Skip to main content

tv   Varney Company  FOX Business  September 30, 2022 9:00am-10:00am EDT

9:00 am
there are tough days and weeks and months ahead for the market in the u.s. economy because it'll be a year end a half before we feel the pain of what the federal reserve has done in raising interest rates. >> is going to be a long time before we get out of this this pickle that were in, david mcdowell, congressman buddy carter, cheryl casone he thank you all. if you would like to donate to the hurricane relief visit red's. >> good morning, everyone the pictures tell the story mass distraction and southwest quarter, thousands of homes flooded, roads swept away, businesses destroyed, ian is now back to a category one hurricane and attending to make landfall in south carolina this afternoon. again just like in florida it is the water that doesn't damage
9:01 am
the storm surge of seven fee is expected along the carolina coast there is a political angle looks like presidential politics, governor desantis is the governor looking presidential as he manages the hurricane response and president biden getting in on the action through fema and emergency funding, ian could have some impact on 2024. the markets, investors on edge after another big losing session on thursday this morning we heard six-point to percent inflation in the last year end the federal reserve's preferred inflation measures, six-point to percent stocks are basically dead flat this morning the dow datapoint s&p up for nasdaq up three, the ten year treasury yield 3.71% in the two year is way above that, yes that is still a recession indicator. we should tell you former treasury secretary larry summers
9:02 am
says economy is in a risky position right now and a majority of economists believe the whole world is headed to recession. as for bitcoin is below $20000 i got at $19000 to 87. here is a shock gasoline up another sent overnight 379 is the national average, the real shock is california the average for california is up to $6.29. that is a gain of 9 cents overnight. the golden state has refinery problems. were pleased to say this is the end of the week and end of a tough month friday september 30, 2022 "varney & company" is about to begin. stuart: as i said the pictures tell the story ian has now been
9:03 am
upgraded back to a category one hurricane as we said is heading towards the carolinas. >> is back getting ready for a second major hit on the united states tara lane toward south carolina and expected to make landfall today ahead of the weekend life-threatening storm surges expected after ian left parts of florida as you're looking utterly devastated, president biden describing the damage. >> this could be the deadliest hurricane of fortis history. the numbers are still unclear but were hearing early reports of what may be substantial loss of life and while the water is receding joe go outside unless you absolutely have to it is risky and it impedes first responders from doing their job. >> substantial loss of life, talks weather is reporting 11 people have died so far. it's hard to reach these people especially the ones who stayed. the cleanup will be massive and
9:04 am
if you look at all the people they came into florida in recent years you can't get a contractor to begin with to help with your house in regular times and now where are they going to find this help with the cleanup. stuart: a very good question, i want to ship to the economy in the warning of a global recession coming from economist and larry summers had something to say about it. 71 of economists surveyed the forum predict a worldwide recession next year which is around the corner as a result of monetary tightening across continents. larry summers says this reminds him of the great recession. >> we are living through a period of elevated risk, earthquakes don't come all of a sudden in the same way that people became anxious in august
9:05 am
of 2007. this is a moment where they should be increased anxiety. >> you talking about the trimmers and the idea that the fed is breaking things but we are feeling trimmers in the economy and the housing market for sure but what's next. >> good question, ryan pain the market watch of the morning. i want you to explain what larry summers said he had a lehman moment. >> i think is wrong if you look at it right now the banks are not leveraged like they were in a weight and no nine. the housing crisis pushed by leveraging the oversupply of homes back then, you would see the vacant housing developments no one was in. we have a housing shortage in this country because of the last decade if you think about it we undersupplied the market now every melania wants to buy how. >> no lehman moment will going over the cliff but the stocks overall headed south from where they are now.
9:06 am
>> they wouldn't break the lows two weeks ago. everything is added extreme the dollar has been surging if you look at sentiment is one of the most negative i've ever seen in my 20 plus career. if you look at commodity prices they plummeted and interest rates are skyrocketing really think we'll have some's going to turn on a dime and if you're not invested or position for optimism there's not enough optimism authors can be a big problem if you're an investor right now. i said it last time even with the markets. >> i'm reading between the lines and you really are telling me this is not a great time to be pounding into the stock market because you think it might go lower. >> i'm saying the opposite if you're sitting with cash are going to be caught with your pants down there's a lot of catalyst that can put this higher. stuart: short term maybe but did you think they would enter a huge rebound? >> i do. >> labor markets tighten and if
9:07 am
inflation comes down the american consumer's can have real wage growth. >> is like pulling teeth with you, you have to say no stew it's not going down this is going to rebound big time. >> if i do the magic today i think it's going to rebound big time. stuart: what should you buy today. >> by today don't waste time. >> i'm just taking about october kicking off tomorrow in october been the most volatile month of the year and after being down nasdaq down 9% are we ready for october? >> the hurricane striking the east coast, the nature of the impact not just florida's economy in south carolina but the economy of the country the ports how long will it take for them to recover to rebuild and the citrus exports there all the other businesses these are black swans if you will but not during
9:08 am
hurricane season that could affect the market and the economy we have to be prepared but were not. >> that's not going to change your outlook. >> a small percentage of gdp nevada contractors are going to make a lot of money it doesn't change my outlook and i think the problem is money managers are under invested. stuart: you know me i prefer to talk politics rather than money that's what we're going to do right now pivot to politics but you came right out with us. president biden on fortis governor desantis at temporary truths working together, tommy bruce is here the maneuvering of these two the president and the governor is seems to be a warm-up for the presidential election in 2024. >> you can see joe biden he's not in the basement. in all honesty governor desantis has been on television and
9:09 am
available for the people of florida and the people of the east coast, he's been very forthcoming and transparent. the difference with leadership that really recognizes the importance of the actual people as opposed to politics using the state understands hurricanes it's hurricane season this is something you must expect we see the same leadership that we seen with him in other ways some people can talk of good game and have a great press conference but this is the test there are some democrats out there salivating the en would hurt desantis but if you were a decent person you worry about the people and you deal with the overall issue it took a while for the white house to call desantis they were first calling mayors but they finally did they finally talked, biden can look at this is being generous. stuart: he wants to be in with the hurricane management. >> he's talking at the fema center as though he's involved,
9:10 am
we need his declaration so the government can getbut joe bideng decisions here he wants to make it appear as he is because they know florida has good leadership and this is a dynamic that people expect to see him involved. stuart: tammy thank you for being here. you still bring the fire. >> a lot of stuff is going on to be angry at that. stuart: this is interesting and new poll shows independent voters leaning towards republicans and some key midterm races, tell me more. >> wisconsin aarp let's look at two races, the senate race, the republican senator ron johnson has a ten-point lead over his democratic challenger among independents flipping to the governors race you have the republican challenger tony evers and tim michaels with a seven-point advantage among independents, the question is
9:11 am
why. 65% of people are concerned about the economy, 55% of independents over 50 are more concerned about inflation than they are abortion, this gets to what issues are most important to constituents. >> i consider those polls very encouraging news for repub republicans. >> independents have gone democratic in the past. >> check the features flat to slightly lower at the moment, the dow industrial looking for 60-point loss, nasdaq of down 20 big losses yesterday, former president bill clinton has commented on the influx of migrants, watch this. >> there is a limit to how many migrants in a society can take without severe disruption and assistance. >> there are limits border officials have had 2 million migrants and counting so far this fiscal year. have we already hit clinton's
9:12 am
limit we will get into it, new york is cruising in the same direction as california the state will ban the sale of gas powered cars by 2035 details on a full report 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
9:13 am
we're here today to set the record straight about dupuytren's contracture. surgery is not your only treatment option. people may think their contracture has to be severe to be treated, but it doesn't. visit today to get started.
9:14 am
9:15 am
hi, i'm jason and i've lost 202 pounds on golo. so the first time i ever seen a golo advertisement, i said, "yeah, whatever. there's no way this works like this." and threw it to the side. a couple weeks later, i seen it again after getting not so pleasant news from my physician. i was 424 pounds, and my doctor was recommending weight loss surgery. to avoid the surgery, i had to make a change. so i decided to go with golo and it's changed my life. when i first started golo and taking release, my cravings, they went away. and i was so surprised. you feel that your body is working and functioning the way it should be and you feel energized. golo has improved my life in so many ways. i'm able to stand and actually make dinner. i'm able to clean my house. i'm able to do just simple tasks that a lot of people call simple,
9:16 am
but when you're extremely heavy they're not so simple. golo is real and when you take release and follow the plan, it works. stuart: 14 minutes to the opening bell cows down 50, nasdaq 50, kathy hochul looking to get rid revenue gas powered vehicles in the state by 2035
9:17 am
kelli o'grady has a story in new york how does the governor proposed to do this and make it happen. >> that's the issue critics are saying is more of an object deadline versus a viable plan and we actually saw this take effect in california a few weeks ago so it seems like states are following suit i want to give you some specifics of your ticket 2035 far off 13 years away the reality is a lot sooner the transition calls for 35% of new sales to be omission by 2026. stuart: i'm sorry to interrupt you 35% of sales will be omission in 40 years. >> exactly. >> two thirds omission by 2030. >> sorry to interrupt you. >> i think that's an important point this is coming a lot sooner governor hochul announced they will get a 2000-dollar
9:18 am
rebate but that does not do much with average cost of an ev is $66000 and even the nissan which doesn't give you much that cost $28000 and that's if you can find them in stock we talk to drivers they are not against the green push the frustration stems from the timeline, the charging network is locking and though new york is going to receive 175 million from the biden administration building the infrastructure takes time and 25% of chargers in sf aren't working. when you find a charger it takes for - 6 hours for a full charge and that's only going to get to 230 miles so more states are expected to adopt this but many, many energy and experts alike are skeptical cost, range, infrastructure wanted to close with this even the toyota president yesterday said this is going to be a difficult deadline to reach what is that tell you. >> not going to reach it, thank you very much indeed look at the price of gas it's gone up again overnight national averages 379. that is per gallon in the united
9:19 am
states look who's here now john katzman titus. >> the pronunciation of the name is important. is that better. >> you are in oilman you are in the oil business big time are we going to see gas prices rise from here. >> there is a struggle the opec nations, russia, they want to do things to make them rise they want hundred dollars a barrel out of $100 a barrel russia makes a billion dollars a day in the higher their own army they're not necessarily using their armies there hiring wallace's or an organization the wagon or group in with the billion dollars a day coming and there's no object. opec we made them zillion years again when there's a struggle between common sense and the
9:20 am
people, your british from brooklyn and there's a struggle between the two forces. >> i predicted $75 a barrel three months ago and we almost 276 the other day. stuart: what is your prediction now. >> there is a struggle and there is a war between the common sense of where it's supposed to go in the oil-producing country. stuart: what is the prediction on oil? >> it depends if there's a war i think 75 - 85. >> , home heating prices this winter. >> there going up because as a lot of heating and oil going around that they created when the prices were higher so it is in storage to be used in the
9:21 am
wintertime. everybody's cost is higher. the tendency will be higher ranked right now until it recycles itself. got it, john, shall i try again, were not could you do that. john thank you very much for being here you are alright. >> they lost their mind trying to convert to electric cars by 2035, they lost their minds. stuart: here is something for you chevron shelling offices in california and i bet i know where the going. >> they have not lost their minds where they going houston to be exact they are selling their headquarters in the going to keep their headquarters in california by renting a smaller space and a massive campus there it is too expensive to stay there many of the employees starting to your from now will
9:22 am
leave houston. the reason their siding is real estate cost and real estate taxes they are so expensive they don't mention california are out of business. >> it's not mentioned at all the other things that are added problems in california yet gavin newsom was to be president of all the states of un america. stuart: let me update you on desantis he's been giving a briefing for the last 20 odd minutes for hurricane, here's the headlines from what is been saying 20000 people are now in shelters in the state of florida. 1.9 million still without power, power has been restored for half million people, that is a positive, ports should be ready by saturday, search and rescue underway in various areas in their warning that people should be very careful using generators, don't use them indoor that's a warning from the governor check future six and a half minutes to the bell were you to be down but not much at the opening bell which we will
9:23 am
take you to after this. ♪ this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity.
9:24 am
another busy day? of course - you're a cio in 2022. but you're ready. because you've got the next generation in global secure networking from comcast business. with fully integrated security solutions all in one place. so you're covered. on-premise and in the cloud. you can run things the way you want - your team, ours or a mix of both. with the nation's largest ip converged network. from the most innovative company. bring on today with comcast business. powering possibilities.
9:25 am
9:26 am
what should the future deliver? (music) progress... (music) ...innovation... (music) ...discovery? or simply stability... you shouldn't have to choose. (music) gold. your strategic advantage. (music) visit
9:27 am
stuart: look at big tech all the way down i have a winner microsoft is up 43 cents we need ray wang to make an appearance, there he is you been very supportive of big tech for a very long time and now we have a very nasty selloff, first of all can you explain what happened. >> a lot of this is interest-rate driven were seen the effects of bad mmt policy going on with all the spending and of course waiting to see what happens in terms of the rotation out of growth stocks into more cyclical stocks, dissertation is where were at but i'm a big believer of tech stocks. stuart: should i be selling my microsoft now. if rates keep going up there probably going to keep on going
9:28 am
up, microsoft will keep going down along with the rest of the big tech, why not sell no. >> of your short-term investor you will regret that sell, microsoft is still growing at 2y they have a significant amount of cash on hand over $100 billion of cash on hand, they are in a good position to actually continue to take over parts of the market, invest in new parts of the markets while things are down, they look at business spending and a lot of these areas these are three, five year contract in there pretty consistent her sources of revenue which in other parts might be more cyclical if your consumer type of stock. stuart: what is the huge run-up in big tech over the last two or three years, was in a bubble financed by or the money printing from the fed from the government, was in a bubble.
9:29 am
>> it was partially a bit of a bubble but there is a lot of great fundamentals on the big tech side these are businesses that are subscription-based, there companies that can massively scale the cost of sale is pretty low compared to other industries and there is a very solid part of the economy especially in growth as people get back more into technology and using technology for efficiency, automation there's a lot of opportunity still coming up as people are looking at regulatory environments that they have to deliver on its going to happen on the technology side. stuart: microsoft hit a high of $349 a share, it is now at 238 would you care to speculate how long it'll take for microsoft to get back to $3.49. if we have a leadership and economic policy in terms of energy policy you can see that
9:30 am
happen in the next 18 - 24 months. >> okay that's what i like to hear and that's what i like to see, thank you for being here i know we will see you again soon. you have 20 seconds to go when we open the market how will we open probably on the downside. the forecast of a global recession and we have larry summers and former treasury secretary, watch out it feels like 2007 right before the lehman debacle that is a nasty warning and we just open the market and we opened it on the downside right from the start up 100 points one third of 1%, the dow was at 29115. i do see some winners on the dow industrial it's not a huge drop it's an evenly split, two thirds down one third of the s&p 500 on the downside a quarter% lower and the nasdaq composite down
9:31 am
4.%. now that they've open have a look at big tech, microsoft is on the upside to 12 cents, $2.37 per share, meta is up nearly 7 cents higher but look at apple down to 141 let's have a look at meta there putting a freeze on hiring not so much the impact on the stock price i want to know what that tells you about the economy and meta. >> they're slowing down, advertisers that are responsible for the bulk of the revenue are slowing down so i guess this is a recession warning it is a first for meta that they are cutting their budget they are freezing hiring and using smaller teams mark zuckerberg said this in a q&a with staff he did not give exact numbers but the wall street journal did they said were looking at 10% cost cutting by meta. it's the first and potential pain to come. stuart: nike before the market opened it was down sharply it is opened it is down very sharply
9:32 am
12%, they have a ton of inventory which they have to discount. >> inventory balloon by 44% in the past quarter that's going to kill the gross margins, it's good for customers if you want to put jordan or com commerce ur the christmas tree you get a discount as is assigned inflation is coming down because we heard from nike and target and walmart and they have the huge inventories are dealing with because of bad calls at the end of last year in the slow process getting to our shores, is inflation a fake bogeyman? >> it's a sign that inflation could be coming down a bit after discounting all of these items because of large inventory. i'm interested in apple, last time we're down to 141, is that the price that we have on apple at the moment. i know vice president apple has stepped down. there is a stock 142, the vice president stepped down i don't
9:33 am
think that's why apple is done at 142, what is a step down. >> yesterday with the bank of america downgrade $120 billion market cap of apple. let me tell you the executive story tony blevins and charger procurement he is thinking the supply deals with the manufacturer's, he keeps the margin strong, he was filmed by someone who has a youtube channel about rich people and expensive cars and he was shown getting out of his fancy car at a car show and he made a vulgar comment in the quick take talk video about women. it was a loose reference to the movie arthur back in 1981, apple did an investigation and they fired him after 22 years of the company. he is responsible for getting everything in iphone all the parts in the iphone and the best prices for apple and i'm assuming the man who filmed him as part of his channel was using an iphone, he procured the device that gotten fired. everybody's a camera you have to
9:34 am
watch what do you say. stuart: they fired him after 20 years for a vulgar comment. >> yes that was in reference to a movie. >> i remember that, check micron they reported before the bell i believe the stock is a little bit higher speed when it was not a good report but the stock is up micron came out and reassured investors that we have a problem were cutting the spending by 30% there is a recession warning there being careful not to add to the problem what is a problem-solving demand for devices and they have too much memory, you have too much supply and people aren't buying the devices, deflationary, maybe it is a signal. >> all these companies looking towards a recession and making the accommodation for the recession. >> that's what they're seeing in the customer base. amalek's pharmaceutical, i know the fda just approved the new drug from that. >> is an als dragon i'm surprised the stock is not up more and slows the progression
9:35 am
of the disease it is the first als drug to get the fda approval in five years i think the cost may be prohibitive why the stock is not up is $160,000 a year at first. >> that's lou gehrig's disease. >> a job. >> renter center i think that's way down the last time i che checked, renter center, is a way down, 16% low. >> rent-to-own furniture housing market, rent-to-own people having issues with credit so they cut their forecast enabling the environment, slower traffic people coming in in what they're seeing from customers in their payments. >> slow down, slow down, slow down. we have an elon musk headline of the day, he is making big claims about the tesla cyber truck in artificial intelligence. >> cyber truck floats. he tweeted this cyber truck will be waterproofed is served briefly as a boat so we can cross rivers, et cetera i don't
9:36 am
know if that's sellable but it could be useful in trying to get an elon musk said you don't have to go over bridge or pay a toll, i know he has to cross the long bridge to get from. olga: toussaint padre island. stuart: he knows how to get the headline he just wanted us to put that. >> you want to know another headline, remember the optimize humanoid robot organist to the first prototype ever of this, we think we will, eventually elon musk wants to have a robot in our homes to do all the stuff we don't want to do for the laundry, vacuum the stores can put under the christmas tree absolutely not this is in the decade and is going to be so expensive you won't be able to afford it but i'm excited to see the prototype the dancing robot was awful and he knows that. >> you not excited. >> i would love to have a robot to do everything a home that i don't want to do, think about.
9:37 am
stuart: check the market we've only been open for six minutes and were down 130 points dropping below 29000 here are the dow winners, salesforce is on the top, microsoft is up to half a percentage point. the s&p 500-micron stand out, omicron, sorry on me, settled different fox corporation on the nasdaq nicely higher, zoom in micron technologies, here's what's coming up congresswoman alexandria ocasio-cortez claims access to abortion is an economic issue, rotate. >> forcing poor and working-class people to give birth against their ability to provide for themselves or a child is a profound economic issue. stuart: i one wonder what mercedes schlapp thinks about that she has five children all see if she's being forced to
9:38 am
work. as a crypto craze over, the very large number of millennial say they're no longer comfortable investing, and there's this census started the pandemic many people across the country moved to florida and as ian slammed the shore as a cap for storm hit fort myers, ashley webster is there and he's got their story next.
9:39 am
9:40 am
9:41 am
(announcer) enough with the calorie counting, carb cutting, diet fatigue, and stress. just taking one golo release capsule with three balanced meals a day has been clinically proven to repair metabolism, optimize insulin levels, and balance the hormones that make weight loss easy. release works with your body, not against it, so you can put dieting behind you and go live your life. head to now to join the over 2 million people who have found the right way to lose weight and get healthier with golo.
9:42 am
ron desantis wrapped up his briefing, lee county in the fort myers area as part of the fort myers district, lee county, the water situation remains could call.
9:43 am
he has made contact or the authorities make contact with 3000 people in need of rescue, 700 actually being rescued in the army corps of engineers on the site in florida ready to repair stuff, the mayor of jacksonville that will be florida joining me now, good to have you with us. ian has gone past you, what are you seeing in the aftermath, good morning we are very grateful that this event was not what we expected it to be for us, we had matthew and irma a few years ago when was beach and one was inland and we thought the storm could be both of those combined into did not happen, we got down trees and power outages, nothing significant, we sent crews to help other parts of florida were just praying and sending people to help throughout the state of florida. stuart: what is astonishing us
9:44 am
is the sheer size of the store. hesitate to use laid waste to much of the state but much of the state has been negatively affected. other parts of gotten hit much worse specifically fort myers, anything you can do to help them? >> we have jacksonville fire and rescue crews that we are prepared to send we sent the orlando area we will do whatever is asked of us to send resources, and friends in fort myers my wife is been in communication with them so we know at this point are okay but the parts of the state that were hit is tragic and were grateful, thank god that we would be helpful to others. stuart: were getting a lot of inquiries about the insurance situation, we know the homeowner insurance business is severely challenged and ian will add to
9:45 am
that challenge, do you think the state will have to bail out the citizens property insurance company of last resort to thinking only the state bailout? >> governor desantis is doing a great job. they're going to have to address that issue. >> increases in this is going to put more stress and pressure on him, i know the first priority is to help people who are in crisis right now and that is what everybody is mobilizing for even though the storm did major impacts we reformed our pension liabilities we sold our pension liabilities a few years ago which gave us money to invest in resiliency and i believe we presented the flooding we would've experienced in the storm had we not made those investments. >> congratulations, it missed you and you took good
9:46 am
precautions, the mayor of jacksonville, thank you for being with us. we appreciate it, disney world shut down for a couple of days because of hurricane, are they reopening today. >> magical kingdom, hollywood studios, they were shut were two days which is so rare in the 50 years that disney has been there universal and seaworld are still shut. >> we have the chicago pmi that is a way of looking at the manufacturing situation it unexpectedly fell into contraction they come up with this number, 45 is the number, below 50 it is a contraction of the economy in the area. if it is about 50 it's an expansion they came in with a contraction the markets overall have not responded to it we were down about 200 points, now we are down 100 how the market took this were not sure but pmi,
9:47 am
chicago down to a level of 45, that is a market reaction, some selling, the ten year treasury, where's that yield in the chicago pmi it drop below 3.7% and that indicates contraction. in price of gold 1677, bitcoin, right now is that 193, oil in the average price of gallon of gas went up again and just at 379. the california, 629 is average for regular in the former golden state, that is up 9 cents overnight. coming up democrats do not want parents to have advance notice of a child sexual preference, minority whip steve scalise says this is outrageous.
9:48 am
he's on the show in the next hour, then there's this prince george making headlines he is bragging to classmates that his dad will be king so they better watch out, the royal watcher neil sean takes that on. ♪ then i got the dexcom g6. i just glance at my phone, and there's my glucose number. wow. my a1c has dropped over 2 points to 7.2. that's a huge victory.
9:49 am
♪ you see that? that's the moment i realized i'm ready to open my own restaurant. ♪ start your financial plan today. ♪ i know there's conflicting information about dupuytren's contracture. i thought i couldn't get treatment yet? well, people may think that their contracture has to be severe to be treated, but it doesn't. 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 today to get started.
9:50 am
hi, my name's steve. i lost 138 pounds on golo and i kept it off. so with other diets, you just feel like you're muscling your way through it. the reason why i like golo is plain and simple, it was easy. i didn't have to grit my teeth and do a diet. golo's a lifestyle change and you make the change and it stays off. golo's changed my life in so many ways.
9:51 am
i sleep better, i eat better. took my shirt off for the first time in 25 years. it's golo. it's all golo. it's smarter, it's better, it will change your life forever.
9:52 am
stuart: let me update you on what governor desantis has been saying about the situation in florida post hurricane ian. 20000 people in shelters, nearly 2 million, 1.9 million no power, they have restored power to half a million the port should be open and running tomorrow search and rescue underway in various areas they are warning people don't usually generator, be careful using your generator, lee county near fort myers, the water situation described as critical to anyone that reported. more contact with 3000 people who need to be rescued they have 700 people out, that's the
9:53 am
situation in florida right now. this is in fast approaching the carolinas is going to bring where the storm surge of 7 feet with the store research really hurt naples and fort myers. were showing you pictures of fort myers, the pictures tell you the story. you have the drone and fly around we can see the damage that has been done it is fort myers all the way down to naples butte area down floodwaters moved in land boats destroyed in houses, the pictures tell the story let's move on to a different area six states filed lawsuits challenging president biden student loan handouts, hillary vaughn is with us the democrats are pushing for more handouts despite legal chal
9:54 am
challenge. >> that is correct at an event yesterday progressive lawmakers that pushed for this forgiveness to happen in the first place are pushing for more for the president to give all student loan debt but also make college free outside groups have proven student loan forgiveness the biden slide to the wall is inflationary so lawmakers are not concerned. do you have any second thoughts about moving forward with this if lowering inflation is the top party for the president and congress. >> this is transformational and impactful policy and can never give a riff to what this means. i make no apology used for victory that will unburden 43 million people it was the right thing. >> this might not even be legal six republican states are now suing the biden administration saying the reason the president
9:55 am
used to justify this does not exist anymore after you declared in an interview that the pandemic is over arkansas attorney general who is leading the group said this" it's unfair to saddle hard-working americans with the loan debt of those who choose to go to college. the department of education is required under law to collect the balance due on loans and president biden does not help the authority to override. this group is not the only one has a group of plaintiffs people that have actively paid their student loan suing the administration because this is not fair and they want the chance to have their loans forgiven two. stuart: thank you very much, back to the markets we are still in the red for the dow down 47, the nasdaq up 27 points. house majority whip steve scalise, jason ranz, mercedes schlapp and chip roy.
9:56 am
the 10:00 o'clock hour of "varney & company" friday september 30, this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan .. investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare,
9:57 am
or whatever comes down the road. this is "the planning effect" from fidelity.
9:58 am
9:59 am
10:00 am
stuart: good morning. it is 10:00 eastern. you are looking at fox square in the middle of manhattan. see where we are now, all over the place but not much price change, dow is down 12 points, nasdaq down 25 points, don't call that much price movement. what is the yield? 3.69%, dropped


info Stream Only

Uploaded by TV Archive on