tv Varney Company FOX Business August 23, 2022 9:00am-12:00pm EDT
which include a claim of some of the employees are employed by foreign intelligence agencies. this is, again, a company that lectures us about what supposedly is fake news, it isn't. they locked my account when i retweeted information from the new york post about hunter biden's laptop was accurate. maria: that's right. >> recently on their board, bad company. maria: yeah, exactly. it's been the home of hate now for years. cheryl, christian, great to see you. "varney & company" begins right now. stuart: the home of hate, good stuff, maria. good morning, everyone. several breaking developments, no summer doldrums here, although we will be talking about the president and his extended vacations. twitter's former security chief has turned whistleblower. he alleges twitter executive es deceived the board and federal regulators about deefficiencies in the a company's defense against hackers. separately, elon musk has
subpoenaed jack dorsey, he wants documents of communications from dorsey concerning fake accounts. there's turmoil in twitter, at twitter, i should say, and the stock is down 3% this morning. a big drop on wall street monday, not a good start to the week and not much of a bounce, if anything, this morning. in fact, there ises no bounce. dow's down about 30, nasdaq down about 10. the nasdaq, by the way, is now at a three week low. here's big tech premarket, right now. heavy selling yesterday, again, virtually no bounce morning except amazon and meta up fractionally, and that's it. the yield on the 10-year treasury staying well above the 3% level. that's hurting big tech. 3.06, that's where we are now. bitcoin staying just above $21,000 level. that's the markets. primary day in new york and florida. a key race in missouri pits two -- in new york pits two long-serving democrats against
each other. of redistricting forced this race against two house members who have served alongside each other for decades. dr. fauci is leaving. republicans say they will investigate if they win back the house in november. on the show today, dr. oz, the republican nominee for a senate seat in pennsylvania. he's trailing in the polls. he made the mistake of referring to -- while buying vegetables at a supermarket. we'll bring you the story of school exams where you can pass by guessing. and i'll tell you about my youthful infatuation with socialism. i saw the light in hong kong. tuesday, august 23rd, 2032. varney and -- 2022. "varney & company" is about to begin. ♪ ♪ she works hard for the money. ♪ so hard for it, honey.
stuart: she works hard for the money. that is new york's sixth avenue. lauren: busy. stuart: it's what? lauren: it's busy. stuart: you're right,st picking -- after all, it's a tuesday. people go to work -- lauren: tuesday, wednesday, thursday. tuesday/thursday if you're lucky. [laughter] stuart: you got this story from apple. doesn't apple demand their workers get back to work in september? and they're pushing back and saying don't do it? lauren: after labor day, apple says you're laboring in the office three days a week, and the employees say, yeah, no. they circled a petition, we have e done exceptional work at home for the past two plus years. they have of 660 signaturings. apple has 165,000 employees worldwide. but their point is, look, if you want us to come back in, let us decide with our managers what we
should do. we'll see how this plays out because apple is a huge company. it was one of the first to send their workers back home after they built that enormous, beautiful campus. they said forget about that, go home. can they get these employees to come back? stuart: well, you're not supposed to say it, only time will tell. but, you know, it's going to be a long, drawn-out process. lauren: i am for apple. i think workers should be in the office. but part of me sympathizes with these employees. they've been doing this successfully and effectively for almost three years now from home. stuart: you got it. oh, you've got news on liv golf pulling in more big names. lauren: so the superstar is rumored to be cameron smith. there are reports he signed a $100 million guaranteed contract. also hawaii deck key mats yam massachusetts figuring out pga's
strategy to keep their players, that's the loyalists. scottie scheffler, jordan spieth, rickie fowler. so reports say that the seven defectors will leave the pga tour monday and compete in the liv event friday in boston, meaning you won't see them in presidents cup. stuart: whoa, that is interesting. yeah, happening fast, a real split right there. what they need is a tv contract, liv. if they get a streaming contrac- lauren: good point. stuart: will you repeat. let's let's get to money. pooches suggest a modest down -- futures suggest a modest downside move for all three indicators. david nicholas is with us. seems to me inflation is moderating just a little, supply chain issues cooling off just a little. could this let the fed be more dovish? >> well, stuart, the market's so used to this idea that the federal reserve --ing. [inaudible] [inaudible] white horse and save the day.
i just don't see it happening. almost 2% since its lows -- gnawed. [audio difficulty] we're seeing some slowing in inflation. but there's still, we've got three fed meetings left to go through the end of the year. that's to get to the rate of 3.75-4%, we've got to have three half-percent -- [audio difficulty] stuart: i'm sorry. david, i do apologize, i have to interrupt because les an audio problem. you're repeating yourself a second later. i'll try to deal with it, see what we can do about it and get back to you just in a moment. employers cutting jobs, it's a long list. lauren: major companies, ford being the latest. waypair, walmart, peloton, best buy, rematch, just some of the major companies. pwc, remember this story? they find half of firms anticipate job cuts.
the message that's being sent to workers right now is make sure your skill set matches the demand for your employer's products. in in order's case, we're moving to electric. make sure their workers can make electric vehicles. this as ceos don't want to reveal how much hay make to anyone, not even family or close friends, certainly -- start stuart do you blame them? if do you blame them in. lauren: no, i don't, actually, but it's nice to know because it helps with your case in negotiations. stuart: oh, sure. be lovely to know who makes what. [laughter] gives you some leverage. lauren: then the boss goes, how do you know that? and they could just deny it. stuart: i suppose he could. lauren: we're moving on. stuart: yeah, we are. dr. anthony if a few announced he will be stepping down in december. republicans say that's not going to stop them from investigating his handling of the pandemic. look who's here? katie pavlich, one and only.
>> great to be here. stuart: great to have you back. >> yes with, thank you. stuart what did dr. fauci do that requires investigation? >> wow, how much time do we have? there have been allegations from senator rand paul that they were funding dangerous gain of function research, which i call frank ifen steining viruses in china. there's allegations hay did that when it was illegal after it was banned by the obama administration. when it comes to this investigation, it's very important to get to the bottom of this so it doesn't happen again. however, there's a big difference between investigations from congress and accountability, and i'm not so confident that dr. fauci won't just ride off like many bureaucratic officials have in the past after making a number of mistakes that had detrimental effects and consequences with a pension funded by tack payers with little consequence to their behavior and actions. outer stuart the worst thing to me was what happened in schools and the way the kids were just not learning, and they were not
in real -- they weren't vulnerable in the first place. they were just shut out of society. >> well, yeah. here's the thing, in march 2020 dr. anthony fauci said it's very clear, he said, who this virus affects, the elderly and people with comorbidities. he also said the masks don't work, the ones we buy at the drugstore. and yet once he got a taste of the power he had been given, he still moved bard with keeping the schools closed, with mandates, and they kept the country locked down for years really on end, and a lot of these democratic governors took the cues from dr. fauci. it's interesting to see his reaction when he's called in front of congress to answer some of these questions. dr. rand paul has been very adamant if about trying to hold him accountable to his own standards and also, you know, there was a part of the pandemic that got kind of brushed under the rug which was dr. fauci went out of his way to vilify and to
blacklist scientists who disagreed with him publicly. stuart: that's true. >> and he he used his position and and taxpayer money to do it. stuart: but there's no investigation unless the republicans win back the house. >> that is correct, yes. stuart: i'm going to put something up on the screen, katie, have a look at this. it's the amount of time from theif to oval office that the president has spent, 68 weekends away, far more than trump or obama. now, do you think he's taking too much time away? what kind of image does that project? >> well, you know, this is the way that joe biden won the presidency, right? he was in his basement, he wasn't on the campaign trail. and the fact is as we've seen president joe biden off of the television at the beach instead, his approval rating has tick thed up. so when he's not speaking on behalf of the democratic party, he's not front of the mind of the the media and they're covering what's happening in washington and the gaffes he has made on these policy positions, it's actually been good for -- stuart: they want him on vacation. >> they want him as far away as
possible, and democrats want him as far away from the if campaign trail -- stuart: he's 79 years old. he's 80 in november. >> well, it certainly doesn't project strength, in my opinion, to have the president gone for weeks on end. he's working remotely, essentially, in delaware pretty much every weekend during his tenure as president. stuart: well, thanks for coming back to the show. >> great to see you. stuart: don't be such a stranger. quick check of futures, here's where we are, down 40 on the dow, down 25 on the nasdaq. big losses yesterday as well. former treasury secretary larry summers warns that student loan debt relief would worsen inflation. pennsylvania senate nominee dr. oz facing back backlash for video. roll tape. >> doing some grocery shopping. i'm at wegener if's, and my wife wants some vegetable.
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summertime. -- sunshine. you are lock looking at auburn, alabama. check futures, please. some red ink, down 35 on the dow, down 20 on the nasdaq. florida and new york holding primaries today. all right, which are the races to watch, lauren? lauren: we'll start in florida. the democratic primary for governor pits charlie chris as a republican against the agriculture commissioner nicki freed. the winner faces governor ron desantis in november, but he is running on a popular record of accomplishments. that's hard to beat. the senate race in florida, congresswoman val demings is the front-runner to challenge republican senator marco rubio. he has not ouched his war chest -- touched his war chest yet. she has spent millions of dollars on tv recognition which i find funny because she was police chief in orlando, she was on the short list to be biden's
vp. stuart: i didn't know that. lauren: and law enforcement would have been, you know, not defund police message. stuart: the that's true. lauren: would have been there with that selection had he made it. and if here many new york, one, i'm so curious. this is district 12 in upper manhattan where two incumbent, representatives jerry nadler can and carolyn maloney, face off. they've both been in congress since 1993. this is a rich district. it's august. many people aren't in new york city. they're at their summer home. so this could also come down to the absent absentee ballot. stuart: jerry madler represents the -- nadler represents the upper west side. lauren: one of them is going to lose. stuart: interesting. let's head to the midterm race in pennsylvania. dr. mehmet oz getting some backlash after pose posting a video of himself in the grocery store. he used the word crudite.
fetterman leads dr. oz 48-43. dr.. oz joins us now. ful doctor -- [laughter] do you wish you could take back using that word, crudite? >> because i'm proud of all the things i've done in this my life. my father was an immigrant to this country, and he believed in the american dream. he was pretty clear if you work hard and serve each other, you'll make country even greater. whether i pick words that are not conventional are irrelevant to the bigger challenges. i'm here just outside of pittsburgh, trish that's the president of the company, her family started this generations ago, and they make these massive fans that they use to clear out felts. you have seen them -- facilities. congressman mike kelly who's really a leader in this area as well, and it's stunning when you come to actually where the stuff is made in america. people complain about the fact that you cannot get supplies,
certainly you can't afford the new prices that allow these supplies, but you also have government overregulation. people making rules, unelected bureaucrats deciding what the law actually means for you not based on, you know, stuff that anyone in congress was responsive to the voters' beliefs and actually shuts down industry. i mean, mike, you made a very good analogy, we're down on the factory floor touring -- we're not done there now because it's so loud. give us the metaphor. >> we have global competition, and the biggest challenge we have in competing today is we tax ourselves too heavily, we overregulate ourselves, and we make it impossible for us to compete in a global economy. that just doesn't make sense. so, listen, this is where hay do fans, this is where hay bring fresh air in. -- they bring -- we need you to bring fresh air into the senate. stuart: okay, dr. oz, i'm afraid we're flat out of time to, coming up against a hard break. but thank you very much for being with us today.
always appreciate it, sir. >> go to dr. oz.com. god bless you. [laughter] stuart: okay. see if we can do that. republicans, some republican governors are taking a very close look at the virginia governor, youngkin's, his winning strategy in virginia. i guess they like his playbook, probably the way he went out on education. lauren: and it was a positive message for the most part. he centered around kitchen table issues; education, the economy, making communities safer, kind of parent issues in a way. and that a made it okay for independents and even some dem. accurates to vote for him -- democrats. that's what happened. democrats tried to focus on trump with him, but he didn't take the bait. and as a result, he got a lot of people in the suburbs to vote for him. they did not like donald trump. and he kept rural vote which largely liked donald trump. stuart: and he won. lauren: yep. i mean, there's talk of him with no experience running in '24 for president. stuart: here's something in
america that's really new, three latina candidates are running for the gop in south texas, right on the border. tell me more. lauren: let me introduce you to more of them. you mow mayra flores because elon musk supported her, the wife of a border patrol agent and the first mexican-born woman to be sworn into congress. she's now being challenged by not just any democrat, a moderate democrat. monica de la cruz is campaigning on finishing the border wall. stuart: really? finish the wall? lauren: her district is the most republican in south texas out of many, so she can say something like that, and it might be more acceptable to voters who aren't as republican. she also is pro-texas' abortion ban at 6 weeks. and finally, the third woman was kathy garcia, she was an aide to ted cruz. she's up against henry cuellar, a nine-term congressman, but he's a moderate.
they represent these women in south texas, a region long.com the nateed by democrats. -- dominated. so when you're coming up against moderate democrats, you can't be as republicans. or maybe you can. but democrats in south texas feel completely abandoned by the democratic party, and joe biden's policies when it comes to their bread and butter, his energy policies, immigration -- they're feeling the effect of all these migrants coming over. and they support their law enforcement. stuart: can you imagine two years ago latina many women for the gop on the border winning? that's extraordinary stuff. thank you very much, lauren. check futures real fast, down 20 on the dow, down 13 on the nasdaq. the opening bell is next. ♪
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the market's always looking forward, not looking backward. and now looking at what the fed's doing, there's a lot of focus on jerome powell this week and the september fomc meeting. however, i think the market's saying look at what the fed has done. it hasn't had a major impact as of yet. so i think we're starting to say even though the fed's going to hike, things are going to normalize next year. and i think that's why the market had this nice rally. stuart: at the moment it doesn't look like a serious recession. very shallow at this point. does it stay like that? >> i think it does, i hope it does. but, you know, there's a lot of policy, so a lot of political policy that could change that or make it worse. you know, we -- looking at big cities like new york, things have gotten so scary there with crime, you know, it's an easy fix. but i think the midterms are always wouldn't -- important, but they might be even more important time. number one, people immediate to be safe, number two with, go out
and earn a living, have a job. stuart: i just don't see a serious recession in the immediate future, do you in. >> i do not. that's why you saw this big bounce. it's not there yet. things could go off the rails still, but i don't see is it coming. stuart: we were down, what, 25% and then we were down 10%. nice comeback. >> exactly. we recovered almost all of our loss, and now we're in a place where earnings are supporting us. earnings, you know, a lot of the guidance from the big tech companies, they did all hay needed to do to get us that rally. so now we're looking out into next earnings report, you know, will there be must have if there, will we see some real growth. i'm betting you will. stuart: i'm not seeing that much downward pressure on stock prices. >> not now, no. it's really the tale of the haves and the have nots. some of the high flyers got hit and got hit hard, but the companies that have been leading us, the big tech companies, are still leading us. there's not a lot of downward
pressure on them, and as long as we have that leadership, we go to new highs. stuart: the last couple of words is what we want to listen to. when do we get to new highs? you've got to give me a time. you've only got 20 the seconds. >> i'm going to say we're back to break even which would be new highs by the end of the year. tooth institute wow. i do so hope you're right. [laughter] write it down. thanks very much, mike. reappreciate it always. it's 9:30 eastern time. it is tuesday morning. we've started trading on wall street. ever so slightly lower. dow industrials, i see a few winners, not many. the dow is down, what, 37 .s -- points. the s&p 500, what's the percentage loss there? it is down .07. i call that flat. the nasdaq composite, no change -- okay, up, .07%. big tech, apple's up, amazon's up. the big story morning so far, i
think, is twitter. a whistleblower revealed major cybersecurity issues within the company. susan li's with us. what's going on? susan: well, i think the stock is down because this disclosure on deficiencies, especially when it comes to spam, is going to help elon musk to walk away from the the deal in that delaware court. the complaint by the former head of cybersecurity, a jack dorsey hire, mind you, what he called serious and egregious lapses including making false and misleading statements to users, investors and also to regulators and allowed too much access, he says to all employees and even to foreign governments for use on the platform. and i think most importantly is that it seriously violates a 2011 the settlement with the ftc over user information. so these are some pretty serious allegations here. he was hired after of that infamous 2020 hack remember when numerous celebrities, politicians had their accounts
infiltrated, and as i mentioned to you he's a jack dorsey hire, so guess where he's pointing the finger? stuart: tell me. >> at the current ceo -- stuart: this undermines twitter and supports elon musk, it would seem to me. susan: that's exactly right. stuart: over ownership of the company. susan: if you have concerns over what the actual number of users are, i think that helps elon musk. stuart: it looks like it. apple, i just read this report, they're going to start producing iphone 14s in i could ya? -- india? huge switch out of china. susan: this is a win for india, but this is not a story of apple leaving china. it's assembly going to both countries, and that means you'll have two assembly plants in china and india for the iphone 14 and beyond. so taiwan's foxconn will be operating both sites. bloomberg says for the upcoming
iphone 14 india will start assembly two months after i china starts. but the goal is to simultaneously ship from both countries especially with the supply chain. now, india does have its problems. remember those high profile protests from apple factories over pay and work conditions? you didn't so that in china. also secrecy is a concern since china's been pretty airtight and apple, of course, values their secrecy especially with product if launches. stuart: you're not going to see protests in china about wages, that's not going to happen. moving on. some more retail earnings before the bell, i'm very interested in macy's up 3%. susan: despite the fact they cut full-year forecasts despite a pretty strong spring quarter for them. they're anticipating, they're saying that shoppers are going to cut back on spending with the high inflationary environment that we're in, concerns over slowing growth and recession. but the springtime did look
pretty strong, sales and profits beating in that quarter. stuart: don't they have a ton of inventory -- susan: i think everybody has an inventory problem. target -- and i think you're getting rewarded if you don't have an inventory problem right now and an issue. but i want about to show you dick's sporting goods, also beating on top and bottom lines. hay raised full-year guidance instead of cutting like macy's. yes, same-store sales did fall, but it was less than anticipated. some of these retailers are doing pretty well. stuart: they did pretty well right after they said we're not selling guns anymore. susan: well, do you think that was the inflection point for the stock? stuart: yeah, it was some time ago, but it helped them. before you go, zoom way, way down. susan: yeah. i think that era of zoom being part of our vernacular, i think that is done. better than expected earnings but, again, this was a pretty low bar. revenue fell short and zoom's cfo says the company is having
difficulty attracting few paying subscribers. but he did say enterprise sales are still going strong, but those days of being locked down at home and zooming, they're down. stuart: cybersecurity -- can. susan: always doing well. palo alto doing really well, better than expected quarterly results. upbeat forecast and, guess what? they're splitting their stock three for if one with. so stock split summer is still going strong. stuart: i love to see that. susan: tesla will be $300 by pretty. stuart: nat gas, we didn't report earlier, 9.85, that's a 14-year high. susan: you say it so well, so early. this also tells us we shouldn't be celebrating when inflation's at 8.5% instead of 9%. we're heading into the winter
season globally, especially with russia shutting down some pipelines, i think that tells us that high inflation might be sill around especially as we head into the winter months. stuart: yes, indeed. 9.86 on nat gas. super, thanks very much. check that big board, in business for nearly 6 minutes. we're up 19, 17 points, just a fraction higher. dow winner, topping that that list we have e chevron, caterpillar's number two. intel, interesting. a financing deal -- susan: brookfield asset, $30 billion. stuart: i need to check that stock to see what the dividend yield is. susan: for brookfield assets? stuart: no, intel at $34 a share, because i think that dividend's pretty high at at the point. s&p 500 winners, halliburton, cf industries, mosaic company. no big names really. nasdaq composite, okta, swell's on -- intel's on that list, nvidia, fox corporation, netflix all there. where's the 10-year treasury
yield? susan: 3%. i'm checking the yield, but 3%, that's -- can. stuart: absolutely, 3.06 on the 10-year. the price of gold morn being, 1752. bitcoin, $21,500. the price of oil, 92.97, so that's going up. nat gas we just showed you, 14-year high, and the average price for a gallon of regular gasoline is 3.89. for diesel -- susan: intel, 4.3% dividend yield, so that's impressive. i didn't know it was that high. [laughter] wow. stuart: not bad at all. coming up on the show today, elon musk demanding jack dorsey turn over information on pick twitter accounts. and remember that small, money-losing new jersey deli we told you about? your hometown deli that was once owned by a publicly-traded company and valued at $100 million for that?
well, it's closed. we'll bring you the details on that one. and then there's this, people struggling as inflation and gas prices remain high. larry kudlow says president biden reversing trump's successful policies, robbing americans of their freedom. larry is next. ♪ ♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations,
big conference week. what data is the fed looking at? >> reporter: the federal reserve's going to be looking at inflation and also looking forward to the jobs report coming out a week from friday if as well as talking to folks in their district about, you know, if companies are going to hold on to their labor force or if consumer sentiment is changing in terms of buying behavior. here at the white house, the president is still on vacation. he's feeling good about more spending that he signed into law last week, but that might also raise fears for the economy. the federal reserve meets thursday and friday for their annual jackson hole symposium. we'll have live interviews with the decision makers from the federal reserve, some of them on your show actually, stu. ahead of this investors were worried yesterday about the fed probably working more aggressively to handle inflation from. today maybe quelled down just a little bit, about flat as you were talking. but, again, three of four, almost three of four economists believe the economy could be in a recession by mid next year.
in fact, that's according to the national association of business economists, financial experts say they see improvement in the data but not the economy. listen. >> although our consumer confidence survey actually has tick thed up over the past several weeks, we don't think that's going to be sustainable because of what we see on the layoff front. particularly energy declining in part because we're moving into, we think, a version. >> reporter: so the white house economic advisers insist we are not in a recession even though the first two quarters of this year saw negative growth, the technical definition of a recession. the white house pushing job growth that we have seen in the last month finally putting us bass to pre-pandemic levels. also the white house trying to shift the blame for inflation as well as the solution are to the federal verve. stuart: all right, edward, you have fun in wyoming talking to those fed if watchers. it's a very exciting place to be, so i'm told. >> reporter: it's a tough
assignment, yeah. stuart: look who's here now, larry kudlow. all right, larry, do you have any experience with wyoming and the detons and the fed conferences? -- detons? if so, what do you think of them? you weren't expecting that, were you? [laughter] >> you know, stu -- that's great. i went for a year out there. i went for a year. and i spoke at a couple of those conferences. stuart: i mow. [laughter] >> and then i, and then i remember i don't know at at one point, like probably the late '90s, i think, i remember looking around and talking to one of my pals who was jerry jordan or wayne angell or somebody, and it's like there were virtually no conservatives. [laughter] they were all left wing, hyper-keynesian economists. and i was lonely. [laughter] and, you know, it's like, wow. and so i kind of self-ended my jackson -- can i mean, jackson
hole's a fabulous place, don't get me wrong. i was out there last summer for another event, but that was kevin mccarthy, who's much better than the federal reserve. [laughter] stuart: here's the question, larry: has the biden administration complete9ly reversed everything that the trump administration did? >> well, yeah -- the short answer's, yes. i mean, they haven't succeeded yet in totally reversing the tax cuts, but they've completely reversed the deregulation. stuart: yep. >> and that's really important. then, of course, heavy completely reversed the energy independence, energy dominance if during the trump years. and by the way, you know, trump's deregulation policy, it was an all of the above energy. in other words, it translated, it was good for fossils, but it was also good for renewables and, in fact, we were developing new nuclear reactor policies, nuclear power policies. but,ting yeah. i mean, chipping away at the
taxes which were so successful, completely to obliterating the regulations which the -- the deregulation which was so successful. you know, it's a strange thing. it's like a biden is obsessed with keeping trump off the ballot in 0 2024, but i think he's just as obsessed, if not more so, with keeping trump's tremendous market, freer bear -- free enterprise, capitalist economy. these guys are socialists using regulatory policy as a way of central planning. that's the whole thing -- stuart: he's using climate policy. it's his vehicle for getting away from a free market, dynamic economy. it's climate that he's pushing. never realized that during the campaign in 2020. we didn't know that he was going to become a climate warrior. we didn't know that, or that he would -- >> well, i don't know, stu.
that's maybe not exactly right because he did say a couple times during the campaign that he would end fossil fuel. he said that. stuart: that is true. >> so i don't know, we didn't take him -- we maybe didn't take him seriously enough, because he was trying to sell himself as a moderate. but, actually, it's a very immoderate platform. but look, the reversal of the free market policies of trump, what's it done? it's taken a boom and turned it into a bust. stuart: yeah. >> in 18, 20 months, okay? it's taken virtually no inflation and turned it into high inflation. if that's why confidence is so low. and, by the way, that quote from nancy lazar is very important. layoffs are now beginning again. this is another big recessionary sign, and it's why that gallup. poll is so bad. people are really in bad shape. there is no confidence.
wages, real wages are falling, etc. you know the story as well as i do. stuart: yep. >> my point is bidens don't seem to care. they just want their agenda of regulatory, central planning socialism above all. stuart: you've got it. >> and they don't want donald trump to come back. they don't want him. stuart: larry are, i hope you can stay tuned for the rest of the program, because i'm going to detail my personal journey from socialism to capitalism by way of hong kong. i think that might interest you. and we'll be watching you at 4:00 this around on "kudlow." all right, got that. republicans already have their sights set on legislation they want to purr saw if they take back -- pursue if they take back congress and who they want to go after as well. we've got that story. dr. fauci steps doubling in december -- steps down in december, but america will also say good-bye to mr. science. roll tape. >> it's easy to criticize, but
they're really criticizing science. you're really attacking not only dr. anthony fauci, you're attacking science. i represent something that is uncomfortable for hem. it's called the truth. stuart: did dr. fauci give us a blueprint of how not to respond to a pandemic? i'll ask dr. marty makary after this. ♪ hey, hey, hey, good-bye ♪ if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your luggage to the airport. that's adorable. with shipgo shipping your luggage before you fly you'll never have to wait around here again. like ever. that can't be comfortable though. shipgo.com the smart, fast, easy way to travel.
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well, then you should find a hand specialist certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. stuart: republicans have a checklist of items they want to go after if they can win back congress. on that list, taking legislation against esg, that is environmental social and governance if investing. hillary vaughn with us. is this all about companies going woke? if. >> reporter: stuart, so republicans are blasting the sec for a proposal that would require firms to prove that investments that appear to be green or socially aware actually live up to those claims, trying to combat what's called, quote, green washing of esg investments. the idea, republicans say, would push investors away from fossil fuel-tied industries. congressman john rose demanding
answers from the sec on whether this is constitution alleyed aring a letter to the sec saying this in a statement, quote: chair gensler and president biden's desire to transform our entire economy through administrative action by an unelected commission is unwise and even dangerous. the sec should immediately reverse course on this ill-advised proposal to save taxpayer dollars on fighting this in court. but biden groups disagree that the sec's proposal would lead to a blacklist of fossil fuel companies. the campaign manager saying this in a statement is: wall street banks are the largest funders of fossil fuels in the world. the bizarre notion that banks are boycotting energy companies is just the latest flavor of climate. denial cooked up by extreme politicians and their fossil fuel industry the donors. it's part of a broader attempt to prevent free market businesses from addressing urgent, climate-related
financial risksment but some republicans are prejudicing to get answers -- pledging to get answers from the sec if they take the majority many november. >> the goal of the house financial services committee and congress should be to push back hard against this securities and exchange commission rulemaking. it would impose huge new liabilities on public companies and, again, hurt -- not protect investors, but hurt investors by politicizing the allocation of capital. stuart: >> reporter: even some states are taking action themselves. the treasurer in west virginia is actually banning banks from receiving state contracts if they follow these esg rules. stuart? stuart: very interesting. hillary, thanks very much, indeed. here's what we have still ahead on the show, will cain, brian kilmeade, david webb, brett bozell. the 10:00 hour of "varney" is next. ♪
hi, i'm karen. i lost 41 pounds with golo and i've kept it off for a full year. i've been dieting for decades. with golo, i can enjoy my life. i don't feel like i'm restricted, i feel like i'm just living my life. stuart: come together, the beatles. what are we looking at? what city is that? is it new york? that is new york, 10:00 eastern, straight to the money. not much change in stock prices, dow down 30 and nasdaq
up 36. here's the mover today, the yield on the 10 year treasury, 3.03% hurting big tech. the price of oil $93.16. bitcoin hanging on to $21,500 a coin. the interest rate on new home sales. what have we got? lauren: seasonally adjusted annual rate of $511,000 at the same time inventory on the market went up 10.9 months. stuart: it is down 12%. >> 12. 6%. %. the price is still high. $439,400. stuart: still up there. lauren: rates are going up.
stuart: don't think those numbers have any impact on the market, dow is down 8 points. now this. during a commercial break yesterday, douglas murray and i were discussing college guys. and even more shocks that as a youngster i was a socialist. he wanted to know, how did i become a card-carrying capitalist? here's the story. i arrived in hong kong. it is that simple. i had been traveling in the middle east and india and struggled with gross inefficiency and lethargy of bureaucratic socialist economists. i flew from new delhi to hong kong and my eyes were opened. everything worked and worked well. it was an intense competition which gets prices very low and
everyone is engaged in bustling activity. there was a dynamism i haven't felt any place else. free-market capitalism is very liberating and made a rapid transition from pie in the sky socialist dreaming to getting on with my life, climbing the food chain because capitalism gives you free reign to our mission. what's wrong with that? the best out of everybody. i suppose you could say i just grew up. there's the old expression, if you are not a socialist by age 25 you have no heart, and if you are still a socialist after 25 you have no head. now you know why i was so worked out about the communists ending hong kong's freedom. that is where i saw the light. second hour of varney just getting started. will kane is with us, will kane
was listening to "my take" about hong kong. my question is to the socialist youngsters of today see the light eventually the way i did? >> let's see if we can back into our answer. what interrupted your theoretical view of the world was reality, reality set in, reality's affects. i will give you my quick story. a combination of federal and reality as well. i started to make a transaction, capitalist conservative worldview. when i was in law school and started to study the constitution and see the way these ideas connect with one another, to rationalize themselves with one another as opposed to ad hoc got instinct, and 24, 25, when i started my first business which was small
town newspapers in texas, and pull yourself up by the boot step is required to be a success in the united states of america. that is when reality hit for me. those two concepts coming together, 24, 25. i answer your question with a question. i today's young people forced to face reality by age 25? how long do we extend the lessons? when do we pull away the safety net as parents, culture and government? what really shapes you toward the light is reality. stuart: being chucked in the deep end of life is facing reality. that is when you will make a political shift. it is true for you and definitely true for me. you are not off the hook yet. president biden spent 68 weekends away from the white house so far in his presidency,
outpacing donald trump and obama. i am troubled by the image of a president who goes on long vacations and is sealed away from the media. i think it looks weak and i think it looks inaccessible. what do you think? >> it is superficial, but i also think it's not the picture of strength to see a picture of the president on vacation, turns over when it stops pedaling. i don't mean to be petty but we are projecting an image of weakness and it is probably out of necessity, the bike riding, vacations, we know president biden is in a diminished state of 80 and these vacations are necessary, he needs a break. the presidency follows you wherever you go, you are never off the clock. like onto printer we talked about a minute ago, not like you punched out of your 9-to-5,
there's somebody tapping on the door, i am sure. not sure that is the case with president biden. that leads to the question, if not president biden because he is on vacation or diminished then who runs the united states of america? stuart: hard question to answer at this point. thanks for being with us. always a pleasure. >> into the deep end of life. i love that. that is correct. stuart: the equivalent of the university of hard knocks. see you. >> asked the pictures of those days and your response? if i had a camera i would have sold it to continue my journey. stuart: i traveled around america for four years, had no pictures, all the time. and you are right, i would have sold it, >> not on your parents to dine.
>> and scott shallady, when i see natural gas go up like this, 14 year high in america that has to translate to higher inflation just down the road as winter approaches. >> that's my big worry, and not as much as it was in europe, they are in trouble, most google word was firewood, and we are worried about fuel, food and shelter, what is going to happen, the interest rates will
climb higher with the fed doing the only thing they do is tamp down demand, destroy demand and destroy wealth, that's all they can do. we 've seen inflation about little bit because we've seen a dramatic decline in crude oil prices and that is because the economy is suffering mightily and people made other choices. what will happen is the base rate around 2 and a half, we raise one. 5% looking at two more raises of one. 75 can we are between 4% and 5% by the end of the year. what if we see these energy prices, we see what happened to natural gas, food, fuel, and shelter went up last month. only recently came down, if crude oil goes up $100 a barrel it is up again today. we have inflation back where it was or higher with interest rates markedly higher. what will that spell for the economy? stuart: stagflation. i think that is it. you've been saying this for a
couple weeks. sorry i am out of time. come back and see us real soon. i want to look at these ape -- that's what we called him, amc, the apes stock up 19%. lauren: it is a few minutes as the trading session, trading resumed several times already. these are amc's preferred equity, 2-for-1 stock split is one way to describe it. they made their trading debut on 13%. one of the analysts says you can expect amc to issue a portion of shares to pay down the debt, that's the thinking there. take a look at bed, bath, and beyond. the stock has been all over the place after severe losses after the billionaire dumped all his shares, bed, bath, and beyond, needs capital to stay afloat, options are running out. it had been at 30.
i am bringing these up because i spoke to a former short seller, highly critical of ryan cohen and amc's adam aaron and i'm quoting him here, he said those two figures, quote, are leading sheep to slaughter. the sheep are the retail traders. he says they have been manipulated. with a been minute related by these figures. as we watch the meme stocks come back, the big influencers in the company doing things behind the scenes, some are getting hurt and some are sticking with it. stuart: we have a chinese electric vehicle manufacturer down 10%. what is the problem? lauren: wide loss, wider than expected, it is falling and falling fast. they say they will deliver 30,000 vehicles in the 3 quarter, wall street looking for 35,000.
stuart: let's go back to the real estate market, the decline in new home sales may have helped the stock market, maybe the fed won't be so encouraged to raise rates. then we've got the story that boise, denver, salt lake city, they saw home prices soar during the pandemic. >> people moved out west to work and they are cheaper than california. sellers are being forced to dramatically cut their asking price. boise, idaho, 70% of homes had the seller dropped the price last month. blue 170% of homes dropped. more than 50% in talk -- tacoma, 15% of sellers cut prices. stuart: very interesting.
canceling student debt will push inflation even higher. i will ask economist kevin hassett about that. he joins us in the next hour. a new study shows exercise may reduce your chances of getting the virus. he has worked for twee 7 presidents and was the face of the covid response, and they said goodbye to mister science. >> it is easy to criticize but they are really criticizing science because i represent science. stuart: griff jenkins has the latest on fauci's farewell. ♪
stuart: this is a rally gathering steam. nasdaq is up 100 points. read me that line. lauren: bad news is good news kind of deal. private company signal the sharp drop in business activity, flash pmi fell at the fastest pace since may 2020, the fastest pace in 13 yea. stuart: "my take" from that is the fed will look at those kind of thing and say you are slowing down. maybe we don't need to raise rates. dow is up 20, nasdaq up 87. let's check out pfizer and beyond tech, to clear use of the covid shots the targets the newest versions of the omicron variant. pfizer is still languishing
below $50 a share. doctor fauci is stepping down in december as president biden's chief medical advisor. republicans want to investigate fauci after he steps down, the drama is not over. >> it is not. fauci may be stepping down but not likely running off into the sunset of republicans have their way. doctor fauci making it clear in his december departure he plans to pursue the next phase of his career, after 50 years of government service. president biden saying in a statement i extend my deepest thanks for his public service. the united states of america is stronger, more resilient and healthier because of him. fauci spent 38 years as head of the national institute for infectious diseases and credits science for his work but he lost confidence of many americans with statements like this. >> the bad guy to an entire
subset of people because i represent something that is uncomfortable for them. it's called the truth. >> reporter: as you mentioned republicans are lining up promising hearings if they take back control of the house. listen. >> we already told doctor fauci to preserve all of his document at e-mails. >> los doctor fauci decides to seek asylum in some foreign country whose powerball jackpot is 287 chickens and a goat and therefore which won't enforce a subpoena from the united states congress then doctor fauci, retirement or not, is going to be spending a lot of time in front of a congressional committee. >> reporter: what might those hearings look like? probably going to focus on the origins of the virus along with those masking mandates coming as kids start going back to school wondering about some of
the masking requirements. blue and that is the first stand up report from the white house we have had without the leaf blower in the background. i think you've got clout at the white house. see you later. doctor marty makary joining us now. looking at the start of the pandemic, did doctor fauci give us a blueprint of how not to respond to a pandemic? >> many of us were called outliers because we were warning of a pandemic and they were saying doctor fauci is not alarmed, his telling americans not to do anything different, not to be worried so for january, february and march the only morning he gave the country was for old people not to take a cruise. stuart: what did you want from him? >> his primary job is grants for research and if you look at the grants he gave it was not to support any vaccine related comp occasion research, never
to study natural immunity, these are the issues we need to understand, even how it spreads, using the surface transition model when it was airborne for months they were pushing, wash your hands like crazy, how long would have taken with $42 billion budget to do that experiment? probably one day, a complete failure of leadership. stuart: the cdc i use the word liberally, completely reorganized. is that to take account of the problems that surfaced during the pandemic? >> i was hopeful it was a real mea culpa but if you look at it it is a pr statement. they have a new communications director hired from planned parenthood and if you look what they announced they are adding two small offices including office of health equity and no change in policy so many people are saying it's a real apology would >> in policy and not just this vague apology. stuart: i will leave it there because it seems we haven't got this right yet.
we are trying. thank you very much for joining us, great service all these years, appreciate it. new study reveals that working out could lower your chances of getting covid. you are in florida, tell me more. ashley: we know regular exercise is important to healthy lifestyle but a new study shows it could reduce the risk of contracting covid 19 are developing severe disease. cording to a study by the british journal of sports medicine, racking up 150 minutes of moderate intensity physical activity each week or 75 minutes of vigorous intensity activity, offers the best protection against covid infection and severe disease. regular exercises had an 11% lower risk of covid infection, 40% risk of serious disease and also lowered the risk of being hospitalized with covid by 36%
and risk of death from covid by 43%. researchers say physical activity is well known to have a positive effect on immunity which helps to explain protection against covid. get out there and exercise. stuart: thanks. teachers in ohio's largest school district go on strike days before the school year begins. op-ed, new york post, a new york teacher exposes the state school system sham where guessing gets you a pass. carol markowitz explains the testing sham next.
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starting with halliburton. it is up 8%. lauren: saudi arabia floated the idea of output cuts from opec plus. if you look at the leadership. stuart: i'm interested in macy's. >> inventory levels in the next quarter are really high and cut prices to get of the inventory. why is stock up 7.5%? everything i said is negative because the results were better than feared. we say better-than-expected but target and other retailers with this bad news was better than feared. stuart: zoom, way down and still way down. lauren: they cut their annual forecasts. it is not a catalyst of future
growth now that people have returned to normal but when you're in the office, sitting in your real office and on zoom calls. stuart: new york city loosening its covid policies. are we getting back to normal? lauren: yes. new york state, not new york city. don't have to test. if you are exposed to covid stay in class, where a mask. if you have covid, stay home for five days, mask up for another five, no testing involved. new york governor kathy huchul says no longer do we send kids home, keeping them away from the experience of being together in the classroom because we are dealing with the fallout of those decisions.
she's admitting we have less information. as for mandatory vaccine. teachers and staff must be vaccinated. students in extracurricular activities. stuart: what about teachers who will not get vaccinated and won't go to school? lauren: there is a teacher shortage. we want take a look at this headline, quote, a new york teacher exposes our state school system sham, we are guessing gets you a pass. carol markowitz joins me now. how did this teacher expose the testing sham? >> reporter: this math teacher discovered all you needed to pass the algebra exam in new york city which used to be a high-quality exam at this point is dumbed down so much that questions are super easy and you only need 19% to pass it. he said to one of his students having a tough year, almost
jokingly said she was all sees and you will get through and the kid did. stuart: that is it. it is multiple-choice, the youngster just ticked off see on every single question and that gave that student enough points to pass. lauren: exactly right. it is so funny because this kid deviated for two questions and guess to be and the answer would have been see on those and still past. some convoluted scheme to make anybody pass the take this test it is almost impossible to fail and it is a travesty. kids deserve better. what parent is okay with her kids passing 19%? stuart: you will need 19% success on questions to pass. is this widespread? >> go to college with that testing. it is elsewhere.
>> i don't have a similar tale of -- i approach parents all over the country. the standards, have become rock-bottom. they can do no wrong, there's nothing you can do to not get promoted to the next great and teachers who are evaluated on these test scores make it easier for kids to pass. we are doing kids a realtor service come a doing the country a disservice, none of this is good for kids, none of it is good for society. we one teachers in columns, ohio voted to strike just days before the new school year begins. they were offered 3% raises for the next three years, they turned it down. this is ohio's largest school district, the kids are the ones losing in all this, they never seemed to win in all this. >> exactly right. kids are being put last. they were put last before the pandemic.
it is hard to watch this. kids should finally be put first and what we've gone through the last few years, the solution is giving an opportunity to exit these broken failed systems. i don't think a parent should have to send their kids to a school where the exam rate is 19%. they should be able to take her kids into rigorous schools and limited to risk -- rich people who get these kids out of schools. stuart: are you talking a voucher system? >> arizona passed an expensive one. i don't see that is the rule in other states? you don't hear about private school teacher shortages and i wonder why that is. they have all the same qualifications and in a lot of states private school teachers earn less than public school teachers. the real problem is in public schools. stuart: the real problem is the teachers union but that is my
personal opinion and you probably share it. thank you. see you again soon. have fun in florida, stay where you are. >> i am. stuart: the president of the american federation of teachers admitted she shared a fake list of banned books. i don't understand this. lauren: she apologizes, she's head of the teachers and said she thought it was checked, my bad, we want to be forgiving but the head of teachers shouldn't be making mistakes, this is the fake one. she said these books were banned in florida, the catcher in the rock, a wrinkle in time, of mice and men, harry potter series, most of those books are considered classics and they are in the state florida and she was trying to make a point that florida is trying to ban these classics. stuart: not banned at all. let's move on. elon musk's lawyers have subpoenaed former twitter ceo jack dorsey. we will tell you what musk's legal team wants. ford, apple, the latest
companies to announce layoffs. will the threat of cutbacks change employees minds about returning to the office, madison allworth has that story next. ♪ working 9-to-5 ♪ what a way to make a living ♪ getting by ♪ no taking and no giving ♪ just use your mind ♪ and never give you credit ♪ 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.
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possible and data to show twitter understated how much of its customer base is made of spam and robot account, twitter suing musk to make good on his proposed $44 billion buyout. the fact that jack dorsey is being subpoenaed is interesting. musk and dorsey have been fairly for your, dorsey has praised musk, describing him as a favorite influential tweeting, and discussing product ideas but now they will go to court with the trial slated to begin october 17th in delaware. should 17 in delaware. should be very interesting. we one thanks. survey reveals 50% of companies are anticipating job cuts in the future, 52% forcing a hiring freeze. madison allworth with me, what does this do for the return to work push? >> we can see more people go back to the result, those within person job could have more stability as they enter this.
when cuts happen, workers working from home, 70% of companies say they are more easily replaceable than their in office counterpart so to the survey you mentioned at the top is illuminating, pwc pulled 700 us executors about the current state of business, you can see the majority requiring staff to be on-site more and instituted or are planning hiring freezes, 44% are rescinding offers at a time where we are seeing jobs cut. ford is the latest announcing yesterday 3,000 employees are being let go. this is after a string of companies that make big cuts, wayfarer cut 70%, sales decline cutting job, robin hood when quick trading apps. apple cutting one hundred contract recruiters as it aims to avoid spending. apple's remote workers are
pushing back, they are expected to come back 3 days a week. they claim they do exceptional work from home. what is happening on the horizon, the desk in the office could be an anchor. stuart: more job security working in the office the looking remote. >> seeing the numbers, we can talk about it. this is true, the writing is on the wall. >> are you saying the job is safe? >> i'm holding on. stuart: we will find out 5% to 10% of the workforce in america will be working from home. >> certain companies are remote, that will be different
from a company like this, in those hybrid offices, remote workers more at risk. stuart: a new study shows men are dropping out of the workforce. and women are not? ashley: this is shocking. research shows millions of working age men have been retreating from the labor force for years and that trend hasn't celebrated since the pandemic. the work great for what economists call 244 to 54 years, lower than it was decades ago. 97% of prime working age men were in the workforce. last month that share had fallen to 88%. back in the 1950s if you didn't have a job, you were looking for one. the odds are because you dropped out of the workforce
altogether. studies show we have this on working army of 7 million prime age men in the united states. doesn't hurt you get freebies from the government so you don't have to work, the research shows the great resignation may be slowing down for the number of americans quitting their jobs were different one fell to 4.51% in july, down from 6% a year ago. according to federal reserve bank of new jersey study, the decline was most pronounced for women and those with household income of less than $600,000. getting back to the men they spent 2000 hours a year on average watching, quote, screams, don't know if that's video games, on their phones and almost half of them taking pain pills every day. one economist says they are watching call of duty.
stuart: that hurts. hold on a second. two ladies with me right there. i want you to tell me why are more men dropping out of the workforce? >> it links to the rise of technology and robots that they didn't have a skill set so they left the workforce and got depressed. he doesn't like that. >> it has to be the current workforce, slow to come back. to hard labor you got to get a lot of money at if you get less money and play video games why not? stuart: i was waiting for someone to say men was weekend women are strong. >> when you have a tickle on your throat you call out sick and fiona has to bring ut. ashley: exactly right. stuart: i am ending this
discussion right now. the governor of california just vetoed a plan to create safe injection sites for drug addicts. we will tell you why governor newsom had a change of heart. biden's border crisis hit home in dc democrats admit there's an emergency. ♪ try to run ♪ try to hide ♪ go to the other side ♪ break on through to the other side ♪ ♪
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correct, you look at left-wing run cities and we are tired of these great people being arrested and deported any moment. the cops now know they can't arrest you by breaking the law, by a being here illegally in a century city, you are not breaking the law so if you come here illegally, you can stay. with governor abbott, there are some extra and they are complaining. it was turned down again in dc from the national guard, we can start doing that, they are not trained to handle that. when president biden comes back to work in a day or two, it has only been three weeks, if you factor in the fact that he had covid 19, he hasn't worked in a while. when he goes back to work, when bowser calls 800-white-house
and says i have an illegal immigration problem do you think president biden will have the leadership quality to get behind a microphone and say we have to handle the border? because the border has come to his doorstep. governor abbott made a desperate move, a costly move at a great move. stuart: a border has come to every city and town in the united states. you've got a new fox nation special out tomorrow called who is joe rogan? let's give our viewers a preview. >> he has done what he wanted to do and say and that is very appealing. you have to have confidence. >> people have a strong reaction to joe rogan. he seems cocky and in-your-face and edgy. you either love him or hate him but you will know who he is. stuart: i think he has a very interesting broadcaster. i am always intrigued by his subjects and how he goes about covering them.
>> they are comedians or ufc fighters or deep thinkers, a little different, out looking for big-name personalities, most of them aren't. to have joe rogan, humble enough to ask about people having expertise is extremely well read but the question is where did he come from? he came out as an actor, comedian, then fear factor and burst on and got bigger as a comedian and came out with a podcast idea, almost nobody was doing it, let me roll for 3 or 4 hours and thought you are crazy, spotify said you didn't, i had a better idea, this is $100 million, just do it for us. we are still waiting for that call. everyone said 3 minutes attention span, that's the mtv generation, not so much when it comes to joe rogan. stuart: i remember his interview with elon musk when he was smoking weed. that made some headlines. >> everything he does he lets
you drink or do what you want. that is something stuart varney allows. stuart: it is not something -- absolutely not. coffee or tea? or ice water? i think you are all right and expect to see you again soon. you can watch the full special, who is joe rogan, tomorrow on foxnation.com. programming note, my other show, american bills, airs tonight on fox business prime. here's a preview of the woolworth building. >> he set out to make his mark on new york. stuart: the all american entrepreneur. ironworkers, welders, crane operators. >> for new york and america it showed the rest of the world what we can do. stuart: the woolworth building, american bills, 8:00 pm eastern on fox business prime. still had, kevin hassett, charles her, david webb, brent
bozell. president biden spent more time on vacation then his three american predecessors at this point in his presidency. a president is entitled to r&r but at this time with this president we need reassurance that is up to the job. that is "my take" next. ♪ ♪ pack at your pace. store your things until you're ready. then we deliver to your new home - across town or across the country. pods, your personal moving and storage team. ♪ if you shop at walmart, you get it. ♪ you know how to spend a little less
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a little bit, just a little, not much. president biden has spent more time on vacation then his three immediate president assessors. since january last year he spent 150 days in delaware. nothing wrong with taking frequent breaks. we all need them. a couple points. first, politics, travel for ordinary folks is difficult and expensive this summer. chaos, cancellations, $4 gas, i can see a little resentment. especially when the biden team has not fixed airline problems into gas is about where it was when he became president. then there's the question, is he up to the job. the president turns 80 in november and is clearly slowing down. if he needs a lot of vacation our enemies perceive weakness. than the feeling that his handlers are deliberate the keeping him under wraps.
you don't have to deal with those pesky reporters. during the 2,020 campaign he was kept in his basement. during the pandemic he retreated behind his mask and zoom meetings. as president, he's out of town. the president's latest vacation began wednesday, august 10th, took his family on air force one. august 16th he came back to dc for a few hours to sign the inflation reduction act. that night he took marine one to his beach house in delaware. he makes a brief campaign appearance in maryland and then it is back to the wilmington place for the weekends. i am not being snarky here, the president is entitled to a lot of our and our but at times like this and the president like this we need reassurance that he is up to the job. seeing and hearing. third hour of varney starts right now.
charles hurt is here, do you think president biden is up to the job. >> no. that's a simple answer to that. no indeed. but your monologue is spot on. presidents are entitled to r&r and should get it. the central argument of president biden's campaign is he would make the chaos stop. that is the strategy of his handlers, keeping him out of the press but the problem as you point out, there is so much chaos whether is the invasion at the airport, gas prices are inflation or rising china, all this chaos and when you realize how much this guy is on vacation and in the white house he seems out to lunch anyway.
it is a real problem and winds up being a political question and people who are perceived as being weak, history is littered with politicians who have been tossed out of office because they are perceived as being weak. i don't think that's an unfair perception anyway. we when i want to talk about donald trump. president biden has been silent on the morrow log arrayed for two weeks. mar-a-lago raid for two weeks. why is he been so silent? >> it is a difficult topic for him but this dovetails into everything you pointed out. this is another example where the president seems out to lunch. this is one of the most important historic events where you have a former president and possible future political
opponent of this white house being searched by the fbi and the idea that these decisions aren't being made above the level of the fbi doesn't pass the smell test. remember in the 2016 election you had meetings in the oval office with the president and vice president with then vice president joe biden talking about efforts to spy on the trump campaign. the idea that all these decisions are being made below him i don't believe it. in the second place it doesn't matter if he thinks it is on the up and up. millions of americans have legitimate questions about whether the fbi is being used as a political tool to go after this administration's enemies and that is a serious problem. when american citizens lose faith in the law enforcement capacities of their federal government you have a serious problem on your hands and
president biden is doing nothing to allay those fears. stuart: can't see him running for a second term, can you? >> it is tough but the problem the democrats had in 2020 when they picked him the first time they still have so who do they go to? that's the conundrum for me. i have a hard time seeing how they get behind president biden again but who do they turn to? i don't know. stuart: thank you very much. the dow is heading south, up 160 points. the s&p down twee 8 as well, down 160 points. let me put it like this. inflation seemed to be moderating a little. the supply chain problems moderating just a little. will those factors allow the fed to be more dovish?
>> a little. until it turns into a lot i don't think the fed gets dovish yet. they have to stay hawkish until the data shows the little bits of moderation are stable new norms. stuart: when you say hawkish a sharp rise of 74 basis points a couple times. >> we will see another one in september, 50 basis points relative to the historic levels. stuart: how does the market react, 75, 75, 75, 50. if that happens, what does the market do? >> the market does what we see now. a lot of red in the markets, we see that through labor day and september if this doesn't change. stuart: i am going to get specific, retest the lows. >> what is in that time period,
unexpected data, much higher than people expected, i would think we want to see more control. we will go down from where we are, more good news. stuart: what should we avoid doing in this environment? >> one of the pieces of macro data is consumer data at record highs, consumer debt, $16 trillion, taking out more credit card debt, auto loans, high interest rates, employment uncertainty. stuart: rates are going to go up. they keep going up. last question. at the moment we have 8% inflation at the consumer level, 6%, 5%.
>> the 5 percentage ratio. stuart: that is quite positive. a nice solid rally. a plateau towards the end. one year from now. will i be better off or worse off if i don't change stock market investments? >> crystal ball questions this morning. what i am doing, looking at dividend yielding stocks. i want to go into stocks, they have good cash flow. good cash flow. there is exposure to upside in underlying price growth but income coming in. stuart: this is your personal stuff so you can tell me what you bought for the dividend. >> absolutely. i personally have been
investing in walmart, looking at businesses like j&j and traditional auto businesses. stuart: you like a dividend. >> i'm in an etf which takes the stockpicking out of it for stable dividends. stuart: that was really good stuff. i learned something. see you again soon. lauren looking at movers. i'm always interested in peloton. lauren: if you want to know what expectations are, they are ugly and down 6%, sales down 23%, cutting jobs, closing stores and 20%, how bad is the report going to be? stuart: we will find out. only time will tell. how about denny's? lauren: the restaurant chain. look at this. up 10.5%.
wedbush has turned bullish out for forming, they will do better in the second half of the half of the year, their menu prices went up but their own costs go down, food, fuel, the price of labor, and that's good for the margins. stuart: looking at pfizer, i saw it go up. >> the news is good, the booster in children 5 to 11 effective, a booster, and regular vaccine for kids under the age of 5, 73% effective. wise the stock down? this data is not changing anyone's mind about constantly having to get a vaccine or booster. stuart: pfizer around $50 a share. the vaccine stock, as opposed to pfizer. lauren: their partners down today.
biotech turn high rent moderna is down. stuart: do you remember the mysterious new jersey deli worth $100 million? that thing was worth $100 million. it is closed. we blix plane that for you. harvard could soon lose its title of richest school in the country to the university of texas. here is a hint, it has to do with oil. larry summers has a warning for all those pushing for student loan forgiveness, it will only make inflation worse. ♪
♪ hungry eyes ♪ stuart: the jersey shore is what you are looking at, 77 right there. i'm going to show you the new jersey deli that made headlines when it was the sole asset of a publicly traded company and that day was worth $100 million. it is closed. what happened? ashley: the deli was losing money and reportedly sold and closed. it is called your hometown deli, closed since june 19th and looks for a new buyer, bazaar, up by a plastic startup merged with hometown international.
a lot of public attention when hedge fund manager david einhorn noted the disparity between modest sales and the company's guy high stock market valuation of one hundred million dollars at the time einhorn commented the pastrami must be amazing. at the end of the second court the company reported net loss of $9 million attributed to closing of the daily and transition to bio plastics. stuart: that is a weird story. see you again. former treasury secretary larry summers warning that forgiving student loans will make inflation worse. how does that work? how does that create inflation. >> i have a hard time
recovering from that deli story. hysterical that you found -- it is very simple. what happens is mostly high income people, people who went to med school and have lots of student debt and vote reliably democratic and to reward their base president biden wants to forgive that debt. they are paying to the government one thousand dollars a month to repay their student loans and student loans are forgiven they have an extra thousand dollars a month they can spend on something else. the problem with inflation from the first place as you've been talking about is when you have lots of demand driving prices up. this is going to take a segment of the population that is already well off and give them an extra thousand dollars a month to spend on stuff driving prices up. stuart: apart from the economics of this i think there
is a heavy political element because i think the administration is trying to buy votes, vote for me, do you see it that way? >> exactly what they are doing. we've got to reward their base which is the teachers unions, trial lawyers and liberal academics so they are likely to do this and the irony is democrats pretend to be for the little guy but the typical blue-collar worker doesn't have a college degree, doesn't have student loans and a lot of them have worked hard to pay off their loans and all those people are getting left behind by the bidens, people who haven't paid their loans and people who haven't repay their loans are people who are english literature majors, and took a graduate program that didn't give them the skills so they are angry about society
and support the democrats and they are about to go -- stuart: trial lawyers and activists. jerome powell speaks at jackson hole, what do you want him to say? what do you want the fed to do at this moment? >> i will be at the conference and look forward to talking to you about it this week or next to see to see the impressions. a lot of stuff goes on behind the scenes which is unfortunate. what is going on in the world, inflation is dropping because we are in a recession and generally in a stagflation every recession it goes down to what the wage inflation level, wage inflation is 5% or 6% and inflation stays there until the on employment rate goes up and wage inflation declines and you can get back to two. the fed is at risk at looking at the declining inflation,
saying we don't need to tighten anymore but if you get close to a 2% target they have to tighten a lot more. and if we pause and reconsider and watch the data then it will be catastrophic. i need to see him describe the process i described to you. we have to get it below fat which means we have to watch the on employment rate go up a little. stuart: that would be speaking and planing. which is not something fed chair normally do. you need a translator. i am sure you will find one. >> we will read between the lines. stuart: thanks a lot, see you again soon. harvard university may lose its title as the richest university in the country. texas takes the title. is that right? ashley: you are right. forget yale, forget columbia,
forget princeton. it is it is all about oil, black cold, texas tea. the university of texas system overseas 2 million acres in the permian basin, the largest oil field in the united states which generates millions of dollars, as of universities dumping fossil fuel holdings as part of the socially conscious portfolio of the texas college system is on track to host its best ever annual revenue thanks to soaring iowa prices and production on its property and in fact the oil bonanza position schools close to $43 billion, to overtake harvard as the richest in the united states and as you can see it surpasses yale by 2018, thanks to rising oil prices. it has been going down as the university of texas is going up, as a matter of time, it is number one, remarkable.
stuart: you were quoting from the beverly hillbillies. ashley: i was, very good. stuart: the one thing i remember, the cement pond. thanks. show me the markets, the dow down 100 but the nasdaq and s&p on the upside. quick check of microsoft and alaska airlines, creating a startup called 12 to convert carbon dioxide into jet fuel, 12 claims there fuel can be used in normal jet engines and cuts emissions 80%, microsoft down, alaska air up. a small plane just made a crash landing on a road in florida and you've got the video, show us.
ashley: it shows a cessna plane crash landed on a road and 40, the video taken from a vehicle traveling nearby. >> on my god. holy -- oh my god. ashley: i would say that and a whole lot more. the pilot managed to escape without any injuries. no one on the ground was hurt either. the pilot reportedly told one media out that he got distracted when trying to fix the plane's faulty radio and ultimately ran out of fuel though that is not been confirmed, the ntsb is investigating that crash. stuart: we have a positive story, the governor of california, gavin newsom just vetoed a plan to create safe advection sites for drug addicts. illegal migrants are posing as
children so they won't get deported. david webb has that story next. ♪ ♪ ♪ ♪ ♪ ♪ your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire
stuart: why not play some sinatra, he has a song called chicago. it follows, doesn't it? if you like the music we are playing follow us on spotify, you can scan the qr code on the screen, we scan a new playlist every week, free music. >> sinatra has a song about new york, start spreading the news. some sinatra . >> and there is my way. stuart: there is the qr code. where are we now? the dow is down 130, the nasdaq is up 50. i want to concentrate on twitter. whistleblower revealed big cybersecurity issues and the twitter company. this is a big deal.
susan: this helps a lot musk walk away from the twitter take over, the whistleblower, twitter's former head of security, a former famous hacker was hired after those in from attacks of celebrity at politician account in 2020, filing a complaint with the justice department, the dc and the sec accusing twitter of misleading regulators, investors and users including serious lapses in protecting user data allowing too much foreign government access and accusing police of being spies for foreign intelligence, twitter responded, he is blaming twitter executives for trying to cover up these vulnerabilities, he was fired for his senior executive role for ineffective leadership and poor performance and adding what we've seen so far is a false narrative about twitter and privacy and data security practices, the whistleblowers pointing the finger squarely at
the current twitter ceo for mismanagement. is important to know zach was hired by jack dorsey, former twitter ceo and in this filing dorsi was extreme the disengaged in his final year at the company, the complaint suggests twitter doesn't have the resources or the ability to account for the number of fake accounts or spam accounts on the platform and yellen musk argued twitter overstates the number of users on the sites, undercount the spam accounts, reports say musk's lawyer has subpoenaed this twitter whistleblower for his case in october, twitter stock down, one of the worst performers on wall street because investors believe this complaint helps a lot musk terminate the takeover deal. stuart: if not for the musk bid that stock will be 20. >> based on slowing user growth and advertising revenue. stuart: great stuff.
president biden has had more time on vacation than his three immediate predecessors at this point in his presidency as kamala harris is taking a hike on vacation in hawaii. david webb, who is running the country if they are both out of town? >> can i put you in the job of running the country? stuart: no. >> they have been absent on the job from a policy perspective, they've been irresponsible when it comes to economic policy, energy policy, the bad optics of a superpower, the president biking or falling down a beach in delaware, kamala harris hiking in hawaii at the same time this vacuum exists and is an embarrassment to the people. stuart: it looks like weakness. >> it projects and indifference to what is going on. look at inflation rates.
homebuilders jobs, people trying to get their lives back on track and we have absent leadership and part of the job of a president and vice president is to project leadership. they sent us a press release every day and tell us they are doing the right thing while redefining recession so they can pretend it doesn't exist. stuart: we have been talking about this all morning, is the president up to the job if he takes all these vacation that is slowing down a nearly 80 is he up to the job? answer that question. >> i don't think he's up to the job. he has always wanted the title but when you look at what he's willing to do are not do by bringing in people, understand how the economy works and people running away from biden, mark kelly, pretending he cares about border security, pennsylvania with federman, look at the politicians in an election season who runs
elaborately away from president biden and kamala harris. stuart: this is your story, border patrol agents, 700 illegal migrants caught posing as children to avoid deportation. you know this story. >> this is been going on all along for decades i've been covering border issues and now we see on steroids. schools don't check your country of origin, your do for education where you are entitled to education and whether the foster system which is easier to leave and escape when you talk about importing criminals and others it is easier if they are young enough in their 20s to make their ages and change it to 17 or 18. stuart: 20 or 21. >> who proves it? where is the identity? the proof, the fact check? stuart: how many are we talking about? how many hundred?
>> we are talking about tens of thousands but here's what happens. you go into going to the school systems, second part of the story and primary part for americans, a thousand more teachers and educators in new york city to deal with the influx since biden has been in office not since abbott has been sending illegal aliens to new york city. when you look across the board in america you have the biden administration, 257,000, one hundred 11 and accompanied miners released into the country. our school resources, education resources, public school education, teacher-student ratio, the need for esl teachers, english is a second line which, the cost factor, the medical costs. we are talking huge drain on a failing public's will system. stuart: good story and thanks for sharing it. >> i always have outnumbered at 12:00 noon.
stuart: i have a programming knows. my other show was called american built on fox business prime. i've got a preview, this is the transcontinental railroad. >> the media followed this event like a war. stuart: rivals with everything to gain and everything to lose. >> it was built in a hurry. >> a lot of crime. stuart: a war between north and south, a dream to link east and west. >> some people call the crazy judah. >> people thought it was impossible. stuart: the ties that bind america. stuart: it seemed crazy. stuart: the transcontinental railroad. american built, 8:00 pm eastern tonight only on fox business prime. scientists use artificial intelligence to create images of the scariest thing on earth,
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the donors, they may not know it, but they helped heal my son. stuart: i want to warn our video but the next video may be hard to watch. man get sucker punched by a complete stranger at a mall, the guy was knocked out cold in what seems a completely random attack. crime like that causing a lot of people to want to protect themselves.
grady trimble report from a pepper spray factory where sales are surging. can't just anyone by pepper spray? >> there are different rules and restrictions state-by-state but pepper spray is legal in all 50 states and peopling increasing numbers are turning to it because it is a nonlethal form of self-defense. david nance is ceo of sabre, 70% of the market share in the us and you've seen sales skyrocket because of the surge. >> last year was significant to the point we had trucks lining up because people were so concerned about safety and they came to provide a safety plan. >> reporter: you provide to police a puppet across the country, chicago, new york and big seller to consumers exporting goods stores. who is buying it? >> often times parents of
people, college students, people in their 40s, concerned about safety of a loved one and the younger people buying from for themselves. recent study, 75% of young people feel they are in danger one time per day. >> i will demo this product. i never sprayed pepper spray before -- >> flipped upside down too. >> this is what police use. >> consumers get that too. >> this is home self-defense if you want to protect your house. not a bad shot for someone who never used this before. stuart: was that pepper gun? this orange thing you used? >> exactly. it has pepper projectile zenit so if an intruder comes into your home you could have this
by the bedside and be ready. stuart: we get the message loud and clear. good story. the governor of california gavin newsom just vetoed a bill that would have allowed safe infection sites for drug addicts. what was his reasoning? ashley: newsom has concerns about unintended consequences, it was a pilot program in san francisco, la and oakland that would have legalized drug use in specific supervised hygienic spaces were drug users could consume drugs using sterile supplies. governor newsom veto the legislation saying while the plan could improve the safety and health of urban areas without supervision and coordination in place, it could have the opposite effect. newsom says he remains open to the idea on a more limited basis with perhaps more comprehensive plans showing how programs could run safely and
effectively. some called his veto tragic while state republicans thankful governor, not enabling criminal actss. stuart: here's another one. scientists used an artificial intelligence program to create the scariest thing on earth. help me understand this and take it through. ashley: the computer came up with a picture of the democratic congressional leadership team. i'm kidding. and artificial intelligence program has rendered these images of disturbing, deformed monsters the reportedly answer the question what is the scariest thing on earth. that will give you bad dreams. the computer program bases its response on keywords typed into a prompt. the popular site crayon ai is famous for asking the computer eerie questions erie questions, the ai has previously shown what it says is the last people
see before they die, people's biggest fears and the scariest of all, what the future looks like in mark zuckerberg's meta-verse. stuart: fine work today. changing the subject. some democrats going against their own party and using republican messaging in campaign ads. roll tape. >> i stood up to some in my party and pushed to cut the gas tax and to hire more police officers. stuart: very interesting. brent roselle, our media guy, has his take on that next. ♪ ♪ li i had been giving him kibble. it never looked or felt like real food. but with the farmer's dog you can see the pieces of turkey. it smells like actual food. i saw a difference almost overnight.
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report in the uk newspaper the telegraph claims smith has signed the $100 million deal. he is ranked number 2 in the world and would be the highest ranked player to join the live tour. stuart: hard to resist $100 million. how do you turn that down? some democrats running a new campaign add with republican messaging. watch this. >> it is washington's fault, the rules we can our supply chain and spike inflation. >> the an apparent -- only democrat to vote against trillions of dollars. >> i learned about public service in new hampshire, not washington. stuart: that gentlemen just appearing on the right-hand side of the screen is brennan bozell, media guy, seems to be democrats putting a lot of distance between themselves and biden. is that the way you see it?
>> if you are democrat and were supporting president biden this would be your message which i am so and so, running for congress, i support president biden, i believe we shouldn't build a wall, it should be wide open and hundreds of thousands of illegals should pour over it and fentanyl allowed to come in in the last year could kill 470 million people. i believe in president biden, support me because our economic policy will give you 70% inflation, the highest gas prices we've seen in years, it will give you uncontrollable debt, you won't get baby milk formula but don't worry about that, vote for the policies of president biden and we will give you the lowest military enlistment in recorded history. stuart: sarcasm is a low form of wit but it can be very funny. >> president biden has the lowest approval rating of any
president in 70 years, this country believes we are on the wrong track, 70 force -- 74% believe we are on the wrong track, these policies aren't going to change, they will get worse. if you are democrat running for reelection in any contested race, you are headed for the tall grass for the tallgrass. stuart: the republican national committee says president biden has gone 37 of the last 53 days without taking a single question from the press. to me i think his handlers are keeping him under wraps. what say you? >> when they ask questions they are not hardball questions. have the media turned against biden? i keep saying no they haven't but the cracks are definitely there. the story we are talking about is people running for biden on the front page of the washington post, there are stories coming out because the
bad news is coming from every direction. often times what they will do is report the story and not blame biden for it. the american people are not done. they understand. stuart: the tracks are appearing, that a headline i like. thanks very much as always for coming on the show. time for the tuesday trivia question. i'm not sure i get this one. which state has the longest constitution? texas, alabama, pennsylvania, virginia? which one? the answer after this.
stuart: i just don't know how you can possibly get the answer to this question. ho would know which is the longest constitution much any state in the america? i hear you laughing, ashley. do you want to have a guess at this anyway? >> yeah. it's a pure guess. go with one of the older, how about virginia? stuart: i would probably go with either virginia or pennsylvania. the answer please? alabama in it is alabama. that is because the, state constitution currently has 977 amendments. that is in alabama. by comparison the u.s. constitution only has been amended 26 times. so now you know, ash. >> interesting. i know for the next cocktail
party, yes indeed. stuart: [laughter]. you're really entain them with that one, i tell you. >> oh, yes. stuart: by the way, ashley, did you see, did you see manu beat liverpool 2-1. were you watching? >> i did. i was. manu finally woke up. stuart: i have got to go to get peacock. i have to shell out some money. >> you do. you do. >> hey, neil. it is yours. neil: what are you guys talking about, soccer? stuart: very important stuff, neil. neil: understood. we are on another down day on corner of wall and broad. we'll get into details. one of the latest catalysts, signs of a continuing slow down in the housing arena, new home sales declining 12.6%. much more than expected. continue as theme we've been seeing slower than expected news on the real estate front. homebuilders are up on all of this. of course they have been beaten down pretty mildly, maybe the markets are tellin