tv Varney Company FOX Business September 8, 2022 9:00am-12:00pm EDT
around the world. >> she lost her husband, prince phillip in april of 2021. her health has been in decline really since then. she had limited participation in the platinum jubilee celebration in june of this year, but as we handed off to stuart vanny, we pray for the queen and her entire family. >> stu: we really do. good morning, everyone. i'm not a big fan of fed watching but jay powell will tell the world what he's going to do with interest rates. powell should tell us by how much. have no fear, lauren is here and she will explain all momentarily. in advance of the interest rate reveal, stocks in a narrow range this morning of yesterday's gains, we should tell you the europe central bank hiked rates
by 75 basis points earlier today and we have the dow falling a little and off about 100 points for the dow and 17 for the s&p and 80 for the nasdaq and bitcoin back to $19,000 level and 19152 right now. look at oil, big sell off wednesday, no real recovery today. china extended the covid lockdown in several cities. germany and britain on the verge of recession. it all brings down the demand for oil and the price goes down, $83 a barrel right now. the good news is that gas prices should continue to fall. regular is down another cent overnight at $3.75 and diesel down one cent, $5.04. on the show today, a broadside from mark cuban aimed at progressives and senator elizabeth warren in particular. victimology from oac in a
lengthy interview with gq, she talks about the hostility she encountered in the senate. she said too many people hate women, especially women of color and worries marrying a white man wouldn't be a fit for her. a blast at "the wall street journal" aimed at california governor gavin newsom the state with not climate change hurts it's newsom's climate policies hurting. they've had to go back to fossil fuels and 30% of electricity in la come comes from coal. that's called newsom's dirty climate secret. and queen elizabeth health's deteriorating and placed on medical supervision at her estate in scotland and doctors are concerned about her health. the queen is 96. it's thursday, september 8, 2022, "varney & co." is about to begin. >> stu: good morning,
everyone and good morning to lauren and brian all together on the set here. it's thursday, i knew that. hello. together, we are going to make the federal reserve interesting and exciting. no matter what, we're accomplishing that goal. lauren: pressure isen o, i'll take it. brian: lauren can do it. stu: can i get a word in. the fed chair jerome powell will speak in a few minutes time. that's all it is. is he going to be clear and say right, 75 basis points, lads, or 100 points. will he be clear or tea leaving? lauren: how long have you been doing this? stu: 50 years. lauren: he is going to say i'm going to be data dependent and get one more key piece of information, cpi, comes on
tuesday. you can't just bring down inflation. morgan stanley said something crucial, energy prices are coming down. that's great, but rent, well, that's going to remain strongly elevated for some time. there's no magic wand here. watch his tone. he was a hawk in jackson hole, his vice chair lael brainard was a hawk yesterday saying we're in this as long as it takes to kill inflation. this is the fed's most important message before the quiet period ahead of the september 21st meeting. goldman says going 75. stu: i don't care. it's another case of tea leaf reading. we're all looking at every word he says, every pause, all the nuances. lauren: it's about the tone. stu: yeah, and the computers will pick up on some key phrases and the markets will go up or down depending on the key phrases and we won't know anything more. lauren: it's about front loading. if you can do the bulk of the rate hikes now, you're padded
when growth slows and gets cold in the winter. stu: i see your point. brian: stuart if there's know interpret, there's no mystery and it's not interesting and he doesn't get to be on tv and people don't watch hip. you understand that. to get the attention, you have to drag people along. not good for markets but, you know, it's good for his power. stu: i wonder how many people in america are employed solely to read the tea leafs coming out of jerome powell's mouth at fed meetings. must be tens of thousands of people that make a living out of this. we made it interesting, didn't we? we did. we'll bring you the news when it happens. joe duran the man himself in charge of personal finance, i believe, at a major investment house. all right, joe. if the fed hikes 75 basis points or announces 75 basis points today, if it's 75 basis points, what does the market do? >> i don't think very much. i think it's what the market expects. we had a 75 basis points in
europe and it's much in line with what everyone expects that the issue is not the 75. it's what happens next. probably one in november and another one in december and we'll be the high threes. stu: what kind of trading rate is the market in from now till the end of the year. >> we're going to float around a lot and we have about a 70% likelihood that we're somewhere around 4400 by year end and have a 30% likelihood we're back down to 3600. it's not a huge range but we could be down something like 10%. we could be up something like 10%. we lean towards more positive. we think there's not an unreasonable chance of likelihood like 50% likelihood we have a recession in the next 12 months, but if we keep up to
about a -- creep up to 60%, 70% in the next 12 months and doesn't mean the market won't go up, we've priced in a 20% decline already and you really don't want to be trying to fade the market, it doesn't work. the good news is investors today who are retired have a nice income now on their portfolio, tina is not a thing. we're all talking there is no alternative, today you can get yield on your cash and that makes equity as bit less attractive, which is why again we're seeing more volatility. stu: on my two year treasury, i can get 3.5% and hold to maturity, no risk. that's what i'm doing. joe, i'm out of time and have to make room for red chair powell coming on momentarily. we're not putting him on the set. believe me. joe, thank you for joining us. see you again soon. >> you bet. stu: let's get to britain. the new prime minister, liz truss, she's going to have to respond to extraordinary spike in energy prices.
utility bills doubling and may double again next year. lauren, what's her energy plan? lauren: this is monumental. she'll cap consumer bills at $2,280 per year for two years. that covers britts this winter and next. their bills were set to jump 80% next month, this averts that. the cost is $170 billion u.s. dollars. how do you pay for it? we don't know. the finance minister will make an announcement next week. is this an energy solution or a way to get through the next two winters. she did do something promising, announcing more than 100 oil and gas exploration licenses and removed the ban on fracking. there's a big but here. fracking is different in the uk than west texas where there's lot of space. people done want to see a sand truck or drilling rig in their backyard. after two years maybe our bills will skyrocket and our taxes go up to pay for all this, maybe i'll look at that drilling rig.
stu: she's capped prices or costs to consumers and will increase nat gas supply. lauren: pound at 85-cent low versus the dollar as a result of all the spending. stu: queen elizabeth ii, her health is declining. lauren: buckingham palace says the queen's doctors are concerned for her majesty's health and recommended she remain under medical supervision. she remains comfortable at her estate in scotland. prince charles is with her and prince william is traveling there. she's 96 and crowned june 2, 1953. stu: she's been the queen of england for almost my entire life, almost my whole life. i don't know of another monarch in my home country. it's quite moving when this thing happened. lauren: and so timely she got to meet with liz truss just yesterday. brine: and looked good in that meeting. stu: frail. brian: but smiling with that
energy there. stu: yeah, we'll keep everybody up to seat in what's happening in scotland with the queen of england. next case: mark cuban calling out senator elizabeth warren and other democrats on their push for new taxes. i'm going to quote for you "i don't mind being taxed more. i wrote a blog 20 years ago saying it's the most patriotic thing you can do after military service is pay your taxes because that allows everybody to live and prosper. but the idea of just soak the rich, billionaire tiers, let's sell that c cup. screw you, elizabeth warren. you're everything that's wrong with politics". that was a little strong. brian: he's right about elizabeth warren, she's had nothing to say ever except that thing that's yours should be somebody elses and i want to take it from you. she's never had a plan for process parity or pro business plan in the country. business owners large and small have looked at her and said, if she comes after he, i'm toast.
if she gets power, i'm toast. and the problem has been the biden administration has been a quasi elizabeth warren administration. i agree with cuban, the language is strong but the point is well taken. stu: it should be extended with the chair of the budget committee, bernie sanders, he is a specialist. at what point in socialist. at what point can we live with a socialist at the chair of the budget committee and another socialist elizabeth warren wanting to take our money. brian: the economy is not going to grow and opportunity is not created. we have some of the worst people in america when it comes to the market and business in positions of power right now. everyone's focused on the president but that is just the tip of the iceberg here and in some ways, the real momentum comes from the warrens, the sanders in those key posts. that's the issue that voter haves to fix. stu: i thought we'd have a
boring start to the show with fed powell. all you have to do is talk socialism. i'm in there. check futures please. we were headed south a little bit. down 130 on the dow and down 90 on the nasdaq composite. coming up, hillary clinton back in the spotlight and she's not backing down from her attacks on the gop. rroll tape. >> the problem is if you go through the hallmarks of authoritarian regimes, you see too many characteristics, unfortunately on our republican side. stu: i wonder if senator rick scott, he is a republican, does he see those same characteristics in his party, authoritarianism? rick scott will be here. dr. fauci and jean-pierre have 21 days to turn over e-mails they sent to social media companies. attorney general of missouri, eric schmidt filed a lawsuit
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moments ago fed chair powell started to speak and the market has started moving south. powell has said he cassioppi cements the responsible -- accepts the responsibility for price stability and he's got to keep going till they get the job done. the job being containing inflation. the market is heading south and yield on 10 year treasury moving up just a little. you're at 3.28%. we'll keep you informed of what hellas mr. powell has to say. ceo of google warning that layoffs could be on the way. lauren: also job cuts might be needed to make google 20% more efficient so hiring ballooned in the past five years and added 76,000 additional employees but all those people, their productivity is down, too many cooks ins kitchen, can't get anything done. it's true. it gets delayed and it's not working for google anymore and expect some streamlining. also the economy is slowing, the fed hiking, potential recession. there's also anti-se an antitrut
investigation. stu: why laughing when they hired 76,000 people. brian: i'm picturing all these people standing around at google looking smart and hip and coming up with ideas saying we're not making enough money. you need to go home. lauren: i worked at another network where they wouldn't let you press certain buttons. if you pressed that button, it'll work. we had to wait for the right person to come in which do it when i could a done it. stu: i know what bower talking about. a judge ordered members of administration to turn over e-mails from their conversation with social media companies. those e-mails will be sent to the attorney general missouri eric schmidt who joins us now. mr. attorney general, this includes e-mails from jean-pierre and dr. fauci. what are you suggesting they did? >> well, we've had a big couple of weeks here, stuart, with uncovering really a vast sensorship enterprise.
what we've uncovered so far is at least 45 folks from the biden administration were in constant communication with these social media platforms to sensor and suppress speech, had weekly calls, sensorship calls, these social media platforms were changing terms of service to de-platform folks and in addition to that, you had a high ranking official texting the surgeon general asking we did what you ask, what more can we do? last week a federal judge ordered white house officials, doj fighting this and white house officials now -- these white house officials have to produce things like fauci and the press secretary and that's very important so we can figure out what they were doing and what their communications were with the social media platforms. all of this should scare america that their government is moving and outsourcing their social media platforms to silence
americans. stu: was it sensorship or manipulation by the white house and cdc? >> it's direct communication in issuing edix that the social media platforms were following. that is an extension of the government, which is why this is so concerning. you know, people say a private company can do what a private company wants. here we have an example that's been uncovered for the first time. first time we can look under the hood where the federal government is directing the social media platforms to de-platform people to silence folks ask they're doing it. at that point now, we've reachet silencing somebody in the town square via the social media platforms online, which is illegal and we filed a lawsuit for that reason and this discovery is shining a light on how involved they were and we can't wait to see dr. fauci's e-mails and we know as when jen saki was saying when she was
social -- this lawsuit is so important and the revelation so far have been shocking. stu: mr. attorney general, when you get those e-mails, i'm sure you'll take a look at them, would you come back on the show to tell us what you found? we'd appreciate that? >> we'd love to, stuart. stu, thank you, mr. attorney general. see you soon. more news about queen elizabeth. who is traveling to see her or to be with her? lauren: now the duke and duchess of sussex which are meghan and harry are traveling to see her per buckingham palace spokesperson. they canceled their attendance at well child awards, that are taking place today. stu: prince harry and the duchess. lauren: going to see his grand mother. stu: prince charles is there and prince william lives close by i believe. the royal family is gathering in this time. okay. check futures please, we're on the downside losing about 160 odd points for the dow.
stu: look at markets heading south. we have what appears to be some hawkish tone from jay powell this morning. that's why the markets are down a bit and dr barton is here with us now. the market watcher of this thursday morning. you've been watching what jay powell has to say. is it a hawkish tone and why the market is selling off a bit? >> one of our favorite things to do here in the barton household is watch my wife as she reacts to programs. that's what i love to do when fed powell -- when fed chairman powell speaks, stuart, listen to what you have to say about this and also brian and lauren had really salient points. that is exactly why we're going down now, but i think that this could be a smoother ride into the fed announcement and 86% chance of 76 point pop when the
announcement comes later this month. stu: you're not looking for a huge selloff because interest rates will keep going till he gets the job done. not looking for major league selloff, are you? >> not just on the announcement when weight there, stuart. i believe that major league, that major league selloff has a small chance but i believe what we're going to have a continued chance is bouncing markets. markets that are going to be volatile. there's still going to be risk, up and down and gone are the days of straight up on almost every stock, stuart. playing portfolio smart is the key thing to do right now to mitigate that risk. stu: tell me again why i'm so wrong if i buy a two year treasury, hold it to maturity, take my 3.5% interest with a small tax break. what am i doing wrong? >> stuart, that's a really
excellent strategy for a good chunk of your money. six, nine months ago i might have said, well, there's some other things we can do right now. i like that strategy but i think there's some other places that you can go as well that are almost as safe as your beloved treasuries are right now. stu: like what? >> well, i like southern company. you and i talked about that one in may. when it was down about $74 and now up to about $79 and we've made about 8% on it on growth. we've also made the same amount, about three and a half% in yield so there are still some places where the rest of the market goes crazy and doesn't like it and utilities people will flock into them because they're known as safe havens and they continue to churn out cash flow. stu: all right, we'll check out the southern company and its 3+%
dividend yield. we'll ring that opening bell to start trading this thursday morning. the backdrop really is what jay powell has to say about interest rates. when they're going up and how much they're going up as we said just in the last half hour, he's taken on what most people think is a fairly hawkish tone and the market is responded with some selling. so here we go, we're off and running, it's 9:30 eastern on this thursday morning. we're going to open down but how are we going to close this afternoon is the question. you've got the computers reading every word that jay powell is saying, responding immediately. how they respond by the end of the day, brian, i haven't the faintest idea because these things go on all day. we started with just one of the dow 30 stocks on the upside. the rest either unchanged or down and the dow is down 200 points. s&p 500 down about three quarters of one percent and
nasdaq lower to the tune of 1% on the downside. show me big tech, please. all of them are lower, including apple after their announcement and reveal of the new iphone yesterday and the apple watch, they are down this morning. morning $154 is your price. start with disney and twitter, bob iger, he's the chair at disney and thought about buying twitter in 2016 and decided against it. why did he decide against it? lauren: one of the reason is they learned a substantial number of users were fake and they could get twitter -- they were going to use it not as social media but for a distribution network for all that disney content before the presidential election. he said, you know, it was starting to get a little bit nasty on there but because of the fake users, they got a discounted price. both boards agreed and he bailed. he got cold feet in the end and was speaking at code conference in beverly hills and elon musk is listening saying how do i use this in my bid to get out of twitter. twitter is down today but it was
up yesterday because the judge said, no, no, no. the trial is happening in october. you can't get a pushback, elon musk. stu: another storied stock, to me is meme stock, gamestop. they are up big this morning, 2.5% but i'm confused. didn't they have a poor report? lauren: yes. stu: does that mean anything? lauren: no, because they're a meme and i can say ryan cohen did not sell shares and maybe there was worried he would. they added this revenue stream, it's a partnership with ftx to allow shoppers to buy -- i'm laughing and you buy a gift card in a gamestop for nfts. it's their revenue streams. it's unlikely to yield meaningful sales or profit but it sounds good. stocks up 2.5% but, yeah, the news was bad. sales fell, the loss widened and have less cash on hand, excess inventory, but the stock's up. stu: it's a meme stock.
we have to get used to that, i guess. i want to talk about netflix. put them on the screen, please. they're down 2%. they've got to cut costs. lauren: everybody does. stu: how are they going to cut costs? lauren: they're closing salt lake city, utah, office and shrinking la and los gatos offices and hiring cheaper and junior staff and when you look at netflix, you have unlimited swag allowance. you can buy as many baby onesies and hoodies and coffee cups you want. brian: they have branded stuff like onesies. lauren: unlimited allowance for the swag. now it's $300 a year. stu: you're right, i don't see people walking around with netflix hoody or anything else. lauren: if i had unlimited swag allowance, everybody would get that for christmas. stu: now, tesla, they tripled
their deliveries from the plant in shanghai, china. lauren: remember in july, they had to idle some of the plant for upgrade in shanghai and the july numbers were terrible and came august and the plant is back online and they deliver 79,965 cars in china. stu: it's a come back. lauren: it's a solid number but it's a comeback. it's impressive because of the energy consumption with the conservation with the heat wave and then their battery suppliers locked down because of covid restrictions. it is impressive that tesla was able to do that but i don't think you could say, they tripled the number of cars because the comparison was low. stu: just came back. okay. i remember, i think it was late last year we had the story about united airlines placing a bet on electric, electric air taxis. i understand they've doubled down, put more money to these electric air taxis. lauren: it was archer mobility and now it's eve air mobility. united is buying 200 of their
flying taxis with the right to purchase 200 more. what are we going to use these air taxis for? brian: right. lauren: 100-$150 and have to build the infrastructure and you literally take the flying taxi to the airport. stu: that's a misnomer. when you say taxi, you think of some vehicle wizzing around cities. these air taxi, aren't flying to the top of one to the other. that's not going to happen. it's for short hops between very small towns. brian: they're talking about taking you to the airport but that's not the problem right now it's not getting to the airport. the problem is when you're there, you can't get to where you want to go. how about buy more planes and hire more pilots. call me old fashion on that one. stu: not allow pilots that have 66 or 67 years old to work. why not? lauren: this is the start of the future when there will be flying taxis and there's no many traffic and you can rise above it and fly above it. brian: it's all be up there in
the skies and that's more complicated, isn't it? stu: you do a great job of calming us all down. first solar, they're on the screen up 1.4%. lauren: that's it? double upgrade from sell to buy. price target from $60 to $172. why? goldman says for solar, best leverage to be an immediate beneficiary of the inflation reduction act and many factoring credits and gives solar 80% u.s. exexposure. brian: all that taxing is going to line their pockets because they benefit from the inflation reduction act. it's not value creation, it's government rent seeking. lauren: why is the stock up only 1%? a double upgrade? all that positive sentiment coming from goldman. i thought it'd be up more than that. stu: but it's not.
sorry, i'm still ennewsed about powell and how exciting he .s dow down 240 points and there's some movement on the dow. proctor & gamble up 20-cents and wal-mart up 12-cents and the rest are down. moderna, freeport, twitter, biogen, winners on s&p 500. there's some winners. there. nasdaq, regeneron, unchanged and antigen down. not much movement to the upside today. look as we may. ten year treasury, yield is going up, or it was, now it's starting to head south a bit. 3.26% is the ten year. price of gold, $17.22 per ounce. bitcoin just above $19,000 per coin, $19,143. price of oil, low 80s. $83 a barrel. nat gas, $7.97 and rising just a little. very volatile comity. average price of gallon of gas
down one cent to $3.75. the cheapest gas in america is in texas, $3.21 for regular there. buckingham palace says doctors are concerned for queen elizabeth's health. members of the royal family gathering around her at her especially estate in scotland. >> cool your home and make sure that thermostat is above 78 degrees. still feels cool beyond words. i walked in at 78 degrees and felt like i needed a jacket. stu: i wonder if governor newsom read this morning's wall street journaling that takes his climate policy to pieces. we'll be back. ♪
stu: dow is up 100 and nasdaq down 64 and the treasury yield up about 15, 20 minutes ago and now it's moved a fraction lower, 325 is the yield there and show me the two year, please. 325 on the ten year and 346 on the two year and again that's close and a recession indicator. administration about to release its $50 billion chips act. susan lee joining us from san francisco with how much of this money is actually going towards actual chip production. production? >> they say the majority of it. it's the bipartisan agreement to help nurture advance technology and encounter technologies and
you get 25% tax incentives as well and $28 billion into the wafer plants and you have another $10 billion helping support older technology because older chips are still being used in pcs and smart phones and $11 billion go into research and development and as a result companies are looking to invest billions of dollars state side in some of the chip factories and we know that intel is breaking ground on some of its ohio plant and $15 billion back into the state and they make those chips were app and will they're going to invest around $12 billion into arizona and samsung could go up to $200 billion in texas over the next few years so as a result of the administration putting money into building these ch chips and they say, look, we want you to also have national security in
mind nvidia and amc told them stocks are using artificial intelligence and facial recognition and chips act with a lot of money and commerce secretary being very clear about how this money will be used. >> they're not allowed to use the money in china and they can't develop leading edge technologies in china and they can't send latest technology overseas. if they take money and then do any of these things. >> they're start dulling up the money closer to the end of 2023. stu: got it. susan lee joining us from san francisco. see you soon. apple unveiled a new apple watch
and iphone yesterday. mark, you saw the whole presentation. what was the big standout to you? >> i think it's the iphone 14 pro because apple is giving us a fresh design for a change. there's that -- a lot of people complained about that at the top of iphone 14 and previous iphones and this changes now with how long it'll take for your lyft to arrive and you get those even if you're inside other apps and they've repaneled how to interpret with other iphones and 48 megapixel camera and the camera captures and there's always on display and you can look at notifications that come in without turning on your iphone and that was the big hit. stu: we were told, i was told that the surprise was that it didn't increase prices.
as i understand it, the iphone range is between $1400 and $100 per phone -- $1100 phone depending which version you buy into. >> yeah, apple was a bit sneaky in a way they've raised prices because they got rid of the iphone, there's no iphone 14 mini. they've replaced the mini with the iphone 14+ that gives people a big display for $899 and the good news is you don't have to pay pro prices to get a big display in a way they're increasing prices for that segment and i think that's going to be a very popular iphone for people who want a big screen without the pro premium. stu: okay, we'll check that out. mark spooner, welcome back. good to see you again. we'll see you again real soon. thank you, mark. a new poll shows -- here we go again. back to this expression, the quiet quiters. this poll shows they're taking over the work force. i can't believe that.
lauren: 50%. 50% of people here in the building are quiet quitters. brian: at this table, 50%. stu: what's this, some kind of poll? lauren: from gallop. i'll try my best. so 32% of people and 18% actively disengaged and they're ready to quit, stressed out and don't want to commute to work and they're being told to. half the people right there and other half in the middle like, okay, i'm living and working for my paycheck and they were home for years and they're doing what's expected of them and nothing more. stu: what do you got on this there, professor? brian: like buck up, butter cup. you've got to work and go to the office. what's this disengage thing. lauren: companies need workers. what do you need to do? say you're a young person and you started in your first job to do the quiet quitting.
brian: it's not going to translate in upward mobility. lauren: that young person is working from home and it's so easy to not connect when you're not in the building learning. brian: also and not work. engagement was the highest in 2020 was everyone was at home and not working. no surprise. now you've got to go back to the office and do your work and develop those relationships. that's what it takes to invite it. those tech guys are saying that. you can't invite. lauren: ceo andy jackson said i'm fine working where you want and i don't care. he knows and it's to retain workers. stu: the team that puts the show on the air. that's the age group and they work like crazy. i got to go quickly.
former -- coming up, former first lady michelle obama took a dig at trump to the white house. once our time is up and all that remains in this hallowed place are good efforts and these portraits. stu: okay. bit more on that coming up. on gq's latest cover, congresswoman alexandra ocacio cortez said she could never run because this country hates women. we'll be back. ♪
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a lot of things it'll be competing against and this all says general motors latest technology including the hands free super-cruise highway driving system and latest info tainment and keep in mind about that price, this will be made in mexico and it'll qualify for part of the new federal tax credit, at least $3500 but if they can get the battery materials sourced in north america, this will be -- will qualifying a full $7500 tax credit and down to one now and under the new plan, it'll be able to get this and 22, 5 for the new electric and more.
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or send it to a cardiologist for review. kardia can do all that? all that and then some, greg! kardia also gives you access to heart health reports and automatic ekg sharing. what next? let's get some fresh air. been cooped up for too long. yeah... ♪ kardia mobile card is available for just $99. get yours at kardia.com or amazon. stuart: good morning. it is 10:00 eastern, breaking news. doctors are, quote, concerned about queen elizabeth's health. take us through the latest. lauren: buckingham palace is following further evaluation the queen's doctors are concerned for her majesty's health and reagan ended she remain in clinical supervision. the queen remains comfortable. prince charles is in scotland
to be by her side, prince william who is second in line is on his way as our harry and megan. they are not there yet. they are very concerned. stuart: grave situation. lauren: 96 and has been queen since 1953. stuart: she has been queen of england for almost my entire life. i'm into my 70s and she has been queen almost my entire life. i will move on, look at the markets. the dow was down close to 200, now we are down 90, one hundred 11 to be precise, the 10 year treasury yield coming down a little, down 3.25%. the price of oil below $80 a barrel, 83 to be precise and bitcoin holding onto $19,000 per coin. it is thursday just after 10:00 eastern. mortgage rates.
lauren: 5. 89%, they keep going up, they were 5.66% the week prior. freddie mac says rates are going up, shop around and get one quote, one additional quote, compare, save $1500 over the life of the loan, get three plus quote and you can save $3,000 so rates are up, shop around. stuart: that's not having an impact on the stock market, still at 100 points. now this. this is the cover of the latest issue of gq magazine. alexandria ocasio cortez, a conversation about masculinity, politics in post row america. in this conversation the 32-year-old new york democrats take the victimobligee to new highs, she is the ultimate victim, grievance is the basis of her politics, she tells us gq is unlike, she tells gq it is unlikely she could be
elected president because so many people in america hate women and they hate women of color, just to extend her victim credentials. she says there was open hostility from democrats from her first day in congress which i experienced a lot of targeting diminishment from my own party, she says being in congress is tough when the gop is trying to kill you. she' s dramatic but doesn't answer questions about the future because she doesn't know if she will be alive through september. soup to nuts, victim obligee written large, she is a socialist and socialists thrive on victim obligee why they never seem happy. they always want what you've got but they don't want to work for it, they just want the political power that lets them take it off you. gq magazine says she is the political voice of a generation. i hope they are wrong, second hour of varney just getting started. ♪
stuart: charles hurt joins me now. he has been sitting with me during that editorial right there. i think he was quite impressed. >> i have nothing to add but it is amazing. me me me me me. almost like she is starring in her own movie about herself and she's talking about how racist her country is and she kind of used herself as a kind of gandhi your glass ceiling shadow were but she is doing it for a country that doesn't deserve her. we when the nature of the times in which we live, the left is victim obligee writ large, that is what they do, they are always complaining about something. something has always been done to them for which they require revenge or something. >> if you spend all your time thinking about your self, this
is the natural course of where this progresses to. she really, she believes the world revolves around -- you've got these -- the gentlemen's quarterly magazine you've got these opulent pictures of her on the steps of the capital talking about the little people and it is gross. most people would look at it, her supporters would look at it they would find it pretty disgusting because it is disgusting. of the when she will be reelected. that happens. >> i don't think she would get elected beyond a place like new york, i don't think she could sell what she's got on a national scale. stuart: it is difficult to change gears here. i want to go from aoc to queen elizabeth, there's a huge difference obviously. the queen is under medical supervision from doctors, family members by her side. this really is -- looks like the end of an era, that is
entirely possible. she's been on the throne since 1953. >> it really is. not to belabor the point but to go from aoc to the queen and talk about the most selfless servant on the public stage for a lifetime, a woman whose entire life is bound in duty to others, duty to her country, it is extraordinary, that petite queen is what we should aspire to. she is truly the figure that should be the star of a movie. stuart: she is a genuine figure to unify, we do not have such a leader in the united states. >> probably does not spend one minute or one second of every day thinking about herself. she think of others.
stuart: she has been on the throne since almost before i was born. >> i'm not a monarchy person -- >> think of the transition we've gone through. a brand-new prime minister, former prime minister is out. a chronic situation in energy prices and now -- >> that's just an i flash at the end of her term. think about from 1953 all the country has been through and all she has offered a steady hand it is amazing. stuart: no other leader in the world has seen such change. it was great to have you on the show. let's get back to the markets, still on the downside but not as bad as it was earlier. the market is reacting to jay powell.
it is a rather hawkish tone. i'm sure you are watching. what do you think? >> jay powell is not a hock. is forced to be a hawk right now and same with the rest of the central banks and europe, raising rates also, kicking and dragging to do that. still behind the curve, erased 3 quarters of a point again, equal with the markets and then we will see what happens but we have no doubt liquidity drove the markets up, liquidity and lack of liquidity has taken it down. i believe they caused the views on inflation, now they have to fight it and we are the victims unfortunately and markets remain bearish but i do believe we've seen the low yesterday for now. we have a few above the bear but i'm not so sure there's not more negative to numb before
the real bottom. stuart: so it is still a bear market. you are not quite sure whether we will see another big drop before the end of the year. you think that is likely? >> here's the good news, solar stocks during a market, waste management, board market, managed-care, hmos, there are some areas that have shown up on my screen that are bullish and that is not happened in quite a while, that said, usually the last legs of a bear market are nasty and vicious and i would not be surprised if we eventually take out the june lows but we are holding okay but in the next -- i'm not so sure about the next few months and if powell decides to go too far, in other words he went to 9 trillion of printed money too far on the upside creating the bubbles and leverage and if he goes too far on the upside with
interest rates the markets, we will see in s&p 30 and nasdaq 50 to the downside so i'm keeping fingers crossed that he doesn't get too crazy the other way. i would rather the central bank not be as important, i would rather talk about the great earnings and revenue growth of some great companies and how the american business and the american people have done so well. instead we have to talk about one man and his whims and i can't tell you how mad that makes me in this reality. stuart: we have been warned and we will take it. thanks a lot, see you again soon. moderna is moving in a downside market. lauren: they expect to use trials of vaccines with the msrna vaccine, to treat other rare ailments so they expect by the end of the year they will have that and got an upgrade today. stuart: show me mccormick's, the space people, they are down
7%. >> there forecast is below estimates but so many people are cooking at home, we are still cooking at home even though the world has reopened but inflation hits them and even with that demand stock is down 8%. stuart: here's a company, i know what they do, kellogg's, cereals, what do they do? >> most people put milk in it. milk is expensive. you are on the go, you can buy a new kellogg's instant ball, it has a little powder milk powder, you add water and you are done, $2 at walmart. stuart: i was brought up on that. right after world war ii they didn't have much fresh milk, powdered milk from america. >> we do the mac & cheese with powdered cheese, it is not bad. stuart: i was also brought up on spam brought in from america to feed the brits after the war.
all right, going to move on. finance titans fled new york city, reportedly filling private schools in palm beach to capacity. there's a story for you. queen elizabeth under medical supervision, family rushing to the side of her estate in scotland, she's been the monarch of the family, of the country for more than 70 years. latest developers for you as a come in. other clinton goes on the view, once again slamming the republican party, roll it. >> the problem is if you go to the hallmarks of authoritarian regimes, you see two -- too many characteristics, unfortunately, on our republican side. stuart: i will ask florida senator rick scott what he makes of clinton's latest attacks on the republican party, he is on the show next.
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stuart: modest losses, dow was up 100, nasdaq down 33. here we go again. congress has until the end of the month to iron out a spending deal and avert a possible government shutdown. what are the sticking points this time around. >> chasms remain between congressional negotiators as to what may be part of the short-term spending bill to avert a government shutdown, senate minority leader mitch mcconnell doesn't want to load up the bill with additional items but there's a push to
tackle war aid for ukraine. >> the cleaner the cr the better, ukraine is a priority for most of us on both sides of the aisle. we will have to see what they are requesting and how much of it is designed to help ukraine wage the war. >> there's talk senators could add to the bill a provision to codify same-sex marriage, democrats need ten gop members to break a filibuster but that bill could move on its own. >> two leading members on this issue, senators baldwin and sinema are working with republicans to see if there are enough votes to pass the bill but let me be clear. a vote will happen. a vote on marriage equality will happen on the senate floor in the coming weeks. >> there is a debate how to handle money for coronavirus and monkeypox, republicans want to use unspent covid dollars for the pandemic but democrats
prefer to locate new money. one thing could compel a quick resolution to all of this, members want to get home to campaign for the hotly contested midterm elections. >> there's nothing more effective or powerful than personal contact between a candidate and voters and they will be spending the month of october pressing the flesh. >> reporter: senate majority leader chuck schumer says to expect a stopgap spending bill through december, than a broader omnibus bill to run through next october. stuart: can't wait to. chad program in dc next. hillary clinton is comparing the republican party to authoritarianism. role tape. >> the problem is if you go through the hallmarks of authoritarian regimes, you see too many characteristics,
unfortunately, on our republican side and my most fervent hope is that republicans themselves will begin to reject all of that, verbally, vocally, in their voting, and kind of re-consequent the republican party to where it used to be and not the party of trump which i think is very dangerous to the country. stuart: senator rick scott, republican from the state of florida jointly now. this kind of divisive rhetoric from the left is piling up. watch the republican counter message? >> if she wants to talk about authoritarianism let's talk about the real lago raid, don't know why they did it, don't get any information against a former president potential political opponent, 87,000 more irs agents, we don't even have 20,000 border patrol agents, they had 87,000 more irs agents to go after families across the country, talk about authoritarianism, that is what
democrats are doing, they want to dictate everything. didn't hillary clinton lose twice? ran for president twice, why are we listening to anything she is saying, the party that needs to be reconstituted as the democrat party, they are the radical left, look at the speech biden gave, should call it the raving lunatics be by the way next time don't put those marines, put armed irs agents because that is what they are going to hire, armed irs agents to go after american families, that is authoritarianism. we when you tried to stop this extension of the irs, didn't make it. >> they are doing it. i had on the floor, democrats blocked it, targeting rich families, something the democrats voted against to say there's a reason highridge
agents, and guess what, they voted they can but they go on the floor, 87,000, not enough rich people, don't need 87,000 to go after wealthy families. stuart: you tried to stop this half trillion dollars worth of handout in student debt forgiveness but that too is going forward. >> they think it might cost as much as $1 trillion, the stroke of biden's pen and in my state i've got construction workers to pay off the debt for doctors and lawyers, somebody got a great job on wall street but that construction worker will pay for student debt, how fair is this? stuart: i can't answer that question. i can't do that but i can raise this issue. we have a paul from the aarp and it shows governor desantis with only a 3 point lead over his gubernatorial challenger
charlie crist, only a 3 point lead, 50-47. that seems a very narrow lead bearing in mind what desantis has done to florida. >> i think governor desantis and marco rubio will have big wins as long as they get their vote out and work hard and make sure nobody understands the difference between republicans and democrats we will have a big win in both cases. we won is florida still booming? >> it is booming but housing, new construction is dropping pretty fast. interest rates coming up, having a pretty big impact on new home construction. stuart: prices are not falling in florida, they are just kind of stable at the moment? >> the homebuilders i've talked to having to get a lot of discounts but prices are still pretty high in florida so interest rates for mortgage rates are double, 6% now for a 30 year, it impacts housing prices.
we when i ask about real estate in florida because that is all anyone talks about in new york. florida real estate, you know the story. stuart: thank you very much for being here, see you again soon. remember those wall street titans who fled new york city during the pandemic, now private schools struggling to meet demand for their children. >> palm beach, florida, very wealthy area getting wall street transplant so the family moves there, expensive private schools, applications to some schools like the benjamin school and palm beach gardens exploded by 100% so they doubled according to the real deal, what you are seeing is if a family can't get their children to school, they are delaying their home closing in some instances and talk that some new york private schools have figured out ways to set up satellite offices in florida to meet demand.
there is money. have you seen the price of the schools? stuart: 50, 60 grand. high school in texas has turned into a flight school. connell mcshane with one of the students, here to tell the story. secretary of state linke and makes a surprise trip to ukraine, a massive military aid package as ukrainian forces continue their counterattacks, jeff paul has our report from kyiv next. businesses have to find new ways to compete in order to thrive in an ever-changing market. the right relationship with a bank who understands your industry, as well as the local markets where you do business, can help lay a solid foundation for the future.
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stuart: check the markets because they've turned around, the dow was up 6, s&p upper fraction, nasdaq down 3. i call it flat at the moment. the european union just proposed a price on russian gas and now vladimir putin is warning he will cut off all energy supplies to europe if they put a cap on the price. what is this about? lauren: europe is moving off of russian energy in the you but he did does plan to the price of russian gas even though this is the threat from president
putin, we will not do that if it contradicts our interests, what is the question? russia can continue selling bargain-basement prices to china which resells back and what does europe do? there's talk of rationing particularly in germany, talk of taxing oil companies and emergency meeting of the year but he did separate brussels. stuart: it is an energy mess in europe with no easy solution. stuart: it is starting to form a temporary pain. stuart: ukraine just reclaim several towns in the kharkiv region as secretary blinken makes a surprise trip to kyiv. what is the latest? >> reporter: big announcement, a lot of money going to the efforts in ukraine and beyond. 18 other countries in europe
the us believes are threatened by russia and beyond, officials hope this is a signal and a message that they are committed to helping these countries for the long haul. that announcement was made during an unannounced visit by secretary of state anthony blinken. he is here in kyiv and met with ukrainian president volodymyr zelenskyy and other ukrainian officials. president biden is making clear the administration will support the people of ukraine for as long as it takes and that funding comes adequate on moment, ukrainian forces are continuing to push their counteroffensive in the south and east, us defense secretary lloyd austin who traveled to germany took notice and says they are now seeing the multiple success with our common efforts on the battlefield. >> every day we see the resolve of allies and partners worldwide who are helping
ukraine resist russia's illegal, imperial and indefensible war of conquest. we must evolve. >> reporter: after today's announcement of those two packages the us since biden has taken office contributed $15.2 billion to the effort in ukraine. stuart: jeff paul in the middle of it, thanks, us intelligence says russia is buying military weapons like rockets and drones from iran and north korea. are these drones from iran and north korea, are they any good? >> they are already running into technical problems such we better be paying close attention to this for our national security, russia is forming major alliances with our enemies behind the scenes, creating this evil version of
nato to work best -- against our best interests globally, purchasing military items with a major risk to us globally, russia has been suffering recently devastating losses as a result of ukrainians pushing on their offense and they are suffering serious supply shortages when trying to reinforce their fighters on the front line so they are starting to turn to typical unreliable countries like north korea to provide ammunition into iran to supply these drones, both countries which are under sanction were seeing significant russian operation when it comes to these drones, russian drone operators training in the country and this is a result of their work in syria and vice versa, we are seeing russia assists iran on other fronts as well but many of these drones that have been sent to russia from ukrainians have failed, we see ukrainians easily shooting them down on the front lines, running technical problems as well but in the end this is proof that
there's an act of us desperation on behalf of russia and they are starting to bleed ammunition in the ukrainians of maine significant gains but it is dangerous that they are forming these alliances. we want what does that tell you about russia's military quit and, that's not much good, is it? >> from someone who has been there on the front lines you see a lot of the military equipment fail, they are using a lot of old soviet era tech, things like night vision stuff from decades ago showing up on the front lines, russian soldiers complaining of scarcity of resources so they are trying to replenish a lot of this equipment from supply shortages, that includes ammunition, that is why they are going to north korea to try to supply millions of pieces of artillery and mortar rounds and ammunition which would be as dangerous if they continue to do that but asking north koreans to supply more military equipment because they have lost so much there has been this sinkhole of russian coumadin ukraine.
stuart: the air force released a video for ballistic missile test showcasing our nuclear readiness. is this got anything to do with tensions with russia or china? >> i think it does although the military did say the timing of the ballistic missile test has nothing do with political relations but that's hard to believe. i think we should be testing these missiles more, advertising it as a show of force, think of every single time we jump and the world jumps when they see north korea test a ballistic missile or iran testing satellites. it is a sign of strength. more about military readiness so we need to test this a bit more and we have larger systemic issues when it comes to military readiness so we look at week, we've been reducing our stockpile. president biden is doing the presidential drawdown where a lot of the weapons going to ukraine most americans don't realize is coming from american military stockpiles. reducing our own ammunition to
help ukraine, one thing to help ukrainians but another to leave our own country vulnerable. it is a good sign of strength to do it more. stuart: i am out of time but thanks, see you soon. president biden wants congress to approve $12 billion in additional aid to ukraine. ashley is with us. republicans are calling this a political move. ashley: biden wants that money for military and economic assistance to ukraine by september 30th but the republicans say it is nothing but a political ploy ahead of the midterm elections, the gop says the white house is putting the package because they know a portion of republicans will vote against it without proper accountability but how the money will be spent. the opposition will be used to smear all republicans as isolationists or lackeys of russian president putin. republican congressman andy
biggs of arizona says this calls for president biden, simply a superficial midterm election gimmick the will only damage our country while scott perry, house republicans from pennsylvania says we all want to help but we also have to stand up for accountability for the american taxpayer and how their money is being spent and where, in other words we want to know where this money is going and for what. stuart: thanks, we will get back to you shortly. senate candidate john federman has reversed course, he now says he will debate his republican challenger dr. oz after he called his health into question, the latest on the pennsylvania race next. ♪ ♪ ♪
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stuart: we said this was going to happen, j powell speaks at 9:10 eastern time and immediately the computer is looking at everett at every word he says and reacting to it so the market go straight down but then everybody realizes it takes a second look at what jay powell actually said in the market goes back up, we are beatty 8 points on the dow and the nasdaq is up 34. how about that? after weeks of pressure from his opponent senate democrat nobody john federman says he will now debate dr. oz. do we know when it will happen? >> sort of. he says middle to late october, there will be one debate, doesn't look like there is more though. he offered to debate him. that was never going to happen
because there's no precedent for debate in early september. quote, we are absolutely going to debate dr. oz, it was always our intent, it is only about addressing lingering issues of my stroke, auditory processing and working that out. federman says we are looking at using a closed captioning monitor at the debate that does not miss any words. he is recovering from a stroke he suffered four months ago, struggling at the events. >> if you say you think the word of a steelworker, what words come to your mind? tell us something. in them on valley we make steel! >> the cause campaign is skeptical the debate will never happen sarcastically responding big news, john federman has agreed to debate at a secret
debate, we don't know where, we don't know when, we don't know how. >> he is healthy which he says he isn't doesn't want to answer for his radical positions in past statements or he's lying. >> doctor ahs has accused him of hiding in his basement, part of this as democrats are coming out and defending federman, senator jeanne shaheen saying it is early, he is ahead, why should he essentially help dr. oz's debate? stuart: got to do it. thank you very much, appreciate it. inflation remains the top issue for voters across the country and rising prices are causing a lot of people to cut down on spending. what are they cutting back on? lauren: everything, vacations particularly. 56% see financial hardship, 12%, 17% say they canceled
their plans for vacations, 17% are driving less, 12% are trading down to generic brands as you can see, eating out less, 10%, 65 million households getting squeezed, i don't know anybody who hasn't done because the price of life has gone up dramatically no matter how much money make, you're facing some sort of change. stuart: everyone adjusts when prices go up and we are all adjusting. that is what we do. the man accused of live streaming a deadly shooting spree in memphis is in police custody after a daylong manhunt. griff jenkins has the full story on this, up next. remember this? but i spoke to our advisor, and our vanguard investments are on track. “we got this, babe.” so go do what you love. thanks for being our superhero.
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if you can't lay your hand flat on the table, talk to a hand specialist. but what if i don't want surgery? 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: a suspected gunman accused of live streaming a deadly shooting spree in memphis, tennessee, is in police custody. griff jenkins joins us. you are from that area, you grew up there. what is up? >> reporter: i was born and raised, memphis is on edge. this was a terrifying 24 hours, kids were told to shelter in place across the city as the suspect, 19-year-old ezekiel kelly put on this. rampage lifestream that left
four dead and we ate crime scenes, it began before 1:00 am and after 9:00 pm he finally crashed a stolen car in a high-speed pursuit and the worst part, he should have been behind bars. in 2020 he was charged with first degree attempted murder, aggravated assault, deployment of a firearm with intent to commit a dangerous felony and reckless endangerment with a deadly weapon. he was sentenced to three years in prison only served 11 months after his charge was downgraded to aggravated assault and was released in march of this year. here jim strickland had this reaction. >> mr. kelly served his full sentence he would still be in prison today. four of our fellow citizens would still be alive.
>> reporter: eliza fletcher's body was found, henderson is due back in court facing first-degree murder charges. he, like kelly, had a long rap sheet. he was arrested 16 times for theft, age 14, and served 20 years. tomorrow morning at 4:00 a.m. four runners will turn out, for eliza, and honor to remember her. you mention mentioned memphis. i want to read a text i got from a close high school friend. she wrote me how many people do you know can sing in their city that my friend's niece was abducted by neighbors son was murdered, my best friend's son was held up at gunpoint and a mom from our school was
followed home and raped in front of her children, that is just in the last year. stuart: that is astonishing. thank you very much. valuable input. i want to bring in senator marsha blackburn from the state of tennessee. this man had a lengthy rap sheet. why does this keep happening? >> it keeps happening because you have prosecutors, das that don't go about putting in the maximum sentence as mayor strickland said. if this criminal had served his full term, he would not have been out on the street creating and committing other crimes and it is pretty simple. if you do the crime you do the time and we need to get back to this truth in sentencing, people who are violent
criminals locked up and off the streets. stuart: anything you can do about it? united states senator at the federal level, can you do anything about it? >> these are issues where you have local law enforcement for the work they have done in memphis over the last week in this crime spree, but you will have local elected officials that will take the lead on this at the federal level when it comes to felony offenses and the sentences and working on the sentences guidelines, that is where you will see more of a federal participation but here again you have to get away from this lenient sentencing and letting people out early on these violent crimes. stuart: i want to change the subject from crime to
education. california teachers union is accused of spying on parents who called on schools to reopen during the pandemic. e-mail showed the union trying to cover the ideological leaning. what do you think of that? >> this is atrocious. to try to say that parents who are concerned about their children, concerned about their education, that they are criminals and to go after them, whether it is the doj, fbi, teachers unions, this is parents who are saying i want the best for my child but what the unions have done, what we have uncovered here is something that needs to be investigated, needs to be reviewed. we need to look at the extent of this. stuart: crime and education are
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elizabeth. >> that was my thought. the prime minister that she counseled throughout her tenure, and it was both parties. it was both sides of the aisle, this unifying figure above all of them that had this respect, there was this collegial, between her and prime ministers from both parties. blue when she never played politics. i am a socialist oratory, none of that. wouldn't even look at politics. i worry about prince charles who will become king charles because he is deeply into the politics of climate change. >> he does seem to have predilections in that direction but hopefully he has learned from his mother what a figure of grace, dignity, respect, bridging together two sides, not just great britain but the
importance of world history, 13 of the last 14 us presidents coming into power 25 years old, the iconic picture of her on the steps of the airplane with winston churchill waiting for her after her father passed away, central importance after world war ii. stuart: on the screen left-hand side of the screen, members of the royal family, aberdeen, they are arriving. we will get back to you in a second and give you anything that develops. we have a lot of green, up 160 points. the market heads south. turns around and starts north, that is up 83 on the nasdaq. show me big tech, uniformly up. apple introduced the products
yesterday, it is down this morning. the 10 year treasury yield is 3.25%. now this. an excellent editorial in today's wall street journal, very timely. california is baking hot and the state has run short of electricity to run the ac, governor newsom blames climate change, the wall street journal blames newsom's climate policy. california impose draconian green rules on utilities, that led to the closure of gas-fired and nuclear plants. those utilities could run 24/7, wind and solar plants cannot. renewables could not fill the gap. neighboring states used to send spare electricity to california. they are suffering from green rules.
they don't have much to spare. it is the price. california has the highest electric costs and they are rising rapidly. los angeles has returned to fossil fuels, 30% of its electricity comes from coal. the journal calls that newsom's dirty little climate secret. time to acknowledge failure, wherever green rules deny a prosperous future. the grid problems will grow and spread a supersized green energy subsidies and mandates spread their harmful incentives through the economy in coming years. the culprit is the left's climate policies, not climate change. third hour of varney just coming up.
♪ stuart: relax. kayleigh mcenany is still with us. do you think california's energy crisis is at newsom's own making? >> it initially wasn't looking at nuclear power like they should and you have a market difference. 25% of california's renewable energy, the problem as you know is 4:00 p.m. hits and there's a strain in the electrical grid, solar power doesn't work well. look at the drought in california, it is woefully inadequate and what happens when their law mandates they are 100% renewable, blackouts and two cities. stuart: planning his future as president of the united states, do you think the governor of california in light of these
crises, could that person be elected nationally? >> he could not be elected nationally. i am always hesitant to say never say never but he's taking ads in florida. why would he do that unless he wants to elevate himself by making himself the phone of ron desantis. president biden is there and he wants newsom to kick the ring a little bit. newsom's rise, other than kamala trying to use this back-and-forth to elevate himself. stuart: before we close out, when donald trump went to britain and met the queen were you there? >> i was at the rnc at the time but my predecessor was, sarah sanders, are a markable trip that was which i would have done anything to meet the queen.
stuart: donald trump enjoyed the visit. >> he loved meeting with the queen. he told me several times what an amazing visit that was. stuart: the only greater personality in the world. we will watch you on the show that i call, outnumbered -- i'm not going to change the name of the show. governor newsom is getting called out for a double standard. >> air conditioning, he wore a fleece because he was in a cool room. look at this. >> everyone has to step up a few days, run your air conditioning earlier. more powers available.
>> keep 78 degrees, one person writes why are you wearing a jacket zipped up to your neck, is your ac too called? that is just hypocritical. here is the deal. politicians have to look at the optics. i have no idea why he's wearing a fleece jacket in the middle of a heat wave but it is a bad optics and you have to know that. especially after french laundry. i'm going to party without a mask while telling every buddy us to stay home and do nothing and mask up when they do go out, it is bad optics. . stuart: governor newsom reminds me of i'm from the government and i am here to help you. let's get to serious subjects.
ica rally, douse up 172. adam johnson with us, if the fed heights interest rates by 75 basis points, it doesn't seem to care. >> the market loves it because it shows resolve, talking about queen elizabeth, integrity and resolve, and things like stock prices, you may get a double whammy, chairman powell showing the resolve that he needs to do and the market doing what it does showing us inflation probably peaked. we are talking about oil in the low 80s. the germans are managing ungodly prices managing to fill up their tanks by the winner. they could have natural gas to get through the winter even without russia.
stuart: you think inflation has peaked, the market is reacting to peak inflation. >> peak prices down 35%. this is what we will not see on the front of the new york times. even 6 months ago there were -- they don't want you to think things are good. 40 to 50 ships waiting off the court in los angeles to unload. there are now twee 8. supply chains are normalizing. if you look at shipping rates, they are down 50%. oil is down, we'd is down, shipping is down, the world starting to normalize, inflation comes down which means chairman powell doesn't have to be as hard on raising rates.
he may know that he may not have to do it. stuart: we got to keep going until we get the job done. >> the market is able to show resolve. >> no major selloff until the end of the year. >> not going out on that limb. a very challenging the year. we are moving forward. the worst is behind us which is why i have been deploying capital as it comes into the firm. i have been deploying new capital on behalf of our clients, the greatest companies that we can. stuart: you sit at your desk in the investment firm, billions of dollars. >> we don't chuck around, we are running numbers to figure out what these companies make in coming years.
stuart: you are doing your job. >> i am a man who believes in american ingenuity. i have been the optimist through all this. stuart: it is not pushback. >> i evidently believe the worst is behind us and there are good times ahead. stuart: we like to hear this. come back in, looking at the movers and the top one. >> it is 17%, positive news on an anti-blindness treatment they will submit the data for the regulatory authority. a green light, nice game. stuart: always think it is about covid but this is a possible treatment for blindness. american eagle. >> teen retailer hit by
inflation, stocks down 8%. they have freeze hiring, missing second-quarter profit estimate. a big cost cutting measure to right the ship here. stuart: bank of america. >> bank profits in the us, because of higher interest, banks reported profits in the second quarter, bank of america up 2%. %. stuart: $64 billion for american banks in the second corridor. do not tell senator elizabeth warren because that would upset her. hold on, get serious. the royal family or members of the royal family in scotland, to be with the queen, doctors are concerned about her health, monitoring it and we will bring
you the latest. alexandria ocasio cortez doubts she will become president, the reason why, she says americans hate women. brand-new data shows most homes selling for less than the asking price. the chief economist breaking down the latest. ♪ you see, son, with a little elbow grease, you can do just about anything. thanks, dad. that's right, robert. and it's never too early to learn you could save with america's number one motorcycle insurer. that's right, jamie. but it's not just about savings. it's about the friends we make along the way. you said it, flo. and don't forget to floss before you brush. your gums will thank you. -that's right, dr. gary. -jamie? sorry, i had another thought so i got back in line. what was it?
[ sighs ] i can't remember. go. go green. go wind turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds for super silent cars. go big. or go home. from software that delivers new cures at warp speed, to technology that makes clean energy reliable, emerson innovation helps make the world healthier, safer, smarter and more sustainable. go boldly. emerson.
hi, i'm denise. i've lost over 22 pounds with golo in six months and i've kept it off for over a year. i was skeptical about golo in the beginning because i've tried so many different types of diet products before. i've tried detox, i've tried teas, i've tried all different types of pills, so i was skeptical about anything working because it never did. but look what golo has done. look what it has done. i'm in a size 4 pair of pants. go golo. (soft music) stuart: nice day in new york,
the statue of liberty, 70 °, homes selling less than their asking price and taking longer to sell. darrell fairweather joins me now. seems like a new trend. people getting less than they want. what is the new trend. >> the pandemic is over, it was during the pandemic we see home sales above asking price, hundreds of thousands of dollars, early asking price, closing in on 6%, 40% more expensive, people don't have the money to pay these asking prices. stuart: would you colletta housing slump?
>> feels like the slump, sales are down from last year so a lot of activity happening, prices are quite high because sellers get by, a lot of homeowners, they don't have power so are sitting on their homes and find record low interest rates. buyers don't want to buy, sellers don't want to sell. stuart: not good for the real estate business. where have home prices fallen? san francisco, prices are down. >> the bay area is one place prices are down because it is so expensive, higher mortgage rates when you're up in the $1.5 billion range. a thousand extra dollars lying
around and these tech workers, there is where it goes. stuart: sellers are pulling homes off of the market, is that accurate? >> yes. if they don't drop the price. stuart: see this trend continuing? seems like a slowdown in housing across the board. will this keep housing? >> more of the same the rest of the year. fall and winter are the slow times. by next year, it is still seeing interest rates on the horizon. if we are on the other end of it and feel inflation is going down that causes rates to go down and buyers will better afford a mortgage. stuart: tell me about the florida housing market because
i am here in new york and everybody in new york is always talking about florida real estate values and how to get away from taxes. what is the state of the florida real estate market. >> florida -- so high by the pandemic, remote workers or retirees, that supercharged the florida housing market. interest rates, a sharp turn, a lot of sellers had to learn buyers could not afford the traits that became -- florida is in a bigger slump and they experience high highs and low lows. stuart: we are interested in florida these days. thank you for being with us, hope to see you again soon. the homeless crisis in portland putting a dent in real estate sales there. come en in. what is going on?
ashley: the growth of homeless camps in residential neighborhoods, retailers -- realtors say it's selling less than the asking price in areas that homeless camps have taken over the area. in addition to the homeless crisis, total crime has spiked nearly 25% with vehicle theft increasing 51%, burglary 19%, that is all compared to 2020. they are trying to speak against far left politicians and the crime surge, fueling an exodus from the city but that begs the question who wants to live in these neighborhoods when you have homeless camps. stuart: i don't have an answer to that question. the president of mexico marking the united states, in particular new york city.
>> he is unhappy about the recently issued travel and advisory. the state department is warning about travel to dozens of mexican state citing widespread crime problems. in response, a video of a recent robbery on manhattan's upper eastside where a car rams another and steals from the car it rammed. he went on to say there is no way i say don't go to new york because it is in bad taste. that is not serious. the mexican president says don't travel to multiple mexican states, don't go to los angeles or new york, something he says he would never do. stuart: thanks a lot. back to the markets.
they are moving up. close to 200, nasdaq close to 100 points. the big board, up, the dow 30, fast majority in the green, different from the opening trade this morning. members of the royal family arriving in scotland. prince william second in line for the throne spotted with his uncle prince edward, we will continue to follow the latest development on the queen's health north of scotland and the family is gathering around her. fed chair powell says the fed needs to keep at it until the job of fighting inflation is done. stephen more on that next. ♪
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vizsla silver's panuco project represents one of the highest-grade silver discoveries tin wheldorwi. athar lge resource base and over one hundred and twenty thousand metres of drilling planned for twenty twenty-two, vizsla is on a clear path to silver production. vizsla silver. stuart: that is a nice shot on
a pleasant day, 75, you are listening to super trooper. follow us on spotify. in the middle of your screen, do it now. apple unveiled their new iphones, watches in the big event yesterday. susan lee was there, susan lee is with us this morning and my question, what stuck out for you yesterday in the big event? >> san francisco is looking good. come over here past your hometown in san francisco bay. if you are at cupertino, 100 °, probably the hottest on record but hot product launches as well from iphones to watches, talk about the upgrades, you got a new upgraded camera, a redesign, a chipset, people are
buzzing about the new ultra sports watch called the ultra which cost $800 but it is all the shifting dates and pricing. we got up close and personal. listen to this. >> apple unveiling the new iphone 4 the man the standout is the iphone 14 plus which is a regular iphone with 6.7 inch screen, the rest of the iphone model will shift on september 16th, this one until october 7th which might indicate supply-chain delay is, all prices the same from last year meaning no apple inflationary price increase for this year. stuart: >> we would have prices kept the same in china and the us, but they are going up in the uk, australia, japan and germany, strong dollar affect, you can extrapolate a lot of data when it comes to the
health of the consumer, how much are they willing to spend for expensive devices into the holiday shopping period, and inflation, what you charge consumers and slowing economic environment and supply chains? most will ship in the next few weeks, supply chains and rolling covid lockdowns not having impact on this round of apple devices. it is beautiful here. stuart: it is a beautiful city, or it was when i lived there many years ago. thanks a lot. fed chair powell says the fed will keep with rate hikes, keep going with rate hikes until the job of fighting inflation is done. watch this. >> it is very much our view, my view we need to act now as we have been doing and keep at it until the job is done and avoid
the kind of high social costs that paul volcker and the fed head to bring into play to set us up for long period of price stability. stuart: stephen more knows about this kind of thing and brings me now, i just heard jay powell say he doesn't want to do a volcker. back in the early 80s. >> volcker did break the double digit inflation that persisted 10 years. nobody thought it was possible. it caused a gap and i remember that one. once he drained inflation out of the system from 12% to 3%, that 8 year boom in the economy, best stock market ever. i want jerome powell to stay hawkish. inflation is coming down, all indicators show not just --
look at the commodity prices, indicating lower inflation. jerome powell is right to say job number one is not climate change, it is getting control of inflation. stuart: thank heaven he didn't say that but another says crypto and climate change are his top priorities. he sits on the federal reserve board. but they want to bring climate change into federal reserve discussions. we want to talk about 2 things, right now they have a dual mandate which is employment and inflation. they should have a signal mandate but many people including this fed board governor wents to make climate change one of their targets. that makes no sense. do you think any of these
people in the federal reserve know anything about climate change? the problem is when you make everything a priority nothing is a priority, you take your eye off the ball. stuart: there has to be a change in the climate change rules because the rules are killing us. >> killing europe and uk and california. it is coming here. i got back from california. don't use your vacuum cleaner, your washer and dryer, your electric vehicle. they are paralyzing the state and what is funny about this is our energy secretary was in california saying california is energy model for the country. they have $6 gas and they are a model. stuart: did you see the editorial today.
the written part of it. back to inflation. i agree i think inflation is edging lower. not a dramatic fall off a cliff, oil is down, gas is down, commodity prices down, gold is down, at the commodity level they are leveling off and coming down a bit. that is good news to me. >> you want the bad news? we are seeing the next we 8 weeks will see the jobs report, the last good jobs report, i've talked to many ceos, they say the economy hit a wall. we see tough times. you are seeing it already in europe, they are in a severe recession. it is coming get. . stuart: what growth rate of we got in america? >> 1.5%.
that is the latest. stuart: it will be below that. >> negative again for the third quarter. all the spending and all of this borrowing and money printing is having a severe negative affects. it is not a stimulus, it is not a stimulus. stuart: it is all good. in person. great stuff. you know this. there's a shortage of pilots, one high school training students to fix and fly planes. we see teen pilots in a moment. they want to be with the queen. doctors are concerned in their health. ♪
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stuart: a real shortage of pilots. airlines need 130,000 in the next 20 years. connell mcshane is at a high school in texas where they are teaching students to fly. sound sounds like a good idea to me. >> they are starting young, that is a good idea. one high school makes up for that shortfall you just reference to but this is a unique concept, rising aviation, 23 students enrolled this year, year number 2. they learn about math, science, history and learn about aviation. they came 7 years ago as
refugees from iraq, she is here now and is hoping to join an industry that last check was 92%. >> i and to inspire young girls to be a pilot. they learn to be a pilot. >> her classmates have access to flight simulator. best way to do that, two planes parked outside the school. pilot and training named hamilton grant. >> i remember my parents walking in, we found a new school you could go to and i was absolutely, totally down. just because aviation has been such a big thing in my life. >> when we were in the air with hamilton, he did a terrific
job. a few steep turns, 16 years of age still telling you the story so obviously it went well, bright future ahead of it and he might join the military which brings up one of the reasons the experts point to for the pilot shortage to begin with. there are so many commercial pilots trained by the military but they say largely because of drone use you don't see that as much so just maybe this school will help out picking up the slack. stuart: a great idea. thank you very much indeed. back to the markets, quite a lot of green, the nasdaq is up 60. and queen elizabeth under medical supervision. family members are gathering around.
we just learned that prince harry is traveling alone to britain. his wife, megan, duchess of sussex is not with him. what do you read into that? >> they will not welcome the present, a very grave moment for them and the family. and in some ways, represents something special. dignity, honesty, as opposed to the duchess of sussex. you see the language in buckingham palace under medical supervision. i am afraid we all fear, literally every one, friends,
family, everyone says the same thing. she is sick. stuart: the queen has been a fantastic unifier because she stayed out of politics. the monarch, the queen of england cannot go anywhere. i worry about prince charles because he is deep into the politics of climate change and he will become king fairly soon by the looks of it. >> at 6:00 uk time, not long from now. the queen is dead, god save the king, the transfer of power is immediate, he needs to reflect deeply on what is given by his mother. everything she fought for over 70 years, let's hope and pray.
and his wisdom. stuart: an announcement is planned at 6:00 in the evening your time, is this a formal announcement? a special announcement. to announce the passing of the monarch. >> we are told, the newsroom, we are expecting something to come out it 6:00 on an update on her position. watching this carefully in the next -- a scottish home. i would never expect that to happen before. it feels to me in an hour and 20 minutes. stuart: great sadness for myself and my colleagues. >> indescribable. this is a woman that war
uniform in world war ii. this is a woman, the prime minister was winston churchill. churchill said we enter a new elizabethan age. stuart: things have changed enormously in britain in the 70 years she has been on the throne. important to us and we appreciate it. what do you think about this? what is your reaction? ashley: nigel is right, the tone of the statement, very private matter, she had, quote, mobility issues but this is different, the queen's doctors concerned about her health and she remains under medical supervision, it is clear, how quickly they moved is another indication of things to we know
her health has been deteriorating, prince charles is filling in for her. she was supposed to be a meeting of the council. she is the oldest and longest-serving monarch in british history and prince charles is the longest-serving heir apparent in british history. these are momentous times, great sadness, think about it. her husband of 73 years died, married for 73 years. these are remarkable numbers, a lot of grace and fortitude and we came to this point. she's 96 years old and by all accounts those who dealt with her, who met with her said her brain is as sharp as a tack. the body starts to give out. stuart: she was 96, see you
again soon. change the subject. look at this headline in the wall street journal, take president biden's speech seriously, amajay attacks, using state power to silence opponents. dan heninger wrote that next. ♪ ♪ it followed me everywhere. so i consolidated it into a low-rate personal loan from sofi. get a personal loan with no fees, low fixed rates, and borrow up to $100k. sofi. get your money right.
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stuart: show me the headline again, the maga attacks, using state power to silence opponents. dan dan and heninger joins me now. why are biden's maga republican speeches dangerous? >> because we tend to think this is just president biden animating the base but in fact president biden is the president of the united states and by holding that office he and his government have extraordinary powers of investigation, prosecution and intimidation, we saw this
happen during the obama presidency when the tea party was investigated by the irs and lois lerner, it shall the tea parties and last year in loudoun county, virginia, parents were protesting against the inclusion of gender and racial issues president biden's attorney general merrick garland signed a letter raising the possibility they would be investigated by the fbi and federal attorneys. no parent wants to be investigated or entangled with the fbi. attorney general garland told congress he had no such intention but the warning shot had been set. it was an act of intimidation and there are loyalists in enforcement agencies through president biden's government and i think he is sending a dog whistle with the intensity of maga speeches that the trumpys are fair game. favorite song of intimidation, any politician is tempted by it. we have to be on guard.
stuart: the only way to push back on this is to win at the polls, to win in november this year and win in 2,024, the only way to stop this. >> that is the best way to stop it and an important point because if the republicans possibly fail to take back the senate and more importantly fail to take the presidency in 2,024, i think this tendency on the democratic left to intimidate and silence in complacency, we see it with cancel culture, and conclusion in the government, it is a complete mismatch, state power is something we have to be worried about. we when we have been warned by dan heninger and take it seriously, see you again soon. let's change the subject, the thursday trivia question, six
presidents were born in november. there's only one other month that 6 presidents were born, which month is it. september, october, december, which is a? the right answer after this. was holding me back. but asthma has taken enough. so i go triple... with trelegy. . . improves lung function,... and lasts for 24 hours. go triple... go trelegy. because asthma has taken enough. trelegy won't replace a rescue inhaler... for sudden breathing problems. trelegy contains a medicine that increases risk of hospitalizations and death from asthma problems when used alone. when this medicine is used with an inhaled corticosteroid,... like in trelegy,... there is not a significant increased risk of these events. do not take trelegy more than prescribed. trelegy may increase risk of thrush and infections.
september. it is october. okay. john adams, rut they are ford hayes, chester arthur, theodore roosevelt, jimmy carter, dwight eisenhower all born in october. we are calling it varney and you. tickets are free. you must register online. to do that, scan the qr code on your screen right now. my time is up. neil is here. neil: stuart, thank you very, very much. pray and hope for the best of queen elizabeth ii. doctors say she is being monitored very, very closely. there is outpouring of emotion, good wishes and prayers for the queen around the world including buckingham palace and balmoral estate in scotland. remember only couple days ago she officially greeted the outgoing and incoming prime ministers of great
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