like microsoft, and any pullback i will buy it. we when you're with me for the hour. you lucky guy. thanks very much. you are looking at the movers, start with amazon very much in the news. lauren: it was up but removed from city's focus list, they cite macro uncertainty and lack of near-term catalysts. however shares are down 26%
since earnings, the risk is already priced in and they kept their 40 one hundred dollar price target. $2000 more than where the stock is trading now. stuart: what is the timeframe on that that it will hit 4000 by the end of the year? lauren: i didn't see a timeframe. stuart: by this middle of the year is $4,000 which is an extra ordinary gain from here not quite doubling and sticking to that. >> i don't see anyone not getting their stuff in two hours time. stuart: i want to talk applied materials. they make the machines to make chips. why are they down 2%? lauren: a disappointing outlook, they are constrained by supply chain issues but supplier to the chipmakers, same issue the chipmakers, they will have a resolution to the supply chain crisis any time
soon and have a dozen brokerages cut their price targets. stuart: outdoor they are up 16%. stuart: solid forecast. i am a big hug fan. i noticed over the holidays, placing an order in october they say it is not going to get to me until february, i took my order, that's what the ceo said. he said wholesalers are accepting late delivery and shoppers are willing to wait for our product. stuart: that is interesting, long delay like that people are willing to wait, no wonder it is up 16%. thanks very much, democrat senator manchance lams interior secretary harlan over at menstruation's delays in oil and gas drilling leases. >> looks like you want to shut everything down. somebody shut down, shows what your intent is. we've never done this in history. we've never done that before,
not issue leases. stuart: the president of the administration alliance says it is strangling the industry, we have record diesel prices, labor shortages and a drought, a struggle for farmers. i'm talking to a 6 generation soybean farmer next. ♪♪ ♪♪ are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay.
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elon musk now expects tesla to have self driving cars without the need for people. that will come in about a year. that's just coming from elon musk, not affecting tesla's start. the admin a straight is quietly taking the blame for the offshore oil and gas program delay. wait a minute. they are saying it is a math error. lauren: it is a little complicated a story but turns out the national marine fishery analyzing the impact of offshore drilling on wildlife, used bad modeling. they have to renew the math they used. that's the excuse for this delay, how long is the delay, more than a hundred days. historically you can get a permit in two to four weeks. i ran this by a source and this is what the source said to me. a math error ought to be simple to correct quickly and then he questioned of something else is
in the mix, that is the feeling. stuart: that would not surprise me at all. >> they are trying to force the issue and all of a sudden go green. we are not going green anytime soon, certainly not in the next 25 years, there has to be a transition but to your point that is what they are trying to do, make it more difficult. we when they don't want permits, they don't want fossil fuel, they just don't want it. that's the way it is. thank you. our next guest is our sixth generation soybean farmer in iowa. been green she is with us. you've got diesel prices going way up, fertilizer prices that have doubled or even tripled, apart shortage, labor shortage, are you making any money in the soybean business? >> i raise corn too out profit
margins are being crushed. the message i want to tell is if you think the current food price increases are painful i think they are just starting. the sort of things that are going are not transitory. we heard that about inflation. this is a chronic systemic food security and availability problem. stuart: the economist magazine has an at oriole and the title is the coming food catastrophe and they are talking about a global catastrophe. is that what you are talking about? >> put yourself in my shoes, diesel prices are double from a year ago. fertilizer prices are triple. i just opened my bill for one of 3 fertilizer bills on a it was $1 million, three times last year. what is going on is high prices are shutting down demand for farming equipment. farmers have quit buying and are spreading what inputs there have been, the supply chain is reluctant to restock at these
prices and as you point out this has all compounded by unavailability of repair parts, chemistry liker besides, pesticides and when that is really unseen is freight. everything the comes to my farm to grow my crops has to be trucked in with diesel fuel, that is how my produce gets to market and how my tractors run. stuart: do you see any improvement at all in the immediate future? >> i guess to fix the problem you have to look at what caused it. first thing that happened is a year ago in january this administration put in place tariffs that kept us from importing fertilizer at market prices. from friendly nations that supply phosphorus and nitrogen. the other thing you have to look at is the energy policies, the green new deal policies have reduced our availability for fuel and natural gas for 74% of all fertilizers
particularly nitrogen or ammonium based fertilizers and then we've got to get a realistic plan in place. announcements that we are going to increase domestic fertilizer production, that is fantastic but it will take most of the decade to get going. stuart: it is a long litany of problems i can see. i want to ask about this year's crop. if you've got to pay all that money for fertilizer and might have whether trouble as well, either crop levels going to be adequate from your farm? >> you absolutely identified it. we have already put this crop in the ground in the northern hemisphere. went in with reduced input. the chance for a full price harvest, excuse me, full-size harvest is reduced and then you add to it, you can't tame mother nature. we've had a number of crop anomalies across the globe, dry weather in south america, heat
in india, war in the black sea region which is not mother nature but food supply is going nowhere but down in the next year. we when i wish i had more time for you because this is a very important subject and you know what you are talking about. >> come visit my farm. stuart: might just to do it. love to be there. see you again soon. a theme on this program is energy price inflation and energy supply. we are told blackouts are possible. that electric blackouts possible this summer. wears that production coming from and is it accurate? lauren: the north american reliability arco, the power grid is vulnerable. he committed availability, labor shortages and the weather which they can't control, high temperatures, wildfires and drought could cause, they warn, rolling blackouts this summer because power grid won't be
able to handle demand. stuart: and much higher prices regardless and blackouts, high prices. lauren: if that happens, the tone of this country, the feeling is pretty dire right now, that adds to our worries. stuart: it does indeed. if you are looking to sell your car, now is the time, trade in values are spiking. which ones have the highest priced tag? rising food prices, record gas prices, lockdown sin china choking the global supply chain, all sparking fears of stagflation. listen what treasury secretary yellen said about that. >> the economic outlook globally is challenging and uncertain and higher food and energy prices are having stagflation affect. stuart: edward lawrence at the federal reserve bank of st. louis will speak exclusively to the bank's president on how the central blank plans to tame inflation, that report next.
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nasdaq is up 36, only just. looking at some movers, palo alto networks is up 10%. lauren: strong demand, revenue rose 29%. the other winner. stuart: a retailer, look at it go down. lauren: this would be their biggest 1-day decline since 1985. burlington, another off-price retailer down 14%. even tj x, the winner of the retailers down. it is lower income shopper content have the stimulus benefits, they are more severely impacted by inflation. that is why it is down dramatically. stuart: tell me why dear is down so much. lauren: really good numbers. the highest revenue, they are impacted by not meeting demand
because of the supply chain and higher input costs for everything they do hit margins. stuart: the same story with retailers, margins, the camp pass along extra costs to the consumer. the profit margin is squeezed. lauren: wholesale inflation is 11%, consumer is 8%. they don't feel comfortable passing along because at some point customers say we are pulling back. stuart: dismounting fear of stagflation, the fed may be encouraging stagflation by moving against inflation. at the federal reserve bank of st. louis, what are they saying about stagflation? >> right now inside the economy
museum, i want to show you something quicker. this one happens to be full of one dollar bills. you need more of those to pay for the things you want. you heard secretary yellen's warning about stagflation but local business owners are feeling this right now? >> they are continual rise, luckily sometimes something falls, we see a rise and fall seasonally but right now the perfect storm of demand, scarcity. avian flu, supply chain. it is hard to be in the business. >> the reason i am here is 1:00 pm eastern time i will be interviewing the st. louis federal reserve president jim bullard, a voting member this year who has advocated the fed to move faster when talking about removing accommodation and rate hikes, i will ask him
about stagflation, possibly more than 50 basis points on the table. how much money do you think is in this box? this is your trivia question. stuart: sound like the friday trivia question. i will ask $700,000. >> pre-close. the answer, 507,610, one dollar bills. stuart: remember never to take my money around in one dollar bills. we will be watching the interview, you will be on coast-to-coast, 1:15 eastern today, very good. kenny, what do you think of stagflation? on the way? >> i think it is on the way and some people are feeling like it is already here but i think it is on the way, the fed has to force us into a recession. how deep we don't know. that will be the next question. depends what they say, rates in
june and july, they will be off 1%, could go as high as one%. i think they should. they should be more dramatic. stuart: they could slam down with a 100 basis point gain. >> it might shock the markets a little bit, but the markets, the way it sells off, begging for somebody to stand up and be the adult in the room. stuart: another economist, anthony chan is with us. i want to ask about stagflation. i remember last time we had it in the 1970s, the economy was stagnating and inflation taking off. i remember it very well. it seems like we are heading in the same direction now. inflation is strong up there and there are signs the economy is slowing a bit. do you think we've got stagflation on our hands soon? >> i think that's a real risk
and i rober 1973-74 like it was yesterday. the average inflation and those two years was 8.6% and guess what, the s&p went down 48.2% because they knew it was serious and next time we had a scare like that was 1980-82, the inflation on those two years averaged 10%, dropping 21% so the average of those is 37%. in order to avoid stag inflation the federal reserve is more aggressive and in recent days, the fed jay powell, the chair is interesting in that direction but you are spot on. it is a do the right thing to fight stagflation, cause a recession like a patient that is sick, chemotherapy, they will have negative side affects. they've got to make the patient
miserable and that is what the stock market is doing, going to be miserable the next couple months even to the next tween 9 months had they gotten more aggressive. stuart: do you think the federal reserve goes straight and raises rates 100 basis points like paul volcker did in the early 1980s? that got rid of inflation but gave us a nasty recession? do you think the fed should do the same now? >> the federal reserve should make a strong preemptive move, could be 75 basis points, could be 100 basis points. when paul volcker was acting inflation peaked at 9%. it is not there, not even 1982-1980-1982 when inflation was 10% under cpi, but you have to be preemptive and strong.
what you are seeing is companies being preemptive. they are fighting an existential threat to the status quo with regard to profit margins so they can't do anything about transportation or anything about raw material costs so they go to the low hanging fruit which is basically trying to cut back on labor and as that occurs the good news is they are going to lower inflationary pressure. the federal reserve will do that with monetary policy and we don't have as much stimulus as we had a year ago. the federal reserve, in the meantime, very serious side effects. stuart: thanks very much. senator rafael warnock touted the bluebird corporation electric bus manufacturing plant in georgia. aren't they laying people off
now? lauren: 6% of their workforce, the senator just touted them in a political ad, the bus to the future bringing jobs and clean energy, they are struggling too. the layoffs, they raised schoolbus prices by 10%. even the green dream is getting hit by the issues everybody else is getting hit by. stuart: getting hit by reality. a reality brick wall right there. trade in values for used cars going straight up. do you have any knowledge of which has the highest price tag? ashley: glad you asked because i do. several vehicle models have seen significant gains in recent weeks. which ones? payouts for the tesla model 3, march to april. close behind, 9%, kia optima,
toyota corolla of 12% and 9% round out the top 5. according to cars.com the trade-in value of used cars and trucks 2018-2021 remain very high because of the ongoing vehicle shortage with 1/3 of dealers paying 20% more than they were two years ago and 2 thirds of sellers say they were given offers higher than they expected, 20% getting $3,000 more than their vehicle was worth. if you have a car that is sitting around, might be time to sell it. stuart: the dow turned negative. a plan to stop this information, slapping warning labels on certain tweets about who decides what is right and wrong. we will have the story. capitol hill going after big tech, targeting google's advertising business with the new bill. hillary vaughan covers that
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stuart: broadway theaters announced today they will extend the mask requirements at least until june 30th. protocols for july and beyond will be announced later. look at twitter rolling out a new feature to stop this information. what is that new feature? ashley: that feature would allow twitter representatives to censor or handicap posts they determine to be misleading or false. the comedy claim suppression tools will be used only in the case of a humanitarian crisis. twitter will utilize a variety of methods including removing
posts from recommended content and keeping tweets from being amplified via engagement, twitter says in times of crisis misleading information can undermine public trust and cause further harm to vulnerable communities. who decides what is misleading is the key here. twitter suspended the new york post from the platform just ahead of the election for publishing a story of the existence of hunter biden's laptop. we won't forget that. stuart: i wonder what elon musk thinks about this warning label? is he in charge? ashley: i hope once he gets in their he cleaned it up. stuart: only time will tell. the new bill targets google's advertising business. if successful, what would this bill due to google?
>> would require them to pick one part of the digital advertising process they want to have control over and outsource the other aspects of their digital advertising business. the argument for lawmakers is google has an unfair monopoly on the front smeal and back end of the process. even the republicans and democrats on capitol hill agree big tech needs to be reined in congress cannot put meaningful antitrust bills on the president's desk so far so a bipartisan group of lawmakers is trying to change that. they introduce the competition, transparency and digital advertising that would ban companies with 1 billion a year in digital add transactions for controlling one part of their digital add ecosystem. one of the cosponsors senator ted cruz saying free markets require competition, the consequences of the bill signed into law could be catastrophic for companies like google and
facebook and might hit the bottom line. sales are a source of revenue for those companies and other cosponsors, richard blumenthal said this. it presides over open and free market but in a truly free market the same party can't represent the seller, the buyer, make the rules and conduct the auction so google is getting ahead of this telling fox business in a statement breaking those tools for publishers and advertisers, lower ad add quality and create new privacy risks and at a time of heightened inflation would handicap small businesses looking for easy and effective ways to grow online. the catch in all of this is congress is introduced a lot of these big tech antitrust bills but they have not been able to pass anything out of those chambers so far. stuart: thanks for being here. nothing gets done. >> they sleep on both sides of
the aisle, contribute lobbyist on a democrat and republican side and keep the conversation confusing so nothing ever happens and they have to select and go elsewhere, they will start another company that they own and trick all businesses to be in the same place. stuart: it goes on and on. more bad news for president biden, his approval rating sinking to 26% among hispanics. we will discuss that one. title 42 will smeal in 3 days. texas governor abbott warns once it is gone a houston sized population of migrants will cross into his state every year. the mayor of mcallen, texas will tell us how he is preparing for the flood. new projects means new project managers.
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>> reporter: they know the surge is coming, they are trying to increase capacity, building more facilities in eagle pass and i can tell you in a 24 hour span, they had 1800 illegal crossings. want to show you what the activity looks like. look at this video, we are embedded, they were following a vehicle suspected of human smuggling. you will see illegal immigrants bailing out of the vehicle and running into the rush in an effort to evade. some illegal immigrants are still hiding in the back of a pickup truck and the driver, a female ended up staying in the truck. we see this sort of thing all the time. texas dps tells us they ended up capturing runners who went into the brush, mostly single adult being smuggled, the driver a female from florida arrested and we've seen this often, us citizens will come from other states to the border, they get recruited over social media to participate in human smuggling.
this video we shot earlier this morning, 167 cross illegally. typically this area is cuban, venezuelans, and peruvians but the eagle pass area has been getting hammered by large groups, we've seen several in the last week alone. look at this video we shot of the same group talking how overwhelmed this sector is. they had more than a quarter million illegal crossings since october 1st, their numbers are up a staggering one hundred 50% over the same time last year. last thing, these photos in the rio grande valley sector they are getting inundated with large groups, they had 300,000 illegal crossings since october and again it goes to show back out here live, that is how title 42 is set to expire on monday. we've seen surges on the southern border. stuart: great reporting.
the mayor of mcallen, texas joins me now. we just heard that they are building all of these facilities on the border. are they building huge facilities in your town and are you expecting tens of thousands of people in your town a month to come? >> we expect quite a bit of enhancement. across the border, 10,000 immigrants, we are concerned, a health policy but a policy that assisted us and we are concerned, what is happening down south, we have a lot of immigrants not just there but coming, central america, south americans, cubans, asians all over the place. we were about to start ramping
down tent citys. after we've gotten orders we are prepared to house at least 5000 people but our concern is this, approximately 13,000 today. last year we were overwhelmed, we couldn't do it, had to open a shelter, and operate. stuart: when this started, when the administration started 18 months ago the feeling was by opening the border the president and administration would attract political support of hispanics but we find from the quinnipiac poll that biden's rating among hispanics has plunged to 26% down from 55% from last may. i guess this open border is not attracting hispanic voters. is that correct?
>> without that, the feeling on the border, not what they expected. a lot of people here in the watch the immigration, they want to see what is going on throughout the border area. in mcallen, we are good, we are safe but we are concerned if the numbers pick up the way we expect we might be in a world of hurt. we will do what we can, the resources we have, federal funding, the federal government, the immigration issue, we definitely shouldn't be spending resources any time and keep saying take care of that. stuart: we appreciate you being on the show and would love to hear from you next week in your town, mccallum, texas.
i want to thank kenny polcari for being here, you're a glutton for punishment. >> i enjoy this so much. we will what is your recipe today? >> what did i give you today? i give you chicken thighs with balsamic vinaigrette. you can see on twitter. stuart: check that. italian bacon. stuart: thanks for being here. still ahead tennessee senator marsha blackburn, the president of the american energy alliance thomas pyle and steve hilton, san francisco's mule woods goes woke. you are confronted with warning signs about historical corrections. the national park is just outside san francisco. america is bad. it is all in my opinion, "my take" is next. wow, we're crunching tons of polygons here! what's going on? where's regina?
>> republican voters are more enthusiastic about voting in november, they are itching to vote against socialism. >> where is the sell-off really happening? tech is where you're seeing bleeding. >> i dare say it, inflation is probably going to start to come down over the course of the year >> big tech across-the-board has underperformed, the question is whether we have real recession risk ahead. if we don't here is your bottom in the stock. >> i still think there's a little bit of downside, i don't think there's a 3,400 downside. i do not think there is a recession this year. retail goods sales are going
down. i think, i believe services are going to pickup, and that's why we will grow this year. >> this is steve from mexico and i'm watching "varney" & company, like i do every morning ♪ oh, sometimes i get a good feeling ♪ stuart: all right, steve, i hope you're watching right now, with the friday, fan mail, 11:00 eastern time, and it is friday, may 20. check those markets, please, because the dow really has turned south. we opened higher, now everything is lower. dow is off 170, s&p down 70 and the nasdaq is down 62 points. the price of oil this morning, where is it? $112 a barrel not much change there. look at the 10 year treasury yield. it's at close to a three-week low. the yield is down to 2.82% let me explain that's money pouring
into treasuries because they're safe, pushing the price up, and the yield down. that's it. now this. i used to live in san francisco. now i love to ride across the golden gate bridge and go for a hike in muir woods, that's a state park where you could walk for hours under those giant redwood trees. that's what i went for , stunning, 300-foot tall, 2,000- year-old redwoods, absolutely unique. you go there today, and you are confronted with a warning. not about lightning, or trees falling on you, certainly not, no. you are warned about john muir, the preeminent naturalist of his day who gave his name to the park. so he used racial language 100 years ago, you've got to be warned against him. congressman william kent and his wife donated 295-acres to create the park, but he supported anti- asian policies. you've got to be warned about
that. spanish missionaries in the 1700 s used indigenous labor in the area, you need to be warned about that because those indigenous people face genocide and of course you have to be warned about the warning so the signs are wrapped in yellow caution tape just in case you could be triggered. muir woods is just outside san francisco so the authorities may have been infected with the bay area's insisting that white men are bad. to these folks, america is bad, and it's history must be expunge d. what a downer. here you are entering one of the world's most extraordinary parks. you're about to see nature at its most stunning but you've got to be warned about what the woke brigade regards as the horrors of the past. i go for the redwoods not your pathetic trigger warning. let's go straight to our california guy steve hilton. >> you know, can you believe this, steve? a warning on muir woods.
does this represent the political and cultural mind set in california? >> yes, i mean, so often with these stories we say can you believe it? it's unbelievable. it's all too believable that's the terrible thing. i was reading about this too. like you, i love muir woods we have so many wonderful natural spaces around us i live in the bay area. just the way they describe it they say this is now called, this is a technique called audience-centered interpretation well hang on a second. if you go to a grove of magnificent redwood tree it shouldn't be interpretation that's what you want to learn about and the real clue to what's going on here a little bit later they say the existing signs are accurate but lack context. now, where have we seen that before? lack context. that's all over twitter, when they are basically fact checking any opinion they don't agree with. they say it lacks context, and so look, i agree that there are things that people should learn about, you know, indigenous people of california, for example, they did a brilliant
job with forest management, controlled burn. that's all true and good things we should learn but not when you're going, where is this going to end? you could go on and on, you could end up with so many signs that you can honestly see the redwoods and that's the real point here and it just reminded me of this book i used to read with our kids when they were young called "five minutes peace" it was about the large family, a family of elephants and mrs. large, the matriarch of the family, should be constantly pursued around the house by the kids. she just wanted five minutes peace. that was what the book was about that's what we want when we go to nature. we just want some peace from politics and all the madness of the world in the serenity of the beautiful forest. can't you believe us alone from the woke lectures just for five minutes? get off my back. stuart: [laughter] i'm going to change the subject. we got a report in the washington post and it found a political advocacy group created by facebook planted op-eds in local newspapers to
make it appear like there was a grassroot effort to fight anti- trust laws. you know the story. your reaction, please? >> well, i mean, i'm afraid. this is all too typical for big businesses. this has been going on for years maybe decades they call it astro turfing, where they want to make something look like a grassroots effort but in fact it's fake, in fact, i was speaking to an operative doing this on, you know, years ago, who worked in one of these lobbying companies working for big business in washington, and they even had a process that they called real fake news, where they would create publications that have the appearance of being a local newspaper, but completely made up, and then they would create the websites and they would put a story in there that was advantageous to their client, which is a true story but it was in a fake publication and gave the impression that everyone was talking about this particular issue that was helping their client's case so this is just typical of what goes on in the
swamp, stu. stuart: last one do you intend to fly over to england for the platinum jubilee celebra tion? is your heart still a little bit in england or is it all in california? >> it it is all in california. i'm a very proud american. i just, it was just a year or so ago is my one year anniversary of citizenship and it reminded me how proud i was although i put the photo out there, but it reminded me of the battle days of the pandemic because i'm having to wear my stupid mask while swearing the oath, but look, i will say that there's nothing you can say that will outdo my admiration for the queen whose just been an absolutely extraordinary public servant, deserves every bit of celebration in the jubilee. i don't think it's possible to imagine a better public servant for so long than queen elizabeth so i really hope she has a wonderful celebration for the jubilee. stuart: when you work for prime minister cameron, were you ever, did you ever meet the queen? >> i did.
stuart: really? >> i did. we had a wonderful time. actually i think it was the occasion of their anniversary, the queen and prince philip's wedding anniversary and there's a special occasion that happens very rarely. they were invited to tend down ing street for lunch with the prime minister and his wife and a few of the senior staff had the opportunity to meet the queen and prince philadelphia phillip upstairs and i even wore a tie for that occasion that's how special it was. stuart: well now, my goodness me , that must have been special. steve hilton, thanks for being here, we'll be watching your show, the "next revolution" sunday, 9:00 p.m. eastern only on fox, thanks, steve. back to the markets, look what we've got now a sinking dow industrials. we opened a couple hundred points higher, now we're down 246. jonathan hoenig joining us this morning. i ask everybody the same question, jonathan. when do we hit bottom? >> well, you know, what we're seeing now, stuart is the
stimulus, the high of all that stimulus spending is wearing off and look, it was one year ago exactly that janet yellen said we had to go big with the stimulus. well now its worn off and what we're seeing is stocks are getting clobbered now eight down weeks but in particular the retail stocks, stuart. we always talked about what a big influence on the economy the consumer is. well the consumer is about to be a very weak influence on the economy, because whether it's walmart or amazon, kohl's is getting annihilated today, ross store, same thing. all these consumer-oriented stocks are down, so i think this is the next step the bear market is really just beginning and this is going to effect all elements of the economy even bitcoin. stuart, bitcoin is really a discretionary purchase when you think about it. that's probably people buy, you know, their food and shelter, before they buy bitcoin, so this is a real ominous sign for the economy, and just certainly the market at large the fact that the consumer is about to be very very poor and very very weak. stuart: ouch. that really spells it out, jonathan. you're talking gloom and doom in
the extreme, aren't you? >> well, i mean look, stocks are forward-looking indicators and the best probably history of that, stuart, is the market fell back in 2000 in march of 2000 all the tech names 20 years ago and it was only three or four months later that economists said oh, a recession is a foot so the fact that it wasn't even tech stocks that really took it on the chin recently. it's those retail-oriented names , mcdonald's, target, starbucks, they are getting their keesters kicked these days and that's a warning sign for the consumer. what does that mean for viewers? for one thing, save. you always talk about having three to six months worth of living expenses in the bank. considering how weak the consumer stocks is, maybe six to nine months isn't terrible given the warning economic signs on the head and the horizon right now. stuart: frightening jonathan hoenig. >> don't blame the messenger. always got to be honest with our audience and these are some very ominous signs whether it's biden or the economy at-large, some ominous warning signs right now.
stuart: jonathan hoenig, thanks very much. we'll see you again soon. now, amazon is moving today, not much, but it's up a half percentage point in a very much down market. lauren: they reportedly are testing a service that lets amazon's gig drivers deliver packages from shopping malls to customers, so the mall is the warehouse and amazon doesn't have to spend money to build it. how does this work? go on the amazon website or the app, you see product that come from a local brick-and-mortar, and you can buy those instead so they aren't chasing capacity. they are using their existing capacity and growing from there. stuart: okay online dating services i see match.com moving, not bad what's it got? lauren: they just got a major concession from google. so google is facing potential legislation about their digital advertising and their app payments. now, google will let match, which owns tinder and hinge offer users a choice in the payment system that eliminates google's control over
the data. match sued google last week. they didn't want to pay the high fees as much as 30% for using google's payment service. they said that was anti- competitive, and it looks like they got an agreement from google. stuart: okay, i've never heard of sega technologies but they are up, very nicely. is somebody taking them over or what? lauren: no look at the other names on the screen, emergent biosolutions, never heard of all of them. they have smallpox strokes which be used to treat monkeypox as health authorities in the u.s. , europe, australia, they are investigating this recent outbreak of this rare viral disease first found in africa. stuart: there was a case in new york city just discovered and that's why the stocks have just taken off because new york city has one case. lauren: health authorities are tapping them for what drugs they have that could potentially be used for monkeypox. stuart: we have to get siegel back on the show. what's going on? monkeypox, good lord. rent in new york city, so high
that some adults are moving back in with their parents. watch this. >> prior to me signing my lease , my rent was, the rent for the apartment was like 3,000 and now it's closer to 5,000. i live, you know, only 20 minutes outside of the city, so it might be an option if i have to. stuart: yeah, indeed. rent in new york city is up 32% from last year. we got the full story for you. hunter biden reportedly make another million dollars in overseas business deals from 2013-2018. does china have anything on the bidens with all that money? we'll get into it. senator marsha blackburn demanding that baby formula gets shipped to tennessee after a stockpile was discovered on the southern border. the senator is next. ♪
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stuart: the dow is now down 250, the nasdaq is down 120, we started out higher at 9:30 eastern this friday morning, now we're sinking lower. show me deere please, farm equipment people they say inventories remain below normal, not likely to recover until 2023 , they have higher material and freight costs and down goes the stock, 12% low on that one. how about caterpillar, home depot, boeing, all sharply lower all are dow stocks, collectively , they are taking 150 points off the dow, which is down 264. look at this. tennessee really low on baby formula, and i mean big time, and whose here with me in new york city? republican tennessee senator marsha blackburn. welcome to the show, senator.
thank you. stuart: you say that there is baby formula at the border, a lot of it, and you want it brought to your state and other states where it's needed. is there a surplus at the border >> what we're hearing from border agents and i had a border agent i've worked with at the border who reached out and said look, we've got more baby formula than we will ever use, and stuart, this is the products that has an expiration date, so let's find a way to get it to these communities where there is none, where parents are desperate, children are sick. we have two children in tennessee that were hospitalized this is a desperate situation. the thing that's so sad, the biden administration knew this was a problem. in february, they were already down 25%. tennessee, 54% of the major selling baby formulas are completely out of stock. stuart: so the baby formula that
used to be in tennessee is down by 54%? >> yes, correct. stuart: that's what's been going on. your supply is cut in half. >> that's right. stuart: let me just go back to the border for a second. are they not building up a stockpile because they know there's a surge of migrants coming across the border on monday when they lift title 42. won't be need that baby formula there? >> well the border agents feel that they will never be able to use all of this formula. as i said a lot of this has an expiration date on it so if there's some that could be pushed into communities in texas , other areas which are hard hit of course, they ought to be doing that. stuart: good indeed. madam senator, this new e-mails from hunter biden's laptop, they reportedly show they pulled in $11 million in overseas business deals. okay that was between 2013 and 2018. now you want an investigation. >> yes. stuart: in the back of your mind
, do you think that china has something on biden and hunter? >> until we have an investigation, we will not know, but you look at this $11 million, that portion, and you say okay that was hunter working with someone in ukraine, someone in china. in addition we know that hunter and biden incorporated made $31 million off of other chinese deals. this needs an investigation. hunter biden ought to be investigated if he has been outside the law, he should be prosecuted. we have the rule of law in this country and people really want to know what has transpired with the biden family, biden incorporated, hunter biden, and these business deals. stuart: are we anywhere near actually getting an investigation? >> we continue to ask and push for an investigation and i feel certain that if it doesn't happen soon, that after next
year, it's probably going to happen. stuart: the republicans take back the house and/or the senate there will be an investigation. >> oh, absolutely. people want t know. it's like the durham investigation, stuart. people want to know, how did hillary clinton's campaign cook this thing up, get inside the fbi and put all of this forward and it was russia collusion was a hoax. it was their story. they made it up. stuart: i remember it well. senator it was great to have you in new york. >> good to be with you, thank you. stuart: hope to see you soon. president biden's decision to for give student loan debt still up in the air, but, ashley, i'm told that some of the president 's top aids owe millions in student loans. is that accurate? ashley: they do, yes, it is, collectively they owe as much as $4.7 million including one legislative aid who reported owing between 500,000 and $1 million in student loans. he must have gone to a very very
expensive school, but as a rule, only senior or well-paid white house staff must file financial disclosures, and they do not have to report debt less than 10,000, which means that the total number of biden's aids with loan balances is certainly a lot higher. the president wants to cancel some student debt as we know, but has not decided on exactly how he's going to do it. in the meantime, he's repeatedly extended a freeze on payments and interest, meaning most americans with student debt haven't had to worry about making payments since he's been in office. by the way, about 43 million people in the u.s. hold federal student loans, including 15 million who owe $10,000 or less. stu? stuart: i want to get to that report that some young adults are considering moving back in with their parents because of high rents. you've gotta tell me more about this. ashley: it is indeed about high rents. for instance rents in new york city have increased by a whopping 32% since last year,
and that means those discount deals that were being offered during the pandemic are now straight out the window, and now some young adults are looking at moving back in, oh, no, with mom and dad. take a listen. >> my rent is way too high right now. prior to me signing my lease, my rent, the rent for the apartment was like 3,000 and now it's closer to 5,000. i live only 20 minutes outside of the city, so it might be an option if i have to. >> i had to move back in with my mom to save some money. >> we signed our lease in february of 2021. we had a pretty good deal, had a month free and rent was pretty low. they raised it 28% and we resigned this year. ashley: they are going up quickly. the average rent for a one bedroom apartment in new york city by the way, $4,761. in washington d.c., where rents have climbed 11% since last year , the average price for one bedroom more reasonable at
$2,527, and you know what if good old mom and dad is not an option, some young adults are moving to more affordable cities stu? stuart: i wouldn't mind if one or two of my kids came back to live with me. you get lonely in your old age sometimes, thanks, ashley. ashley: stu, okay. stuart: now this. after two failed attempts, boeing's starliner spacecraft is finally on its way to the space station. why did it take so long, years to get off the ground? we'll tell you. fireworks on capitol hill as republican senators grill biden's interior secretary over rising energy prices. roll tape. >> your department is undermin ing domestic energy production, not expediting it. >> so it looks like you are going to shut everything down. its become crystal clear that it is in fact a ban. stuart: okay more on that am coming up the president of the american energy alliance will join me, next the, and respond to that. ♪
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stuart: you know that music. lauren: uh-huh. that's right. stuart: it's from "jaws" of course, and we're playing it because listen to this , one of the child actors in the film just became the police chief in the same town where the movie was filmed. that will be martha's vineyard. jonathan serle and his brother played the kids with panic on the beach and they swam with cardboard shark fins. well, he grew up on martha's vineyard. his father was also a police chief. lauren: wow. stuart: an interesting jaws connection. lauren: did you ever have fears getting into the water after watching that movie in the 1980s i did. stuart: no, i don't swim. >> [laughter] okay. there you go. stuart: let's get to the markets , shall we? big loss i'm seeing there for the dow and the s&p and the nasdaq and tesla. >> i would throw you a buoy if you were out in the water just in case you needed it so tesla, by the way, probably needs some rescue today, so down some 5%
closer to 6% there, elon musk in brazil as you know, and he says that tesla, he expects tesla to have self-driving cars without the need for people in just about a year's time. maybe a bit over-optimistic since we know he's a little optimistic when it comes to time lines, but tesla no longer the crown jewel in cathie wood's ark innovation flagship eft. tesla has been her number one holding since 2017 and that's kind of how she made her name, right? still calling 4,600 for tesla by 2026 but now, her largest holding, is roku, which is a set top box maker for streaming and by the way, might as well check on twitter, might as well. stuart: well might as well. >> we do have the twitter executive still expecting the deal to go through at 54.20 and there's some pessimism on wall street, a nice way of saying it. stuart: what we know is a skeptic about that one. let's have a look at the cybersecurity button. >> they are flying actually, look at the high fliers there's palo alto this morning came out with a big beat in its first
quarter, and they raised their guidance for the third time this year, so crowdstrike getting a lift in this world of heightened cyber threats and of course a need to protect yourself online. stuart: you've got to bring me up to speed with the retail that's going on. >> we're looking at the worst days for walmart and target this week since 1987 and this morning, if you miss in this type of environment, you get punished so ross stores disappointed, however look at foot locker, vf corp., deckers did better than anticipated, so vf owns north face, van, timberland's best per former on on the s&p 500, foot locker said it would hit the upper range of their guidance and they are up multiple percentage points. stuart: thanks very much susan we'll see you later for friday feedback. we've got stuff going on there. the national average price for a gallon of gas hit another record high, i believe it's the 11th day in a row we've seen that, 4.59 is the new high. despite those rising prices,
biden's interior secretary dodg ed answering questions. grady trimble joins me now. all right, grady. what did she say about record gas prices? reporter: it's what she didn't say, stuart, that's raising eyebrows. she was on capitol hill in a hearing yesterday and she was given the opportunity to just acknowledge, just simply acknowledge that gas prices are too high right now, and she wouldn't do it. take a look. >> do you believe that gas prices are too high? >> americans are still recovering from this terrible pandemic and there are a lot of other world events that are making things difficult for all of us. >> so it sounds you're unwilling to say gas prices are too high. >> we're doing all we can, senator. reporter: she also explained in that hearing that president biden is allowing oil & gas development on federal lands to resume. she says production is up but the current plan makes way fewer acres available for drilling than initially proposed and it
increases royalties, oil & gas companies have to pay to drill there, so that's part of the reason republicans just don't buy that the administration is doing everything that it can to lower prices at the pump right now. >> this administration is completely out of touch with the american people and out of touch with the pain that the american people are suffer ing on a daily basis as they can no longer afford to fill the tank. reporter: secretary haaland told the senate committee the interior department will release a new five-year plan for offshore drilling by the end of june, but there will likely be a gap between the current plan and the new plan which would create a blackout period for oil & gas companies. second haaland wouldn't say, stu , whether the plan includes any new leases for new offshore drilling. stuart: why am i not surprised. all right, grady thank you very much indeed. more on this i just want everybody to watch this exchange
now between senator josh halle and the energy secretary. they claim the white house policies are not to blame for rising gas prices watch the exchange. roll it. >> from january to august, the price of gasoline was up over 30%. in my state alone. are you telling me, madam secretary, are you telling me under oath that these policies had no effect? >> no, they did not. >> that is a remarkable statement. i have to say, madam secretary, with all due respects your answers are insulting. stuart: yeah, indeed. the gentleman on the right hand side of the screen is thomas pyl e, the president of the american energy alliance. thomas, the secretary said there , biden's policies are not responsible, have no effect on the rising price of gas. would you respond to that? >> listen, secretary granholm is the one who laughed when someone asked her what she was going to do to lower gas prices for americans,
and secretary haaland of course couldn't say that gas prices are too high because she doesn't believe it. the leadership in the democratic party, the biden administration, this is part of their plan since the president was inaugurated, we've documented over 90 being deliberately designed to make it harder to produce oil & gas in this country, and 22 since president putin invaded ukraine who they seem to want to blame for these prices instead of blaming themselves. stuart: do you think that this is all about green economic s and green energy? they want high gas prices so we'll useless gas and we'll pollute less co 2? is that the hidden agenda here? >> well it's hidden in plain sight, stuart. i mean, that is exactly what the green new deal agenda is. that is exactly what the green left has been pushing for years and years and years, and they owned the democratic party, hook
, line, and sinker. no getting around that fact. stuart: can i just jump into say in my opinion, american consumer s are not prepared to pay the high price for energy, which the greens demand, and they will lose politically because we will not support it at the ballot box. last 30 seconds to you. >> well look, the democratic plan to lower gas prices is simple. blame everybody else, buy an ev , and don't be poor, because if they can't do this , then they will not have the greens supporting them in the mid-terms and they value that more than they do, lowering the pump, lowering the prices at the pump for us, the american consumer. stuart: thomas pyle, thank you very much for being with us today at a very important point and we appreciate it. thanks very much, thomas, see you again soon, sir, thank you. take a look at this. that is the all-new nissan z sports car.
gary gastileau test drove it and he calls it the opposite of an electric car and gary will explain, next. ♪ ♪ ♪ i'm the latest hashtag challenge. and everyone on social media is trying me. i'm trending so hard that “hashtag common sense” can't keep up. this is going to get tens and tens of views. ♪ ♪ ( car crashing ) ♪ ♪ but if you don't have the right auto insurance coverage, you could be left to pay for this... yourself. call a local agent or 1-888-allstate
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at fisher investments, we're clearly different. ♪ life is a highway, i want to ride it all night long ♪ stuart: charleston, west virginia, it's 83 degrees there, as of today and getting hotter soon. the most expensive car in the world was just sold at auction, already, ashley, you know the questions. what kind of car was it and how much did it go for? ashley: it is a 1955 mercedes benz 300 slr coup and it sold for , wait for it, there it is $143 million. it's the most expensive car ever
sold by a long way. it beat the previous record by more than $95 million. the winning bid was made by a british car collector and dealer simon kitston on behalf of an unnamed client, kitston lobb ied the mercedes benz board for 18 months to even consider selling the car. the deal was made at a very secret auction where only select ed collectors of mercedes benz customers were invited to attend the 300 slr coupe is one of only two created in 1955 and is regarded as one of the most prized cars in auto history, and now, one is being bought for $143 million. wow. stuart: that's real money. you know, real money. ashley: yes it is. stuart: thanks, ash, don't go anywhere because we'll get you back for friday feedback in a second. now this , our car guy, gary gas telu is with us. gary, just test drove a nissan z
coupe 41,000 bucks you say it is the exact opposite of an electric car. you want to explain that? >> it is. we're seeing a lot more of these cars made for drivers just as everything is going electric. look electric cars are fast, powerful but also big and heavy and they could kind of be like driving a video game sometimes. this is an old school sports car they designed it to look like that original 1972s with a six speed manual transmission, rear wheel drive and 400-horsepower turbo charge v 6 for 41 grand it's a pretty good deal. the thing is light, nimble, handles either on the road or on the track and again, we're seeing toyota has a manual transmission, honda has new sports cars out with manual transmissions. do they sell big volumes? no but there is a very hard core enthusiast group that's looking for these kind of cars because they aren't going to be around much longer. stuart: because that's not the art of driving but the fun,
the excitement of driving one of these cars, as opposed to the electric cars just don't make it for drivers. >> not quite yet. there aren't really any small, light, exciting, they are all big, suv's and four door sedans and fast but just the batteries are too heavy. you can't make a sports car like this , especially for $41,000, and again, the manual transmission gives you the engagement you don't get with an automatic and forget an automatic, electric cars have one gear, so there's not a lot of excitement. stuart: i didn't realize that. >> you just press the gas on the accelerator and that's all you get so this you have to do, the shift in and the handling is just fantastic, and again, a lot of companies are doing this , bringing these back, throwing the manual transmissions in there. stuart: wait a second, do you prefer the one you just drove, the nissan z, do you prefer that to say the hummer, the electric hummer with the crab claw or the 0-60 in three seconds? >> completely different things but yeah i'm going on a mountain road this is the car i want.
i'm going on a drag strip or dirt road the hummer is what i want. stuart: you're going down i-95 suppose. >> the hummer. stuart: [laughter] thanks, gary, great stuff. all right, folks don't go anywhere it's friday, and that means friday feedback is back and it's next. ♪ throughout history i've observed markets shaped by the intentional and unforeseeable. for investors who can navigate this landscape, leveraging gold, a strategic and sustainable asset... the path is gilded with the potential for rich returns. lemons. lemons. lemons.
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♪ stuart: oh, i like this music. i can't think of the right word for it. it's almost spiritual. it's uplifting. i like that. okay let's go. that was clearwater beach, in florida at 76 degrees. all right, friday feedback. okay, lauren, susan, ashley, let's get started here we go. shirley writes this. please have a [laughter] -- >> [laughter] stuart: please have ashley dye his hair black, he would look like robert taylor. ashley, this is yours. ashley: well that's very kind, shirley, but she obviously doesn't know my hair because nothing could be put on it or in it. i mean, or i don't know, i've
got to get a mustache, pencil mustache is a definite, but you know, my hair just spits out everything, i've never died my hair because it spits it back out. >> you have great hair. ashley: but shirley through very much and for comparing me to a hollywood star. >> [laughter] handsome. stuart: i don't care what the color is i just want more hair. ashley: [laughter] stuart: this is from robin. this is a good one, i like this. dad and i watch your show every morning, may 20 is his 101st birthday. his name is bob hagenbaugh, retired world war ii vet and lapped detective can you give him a shout out? of course we will, bob happy birthday to you. ashley: happy birthday, bob. lauren: fantastic, happy birthday. >> bob, bob, bob. lauren: happy birthday bob. stuart: hope he keeps watching. >> [laughter] stuart: now this , this is
interesting. got this from bill. when you go to chatham on weekends, do you drive? if you do you go through my hometown in massachusetts. well, no, i do not drive and there's a good reason for that because there's only two very narrow bridges that get you on to cape cod, which gets a million tourists in the summer, so those bridges are incredibly crowded and you'll spend hours trying to get across to the other side so i'm sorry, i do not drive to chatham. >> but you drive to your farm. ashley: private jet. lauren: don't you go in the middle of the night when there's no traffic? we have questions, stuart. stuart: yes you do, okay. i'm not answering. >> [laughter] stuart: this question comes to us from larry and susan you'll answer this one. >> well if you answer it too, yeah. stuart: i will. do you invest in crypto, susan? >> yes, i do, but would not be betting the farm, nor would i be betting money that i can't afford to lose, so yes, i invest in crypto. stuart: may i ask which one? >> bitcoin, some ethererum, dogecoin, i thought about algora
nd, and maybe avalanche. stuart: you've got dogecoin? >> of course. i'm a woman of the people. stuart: lauren? a woman of the people [laughter] good stuff. lauren? lauren: no. stuart: ash? ashley: no, not at all. stuart: i've got a tiny bit of ethererum for my grandson just as a total fluke he's only one- year-old plenty of time to make some money. stuart: who was the most influential mentor of your life? i can't answer it, because i've never really had what i would consider a mentor. how about you lauren? lauren: no, there are people that i admire but for a mentor i feel like i have to bother them with like meetings and questions and i have never had an official mentor, but yes, there are people i admire. >> i would say my mother who obviously has very high expectations but also somebody that i greatly admire. stuart: ash? ashley: well, both my parents were bankers. i tried banking for six years, and wasn't for me but my
journalism professor at college said you should give it a go, jerry jacobs was his name so i'll give him the credit. stuart: excellent, good responses all around. we're not done. mickey writes this. mr. "varney", very cool " american built" i grew up looking out over the bay bridge tunnel from my windows we moved down south, down the shore a little bit, blah blah blah, this series is popular because of what america can do. that's why it's popular. it's a can do look at america. new episodes of "american built" on tuesday nights starting at 8:00 p.m. alva writes this. your english accent, that of ashley, that of nigel farage and steve hilton all sound different from each other, can you explain >> [laughter] stuart: yes i can. we come from different classrooms in england and different regions of england and that explains the difference. would you like to make a comment on that, susan li? >> well somebody wrote in and said you sounded like the geko
from geiko in those commercials but i think you have beautiful accents. stuart: yes, lauren? lauren: well for ashley, you, stuart and also for steve, you've lived in so many places i feel like your accents are kind of messed up, but class, ashley? your parents were bankers. he's the high class one. stuart: yeah, he's a classy guy. gotcha. on that note, ladies and gentlemen, all right, thanks, everybody for sending in your feedback. here is the friday feedback, no the friday trivia question, today is national bike-to- workday. how many americans commute to work by bicycle? where do they get these numbers from? lauren: 1.1 million. stuart: we'll guess, after this.
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it never looked or felt like real food. but with the farmer's dog you can see the pieces of turkey. it smells like actual food. i saw a difference almost overnight. healthy poops, healthy dog, right? as he's aged, he's still quite energetic and youthful. i really attribute that to diet. you know, he's my buddy. my job is to keep my buddy safe and happy. ♪♪ get started at longlivedogs.com stuart: president biden kicked off his trip to asia today met the new president of south korea but he's already made a gaf, calling him the wrong name, roll tape. >> thank you all very much and president thank you for everything you've done so far, appreciate it. >> [applause] stuart: let's straight straighten that out for you. now, we asked how many americans commute to work by bicycle, okay , there's the choices, lauren, your guess? lauren: number 4.
stuart: ashley? ashley: i'm with lauren 1.1 million. stuart: susan? >> i'll just counter the 870. stuart: i'm with 870 too roll it >> oh! stuart: 870,000, .6% of the workforce that's it. by the way, bob hagenbaugh, 101 years old today, happy birthday, there he is, as man is in for cavuto. david: by the way, i hate bicycles i know i'm going to get a million hate males for saying that but new york city is still with bicycles with all these electric motors and they are running people down, it's crazy. i don't like that. i don't like that. good to see you, my friend, have a wonderful weekend i appreciate it. welcome to cavuto "coast to coast" i'm sorry, i'm david asman in for neil. well it was the year 1932, we're not talking about the year, stuary varney was born, oh, that's not kind. that's the last time the dow had an eight-week losin s