tv Varney Company FOX Business August 22, 2022 9:00am-12:00pm EDT
markets with just a couple of comments taken out of context. >> cheryl: liz real quick the mid-terms coming up november that's another market mover. >> we're going to have a red wave, cheryl, don't believe all the negative commentary right now. they are trying to dumb down fundraising and turnout and everything else. we'll have a red wave. >> cheryl: liz, mike, guys thank you so much. "varney" & company up right now. happy monday, stuart. stuart: yeah, that mike lee right there, you know, he could be a bit more romantic i would say but that's just me, okay? see you soon, mike. good morning, cheryl. all right, good morning, everyone. look, after friday's sell-off, you want to know if it continues i'm afraid the answer is, yes, it does. the dow will be down about 350 points. that's at the opening bell. fed chair powell speaks on friday. there's intense speculation about whether he will take his foot off the brakes or raise rates aggressively. believe me the fed-watching community is in very high gear
today. the s&p 500 down about 50 points and look at the nasdaq, probably down about 2%. here's the problem for the nasdaq. the yield on the 10 year treasury back pretty close, i'd say very close, to the 3% level. 2.990 that's where you are. cryptos were under pressure. bitcoin around 20,000 bucks, it's actually has it made it, just to 21, 200. ethererum has dropped below or just went back above 1,500 bucks so a little lightning of the pressure on the cryptos but look at this. look at the meme stocks this monday morning. is this a sell-off or what? you're talking bed, bath and beyond down another 15% and amc leading the pack with a loss of 38%. that is a sell-off and a half. politics and the unpopularity of president biden. thursday, he begins a series of visits designed to keep the democrats in control of congress in november.
problem is, democrat candidates are walking away from him. they don't want him to campaign with them. fox news has rankings out, may disappoint republicans. it sits modest gains for the gop in november and projects a majority between two and 30 seats, well-below the more optimistic republican forecast last month. the mayor of miami sure looks like he has presidential ambitions. he has an op-ed in today's wall street journal that frames the national debate, socialist oppression versus capitalist freedom. hey, if pete buttigieg can go from mayor of south bend to transportation czar, perhaps francis suarez can go from mayor of miami to the president of the united states, maybe in 2032 w? it's monday, august 22, 2022. "varney" & company is about to begin.
everybody, is getting to it, get started, get started, let's get it started ♪ stuart: "get it started" is that the name of this song? well let's get it started it's a rainy monday morning here in new york city but believe me there's a really big week coming up for your monday so let's get started with that. lauren? lauren: yes, that be me. [laughter] happy monday. stuart: what will move the market this week? lauren: a lot, actually. we'll start with earnings. tail end, macy's and nordstrom report tomorrow, gap, dollar free report on friday, to what extent are customers trading back or pulling down. economic data, there's a lot leading up to jackson hole on friday. you have new home sales on tuesday expecting another drop for the month of july. wednesday, pending home sales, durable goods. thursday, second read on gdp between april and june, expected to decline, .8% reinforcing recession, and then on friday, what does the fed do about all
that because one year ago, one year ago on friday, jay powell said inflation is transient and look where we are. stuart: i'm sure he'd love to take that one back and he can't do it but what you're looking at left-hand side of the screen is a monday morning sell-off and i surveillances that is largely because of all of the speculation about what the fed is going to do and what powell is going to say at jackson hole, wyoming, that be friday. well look whose here. [laughter] jeff sica is back. all right, jeff, come on. let's speculate and join the fed -watching community because we really don't know what powell is going to do but i want you to suggest whether it's going to be a dove or he's going to be what's the opposite. lauren: a hawk. stuart: so what's he going to do >> just like lauren said if we think about last summer at this time, and the beautiful jackson hole, where he said that that inflation was transitory, what we have to assume, first of all this man has lost a lot of credibility this past year and what we have to assume is that
whatever he says is probably going to be wrong. stuart: oh, whoa so let's cut to the chase here. what is he going to say? is he going to be aggressive or be a dove, which is it? >> i think he's going to be, he's going to err on the side of doveish, and the reason why i think that is we are coming up on an election and i know that somewhere deep in the recesses of his mind, he knows that he needs to be, he needs to slam the brakes on this speeding economy or inflation is going to crush us, but i don't think he's going to show that card until after the election, so i think he's going to come off as doveish but the reality is, we are going to have to see them do something extreme, urgent. they need to raise rates continuously to do it, make a dent. stuart: it seems to me that the
market will react negatively to either. if he comes off as a hawk, market doesn't like that aggressive raising of rates. if he comes across as a dove, not doing enough about inflation , the market won't like that either. >> exactly, and what i have to say is if you look at the stock market, the stock market has essentially been saying that he pivoted, but that may not be the case, so he is in a no-win situation, and i think no matter what he does at this point, it's going to, the market is going to be able to find the problem, because keep in mind, if the fed was doing their job, we would not even be talking about what words he's going to use, what inference is he going to make? is he a dove or not. we be talking about this is the end of earnings season, we be talking about the economy and the growth ahead of us, and we're not. we're talking about what is jerome powell going to say and we're going to sit there and
dissect every single little word does this mean this or does it mean that or does this insinuat e pivoting or is he not pivoting? stuart: it's a cottage industry. fed-watching it never stops. the inference of every single word turned upside down. >> well not only are people watching the fed, but if you watch the interpretation, people guessing, like me, what he's going to say, i think what we have to realize is that we have to get back to fundamentals, because if we don't, if we just depend on him, we're going to be in trouble this time next year. stuart: jeff, we appreciate your speculation right there. we'll see if you're right. now there are recession fears that are growing, especially in the corporate world. what are these top executives saying? lauren: so 18% say we are, right now, in recession. 79% say we will be in one in 18 months, so that's 97% when you ask them together say recessions on the table, and the reason why is inflation.
55% of companies say inflation will remain a problem for at least six months. stuart: okay. i think i could agree with that. a new poll, another one. 74% of us, american, feel that the country is heading in the wrong direction. the same poll shows president biden's approval remains pretty low at 42%. mercedes schlapp is with us. democrats are distancing themselves from the president on the campaign trail. why is that, do you think? >> well, you know, obviously i think, stuart, biden's un popularity, his poll numbers, you just mentioned this poll number about the country going in the wrong direction. that's significant. that's showing that the independent voter, that swing voter, they're not feeling comfortable with the democrat party. they're not feeling comfortable with the leadership coming out of the biden administration, and so for these candidates, they're taking that calculated strategy to basically say let's not campaign with biden. not only that.
they're not even come paining with kamala harris or pretty much any of their cabinet members so it really is their way of distancing themselves and saying we're going to go on our own because they think it's the only way to win. stuart: former president trump really attacked minority leader mitch mcconnell in a post on truth social. trump called mcconnell a broken down hack and a front to honor and leadership and accused him of helping his wife and family get rich on china. the republican party, mercedes, is obviously seriously split. >> look, i think that that relationship between trump and mitch mcconnell, its always been a very what i would say distant relationship. i remember working at the white house and while they agreed on pushing forward, for example, the historic tax cuts and tax legislation, they also, from a personality standpoint, did not see eye to eye. look, it hurts us when you're seeing that division within the republican party, because what we witnessed with the
democrat party, for example, you see the liberals, the progressives and moderates, however many moderates they have left, really divided amongst themselves and it really hurts the party's chances to win. so look, i don't think this is helpful but at the same time, mitch mcconnell and the president do not agree on a lot of these issues because the president is much more of a risk taker when it comes to supporting these really good candidates, and quite frankly, mitch mcconnell should come on board to see if we can get them to the finish line. stuart: it is hurting the republican party. we've got these new fox new power rankings which show the republicans are unlikely to get the big majority in the house that they've been hoping for. is this in part because of the split? >> look, i'm optimistic that the republicans will have a sweep when it comes to the november mid-term elections. obviously, you start seeing numbers pop after labor day, and what you're seeing more and more is that the swing voter, the parents, the independents, they and the republicans,
actually, are more enthusiastic. they're willing to go out and vote, support their candidates. you know the senates a little trickier but i do think that we'll see a pick-up especially in nevada with adam lacksalt, and i think that, you know, you're going to look at these different stays and see where it lands so you know, stuart, i think from a political standpoint, we've got to wait and see. the real campaigning starts after labor day, and i think that we will continue to be hopeful. what you're seeing is a media narrative basically saying that biden's got his groove but the poll numbers don't reflect that. stuart: that's very true. mercedes schlapp thanks very much we'll see you again soon. better take a look at futures on this monday morning here is what's happening to your money as we start the new week. plenty of red ink, dow down 300 nasdaq down almost 200. another poll. 62% of college democrats would never room with trump voters. why am i not surprised. kennedy will have some fun with that one. president biden campaigned on
the promise of forgiving student debt. roll tape. >> we're making two year community college free for everyone who earns it. >> whether it's a community college or a state university, it should be free. >> i get elected president, free college education. stuart: well, is that vote- buying? in my opinion, it is, exactly that. it is vote-buying. i'll ask stephen moore that same question, next. ♪ ♪
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gonna tell everyone ♪ stuart: i like that song. i just like it. that's miami, it's 85 degrees we have more stories on miami coming up later in the show. lots of clouds though. it's storming. all right check futures, please. plenty of red ink on a monday morning hate to tell you that because you want to know how is the week starting out. not too good. we're down 350 on the dow just over 1% and the nasdaq is down about 1.5% as we speak, so plenty of red ink today. president biden is expected to make a decision on student loans by the end of this month. hillary vaughn is with us. hillary, what more do you have on this? reporter: stuart, that be the closest turnaround time borrowers have had, but even just extending this pause is still costing taxpayers money. committee for responsible federal budget says simply delaying payments until the end of the year would cost $20 billion effectively wiping out the first six years of
deficit reduction that was passed in the inflation reduction act, but the administration is down playing the economic impact of delaying payments for borrowers. >> the president will be making a decision, and the impacts on inflation will depend on we have to keep in the context of the restart and let's also face it. this happens overtime. loan payments are not student's make payments overtime so it's not a one-hit shock to the economy like a stimulus be as many people might be thinking. reporter: in the meantime, the administration is flirting with complete student loan forgiveness, working on an idea called "the fresh start initiative" that would bring about 7.5 million borrowers behind on payments out of default, scrub their credit history of the incident make them eligible to make out more loans. republicans are calling this idea crazy. the ranking member on the education and labor committee congresswoman virginia fox saying this in a statement.
"the department so-called operation fresh start plan gives delinquent student loan borrower s the keys to borrow even more without any assurance they can afford to do so. it's literally the definition of insanity. it's also wrong. if these individuals were unable to payback their loans the first time they borrowed, how will giving them access to more debt help? this is a terrible gamble one for which taxpayers will end up paying the price" stuart? stuart: hillary thank you very much indeed. i want to bring in stephen moore on this. he's an economist. he should know the answer to these questions. eliminating student debt right before an election in my opinion is buying votes. what say you? >> i can't even believe we're having this discussion, stuart. really. i mean, hey, i don't want to pay my mortgage. do i have to pay my mortgage, stuart? the government forgive me from my mortgage? stuart: your rent too, you don't have to pay your rent. you don't have to pay student loan. what do you have to pay? >> yeah, people there's so many
reasons this is wrong. not least of which is just unfair to the people who have paid back their student loans. they're the suckers here, stuart why do people payback their student loan, and the government would have forgiven them. i think there's a lot of other problems with this one, i just want to correct hillary on one thing. the inflation reduction act isn't going to reduce the deficit. it's going to make it much worse it's going to send spending through the roof and so on, but the other big problem with this idea of giving people college for free, there's an old saying i think it might go back to ben franklin, that anything easily attained is lightly regarded, and students should have some skin in the game, in terms of paying for the education they are receiving. that's how they will demand a good education and the idea we're just going to give education to people for free, you know, i've got an idea, stuart. how about these kids actually work for their tuition? what a concept.
stuart: oh, what an idea. what kind of a conservative are you? last one, and i've got to keep this brief. i want you to join the speculation about the federal reserve. what is jay powell going to do on friday. is he going to be a hawk or is he going to be a dove? what's your opinion? >> he's been a dove all along, so i believe we need at least one more 75 basis point increase inflation is not gone, stuart. it is not tamed yet. we've got a lot of work to do. when you've got still 8.5% inflation that's hardly progress so at least one more rate increase and i think it would actually be good for the economy we've got to drain the inflation out of the system. we're not anywhere near that yet stuart: okay, you're saying that's what we need, but i'm asking, what will jay powell do? >> i can't get in that man's head. he's made so many mistakes. i mean, let's face it. he's been a very poor head of the federal reserve. he's the one who allowed inflation to get to 9% in the first place. stuart, i said nine months ago
on your show, they should start raising rates, remember? i've been saying this month after month after month and they were the ones who said it's transitory it's going to go away and they were completely wrong. stuart: it was one year ago today, i think, or one year ago this week, that he said, jay powell said, it is transitory. so what do you think happens on friday, or maybe next monday, after we find out what he's got to say? if he's a hawk? >> i think they will do either 50 or 75 basis points increase. stuart: okay, got it. let's see how the market respond s to that. >> don't hold me to that, stuart. stuart: okay. i won't. but you are on video tape. [laughter] we'll see you again soon, my friend. thanks a lot. got to check futures again, because we're opening up on a monday morning here. seven minutes to go before the market does actually open and we're looking at a lot of red ink. dow is down about 350 points and the nasdaq is down close to 200. we'll be back. money changes everything, i said
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down about 1.5% for the nasdaq, and down over 1% for the dow. red ink, big time. keith fitz-gerald joins us this morning. i want to focus on meta. right now, i believe it's about $165 a share but you think it's going all the way down to $100 a share. why do you think that? >> or lower. stuart: or lower. >> stewart, this company is a bug in search of a windshield. its got falling engagement, lower advertising costs, apple is coming on with its own technology, disney plus is coming with an advertising model his avatar is a joke if that's the experience you expect in the metaverse people say no thank you, zuckerberg is busy touting may you'll be able to get together and go bowling with your friends or go to paris whatever. guess what? you can do that in real life and it's a much better experience so the last linchpin here is wall street can't give up the ghost so tells me the big money is at risk. stuart: you think the whole concept of this metaverse, the way zuckerberg sees it, is
just not working and will not work? >> well, this is interesting, because i see metaverse, for example, when somebody like bmw takes it and re engineers a factory to check production process, quality, materials all of those sorts of things i think there's going to be a very real use for the metaverse. it's just not the one zuckerberg sadly is promoting and the average american couldn't give two bits about the metaverse. they want something that's going to improve their lives right now , food on the table, roof over their head. they got the fed to deal with and everything in the jackson black hole. stuart: i'm not so sure you're right, you know? both you and i are well-above 50 , i think, i'm not asking, but i think we're both well-above 50 and our generation -- >> yes. stuart: our vintage doesn't understand stuff like the metaverse. i don't know whether you got any grandchildren, i've got 11, and none of them get into the real-world it's like they get into metaverse. you understand my point? >> i do understand your point.
it's something i've given a great deal of thought about, but what i see again and again and again is that young people gravitate to something very quickly, and then they move on, so this notion that facebook, which was a young person's game at one point in time, became rapidly the dominion of people like you and i, and so that tells me there's going to be another shift. where it goes, what it looks like, i don't know but what i do see is a company flailing. i don't think zuckerberg has an ethical compass debatable based on how he has portrayed himself in the predatory actions of that company but i also think with sandberg's departure you could argue he doesn't have any adult supervision in the boardroom, either so that spells a company in trouble. i sort of start to get this picture 380 somewhere in there, i'm sensing an opportunity to strike again. stuart: adult supervision, my goodness, me. keith, if you could see susan li 's facial expression while you were talking about the metaverse there, you would have been
intrigued i suspect. >> [laughter] >> i was very intrigued by what keith was saying. stuart: disagree entirely. >> generational divide i think. stuart: there is a generational divide. >> and how we socialize and how we interact. stuart: it's true. it is true. we're just too old. >> susan's as bright as they come so this make sense. >> [opening bell ringing] >> wow. stuart: flattery indeed. that's a fact. it's 9:30, it's monday morning, you got to watch this , because i'm afraid we're heading south rapidly. the dow industrials opened with a loss of well, close to 400 points, 370 on the downside, 1.1 % and virtually all the dow 30 are in the red mode selling. the s&p 500, on the downside to the tune of better than 1%. yet you're down 1.1% on the s&p, and the nasdaq is down 1.5% and that follows a 2% drop last friday. big tech again, all the way down all of them down.
apple, amazon, meta, alphabet, microsoft on the downside. now i want to take a look at meme stocks, because earlier this morning, there was a huge sell-off and it's still in progress, now that these stocks have opened. what's going on? >> so it's down 37% so what amc is doing and adam aron, its ceo, is he's offering a special dividend to current stockholders in the form of new shares, so they are going to be called apes , and he's leading into the reddit wall street bets crowd so it's not an official stock split but it behaves like a stock split so you're getting more stock, more equity, but the price does drop on more supply does that make sense? stuart: it dilutes current stockholders. >> but i was trying to use a word most individual investors would understand for our audience, so what amc, you know, i think amc is all concerned about potential bankruptcy of its rival cinema operator, cine world, they operate regal send cinemas, they
are on the brink of bankruptcy and the box office receipts this year are down by one-third from 2019 according to the latest numbers i saw because the streamers are pushing that expensive content on to stream ing platforms so you'll know you'll get those blockbusters in just a few weeks time for 10.99 a month i also want to show you bed, bath and beyond because that 40% sell-off we saw friday continuing today after ryan cohen selling off his stake and bloomberg reporting and this is not good news certain suppliers halted shipments to bed bath with unpaid bills and you asked me this or trying to get me to say this on friday. yes, i think it is buyer beware. it's a free capital market. if you want to buy into the meme stocks you can, but historically , and the track record shows that you don't usually make money, six or seven, eight months afterwards. stuart: i've got that. now, we've got an elon musk, not exactly a headline. he's imposing what i think is kind of big, big time price increases on this self-driving
system of his. >> we're talking about $3,000 so full self-driving will be $15,000 starting next month. this is after that software update goes global. of course, he's trying to boost those margins of course and increase the bottom line. by the way china is also cutting rates again which i think should be helping tesla sales and china maybe just a little bit since we know that shanghai is now tesla 's biggest production plan in the world, largest global car market and oh, by the way speaking of stock splits, since the amc one isn't official, because they're offering more equity but you get an official three for one stock split from tesla after close on thursday. stuart: so on friday morning tesla will be opening -- >> a lot cheaper like $300 something like that. stuart: if the current $900 price holds and the dow at the moment is down 381. i figured there's a bidding war going on for signify health or amazon is in it. >> so the big deal here is that amazon is saying very clearly to the markets that healthcare is their next growth sector. $8 billion is what it could be
worth so amazon is going up against cvs, united health, maybe private equity bidders get in the mix as well and you know they bought one medical in july. they bought pilt pack for a few billion dollars, jeff bezos made it very clear that they think healthcare is the next growth factor for them. by the way, you know, they are also passing on inflation, and those shipping costs on to third party sellers. we talked about amazon reporting their first loss in how many years was it seven, eight, or nine years so this year, they are going to charge a peak fulfillment fee for third party sellers during the holidays. that means they charge an extra $0.35 on each item that you ship from the fulfillment centers starting in mid-october to mid- january, and they are also including a second prime day in q 4 as well. stuart: who pays that? >> the third party sellers. stuart: they pay that. >> that's right. stuart: they are getting squeez ed. >> they are getting squeezed while always would say we're getting squeezed by the shipping costs ourselves. stuart: all right, you're real good on cryptos and gambling
chips. >> oh, would you stop? stuart: now you've got -- >> they're called stocks. stuart: warner warner brothers discovery just premiered the new game of throwns spin-off, "house of the dragon" must have been a success because they crashed the site. >> should i even ask if you watched any of the 90 minute debut of "house of dragon" last night? stuart: what time is it on? >> it was late i think 9:00 p.m. on the east coast. stuart: out of the question. >> a lot of people did and that's why the site crashed. good news for warner brothers discovery which needs a big hit right now. they're spending $20 million to $30 million per episode for this game of thrones, and warner brothers discovery owns h bo max trying to combine h bo and discovery finding $3 billion in cost savings and they own cnn, which you've talked a lot about. amazon has already committed $1 billion to the lord of rings, that's five seasons they've put on the bottom line.
$1 billion, was expensive tv show ever in the history of production, so we know disney is also hiking prices by three bucks to over $10 for disney plus, and introducing an ad- supported tier, so i think streaming, you know, we talked about this , how more people are watching streaming now than cable last month. it's because they're putting all the quality content on to the platforms and that's where they are attracting the eyeballs. stuart: that leaves the cinema operators with a problem. >> i'd say also cable operators as well, wouldn't you say? stuart: that too. >> that's all. stuart: good stuff, susan thanks see you again soon. heck that big board down 400 points that's 1.25% that is the dow industrials. the best performers, there's only one winner, and that's merck and that's up $0.01. j & j, verizon, proctor and gamble, amgen are the least of the losers. s&p winners constellation brands liquor company, kroger, nielsen holdings, interesting and the top of the nasdaq, there's only one. one winner.
>> cable operator. stuart: there you go. there's hope brings eternal. check that 10-year treasury. we checked that a moment ago and it was at just 299, just shy of the 3% level. that's why big techs having such trouble this morning. the price of gold, you know, 1,750 per ounce. bitcoin is trying to hold on to 21,000 just holding on right there. the price of oil, that is down three bucks $87 a barrel and natural gas on the upside 4.5% as the cold weather comes nat gas starts to go up. the average price for a gallon of regular 3.90 unchanged from yesterday, a gallon of diesel is down to 4.97. here is what's coming up. education secretary cardona said it's unfortunate that school districts are lowering the standards for teachers. roll tape. >> we are seeing districts change the qualifications so that instructors can be there in class. >> right, you know, and it's
unfortunate. stuart: former education secretary bill bennett says this is disastrous. he's on the show, shortly. texas just sent another bus load of migrants to new york city and the cities response? they're giving out free healthcare, food, cell phones and supplies. pete hegseth takes that on a little later. energy secretary jennifer granholm claims the clean energy is the best peace plan the world has ever known. okay we'll take a look at it, next. ♪ ♪
about raising interest rates. that's the problem for the market this morning. the price of gas, well that is $ 3.90 average, nationwide, down $0.51 in a month. the white house is taking credit for that. grady trimble with us. hey, grady, didn't the administration used to say they were not in control of gas prices? reporter: they did, stuart. the biden administration didn't take responsibility as gas prices were on the way up. you'll remember they largely blamed vladimir putin and they still do but they are taking credit as gas prices go down. >> we've been bringing down the price of gas. its fallen every single day this summer. if you can't remember the last time its happened, that's because its never happened before. >> this president has moved in dramatic ways to increase supply by releasing a million barrels per day from our strategic petroleum reserve as well as calling on our domestic producers as well as international
producers. reporter: but, the experts we've spoken to, say that release from the strategic petroleum reserve has had a small impact on the price at the pump. some say it might have lowered prices 10, 15, maybe $0.20 a gallon while depleting the spr to its lowest level since the 80s. one of the biggest factors in the lower prices, they say, people started driving less, because prices were so high, and still are, and they worry about the economy. the national average for gallon of gas you mentioned it, 3.90 today, gas buddy has it a little lower than triple a at 3.86. its fallen for 10 weeks in a row but still almost $0.75 more than it was a year ago. experts say that 3.90 is as close to as low as the national average will go for now, in some areas they say you might see prices go down a little bit. in other areas they say prices could do au-turn and go right backup and what everyone agrees
on, stu, all of the energy experts say, as we head into the winter months, home heating and utilities are going to cost way more than they did last year stuart: i can see that coming, grady trimble, thank you very much indeed. i want to bring in patrick de haan, he's the gasbuddy guy who appears frequently on this program. there's some talk about 3.90 or 3.86 whatever you've got, being the low and a bounce up in gas prices from here. what's the chances of that? >> well, stuart, i think it's kind of 50/50 at this point. each time we talk about the possible end in gas prices, we see oil prices plummet that's what they are doing today so gasoline fossil fuels price is down about $0.11 a gallon so that could continue the streak for now at the same time of course natural gas prices have been surging so that's something to keep an eye on but i don't know if we're done with the decline just yet. what i do know is that the west coast and east coast of the u.s. especially the northeast, stuart, your backyard, could see gas prices continue to decline for now but i think we are getting much
closer to a bottom. stuart: we're showing natural gas on left-hand side of the screen up about four or 5% today to well over $9 per million british thermal units. that has a lot of people worried , because the price continues to climb and they look at europe where nat gas is five, six, seven, eight times the price of what it is here. should we be really worried about that, about a real spike this winter? >> i think, stuart, that is certainly on the horizon. you look at what's going on in europe. obviously gas problems shutting down the nord stream pipeline is a worry. will they bring back nord stream or will the eu continue to suffer? winter is on the doorstep so we're seeing natural gas prices surge on the possibility russia could continue to keep that pipeline shutdown. it's dragging up north american nat gas for the simple reason that lng can go over to europe and may have to do so if russia keeps nord stream shutdown so a lot of jitters. i think home heating bills this
winter could easily be three times maybe even four times what they normally are. stuart: whoa, whoa, whoa, wait a second. home heating bills this winter could be three or four times what they normally are? that's a spike and a half. would it be also matched by a spike in electricity prices? >> certainly could, stuart. a lot of electricity generation in this country is powered by natural gas, so that could also connect to the price of oil. you're going to see a lot more oil step into replace natural gas, especially in europe this winter, as the temperatures start to cool, they are going to have to look to heat things up and if they don't have enough natural gas because of russia they turn to oil so oil could get dragged into the rally as well down the line just depending on how mother nature decides to play out this winter. stuart: here is the extent of the worry. city bank is forecasting an 18% inflation rate in britain, largely because of energy price spikes. heaven forbid it happens here.
patrick de haan, thank you very much. lauren simonetti with me. what's this about new england warning about fuel shortages? lauren: the boston globe is reporting the white house warned new england they might see a fuel shortage this winter and they need to be prepared as a result so the department of energy sent letters to six new england governors and said stockpile what you have now. the issue is that area of the country imports fuel from other parts of the country, so if there's a hurricane, in the gulf, new england is not getting all that supply as quickly. also if you live in new england you rely on heat because you get severe winter weather, so they are worried they aren't going to have enough to keep the heat on. stuart: you heard what pat rake de haan just said. home heating bills this winter to be three or four times what the they normally are. lauren: unbelievable. stuart: that's called inflation i believe. cnn says america just got a $100 a month rise. is that something to do with oil prices, gas prices? lauren: yes, because -- stuart: it's a joke. lauren: it's just bad reasoning and the reasoning came from
moody's. he calculated that that 98 and change is the average households gas savings, because we've seen this recent drop in gas prices nationally. stuart: gas savings? lauren: savings, right. he went on to say that the savings will boost economic activity overall, which makes sense, right? because when you spend less on fuel you have more money to spend in other places, but if gas prices didn't shoot up so much, we wouldn't be in this recessionary environment in the first place, and this is the quote. my favorite quote in the whole article. "no economic metric is more prevalent in public consciousness than the cost of gasoline." so why would we let it go to $5 when we have so much of it? stuart: and why are we, i'm not going to get into it. my heads exploding. lauren: so yeah it's a joke. the article is a joke. stuart: indeed. coming up another democrat distancing himself from president biden. watch this. >> would you want president biden to come to arizona and campaign with you? >> hey, i welcome anybody to come to arizona. >> that's not exactly an open
invitation to president biden to come. stuart: no, it was not, was it? in a tight re-election race, arizona senator mark kelly doesn't want the president anywhere near him. that's my take, 10:00, my take. airlines still in chaos, 9,000 delayed flights over the weekend what's the government solution? new rules, which we will breakdown for you after this. ♪ ♪ new projects means new project managers. you need to hire.
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stuart: more than 1,800 flights have been delayed already this morning. nearly 450 canceled this morning , and now the government wants to step in with new rules. madison alworth with us. madison what do they want to do, what the are the rules? reporter: stuart, they want to create rules, and actual guidelines for what means, what it means if your flight is significantly delayed or canceled. that significant portion is the important thing, so in a letter released lath week the department of transportation secretary pete buttigieg, he said that at a minimum, these
airlines should be providing meal vouchers if your flight has been delayed over three hours, and is also asking for airlines to provide a hotel room for those who have to wait overnight because of a delay or cancellation. now most u.s. airlines do provide meals or hotels if a flight is moved to the next morning, and that's if the disruption is their fault but here is the thing. they're not legally required to do so. it's just that most do, and we're looking at all these potential changes because it's really been a tough year of travel here in the u.s.. 24% of flights have been delayed this year, and while things have definitely gotten better we've seen some adjustments since the early spring and summer, we're still dealing with long term problems because of things like staffing shortages. when you take a look at the top airports that are worse for delays, three of them are here in florida. >> unlike other places in the country, florida is a very attractive destination for travelers and so when you
have that much demand on the air space, certainly the faa has their hands full in terms of coming up with new ways and new ideas of handling that increased traffic. reporter: so in the meantime, stuart while we wait to see if the d. o. t. makes any official rules they are also planning on releasing a dashboard which will compare all the different policies for the airlines because right now what you get if you're delayed or canceled depends on what airline you fly and it's not always the clearest. stuart: understood. madison thank you very much. again, we'll see you soon. still ahead, pete hegseth, bill bennett, kennedy, and douglas murray, the 10:00 hour of "varney" & company this monday morning, next. ♪
♪. s. stuart: here he is comes, the left-hand side of the screen, ugly brown building. they cut the shot off. we can't see it. it is right there, that is the majestic empire state building. we'll take that. good morning, everybody, it is 10:00 eastern. let's get to the money, you will not like this. dow down 400. nasdaq down 200 in percentage terms.
1 and a quarter down for the dow, almost 2% for the nasdaq. heavy selling this monday morning. look at this, meme stocks, talk about heavy selling? amc down 32%. bed, bath & beyond inexplicably bounced 10 cents. gamestop down, with meme stocks selloff big time. 10-year treasury yield, that has something to do with the decline in big tech stocks. 2.99, very close to 3%. oil down big time, 4% lower at $86 a barrel. that's the markets. now this. president biden heads to montgomery county, maryland on thursday, the start of his campaign to elect democrats in november but a survey of 60 democrat candidates in "the washington post" in battle ground states find most have not asked the president to campaign with them. some are going out of their way to avoid him. some are actively campaigning against him.
what happened? the inflation reduction act was supposed to mark the democrats comeback, something to show the voters. it is not working. maybe it is because the inflation reduction act will not reduce inflation or lower drug prices or cut the deficit. maybe because the president simply cannot deliver a rousing speech. maybe because candidates in local races face issues the president has not addressed like the border. arizona senator mark kelly in a tight re-election race does not want the president anywhere near him. the country is in a sour mood, apparently unwilling to rally around the president. three out of four believe we're headed in the wrong direction. two out of three believe we are in a recession despite what the president says. 58% think our best days are behind us. the white house wanted the inflation reduction acts to be springboard for election recovery in november. instead focused attention on the inflation problem we have, still have right now and that's why the party is walking away from its leader.
second hour of "varney" just getting warmed up. ♪. stuart: all right. look at this, some of the vulnerable candidates like colorado senator michael bennet said they have no comment when asked if biden would join them on the campaign trail. senate hopeful tim ryan claims he won't be extending an invite. a lot of people walking away. pete hegseth is with us now. doesn't like the democrats are getting any kind of bounce out of that inflation reduction act? >> no, they're not. offen times the most obvious explanation is the correct one. joe biden is a bad politician. he is unpopular. his policies are unpopular. they affected people negatively for the balance of his term. if you're a democrat attempting to win a seat you don't want that guy on the stage with you. there is no energy. they're spinning deliverables as
you point out the inflation reduction act won't address the issues, saddle us with more spending. it's a green new deal which is not popular. if you're down in arizona running as kelly is, where the border matters and the border is wide open and he won't visit it, doesn't care about it, what will he do come for a campaign stop and tout his worder policies next to someone who wants to get elected as a democrat? it does not work. notice this, biden having covid and being in his basement, being on vacation is when democrats says he is at his most popular. stuart: that's true. >> they say this is a rebound for him right now. gas prices have come back a little bit they want to celebrate a little bit even though they're still way up over his term. he passes a bill. he is out of the limelight. democrats like it that way, it is better that way. why would they want him on the campaign trail? stuart: good argument. you were on the air yesterday, on fox, when this happened 140 migrants, i believe the largest
number to arrive in the city in one day, it happened yesterday. city officials they're not happy about all these buses but wait a second, they're not happy with the busloads of migrants coming to new york city but new york city is a sanctuary city. >> it sure is. their policy says we should be happy. the receiving line, we're happy about this cell phones, health care, benefits, non-profits part of facilitation illegality. i don't like using phrase of migrants. they might have status because of policies by the administration this is the facilitation of illegality. these folks broke the law, claimed asylum, now we're flooding schools, hospitals, flooding social services. at first i thought it was a gimmick for texas to sending folks to washington and new york. i think it is an important thing so people will actually see it. these are 140 people coming off of buses. for years now they have been flown in the dead of night. stuart: that's true. >> we haven't seen it this is
just the tip of the iceberg. if you're new york, you're a sanctuary city you should welcome every single person and if you're a tax payer in new york you know you're getting less. stuart: i want to say one last thing, if i was 20 something, i was in is central america, i had very little hope, joe biden calls me, come into america i would be there, i would be on the trail, i would be marching towards the southern border. >> absolutely right. the reality that is not how immigration is supposed to work. stuart: exactly. >> your asylum claim because you're unhappy would not meet legal status claiming asylum. right now they blend into the country, get added to a list. this administration says eventually they will be deported. they are not. they take on a different identity. blend in, try to send as much money. stuart: i have a soft spot. >> i understand that you can't break our law. stuart: hegseth, good to see
you. >> you too. stuart: companies, american companies are bringing more jobs back home to america. i believe a record number of jobs. lauren: it is 348,000 manufacturing jobs are returning to the u.s. this year or are being created in the u.s. because dozens of companies are building factories here. i ace record. called reshoring. it is largely positive, but here's the negative, as companies spend billions of dollars to set up a plant they have to save billions of dollars in other ways. how do they do that? technology over humans. they employ robots. record 11,500 robots ordered in the first quarter of this year. so it is good and bad. having all this. largely good but the negative is, you can be displaced by technology. stuart: who is going to come up with the idea and say we have 200,000 illegals coming into the country a month? can't some of them work in the factories with the manufacturing job. pete, have you heard this? >> i heard that argument but aren't there americans should do
the jobs too? stuart: but they're not turning out in sufficient numbers to i will if the jobs. 10 1/2 million unfilled positions in the united states. >> that's true. lauren: they have to get an asylum claim or work permit that takes a year. often they work illegally. it is hard to fired companies saying we're using labor because it is off the books. why did chicken prices come down recently? you can make the inference -- stuart: check -- lauren: talking to someone an expert who brought that up. because it could be some of these migrants, illegals coming over, one of their friends saying hey, we're here. we got a job for you. you see a lot of single men coming off the buses. their friends hook them up with jobs and. stuart: i think we discussed it. i made myself very unpopular with the viewers. let's get to the markets, we have to do it, even though a big selloff going on, see it on the right-hand side of the screen. lou is our guest. lou, everybody speculate,
everybody wants to know what the fed will do on friday, slam on the brakes or ease up a little. what do you think the fed will do? >> i think 99.9% chance they raise rates again. stuart: 50 or 75? >> 75. they need the ground cover, next meeting before midterms in november. no way they're raising rates then. they want a ground cover of a 75 point basis hike. inflation, two months ago inputs were coming in we see a peak. inflation is peaking. doesn't mean it is palatable. we still have high single-digits in price inflation. fed act swiftly. 75 basis points. come november ease off 75 basis points or not at all. stuart: what will the market do if you're right and 75 basis points? >> look, i think the market rallies. i'll really surprised about this selloff. everyone has been anticipating 75 point basis hike.
nasdaq rallied 20% off the lows. s&p 500 was testing the 200-day moving average. all of sudden everyone got amnesia over the weekend and forgot that is what they wanted to happen. stuart: i take it, look, my opinion is that meme stocks are essentially gambling chips. i wouldn't touch them with a 10-foot pole. >> 100%. i wouldn't touch them with a 10-foot pole or your money either. look, we think the crypto craze was pure speculation. these meme stocks, this will go down in history as one of the most stupid trades ever because these are fundamentally flawed businesses on their way to obsolescence, yet you're seeing trading volumes on no fundamentals whatsoever, it is pure speculation. it is greater fool theory at work to an extreme. stuart: glad we agree on this, lou. lou basenese. we got the see you later. >> thank you, stuart. stuart: show you apple, we look
at movers, panel is down 1 1/2%. lauren: dan ives says they're going to 220. that was his target. stuart: he was on the phone said that. lauren: two apple suppliers, qualcomm and semithe other we're seeing demand slow down. the biggest concern is china. that is where apple does a quarter of its business. maybe they're facing the same challenges as the rest of the smartphone market. stuart: netflix, i believe they're down again. lauren: cut to sell at crfa. this recent rally up 40% from the july lows is overdone but the new advertising supported tier, cheaper ad version, that doesn't really take effect until next year. stuart: okay. then we've got docusign now that was a favorite during the pandemic but it really came down. it is down another 3%. lauren: they need a plan to reinvigorate themselves, to turn around. rbc, the news is cut to sector
perform, also cut the price target by $15 to 65. he need a ceo and prove they have a successful turn around story in place. stuart: the story, bmw, they charge 18 bucks to turn on the seat, heater in the driver's seat. lauren: not in the u.s. in other countries. stuart: i think, if i'm not mistaken, you got the story, other companies are doing the same kind of thing, charging you to turn on services. lauren: it is crazy there was so much outrage about the bmw move. it doesn't matter, first quarter kelling, diming is threatening to become standard. this is what gm is doing. mandating the buick, gmc, escalade owners pay $1500 for onstar service. you used to opt in. now it is mandatory to pay for it. toyota charging $8 a month remotely starting your car,
great in the winter, want the car to heat up. $8 a month. tesla, $10 a month for music and maps. they're charging 200 for the full self-driving, they just increased that cost. stuart: looking anywhere they can to get many some extra revenue. >> they're not getting enough right now. so many vehicles are selling $10,000 over asking price. i don't think customers will accept this. they might be forced to. stuart: they will be forced to. lauren: i don't think this is a good pr move. stuart: problems at the pump could get worse for labor day. experts warn of a possible rise in prices but energy secretary granholm offering 30% off for solar panels. we'll get into that one for you. dennis rodman says he is going to russia to help free brittney griner. the white house says his visit will only hinder ongoing efforts to get griner out. we've got that that story too. president zelenskyy of ukraine warns russia may ramp up
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♪. stuart: ukraine's preparing for more aggression pro russia. because of the death of the daughter of one of putin's staunch allies. she was killed in a suspected car bomb attack on saturday. greg palkot joins us. what happened, greg? reporter: stuart, the latest turn in this event russia is claiming that ukraine is responsible for the death after daughter of one of russian
president vladmir putin's top political allies and commentators. 29-year-old daria was killed when a bomb went off in her car saturday night outside moves moscow, rush seas fsb says it was planted by a ukrainian woman sent to russia by kyiv secret services. she fled to estonia. she was a far right ideologue in her own right. she was sanctioned about putting out disinformation about the ukraine war. her father, alexander could be the real target. very at least nationalistic line to push moscow take over ukraine, escalate the war there, take over other place as well as u.s. and dominance. that is in line with the russian president thinking. ukrainian president developed
they are to provide a reason for moscow to go after ukraine even more aggressively. putin has allegedly been behind so-called false flag attacks in the past. or stuart, it could be just more more moscow infighting. the timing could be right in the past week as we've been watching ukraine has been a bit more aggressive attacking targets in russian held territory, yes, president zelenskyy is warning of more aggression by russia in the coming weeks. back to you. stuart: got it, greg pal park palkot, thank you, greg. kt, russianses according to greg palkot's report, i'm sure you heard it, the bomb was placed by a ukrainian woman. do you believe that? >> look we don't know. this is all complete speculation. the russians are claiming the ukrainians did it. that gives them a pretext for
escalating and ramping up the attacks on ukraine. western media, probably led by the u.s. state department and brits, probably from inside of russia. this is a sign somebody is trying to get a close putin ally, therefore putin, his own regime is pretty teetering. another idea is that maybe it is just something gone wrong. that maybe putin has decided that this guy, dergin, was a close putin ally. very much a proponent of the ukraine war of greater mother russia. has not been that complimentary to putin lately. the blog post a few days ago was critical, saying regime around putin will not last more than six months. nobody really knows. follow the facts high energy prices gives putin a lot of money to win a war of a operation with ukraine. made us more dependent, inflation and europeans far more
dependent on russian energy. stuart: six months into the war. late august, six months in. we've given approximately $10 million of military aid directly to ukraine but it looks like we're in a stalemate situation right now. do you agree with that characterization, stalemate? >> yeah. absolutely a stalemate. but here is how the stalemate changes. putin plays the long game. i assume what he is counting on is a couple of things. one, as the winter comes to europe and the high energy prices which are already high because of inflation, he can then use that as political leverage. he can turn on and off those gas pipelines that he has to germany and other countries in europe. he can really force their capitulation, or at least their, they may say nice things about ukraine. they will stop aiding ukraine. he bets on the fact that the western press and the west, particularly the united states is fickle. we have a very short attention span. you point out it was going on six months.
six months ago it was all the rage. all anybody wanted to talk about the russian invasion of ukraine. now much less important as we come up to the midterms. putin figuring by this winter to really go at it and win a war of attrition against ukraine. stuart: good lord. what a situation. kt mcfarland. thanks for being here. see you soon. >> thank you. stuart: dennis rodman says he is stepping in to help bring brittney griner home from russia. tell me more. lauren: dennis rodman told nbc he is going to russia this week to help free brittney griner. she was arrested back in february but just sentenced to nine years in prison on drug charges. there is public discussion of a prisoner swap, trading griner, paul whelan, the former ramean convicted of espionage, for victor bute, the arms dealer called the "merchant of death." can dennis rodman help with this? he is somewhat of a informnal diplomat to rogue nations like
russia and north korea. i was a 1990 chicago bulls fan. stuart: good one. this is coming at me. russia shutting the nord stream pipeline again? lauren: again, yeah. stuart: completely? >> completely for maintenance at the end of the month for three days. they say it is for maintenance. germany says no, this is all politics, that is where the oil cops. it is the largest pipeline that goes from russia to germany. guess where the german chancellor is today? he is in canada. he is talking to trudeau. he will be there for a few days, probably saying give me what you got, right? we're dying here. where gas is so expensive in germany and western europe. they don't know where the rest of the supplies come from. we're helping as much as we can. canada can help. stuart: what was you're saying earlier, nat-gas in germany is eight times nor commence sieve than in the united states. lauren: 72, $73 there. it is nine, 9.58 here. to put it in perspective.
they're worried and they should be. stuart: that's inflation. lauren, thank you. all students 12 years and older in d.c. must be vaccinated to attend school. there is concern that this mandate will disproportionately affect minority students. we have a report. education secretary miguel cardona says it is unfortunate that school districts are having to lower standards to get teachers back in the classroom. watch this. >> we're seeing districts change the qualifications so that instructors can be there in class. >> right. you know, and it's unfortunate. stuart: former education secretary bill bennett is on the show. he will deal with the white house's failures to address the teacher shortage. lowering standards he says is awful, next. ♪
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55 degrees there right now. if you like the music on the show follow us on spotify, search "varney & company" or scan that qr code right in the middle of your screens right now. check those markets please. the dow is down nearly 500 points. that is 1.4%. the nasdaq down more than 2%. it's a monday morning selloff right there. people are worried about what the fed will do with powell speaks on friday. we have got some movers. sales force, have a look at that, down 3%. lauren: the worst decliner in the dow jones industrial average. the news is jeffries cut their price target by $10 to 250. still upside from here but took it down a bit. stuart: tell me about wayfair. they were way down on friday. lauren: they were. they were down big time on friday. they continue to sell off another 6%. the news is they're cutting 870 jobs. this is the housing market, home furnishing, they sell online, housing and tech together, two
sectors struggling. stuart: on a dow 500 points on the dow it is hard to find winners, isn't it. lauren: the dow, there are more that you imagine higher. stuart: just by a couple cents. lauren: i'm sorry, united health only dow jones industrial stock. it is up by a penny. i take that back. i was looking at the s&p. stuart: washington, d.c., requires all students 12 and older to be vaccinated against covid. if not they won't be able to attend school. mike emanuel in d.c. there is concern that this could have a severe impact on minority students, right? reporter: stu, you're absolutely right. the superintendent's office of d.c. public schools, says quote, all students must have up to date immunization certification on file within the first 20 days or they will not be allowed to attend school or school activities until the immunization certification is.
one local mom praised the school system who want kids vaccinated. >> what we did as a school community, as a pta, based on our parents input, we wrote a letter to the mayor and to council and to other school leaders asking for a vaccine mandate for students who are eligible for the vaccine. so i'm very happy that d.c. government has listened to parents. reporter: but the naacp president here in washington there must be a food quality remote learning option for those who don't feel comfortable. >> we cannot force families or students to be vaccinated. so there must be an option for those students to obtain quality education. it is their rights. it is necessary and black and brown students within this city will not be left behind. reporter: education secretary miguel cardona says his priority is making sure all students across the country are safe and
can go to school healthy. >> from day one, to increase vaccination efforts, to make sure that the schools have the tools for the mitigation strategies that they need. that we have information. reporter: other school districts including new york city, fell definitely, some in california implement ad staff vaccination requirement eastern amid a nationwide shortage. stu. stuart: mike, we hear you. school districts are having to lower their standards to get teachers back in the classroom. biden's education secretary miguel cardona had this to say about it. >> let's face it, the teacher shortage is a symptom going on longer than the pandemic, that is teacher respect issue. unless we're serious about providing competitive salaries for educators, better working conditions so they continue to grow. >> we're seeing districts change the qualifications so that
instructors can be there in class. >> right, you know, it is unfortunate. stuart: unfortunate. bill bennett joins me now, former education secretary. bill, what's your response to lowering standards for teachers? >> lowering standards, low, low, how low can you go? you can't some music. chubby checker, hoe how low can you go? we don't need to go any lower. this is artificial constraint. there is closed shop, teacher certification. you have to take a course to become teachers. most the teachers that take the courses they weren't worth the time. open up of the teaching profession to people who know the subject, communicate with kids and are of good character, you will not have a teacher shortage and you will raise the standards. consider this, why do so many parents take their kids out of public schools where all the teachers are certified and pay 20 or 25, or $30,000 to put them
in a private school where no teachers are certified? that tells you what the certification and licensing requirements are worth. stuart: there seems to be a collapse in public confidence in public education. >> yeah. stuart: i don't know how you get around it. >> sure. well, first of all, i look what happened. they closed schools down for two years. now we're seeing in your headline there, they may close schools down for kids who are not immunized even though the science suggests these kids are not in danger. so you close schools down for two years. teachers unions were dictating this. parents got angry. parents are losing respect for a lot of schools and a lot of teachers. you gain the respect back by having good schools and good teachers. let me suggest an alternative to the teacher shortage. bad teachers, let them go. the good teachers and good enough teachers, keep them and i think we can keep them. and if parent will say, look, we
appreciate what you're doing, that is important. otherwise, open up the profession. governor desantis in florida has one model. he is opening up the profession to retired military people. now that is a good idea. make sure they're of good character. most of them are. make sure they know the subject matter. make sure they can teach. give them trial certification. that is how you do it. you gain the respect being worthy of that respect. stuart: well-said, sir. one last one, there is an elementary school in new jersey removing thomas jefferson's name from the school's title because he owned slaves. >> yeah. stuart: it will be renamed to honor the first black woman to graduate from high school in that area. your reaction to that, bill? >> this is nuts. this is part of the destruction of history. there was a survey done a few years ago, survey, 500 most important people in the history of the world. jesus was number one. jefferson was number 10 because of what jefferson wrote in the declaration of independence. more people gained freedom in
this country and around the world than by the mind or pen of anyone else. those words are immortal and have been the standard for human civilization since. yes, he had his shortcomings, we all do. stuart: he did indeed. thank you very much, bill bennett. we'll have the debate about legalized marijuana. we'll get there i promise you we'll get there. >> yes we are. i will be ready. i will be ready. stuart: so will i, bill. thanks a lot. democrats touted the inflation reduction act as the boldest climate bill ever. it might not have any impact on climate change for us. bjorn lomborg will break it down in the next hour. as buses continue to arrive in new york city, president biden released hundreds of thousands unaccompanied migrant children into america. we have the latest on the border surge next.
♪. stuart: heart far down are we? it is a monday morning selloff, folks. since taking office president biden has released hundreds of thousands of unaccompanied minor children into the united states. ashley, how many migrants are we talking about here and what is the government doing with him? reporter: a lot and nothing basically the latest data, since he has been taken office more than quarter of a million unaccompanied children crossed the southern border and resettled across the country. children are apprehended by the border patrol, quickly released so-called sponsors around the country and not returned to their home country. the biggest impact will not be felt until years from now. that is when they become adults
face potential deportation. they are not eligible for the daca program for dreamers. it will require a new daca program, good luck getting anything done on that issue. one final stat, since president biden took office, 4.9 million illegal migrants crossed the border. that is the roughly entire population of ireland illegally entering the u.s. since 18 months in office. tell me that is not an invasion, stu. stuart: tell me about the 250,000 unaccompanied children in this country with unofficial sponsors? reporter: yep. stuart: that's cruelty. all right, ash, move on. thanks a lot. border agents carried out nearly 19,000 search-and-rescue operations on the southern border. that is just in this fiscal year. that is a 47% jump from the same time last year. casey stegall at the border in eagle pass, texas. what do you have for us today, casey. reporter: stuart, just as the
sun was coming up not terribly long ago, it started to reveal now all too familiar site out here, especially in the del rio sector in eagle pass, more illegal groups illegally crossing the border. our drone was up in the air getting that perspective as they crossed illegally at eagle pass. several hundred people have made their way across. they were apprehended by u.s. border patrol. most out here voluntary surrender. others as we know try to evade law enforcement. look at this video after pursuit and bailout from ensal, texas, 100 miles southeast from here. close to three major border checkpoints. the local police chief tells fox news human smuggling cases are up over 100%, adding that cartels are recruiting average americans with promises of cash, who are increasingly caught now transporting migrants themselves. listen. >> we have nurses that have done
it. teachers. we have teenagers that are being targeted because, you know,ed money for a teenager. they see a couple dollar signs and they're in. and even the elderly. reporter: the chief says drivers are recruited online. often they do not know how many they will transport until they arrive at the gps coordinates at the designated date and time given to them by the cartels. all of this extra action in their community has been tough to manage because that particular department is so small. as we begin yet another week out here reporting along the southern border, and zero solutions on the table coming from d.c., in terms of how to fix what's happening here. stuart? stuart: casey stegall at the border. thanks, casey. take a look at this. this is an op-ed in "the washington post," it says the media must show electing
donald trump again would be dangerous. joe concha is on the show fired up about that. brian stelter signed off for the last time over the weekend after cnn canceled his show. we'll tell you what parting words of wisdom he left on his way out. ♪. like any family, the auburns all have... individual priorities. some like strategic diversification. some like a little comfort, to balance out the risk. others want immediate gratification... and long-term gratification,too. they have their own interests, but at the end of the day there's nothing like being... a gold-owner.
stuart: heading south. the dow jones down 470. that is 1 1/2%. nasdaq down even more in percentage term. looking close to 2% loss there. heavy selling all day long so far today. big tech really taking it on the chin. they're all down significantly. apple, alphabet, microsoft, meta, amazon, down better than 1.7%. that is quite a selloff right there. we have brian stelter who is officially off at cnn he signed off over the weekend. the network canceled the shows. look at headline, discovery executives flex their muscles as
stelter, toobin shown the door at cnn joe concha is with me now. he wrote that. what did he say on his way out, stelter. >> one big home run trot to use a baseball analogy. stuart: really? >> he talked about the ratings highest of most shows on cnn on weekends. that is being the skinniest kid at fat camp. yay we have great ratings on a network of that is third. he defended his brand of journal, holding one party accountable but not both parties accountable. people may say is he out because of ratings? i guess so. the lowest since june of turn. the network as a whole is down. he is out because he publicly took own his new bosses, particularly john malone of liberty media. stuart: don't do that. >> largest shareholder. basically called him a misinformed idiot. doesn't know what he is talking about. all malone said cnn should go pack to the journalism it used
to do, instead of opinions provocative stuff make the anchors and host the story itself. that is pretty logical thing to say. john malone has been in media a long time. stelter had a big issue with that. that malone doesn't know what he is talking about. stelter going to reporters friendly to him bashing his new bosses. you can't have somebody creating that discord in your organization expect to. i am shocked they put him back on the air after they fired him. they went after malone again yesterday. after someone is fired you're not getting on my air. i'm sorry. you might say things i can't prevent. you're on the way out the door. stuart: that is one network in transition. i don't know where it is going. >> nor do i. stuart: in her final op-ed, outgoing "washington post" columnist offered advice to the media covering trump in 2024. they shouldn't shill for trump's rivals, show readers and
listeners electing him again would be dangerous. that is tricky tightrope to walk. she is insisting on media bias. >> precisely that is the stelter brand ironically named show, reliable sources named often. journalists see themselves ales activists. they have to go out there to save the world from donald trump or the republican party. i don't know, report the story. if you want to give a opinion, give perspective but back it up with facts. instead literally, nope, you have to take a side to run with it because one side doesn't deserve fair coverage against the other. stuart: is that the nature of journalism in today's world? you have to be an activist? you have to have an opinion? not just the straight news. you have to have an opinion and shape it to your politics. >> you see it more and more. in the morning times, they will have on the front page, news analysis. watch out for that. that really means perspective. perspective means opinion. opinion means taking a side. if you're "the new york times" what side will you take when you
haven't endorsed a republican presidential candidate since diet eisenhower. they endorsed mondale. that is how in this little elite lyft bubble they live in "the new york times," they endorsed a guy who won one state. that is a problem. stuart: do you think cnn can ever reform itself to get away from extreme left-wing activism? >> only way they do that getting rid of people they have gotten rid of lately, brian stelter, hyperpartisan, cheesy host. jeffrey toobin. he said he is on vacation wasn't coming back to the network. they said don't come back. get to know himself better would be a dangerous thing if there is a zoom camera. bill parcels is a great coach here, was any way here in the united states the other football, he always would come into a team that was losing make them winners because owe changed the culture completely. how do you do that? change the players on the field. cnn would have to change a lot more players before we see real changes. if donald trump runs again, all bets are off. they go back to what they were.
stuart: joe, thank you so much. >> you're all right, sir. stuart: that is my phrase. >> i know. stuart: former treasury secretary larry summers weighed in on student debt. what did he say? lauren: a series of tweets. be careful being too generous. president biden has not made the decision on this he is expected at the end of the month when the current moratorium. that would cost 20 billion. raises demand and increases inflation. it consumes resources could be better used helping those who did not have a commands to attend college. he says if relief is to be given it should not set any precedent. it shut only be given for the first few thousand dollars of debt and those with middle class incomes. stuart: i think it is buying votes any way you slice it. it seems like larry summers has become the voice of economic reason within the democrat party?
lauren: yeah. stuart: surprisingly enough. lauren: yeah, no. i agree with you. he also says the up shot of all of this unfortunately is college tuition might go up as a result. stuart: exactly. exactly. lauren: who are you really helping with all of this. >> does my wife get a refund, put herself through medical school and paid all the loans? retroactive for only students now. makes sense. stuart: i have 30 seconds to get out of this block. here we go, kennedy, bjorn lomborg, douglas murray, casey mcdonald. when you look at the mayors of america's big cities it is hard to find presidential material. then there is the mayor of miami francis suarez. he is an up-and-comer with a track record for successful city government. he in my opinion is presidential material. that is the subject of my take which is next. ♪
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>> we need at least one more 75 basis point increase. inflation is not gone, stuart. you've got to drain the inflation out of the system. we're not any where near that yet. >> 99.9% chance they raise rates again. they need the ground cover for the next meeting is right before the mid-terms in november there's no way they are raising rates then. >> he's in a no-win situation and i think no matter what he does at this point, it's going
to, the market is going to be able to find the problem. we have to get back to fundamentals, because if we don't, if we just depend on him, we're going to be in trouble. >> joe biden is a bad politician. if you're a democrat attempting win a seat, you don't want that guy on stage with you. ♪ stuart: good morning, everybody. it is, let's see now it's 11:01 on the east coast. it is monday, august 22. i'm afraid we've got a sell-off in progress on wall street. everything is down, down significantly. the dow is off 500 points, 1.5% and look at the nasdaq come down , 2.25%. big time sell-off today especially in big tech. we've got all of them on the downside, every single one of them is down about 2% or
more. here is the reason primarily why big tech's down so much, and that is the yield on the 10-year treasury is just gone a. >> governor: 3%. 3.01%, when that goes up, that yield goes up, big tech goes down, that's what's happening. we just have some breaking news and it comes to us from the new york fed. lauren what you got? lauren: they're talking about wages and they have increased to $60, 764 in july, so from last july, it's up $2,000 in just one year's time. look, it's great for the workers but it certainly puts pressure on businesses that they might have to raise prices to absorb the higher cost of labor, something we talk about all the time. overall fewer people are quitting right now, because the job market is softening. stuart: so the average full time wage has gone up to $60,000, from 58,000 a couple months ago. lauren: yeah. that's a simplified way of saying it, yes. stuart: okay got it and the yield on the 10 year is now
3.01% folks, now this. when you look around the world, look around at the mayors of america's big cities, it's hard to find presidential material, but then i read this in the wall street journal from the mayor of miami francis suarez. he says, many americans living in new york state and california are paying more than 50% of their annual income to local state and federal governments. they are effectively employees of the state, beholden to a government with public services that neither deliver value, nor ensure their personal safety it's rare for the mayor of a city to speak in such big picture terms, but that's exactly what suarez does. he correctly identifies the battle between the socialists of new york and california and capitolists like him in miami. as he points out, there are plenty of people in florida who fled socialist persecution. they know what they're talking about. what they find in miami is a republican city that works.
it's all about low taxes, low regulation, and commitment to public safety and private enterprise. that's his words. suarez is making a national statement, not a narrow policy, for cities. last time he was on this program , i asked him if he's running for the presidency. he just laughed it off but francis suarez is an up and com er with a track record of successful city government and he says, people in socialist states are voting with their feet. given a choice, they head for freedom and prosperity. that is a powerful presidential message. third hour of "varney" starts right now. she's here. she's back. it's kennedy. >> they tried to kick me out. stuart: no. look, francis suarez, to me, sounds presidential, and i think he's going to play a very significant role in the republican party, in the immediate future.
what say you? >> i think you're absolutely right especially about the limited government, you know, really encouraging businesses to thrive and prosper, and you're absolutely right. people who grew up in actual socialism they do whatever they can to distance themselves from it so what is the anecdote to socialism? it's freedom. it's capitalism and they know if you work hard, you can succeed. stuart: but it's just unusual for a big city mayor in america to be saying that kind of thing. >> i'd much rather have this laboratory of democracy be successful and like you said be a roadmap for other cities, because we've seen it fail socialism, big government, total totally encumbered government that is so big and intrusive, it gets in the way of itself and also gets in the way of prosperity and creativity and in miami they want you to feel the vibe of the city but he knows his job is to keep people safe. his job is not to in doctrine indoctrinate people, his job is not to be a nanny on every
single level and with no taxes that's when you're going to see economies thrive, especially with so many people moving to florida. stuart: you've got it i've got one more for you. it's an nbc poll, okay? it found that i don't know whether you want to take this seriously or not. 62% of college democrats say they would never room with a trump voter. well, i wouldn't room with a communist if i was in college these days. >> no, you know why? because communists take your stuff. so they think each according to their ability to each according to their need and they are like i need so much, i need your conditioner and lip gloss and they would just be pilfering your stuff and laptop and it's anything goes for those people so it's probably better for the liberty- minded conservatives and libertarians to stay away from communists in college. it's almost impossible in terms of professors but if you have a choice, i think there should be a vetting process. i don't have a problem with that stuart: why is within of your sleeves a different color? >> style, baby, i got style.
stuart: oh, it's fashionable to be odd colors mix-up? >> uh-huh. stuart: it is? okay, oh, steady on there. >> it is monday. stuart: just stay there for a while we'll get back to you maybe in a moment. we'll be watching your show. >> oh, there it is. stuart: it's called "kennedy" at 7:00 p.m. eastern on the fox business network tonight. >> that's this channel. people just keep it on until at least 8:00. stuart: very good idea. i like that idea. >> i do too. stuart: regretably we have to pay attention to the markets it's the way it is these days down 400 on the dow, 470, nasdaq is down 272. jason katz with me now. okay, this is all about the fed, isn't it? i think the market is saying that the fed is going to slam on the brakes. they are going to raise by 75 basis points and that's why the markets down. that's my opinion. what say you? >> i think this summer of market love has come to a grind ing halt. stuart: oh, could be. >> so we have this great debate , 75, 25, frankly i think
the fed is damned and the market for that matter if they do or they don't. if they raise rates by 50 basis points, i think it's less bad and if they raise by 75, i think we're going to be in for another leg down. that all being said, you have this good cop bad cop thing going with the fed, right? you have fed officials, the last week, really leaning towards the 75 saying it's too soon to even consider pivoting. i think powell actually err'd on the side of saying i'll be data- dependent and the reason he can do that and astoundingly we're never talking about this and we should. we have quantitative tightening upon us. that's effectively a rate hike. $90 billion, stuart, is going to rolfe off the balance sheet between mortgage backed securities and treasuries. that's draining liquidity, that raises rates. that's why i think he'll lean towards 75 and be modestly dove ish. stuart: i'm pretty sure we'll be in for another round of tea leaf reading. every single word will be scrutinized.
the nuance of his statements will be scrutinized. he's a dove, he's a hawk, and you won't know very much more about it, will you? >> no, you won't. stuart: i don't know how you do your job because the fed is so important and you never know what he's going to do. >> look we're in this vacuum right now, we're past earnings season which by and large was pretty good. the next actual fed meeting where the rubber meets the road isn't for a month out so of course we're going to parse all those words, but my job will be easy the next two weeks, because ultimately, stocks follow earnings and stocks and earnings follow the economy, and so in the months ahead, yes, we're going to have a period of consolidation. we're going to digest this parabolic bounce off the bottom and i think as we get toward the mid-term elections when you probably have a sea change in terms of leadership we can have a leg higher here. stuart: okay, i really got it wrong for the past week, seem a ing things were calming down. >> you sure did. stuart: nothing calm about a 400 -point loss for the dow. >> no, sir. stuart: i can be self-critical
on occasion, right, kennedy? >> no. stuart: don't answer that. lauren simonetti looking at movers and one of the movers is ford motor company. lauren: so automotive news is reporting that ford is eliminating 3,000 jobs worldwide mostly white collar and contractual jobs so these are not factory floor workers. these are your white collar workers because they are trying to cut costs to push out more electronic vehicles. electric vehicles. that was interesting. stuart: as opposed to electric. lauren: yes where did i get that from? stuart: vf corporation what do they do? lauren: they are a retailer, textiles, do business in china. cut to market performance at cohen & company to the risks to the company's guidance so they cut their outlook and now the stock is down 4%. stuart: this company has a cute name. the wage increases corporation. lauren: uh-huh. stuart: about dogs and pet services. that's the story? lauren: it was 5 t a second ago as i was speaking so it's volatile now it's up 48%. here is the news.
acme capital, vc company reports a 14% passive stake in w ag group. wag just last week reported 250 % revenue growth. people care about their pets, so -- stuart: pet ownership went up during the pandemic. lauren: it didn't really go down it hasn't. you always have to take care of fido and adopt more. stuart: come to hoboken, the canine capital of the planet everything has a dog or babies. lauren: or both. i never saw how people walk the dog and the baby at the same time. >> multitasking. stuart: come to hoboken, watch it. i've got to move on. oh, breaking here we go. just happening now, dr. fauci will step down as chief medical advisor to the president. he's also stepping down as the director of the national institute of allergy and infectious diseases. >> good. stuart: this is effective in december. why do you say good? >> because i think he's a horribly conflicted person. i think all of his advice has been wrong, and he has done this
country a great disservice and i'm happy to see him go. it's december is far, far too far away. he should leave now. stuart: okay, i asked for your opinion and i got it didn't i? thanks, kennedy. basketball legend and i'm told he is a legend dennis rodman is going to russia to help jailed w nba star britney griner. he says he's confident he can negotiate with putin. the secretary of energy thinks going green could be the key to achieving world peace we'll get into that. the president called the inflation reduction act "the biggest step forward on climate ever" as it turns out though, the bill will have virtually no impact on climate change. so says bjorn lomborg. he's run the numbers and he's next. it's like a heat wave ♪ ♪ i'm the latest hashtag challenge.
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stuart: the private jet belonging to filmmaker and climate activist steven spielberg has reportedly burned more than $116,000 worth of fuel , just in the last two months. that's more than 179 tons of carbon dioxide emitted since june. spielberg has previously stated that global warming terrifies him. now this. president biden and the democrat s claim the inflation reduction act is a historic victory for climate change. bjorn lomborg joins me. all right, bjorn. you ran the numbers. what does the inflation reduction act have on climate change? >> so, stu, very little. if you look at what they've been telling us, they said we're going to reduce emission by 40% but remember even if we had done nothing it still would have been
reduced by about 30% because of the fracking revolution switch ing from coal to gas so they are talking about a 10 percentage point reduction. now that's not insubstantial but if you plug that into the u.n. climate model it turns out that it'll have virtually no impact even by the end of the century, in a pessimistic scenario, it will reduce temperatures by less than 1,000 of a degree fahrenheit by the end of the century, in a very optimistic i would say much too optimistic, it will reduce temperatures by less than three- one hundredth of a degree fahrenheit. stuart: you are an environmental ist, and you do believe climate is changing as a result of human activity. but you, i christiano amon disagree with the u.n.'s goal and its timetable and its methodology. you want to completely new way of reducing emissions am i right >> well, stuart, i think it's more, i don't disagree with their analysis but i disagree with the way that we're being
told oh, this is an amazing agreement that will dramatically reduce carbon emissions and enhance climate change. yes it will reduce carbon emissions quite a bit but it'll actually do almost nothing for global temperature, because the vast majority of emissions are not going to come from usr. they're rich, well-meaning westerners. it comes from china, india, and africa and so we've got to start thinking about are we going to succeed by convincing everyone to spend $369 billion to cut carbon emissions very little? of course you're not going to do that with india or with africa. what you need to do is to dramatically increase investment in green energy research and development so that eventually, we get green energy to be cheaper than fossil fuels. by then, of course everyone will switch. stuart: listen to what biden's energy secretary, jennifer granholm claims is the best plan for world peace. listen to this.
>> my counterpart in ireland, the minister there, energy minister there, has said that no one has ever weaponized access to the sun. no one has ever weaponized the wind. perhaps a move to clean energy will be the greatest peace plan the world has ever known. stuart: okay, bjorn, you heard that. greatest peace plan the world has ever known, move to green energy, what say you? >> well they fundamentally tell you, oh, it's free to just have solar and wind, but of course it's not free, because you need to partly pay for the actual stuff, you know, the solar panel s or the wind turbine, but you also need to pay for storage , which is why currently, it cost you money. look, if it was free, if it was cheaper than fossil fuels, you wouldn't need to spend $369 billion to convince people to buy more green energy. you need to subsidize it because it's not, because what are you going to do when the wind is not
blowing or the sun is not shining? you don't have another option. that's of course why india and africa and china is not going to go nearly as much into wind and solar. so look, yes, there is some good in renewables and we should definitely exploit them when we can and when it makes economic sense, but mostly, this is a way to make energy more expensive and what does that mean? especially for the world's poor, it means they get less development, that they get less opportunities, and that they actually have less possibility of, for instance getting out of poverty. that's terrible. that's not peace. that's actually i don't know if it's the opposite but definitely bad. stuart: you make a good point, bjorn lomborg always good. thanks very much for joining us, bjorn, we hope to see you again soon. thank you very much. secretary granholm mocked for what she said about solar panels. what's this , 30% discount, is that what she was saying ashley? ashley: yup. that's right, energy secretary feeling the heat, i guess from solar powered criticism, after
telling inflation-weary middle class americans they can lower energy costs by installing solar panels at yes, 30% discount under the inflation reduction act. take a listen. >> if you are moderate income, today, you can get 30% off the price of solar panels. those solar panels can be financed so you don't have to have the big outcome out front and when they f are financed they are financed in a way that reduces your energy bill even though you have solar panels with 30% off it's a significant incentive. ashley: well as many americans struggle with the cost of every day items republicans slam ming granholms comments as out of touch. ohio republican senator nominee tweeted well they won't keep you warm this winter but they are made in china so there's that. this isn't the first time that granholm faced backlash, there you go in 2021 when gas prices
were rising, granholm burst out laughing after being asked during an interview about her plan to increase oil production in the united states saying that is hilarious. stuart: [laughter] ashley: is it really? i don't think so. stuart: somethings not quite right there. stay there, ash got something in a moment for you but let me do this. a yacht formerly owned by a sanctioned russian businessman will be sold at auction tomorrow it comes after demetri pompianski failed to repay a loan to jpmorgan chase. it's the first super yacht to be auctioned since russia invaded ukraine and nba legend dennis rodman wants to help free britney griner from a russian prison. come back in again, ashley. what's he doing? ashley: he's reportedly heading to moscow sometime this week telling a reporter he knows russian president putin too well he easy the basketball hall of fame will try to win the release of wnba star britney griner sentenced to a russian court to nine years in
prison an drug charges. the u.s. state department says yup, we're aware of rodman's plans but pointed out there is a travel advisory in place for any american headed to russia, including the potential for harassment against u.s. citizens by russian government officials, including detention. by the way, rodman has a history of interacting with world leader s in 2013 he net with north korea dictator kim jong-un and is credited with helping secure the release of an american tour operator, who was accused of trying to over throw the north korean government. we'll see what he does this time , stu. stuart: we shall indeed, thanks ashley. now this , remember james bond iconic silver actor shawn conner y really owned one of them and it just sold for big bucks at auction. we'll tell you about that. nearly three-quarters of all voters think the country is on the wrong track. it's bad news for democrats with just 77 days to go until the mid-terms. douglas murray covers it for us,
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♪ fireball ♪ stuart: i like the look of that beach. oh, fireball, pitbull, remember him? well i only know it because they put it up on the screen but that is an awesome looking beach, isn't it? it's miami beach, by the way and it's 87 degrees. if you like the music we play, follow us on spotify, scan the qr code. that's on your screen, there it is in the middle of it and we play new playlists every week. it's kind of free music is what i'm trying to get across here. better have a look at the markets because, we're headed south big time. the dow is off 460, and that's about 1.25% so we're down across-the-board. susan is with me looking at movers, occidental. one of the best performing stock s doubling in 2022, so you're up 123%. warren buffett, oracle of omaha, has the green light to buy 50% of the energy stock, now
berkshire, his company, has already said they have no intentions at least for now, to take over occidental, and that's despite buying, you know, he bought more apple, occidental in the springtime. berkshire has $100 billion-plus of cash on hand so if he wanted to he could but energy as you know, the oracle for a reason and energy sector outperforming this year up 40%. stuart: they got $100 billion. >> yes. stuart: in cash. >> yeah. stuart: ready to make acquisitions if that's what they want. >> well okay so warren buffett usually holds a lot of cash. he's been spending it during the spring time, when he finds the opportunity to do so. stuart: okay, you got to move on to the what's it -- >> the meme stocks. stuart: amc what's it down now 38%. >> we're also showing you their special stock dividend as well they just listed called ape, and it's for their retail investor fan base, called the amc apes, so that makes sense but unofficial stock split because it's kind of what it does, so you're rewarding your shareholders with extra equity.
now, so amc itself, when you have more supply, of course price goes down so amc is down, but if you look at ape, you're up 5%, but i think people are calling us out on social media saying if you combine the two entities, it's actually up so far in the day. that's not how i calculate it, so it depends on how you look at it and whether or not you have access to the special equity by the way. stuart: but some of the other meme stocks are really falling? >> yeah, look at bed, bath and beyond down 9% after the 40% sell-off, you also have sundial another meme stock down big as well and of course ryan cohen of course selling out on friday. stuart: tesla. >> yeah. stuart: they have a price increase. >> raising full self-driving by 25% so you're paying $15,000 starting next month. have you tried full self-driving? i was so impressed. stuart: no. >> it looks like a video game. stuart: you have? >> yeahd cars moving and the car can read and see this. stuart: are you in the car? >> yes. stuart: you've been in it?
>> yes. stuart: where? in vegas or something? >> why would you think vegas, but in california, actually. stuart: you actually got to ride around in one of these things? >> yeah it's a beautiful machine and the software is incredible. tesla is splitting three for one at the close on thursday, and ford is cutting 3,000 jobs as you know in the u.s. and canada mainly, and that's despite the fact that you've got a $200 billion climate bill from the white house that was just signed, right? what? stuart: you buried the lead. >> i did? stuart: you've in one of these self-drive things these $15,000 software package things. >> so that is their future that elon musk says software will be worth more than hardware, the actual car. stuart: you were in this vehicle >> yes, i was. why is it so hard? stuart: driving it? >> yes, that be me but the fact that you have sullivan self- driving. stuart: you can take your hands off the wheel? >> you shouldn't. stuart: but did you? >> no, you should still keep your hands-on the wheel, stu. stuart: poor douglas murray is
sitting here trying to figure out what in the world we are talking about. susan, a new poll, 74% feel the country is heading in the wrong direction. the aforementioned douglas murray is with me now. 74% going in the wrong direction not good news for the democrats in november, surely. >> no you'd thought it be absolutely terrible news for the democrats in november. everything has been looking for the last 18 months going on on the wrong trajectory. approval ratings for biden very very low, the satisfaction in the country, this one just backs it up repeatedly, very very negative feeling in america about the direction of the united states at this point and that's hardly surprising. we're all feeling it in our pockets. we're all feeling it at the grocery store and at the pump. this is just something we all know. stuart: yeah, i mean it's out there. it's acknowledged fact if you like. now, you've got an op-ed and i think it was in the times of london. spending is not the answer to every problem in america, even the left accepts that public
borrowing cannot be bottomless, does the left accept that? >> [laughter] stuart: are you kidding? >> on this program, you know this. i'm not telling you anything you don't know. stuart: true. >> but there was a recent interview with the labor party leader in the uk on the state broadcast of the bbc in the uk. every single question was about why he wasn't committing to more public spending than he already is. stuart: really? >> every single question is why aren't you more left wing in your spending? why aren't you promising more pie in the sky things and i said this is a very european and i'm sorry to say british thing these days. it's never why are you spending this amount, why are you over spending why is there so much waste. it's never that. it's always what is the problem and how can we throw more money at it and why won't you promise to spend even more money than your political opponents? now that's not the case in america. that's very interesting reasons for that. i think one of them as i say in this op-ed is the stock market. look at just been talking about it this is your experience as
well. in america, people talk about the stock market and are interested in the stock market across a very wide range of society. it's not a kind of niche thing. in london, across the uk, it's a very niche thing. if you're in finance, you talk about the stock market. there's a reason for that. only about one-third of the british public are invested in the stock market. here in america it's what 57% it's a majority pursuit. it's a majority interest, and so when people say things like why aren't we renationalizing the energy companies, that's the discussion in the uk at the moment. rising interest prices so why don't we renationalize the big five energy companies? can you imagine? even conservatives are talking about it in the uk. stuart: that's extraordinary. >> you and i know that here in the u.s. if you said we're going to nationalize the big energy companies, there be uproar. one reason is because americans are involved in the stock market they know that this be them being effectively having their goods and assets taken from them it's them that be on the
receiving end, and in europe and britain it's the opposite. they always think it's someone else. stuart: yeah, i believe 100 million americans have exposure to the stock market. those ira, 401 (k), pension funds whatever it is that's 100 million americans and they feel that part of our economy which in britain they don't. that's fascinating. next time right for us. >> it be a pleasure. stuart: i know. douglas murray thank you very much, sir appreciate it. now, did you know i can't believe i'm reading this. did you know that the denver airport is a hotbed for conspiracy theories? watch this. >> i've been through a million airports, all over the world and i have never seen anything remotely approaching this freak show, and denver airport is one of nose places where you just feel this negative energy everywhere. stuart: okay, some people think the airport, the den virgin galactic airport, has hidden tunnels crawling with lizard people. believe it or not there's a fox
nation special on that. kacie mcdonnell take us through it and you're going to watch. gas prices have fallen for 69 straight days the fall might be over, grady trimble has the story, from chicago, next. ♪ hit the road jack, don't you come back no more, no more, no more ♪ ♪ i got into debt in college and, no matter how much i paid, it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right. we got the house!
and no, it did not come with all the spy gear. 2.4 million. lamborghini sales, we are told, are absolutely booming, and ashley, you better come into this and tell me how long you have to wait to get one. ashley: i'm still thinking about the aston martin. no machine guns, no rocket launchers? 2.4 million? okay let's talk about the famed italian auto maker lamborghini. says its booked orders all the way out to early 2024 cover ing 18 months of production. this comes with rising interest rates, making loans more expensive as we know, especially in europe but it appears the lamborghini holding up just fine. the cheapest model retails for right around $200,000, but with limited special editions selling for as much as $4.5 million. you know the saying if you need to know the price you can't afford it. by the way, lamborghini delivered 5,090 vehicles worldwide through june of this
year. that's up almost 5% from the same period last year, and the best first half in the company's history. when the going gets tough, buy a lamborghini. why not? stuart: obviously so, thanks very much, ash. the average price for a gallon of gas is now at $3.90 and that, by the way, is down $0.51 from last month. grady trimble is with us. grady, where do gas price goes from here? you want to speculate for us? >> [laughter] depends who you ask is what i'll say, stuart. we are in the middle of all oil sell-off today and if prices stay low or keep falling on the oil market, that could work in the favor of drivers and eventually it reduces the price at the pump. the national average as you mentioned has been falling for 10 straight weeks at this point. the biden administration didn't take responsibility when prices were on the way up, largely placing the blame on putin and the war in ukraine. it is, however, taking credit as
things are working in the administration's favor prices coming down. that being said, some of the experts seem to think the national average around 3.90 a gallon is as low as it'll go for now, and even if prices keep going down, the savings at the pump could be offset by the cost of heating your home this winter >> i think it's kind of 50/50 at this point. each time we talk about the possible end in the decline in gas prices we see oil prices plummet. that's what they are doing today i think home heating bills this winter could easily be three times maybe even four times what the they normally are stuart: whoa, whoa, whoa, wait a second you can't let that slip by. reporter: yeah, natural gas prices are high right now, expected to go up even more in the colder months and that just wouldn't impact people who heat their homes with natural gas, as you know, stuart, natural gas is the largest producer of electricity in the united states as well so it could impact everyone even if you're in florida, for example, using
electricity. stuart: indeed negatively impact everyone. that's the case. grady thanks a lot, sir, appreciate it. we show you the dow 30 for the markets first of all you're down 444 points on the dow industrials and you're down 260 on the nasdaq. that's better than a 2% sell-off there. okay, the market sell-off continues that's the way it is. signify health up huge, according to the wall street journal, amazon's bidding, it's a home health services provider. amazon's bidding it. cvs and united health also reportedly interested in buying signify which is there for up 33 %. now, here's the stocks for the dow industrials. you can tell it's a down day, there's only one winner and that's proctor and gamble and it is up only $0.06. roughly 24% of all domestic flights were delayed in the first half of the year. now the white house is demanding more accountability from the airlines. madison alworth reports from tampa airport, next.
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stuart: more than 2,800 flights have been delayed already this morning. nearly 600 canceled. now government wants to step in with some new rules. madison alworth joins us. madison what do they want to do? reporter: stewart, they want to standardize the refund process for passengers, no matter what airline you're flying on. so what that really means is they are looking to define what a "significant delay" or change is. because right now, it's up to airlines to decide if its been significant or not, so they kind of outlined these different ideas as to what be that change. like i said right now, you know, depending on whether you fly united or american will change whether or not you get a refund if these proposed outlines go into effect, it would allow a traveler to get that refund and that be really helpful for people that are taking to the skies. i met one traveler here, donna, had a flight canceled last night and she had to get a text message to learn the news. take a listen. >> they didn't compensate me or
say why they had canceled or just canceled it and texted me. reporter: donna was not offered a hotel and that should be standard practice. obviously if these rules went into effect that be , so right now, we are in a 90 day period for public comment on those proposed department of transportation rules. in the meantime, they are also suggesting that airlines adjust to do things like provide meal vouchers after a flight has been delayed three hours and also, saying that the hotel should be provided if it's pushed a day. you no one of the challenges here in florida is weather on top of all of the staffing issues. weather is a big thing that impacts these airports and unfortunately, stuart, today is looking to be a tough day. they are seeing storms in the northeast, so they have said they are expecting more delays and cancellations so far up to this point they have already seen 55 delays and six cancellations here at tampa international airport, just another problem on top of all of the other things we're already seeing within the airline industries. stuart: madison it just puts you
right off flying. who would want to go into an airport when you risk that kind of delay and cancellations. great report, madison thank you very much indeed. here we go, fox nation, well, a new special. it delves into the conspiracy theory surrounding the denver airport. here is a preview. >> each weekday, all public transportation system is boarded 34 million times, connecting them to people, places, and possibilities, but what if one of our mass transit systems was put together for another reason? and what if all this was just a cover for a web of secrets serving an entirely different objective altogether, and it was all hidden in plain sight. stuart: okay, kacie mcdonnell is the host of the special and kaci e joins me now. all right what conspiracy theories were uncovered?
reporter: stu, there are so many out there, and thank you so much for having me. i think during covid really they started to creep up in everybody 's tik tok, is the earth flat, is it hollow, is there big foot, did we go to the moon? is the denver international airport actually a bunker for the world's elite and the headquarters for the alumin ati? a lot to unpock and we're unpock ing it, so that is the conspiracy theory. there are so many different layers, each week our public transportation system boarded 34 million times. it's an $80 billion industry, but what if this particular industry, airfare, and particular dia, is actually this huge coverup? you have symbols of the free masons there, you have this underground tunnel system. they had this huge baggage conveyor belt system put into place when they opened the airport. that was a total wash. it didn't work. the bags were falling off and now it's a waste land for lost
luggage and now they transport the luggage on golf carts back and forth so people really dig into that. you do also have the perfect placement of dia. what do i mean? they had stapleton airport, that was downtown and people loved it but the runways were intersect ing so that wasn't a great deal so they moved it out but people say oh, wait. it's a pretty militarily advantaged location. you have norad close by, the cheyenne mountain complex close by, protected by the rockies, far away from the ocean so is this really a bunker? we dive into that and talk to all of the conspiracy theorists and talk to the folks at the airport. we went down into the tunnels, i knocked on every door and tried to really really get below the surface and find out what was going on so you'll have to watch it and makeup your mind for yourself. stuart: you have to consider me a skeptic but i guarantee you'll get a lot of viewers for that special. kacie mcdonnell, thank you very much. we'll be watching. there's on your screen now, it's
available now on fox nation, denver airport conspiracy. by the way, i'll show you the airline stocks today. everything is down and the airlines are down as well. no connection with conspiracy theories at denver airport, however. show me netflix that's down big, because it's a down day overall, but netflix is off 5.8 nearly 6% this could be the worst day in two months for netflix. all right, here we have it. it's a monday trivia question. which country was the first to give women the right to vote? usa, france, canada, new zealand , which was it? the correct answer, after this. every year we try to exercise more, to be more social, to just relax. and eating healthy
stuart: okay. which country was the first to give women the right to vote? usa, france, canada, new zealand. what is your guess, ashley? >> it's a difficult one, good question. i don't know. i don't know why i will to with france, number two. stuart: i go with new zealand, number four. the correct answer, thank you, new zealand. >> smarty pants. stuart: in new zealand, adult women were eligible to vote in 1893. women couldn't vote in america until 1920. how about that? >> wow. stuart: i am dutity bound, ashley to close out the show with a stock market update.
don't really want to do it because the market is way down. i better do it because it's a financial and political show. here you have it, the dow is down 450. the nasdaq is down 246. that is nearly 2%. there is a big drop friday. big drop monday morning. my time is up neil will take you through the downside move and anything else. what have you got, neil? neil: 10-year is up to 3%. that is not helping matters. next couple hours we'll take you through all of this. a major selloff in the corner of wall and broad. they say the bear market rally is over. the federal reserve might its its hand at the sum it where i believe jerome powell will speak at friday, echoing what we hear from a number of distribute presidents and fed governors who err on the