tv Varney Company FOX Business November 11, 2022 11:00am-12:00pm EST
>> i think it's good for our process to have donald trump run. we'll trust the american people, we'll trust the gop voters and it's the republican -- if the republican party can't handle donald trump, how can they handle the world. it's interesting that there's a sense that a trump and desantis can't live on the same planet at the same time. >> the cpi is coming down and inflation reduction act is working. i think it's all bologna and way too soon. one month does not make a trend. >> of inflation rate may be ending and more aggressively rates rise and more you have to discount that with those future profits and lot of tech and growth st stocks. stu: see that's new york city, mid down.
it's 11:00 eastern. friday november 11 and the dow is now down. that's aplite. the dow is down 113 and disease nasdaqup 150 and carrying on yesterday's big gain. i presume big tech is leading the way again. show me all those big tech stocks are up all over again. huge gains yesterday. pretty solid again today. that's the cryptos under pressure with ftx filing for bankruptcy. 168 on bitcoin,. president bind wrapped up his conference in egypt. what are you doing in new york city. you're supposed to be in egypt. >> not in egypt but indonesia. there for the g20.
the president is doubling down on the amount of money the u.s. is giving to the adaptation fund and other funds, $250 million worth to help developing countries with that transition to clean energy and president continuing the pattern of throwing money at agenda and the white house is international and the u.s. international finance corporation and investing $2.3 billion in fiscal year 2022 on climate projects and he's spending $6 million on a partnership with amazon to watch climate gender equity fund to give women capital who are climate leaders and working on climate solutions. >> we're devastatingly clear.
>> gas regulation and repledging the u.s. is net zero by 2050 and environmental pressure on air force one. stu: i know why you're in new york city and you want to escape the leaf blower reporting to you from the white house. >> it's the truth. i brought a construction truck for you. it doesn't make noise and it's a vacuum suction truck suck up the sewer stu: that was interrupting all your broadcast for the last six months. i'll take it. thank you, young man. we'll hear more about cop 27 later on the show. now this. that was the week that was and
that was the theme song feeding news around the clock and monday, big named politicians crisscross the country and biden, harris, trump and talk of a red wave or red tsunami and dow goes up 400 points. it is election eve and it is exciting. tuesday, the vote, the republicans remain confident, democrats anxious. huge turnout and news organizations gear up for an all nighter and so did voters. you should see the tv ratings and the dow up another 300 points. wednesday, oh, no. no red wave. barely a ripple. the republicans privately in despair and democrats shocked at first and june atlanta. the president takes a -- jubilant. the dow dromos 600 points and desantis wins in a landslide and
trump not happy and threatens to reveal unflattering personal details about him, it is ugly. thursday, forget the election, look at inflation. moderating to 7.7% in the last 12 months, ecstasy on wall street and dow goes up 1200 points but crypto guy, sam bankman fried loses $16 billion in a single day as the crypto industry implodes. friday, today, the day is young. who knows what's coming. i do want to thank all our viewer who is are with us through it all. that was the week that was. it's over. let it go. but we will be back monday and i promise it will be fun. i thought we were doing the animation here but let's bring in steve hilton. that was the week that was. it's over.
>> glad you tried to sing it and not putting me on the spot. it's great. what a great summary. i'm exhausted listening to that and it's only 8:00 a.m. here in california and i need to lie down already. stu: okay, we've got ten competitive races in california, which could determine control of the house. but the results won't be in for weeks, that's what my prompter tells me. is that accurate? won't know for weeks. what's going on here? >> it's absolutely possible and add to that some of the other races that people are very interested in and at least control of america's second city, los angeles where the mayoral race sin credibly close and that too we won't know till december and if you think arizona is in shambles or nevada and counting and counting and counting and not delivering results. california makes those states look like california and it's so complicated and different ways
of voting and all mail in votes and counted as being valid and arrive eight days or so after the election and it is just a total mess. what they've done is endlessly muck around with our election system and making it more and more complicated in the process delaying the system and making people lose their trust in the democratic system and this is from the very people that constantly lecture us about the republicans undermining our democracy and they're doing it perfectly well all on their own. stu: it seems there's an extraordinary contrast "coast-to-coast". florida thoroughly posting outside the statewide office and the governor wins in a landslide. california is almost the exact opposite. thoroughly democrat but did the republicans make any in roads at all? >> we can see republicans for congressional races in california as you said and even the fact that one of the
democrat's biggest stars katie porter is constantly thwarted by the media and one of the best democrats in congress in a very, very close race down in orange county and see how that goes and republicans have done very well completely fending off them and every single one, there's been a small narrowing of the gap and in the past few decade or so, most statewide races ended up 60/40 democrat to republican and this time the gap is down to like 15 points but that's a really big gap. nothing like what lee zeldin achieved in new york to narrow it down to 5%. there's still a long way to go here in california. stu: i say there's some progress on the left coast and i'll leave
it l. watching on next revolution on sunday night -- revolution on sunday night at 9:00 p.m. eastern. have a great night. steve. >> thanks, stu. stu: back to the markets. let's see where we where right now. the dow is down a whopping 225 points, two-thirds of 1% and nasdaq up 1%. i call that a smack. is it real? >> i think a lot has to do with the bankruptcy seizure disorderx and pools and pools of money and billions of dollars and quoting that famous south park meme and it's gone. it evaporated and it trickles through the markets and to your point, whether the rally is for real, i think the inflation is for real, stuart. there's that wonderful old saying that one swallow doesn't make a summer and reminds me of the 1970s and inflation fell about 50% from 74 to 76 and by
1980, it was back up hundreds of a percent, well over 13% and cause of inflation and bump on the market's short term and more. stu: are you buying anything in the market today? >> there's a wonderful saying, stuart, there's always a bull market synergy home and i'm putting money to work here and during the 1970s, the point is to make money and looking off the radar screen and looking at instruments that do well, when the valley and during 19 70s, we got about 30% and funds like bndx, it's a plain jane international bond fund that will do well if the u.s. dollar false and that's my at least intermediate term prediction of what happens next. stu: bndx, i'll follow it. thank you very much indeed.
great weekend. thanks a lot. look who's on the phone now. we call this guy a star. his name is eddie gabore and you've been right much of the year and you said last week. that any big rally that comes along, you would sell into it. did you sell into yesterday's big rally? >> yesterday for us, we did not sell because we have a large cash position and if you're fully invested it's a much different scenario than where our clients are and you're invested and you've l 25% of yor money and 25% moves than yesterday and it's prudent to pick something off the table and make no mistake, the reason why the market is rallying is because of the inflation data
that came yesterday and assumption that the fed will start to stop raising rates. i don't believe that'll be confirmed with the november inflation data that's going to come out in december. this bear rally. that's what it is. it can last a few more weeks going into thanks giving and get that data into thanks giving and stubborn energy prices and it's sticky and you'll see these gains evaporate like we've seen every bear rally this year. stu: okay. >> it's a great time if you're fully invested to take something off the table in my opinion in a prudent matter. stu: thank you, eddie, for julying in today. even if it's 90 seconds. we appreciate it. >> my pleasure. thank you. stu: this week's power ball jackpot made someone mega rich and they're accused of being rich and we'll solve that for you. the lieutenant governor of virginia said she'll not support trump for president. watch this. >> i could not support him. we have a clear mission and it
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getting back on the campaign trail. jonathan, who do does walker hae stumping for him already? >> senator ted cruz appeared on stage with herschel walker yesterday in the small town of canton, about 40 miles to the north of atlanta with the balance of power in washington at stake, millions of dollars are pouring into the u.s. senate runoff here in georgia. herschel walker's campaign said it raised more than $7 million since wednesday when state election officials confirmed the race was in deed heading to a runoff and republicans are making the case from flipping the senate red and link senator raphael warnock to president joe biden's policies on the economy and crime. >> i got to tell you, there is no state in the union with a bigger divide between their senator and the values of the state. >> in georgia where trump-endorsed candidates lost primaries or in walker's case
underperformed in the general election, senator warnock is trying to win hearts of the moderates and independents. >> making a choice better this time and whether for herschel walker or someone else, speaking directly it you. i hope you'll give me the opportunity to earn your vote. >> democratic senatorial campaign giving $7 million to warnock's campaign and walker is getting help from the get out the vote operation that governor brian kemp developed. he easily defeated stacey abrams in the governor's race in georgia on tuesday. now he's loaning the resources of that go tv operation to a super pack associated with mitch mcconnell of the senate leadership fund, which is the top outside group supporting herschel walker in this runoff
case. stu: i'm going to stay with the georgia race and david webb. he joins me now. david, i think walker needs brian kemp more than he needs donald trump. lawler do you say to that? >> i think he needs all of it and here's why, i look at it from a strategy point, stu, so many people have segments of the georgia vote and the goal here is when you don't make policy, you don't win. so donald trump has a base, kemp has a base and he recollects even mcconnell and other players, ted cruz you talked about, he's there and this needs to be an all of the above approach rather than divisiveness in georgia because in the end, the democrat's strategy is to make this trump versus everyone else. it was effective to some races in the race and while we're
having an argument, democrats are working towards a win and we need to argue and go forward, each person bringing their group together. look, go to georgia together and 80% friend is not my 20% enemy. ronald reagan go with that approach. that's how you win georgia. stu: listen to this, virginia's lieutenant governor winston sears says it's time to move on from trump. roll it. >> a true leader understands that it's time to step off the stage and the voters have given us that very clear message. i could not support him. we have a clear mission and it is time to move on. stu: i guess you don't think it's time to move on from trump. >> i don't think it's my decision. stu: what do you want him to do? >> i want -- well, you know what
i do want president trump to do is one, stop dividing by attacking desantis. i think it's un-productive from a political strategy. stu: thank you. thank you. thank you. >> what we need to do and goes back to what i just said, my 80% friend is not my 20% enemy. we need to organize and work together. in the primaries, stu, and you've known me a long type, i don't play the presidential pick a winner, pick a horse game because that's what the voters do in the primaries and they decided for trump when they first ran they may or may not go and it's unhelpful to have them fighting while the team was stumping for fetterman. democrats align themselves to go for that rule and go for that win and whether it's trump or any other person political figure and someone that has a base in georgia and that has to be the combined effort or walker will more likely lose than win. stu: i cannot see donald trump
shaking hands with brian kemp making happy happy and all supporting herschel together. it's not going to happen. not going to happen. i'm out of time. >> you don't have to make happy happy. what i would say -- stu: not going out together. >> here's the deal -- stu: you know perfectly well, donald trump doesn't do anything like that. never, never does. never ever. >> the art of the deal, stu, put it back on him to follow the art of the deal. get the deal done. stu: i'm going to go. david, good stuff. thanks very much. we'll agree to disagree and we'll see you later. >> thanks, stu. stu: now this, voters in massachusetts just approved the millionaire tax. ouch. if you're a millionaire in massachusetts, tell me more. >> a 4% tax above and beyond the 5% they have as a flat fee for anyone making more than $1 million and all of massachusetts and now california talked about turning down a similar measure and talked about it and in talking about it, the
results were they lost oracle volunteer and hewlett packard playing out in massachusetts and he moved out from california as well as drew houston and drop box and the tax they've proposed here and see what happens. stu: rich people move if they can. next thing, cnn, they're going to report accusing, accusing the lottery system of systemic racism. ashley, will you sort this out for us? ashley: i will do my best, stu. the cnn says lottery is a form of racism because it targets poor black and brown communities across america. researchers said despite the extremely low chance of winning, state lottery still aggressively market the lottery and sell tickets to low income communities at higher rates.
misleading americans to believe it will help them quickly generate wealth but then driving them deeper into debt. the piece also said by the way that stores selling lottery tickets are more likely to be in poor communities and the money generated from lottery sales don't feed back into the community but rather into colleagues and higher income -- colleges and higher income school districts and one commentator disagreed entirely with the racial angle saying the lottery sees more players when the economy is suffering. there is the explanation, stu. . stu: you got it. thanks very much, ash. now this. tom brady could be a huge loser in the ftx collapse and at risk of losing his entire investment in that crypto exchange. embark expanded their iowa autonomous trucking network from "coast-to-coast" but are their trucks completely self-driving? embark's cofounder joining me now and he'll explain how this thing works.
stu: there's news going on here and this is the story of the day. ftx filing for bankruptcy and sam bankman fried resigning. susan, tell us more. susan: you have other commentators they feel they were duped because sam bankman fried one of the largest in the world and poster child and this bankruptcy filing is 100 subsidiaries and includes ftx international and u.s. trading arm as well and only digital
markets in australia and more excluded from the bankruptcy filing and talk about contagion effects and it's worth $32 being and bankman-fri did he recollects worth $22 and will need to pay back 100,000 creditors and looking through the sheets and liabilities and assets are the same, $10 to $50 billion and no spare cash to pay back those that are owed and sbf, sam bankman-fried was saving a lot of crypto companies that went under this year after the 3 arrow hedge fund blow up and that includes block 5. bring up the quote and black 5 saying last night they themselves were dismayed and disappointed by the news on ftx and alameda and only found out on twitter like everybody else. they've now stopped withdrawals and limiting platform activity. there's a lot of questions about that. who's been involved here and you have a lot of celebrities that
are paid endorsers and some with actual equity in the company itself. bring up the celebrity board for you. tom brady, gisele, they were two of the marquee endorsers and they had warrants actually in ftx. no dollar amount or how much they owned in the company. osaka was involved, steph curry was paid and larry davis with the super bowl commercial. speaking of sports, miami arena is being sponsored by ftx. that was a 19 year deal, $130-$180 million and we did digging and there's a $5 million to $10 million payment that's expected in the next few months to the miami dade area. now will ftx be able topo nee that up? is there an -- to pony that up or is there an arena curse? it's a knock on cryptocurrency. stu: an awful lot of people losing an awful lot of money
because of crypto. susan: it is a bad mark for this asset class and a lot of people had question for. stu: looks like there's contagion down 300 points and dropped a little bit more when we heard from you and larry summers. susan: yeah, the dow is down and nasdaq and cryptocurrency trade. stu: susan, thank you for jumping on that fast. my next guest makes software for self-driving trucks. how about that. alex rodriguez is the chief executive of embark trucks and joins me now. at this point, your software, you still need a driver in the truck, don't you? >> yeah, testing on pub lib roads and there's still somebody there to monitor it and that's how we have such an excellent safety record and we're rapidly getting to a point and handling all the situations and we
announced earning ands we're really excited to talk about some of the stuff going around emergency vehicles and transfer hubs. stu: what's the end point? are we eventually going to have how long trucks with no driver at all and no one in the passenger seat? is that what we're aiming for? >> that's exactly right. you have driverless trucking operating on the highway portion and you have local driver who picks up the stuff and takes to final destination in the city and end up with that division of labor and automation in the highway and drivers in the city. stu: there's a map ons screen and national network of software stations and when is this going to be in operation, full operation? a huge truck driving "coast-to-coast," no driver. >> this is something that's happening today. we mentioned at the beginning today, there's someone there to monitor the system when it's on public roads but that's really a safety thing. we're moving freight today for
many of the biggest carriers and shippers in the country with trucks in driverless mode. we're really in that final step now to be thinking about how do we make that transition and get confident to have that monitoring person out of the vehicle. stu: what's the reaction and i can see me driving down the highway and a huge truck flies past me with no driver. i'd be shocked at that. >> well, it's not nearly as crazy looking at some of the -- if you've seen the self-driving cars for example. these trucks i think look a lot more like a dip cal truck. what you realize when you think about it is that highway driving is a task that computers are very well suited to and they don't get tired or distracted or text. so just driving mile after mile down the freeway is something that computers are actually really well positioned to do. stu: alex, we're cheering you on because i'd love to see this happen and can understand the
need and efficiency of it. alex rodrigues, embark trucks, thank you, sir. thank you. >> thanks for having me. stu: amazon just unveiled a new delivery drone. edward's with me. what's so special about this one? >> this drone, fly in the rain. that's the big deal. they've re-designed the drone and it's going to their area and flying further than the earlier model and can also fly in the rain and good for them and issue for my packages that sit outside and get wet in the rain and good for a day like today in new york and it's reportedly better than the older version and the older version had issues with crashes, some issues with malfunctions and even caused a 25-acre forest fire. this one's supposed to be better than that. >> happy birthday, everyone.
stu: that actor on your screen, the guy in green is taking an extreme measure to fund climate change and we'll tell you all about it. today's veteran's day. next we'll introduce you to a veteran-owned clothing company seeing more than 700% increase in growth in the last three years. it's all made in america and it's next. ♪
stu: this is veteran's day and honoring all of our nation's heros on this day. origin is a veteran owned clothing and fitness company and make 100% of their products in the united states. madison alworth is at the factory in maine. every product is made right here in the u.s.? >> reporter: you're right. every piece of their end product is made here in the u.s. and den anymore sourced from -- denim sourced from the made here in maine and they've expanded their factories as well and people are loving in and i want to bring in the cofounder pete roberts so we're talking about made in america. so rare these days and you call it ecstasy and what difference it makes for the products. >> who was casting the american
muffler behind making denim workers and receiving back to the source and you'll talk to the farmer we're seeing and try to reclaim. >> reporter: i like you said reclaim and we've seen manufacturing leave america and it's seized upon to recreate manufacturing back here in the u.s.. >> it starts with recognizing in the u.s. and certainly that's the biggest thing that disappeared and we've got to re-shore the machines because they're sold to the lowest bidder china over the years and it's about restoring our communities and really building that heart beat of america, that starts in the melting pot of the factories like here in maine. >> reporter: i want to swing over and talk to the cofounder. you have seen insane growth over 700% in the past three years and more. >> there's a lot of different factors but i can tell you the private factor is this business
is patriotisms. americans love america and want to buy american made products and that's what we're making here, 100%. >> reporter: okay, thank you for your service, a retired navy seal. such a important story to cover on veteran's day, honoring veterans that work here and towned this company and really honing in on that american dream saying that we can build here again and you see the success, we talked to them last year in that time they've expanded to two states, stuart and have factories in both states and they can barely keep up with increased demand. stuart. stu: on this veteran's day, we like the sound. give me best to joco please. edward is with me, he used to be in dc with a leaf blower and now in dc and telling us what's ahead for the g20 summit next week. >> meeting with president xi coming up and democrats faired better than expected in the midterms and however the
president was pledging a $11 billion to the climate fight and might not be able to get to that with republicans controlling the house. you see the irony here though too is the president was there waiting only three hours in egypt and a massive carbon footprint with air force 1 and leave after 180 minutes using all that jet fuel. still all eyes are focused on the meeting on monday with president xi and biden plans to talk about trade as well as taiwan he says. listen. >> what i want to do when we talk is lay out what kind of each of our red lines are and understand what he believes to be for critical nationals for china and what i know to be the critical interest of the united states and determine whether or not they conflict with one another. if they dorks how to resolve -- do, how to resolve and work it out. >> china experts say there's no standing up to china in the comments and the chinese will view this coming in as a meeting of weakness coming in from the
white house. that's what experts are telling me. stu: edward, thank you very much. the actor from the office, reign wilson -- raine wilson announced he's changing his name. ashley, changes to what and why? ashley: he plays the character dwight schrute if you watch the office. raine wilson plays an idiot in real life. he'll be known as raineful extreme heat winter wilson. appearing of the climate conference in egypt, his said his new name is not a joke and he's as serious as the melting artiche says. wilson wants his name change to bring attention to the climate crisis predictably social media lit up in reaction and some say the actor should change his name to rainfall unemployed wilson and the global industry generates millions of metric tons of carbon dioxide a year
and hol holier than thou and liberals from their mansions and case closed. stu: well said, ash. show me the dow. we do this every day at this particular time. get a sense of the market and it's kind of an even split between winners and losers but the dow is down 282 points. don't go anywhere. feedback is next. ♪
[both] finch! let's go! oh yeah! it's not the same. what could you do to solve the problem? we could get xfinity? that's actually super adult of you to suggest. i can't wait to squad up. i love it when you talk nerdy to me. guy, guys, guys, we're still in session. and i don't know what the heck you're talking about.
stu: i'm not intimately familiar with that particular song but there you go. that is national tennessee. you know it's time for friday feedback. edward, lauren, susan, ashley and moi. let's get started. here we go. the first one from harry. if you could choose one guest to appear on the show daily, who would you pick and why? that's a tough one.
susan: i got one. i would say elon musk but he probably won't have time to come on the show. stu: not going to happen. liz peak, i'll go with liz peak, she has extra ordinary nags and -- extraordinary passion and direct clarity. >> this is dead or alive? i'd pick john candy. stu: that was a good one for your first time on friday feedback. scotty, how does your production team prepare for your show each day. we have a conference call every morning at 5:00 sharp and then we all come into the studio and start writing and producing and we do the show from 9-12. i go home and have a nap. everybody else goes home and then they start working on their show for the next day. can you imagine how much hard work that is? i take -- hats off to one and all. they're a fine bunch. >> yep. stu: i think i have some friends there. ross, please complete the
sentence, stuart varney is so frugal as in cheap. lauren, you sit next to me for three hours a day. am i cheap? lauren: sometimes. sometimes. okay, ashley is -- go ahead, ashley. ashley: every time he opens his wallet, bats fly out. stu: susan, do you want to weigh in to this or keep your calm? susan: i would like to have you buy me lunch once in a while. i thought i've bought you lunch a few times. stu: i've offered, susan. always rejected. lauren: you offer but give options like you can have lunch from this place because that's where i'm going when maybe she wants something else. stu: move on. this is from susan. you're commenting on lottery winnings and started a sentence by saying if you are old, by that i mean 60, i did say that. i have you know respectfully over 60 is not old. lauren: agreed.
stu: i agree. i'm 74 and do feel my age. that is the truth to get things there. i stutter sometimes a bit. do y you speak chinese from the time you lived in hong kong. if i say neihou, how is any accent? susan: not bad. >> little bit of spanish i speak. stu: fluent, edward? >> enough to get around. stu: this is from gordo, i second the opinion on president trump's comment about governor desantis and it was a cheap shot and no place within the republican party and everybody on board with me on this. you want to say nothing.
you can in you like. ashley: i was in the villages this week, stu and everyone said it's time for donald trump to step aside and they don't think he will. it'll get ugly and their thousands on it all. stu: glad to hear it. thanks, everybody. i got to move onto to trivia question. everybody stick around to play, please. hear's the question about how many u.s. veterans are there? 11, 15, 19, 23 million? what's the answer after this?
stuart: okay. how many living u.s. veterans are there? susan? >> 11. 19 million. 19 million. ash wily? let's go high, 3 million. stuart: i'm going with 23 million. okay, the real answer, 19 million. >> yeah, ed warred. stuart: first appearance in new york, he gets it right. high-fiving everybody all around. that's great. thanks, everybody, for a great week. susan, lauren -- [laughter] >> ashley. stuart: i got it. edward, you are all right, and that's a fact. >> thanks for having me. stuart: cheryl casone, it is yours. cheryl: thank you so much, sir. welcome to "cavuto coast to coast." i'm cheryl casone in for neil on this veteran