tv Varney Company FOX Business November 14, 2022 11:00am-12:00pm EST
>> if mr. tram 7 wants to run, he should. we've only had one other president that achieved a second term after losing. if it happens, it'll be pretty phenomenal. >> people are realizing there's great companies out there and if the politicians are otherwise distracted inside the beltway, good on them and everybody else can get down to business. gridlock is not a good but great thing for stocks. >> gasoline down four tenths of a percentage point and this isn't retail channels. down almost 5.5-6%. ♪ stu: that's is 9-5, dolly par ton. we are having news on dolly par ton later in the show. that's why we're playing that song. it is monday, november the 14th and look at what the market is
doing after last week's big rally. the dow up 50 points and nasdaq down 68. not that much price movement. show me big tech, please. this morning meta platforms is the only big tech on the upside and it's reached $114 a share and alphabet, apple, amazon and look at microsoft go down to nearly $6 to $281 and the treasury up to 288 as we speak. now this: a top adviseerer to the president, a-- adviser anita dunn went on meet the press and told us how the democrats won the midterms with president biden's kitchen table policies. she said we haven't seen the full effects yet and saying, wait, you've seen nothing yet. it's going to get better. dunn assumes the results of biden's policies will be positive. not so fast. the inflation reduction act, first of all. that will do nothing of the
sort. it will raise taxes on business just as we head into a recession. that's not good policy. it won't have a positive result. cutting the price of prescription drugs. that doesn't start till 2024. the clean energy policy, is imply raises the price of energe price of energy. heating oil up 20% in october alone. what will this do to the infellation rate. that requires permitting. good luck with that, the greens will hold up everything. the republicans very weak performance in the midterms means they have only limited ability to change biden's policies. oh, what a shame. they won't turn out as anita dunn suggests and inflation stays, the economy slows, the border stays open and with george soros's radical da's winning elections, our big cities will be centers of crime. third hour of varney starts
right now. stu: who do we have on the somehow right now, shown -- show right now, sean duffy. if the democrats have a -- if the republicans have a slim majority. which policies can they change? >> unless the president signs legislation and you have a senate to go with you, you can't change policies but they'll try to use budgeting to open up more oil and gas exploration and more budgeting authority in the house to push border security. i mean, i got to tell you, iowa hanitadunn winning on kitchen te issues sai no way, biden won on fear. there was nothing about kitchen table issues, stuart, that the administration or the candidates ran on. that is a flat out boldface lie
so we'll see coming from the house and it'll be hard with a very slim majority but there's things they agree on, crime, border security, spending less. they'll be able to push the bills out even if they have a three, four seat majority and then they'll do oversight. oversight to bring attention to failed policies of the biden administration, andthat's all they can do and you can't pass legislation with a democrat senate and democrat president. stu: just think how it would be if it turned out differently. if you'd have got 240, 250 seats in the house, 53, 54 in the senate, it would be completely different now, wouldn't it? . you wouldn't have a president there like what are you gob that change? i'm not g going to change a thig because people love my policies. if you're in the election, you'll get young people to vote and single women and you'll energize folks but in the end americans are suffering and to
not recognize that and joe biden is on the ticket in a short two years and he'd be well served to think through how his policies destroyed the economy and the economics of the american family and i look at this too, stuart, and go, you know, change of course is easy. you know, you can come to the senate. don't have to sellout to left wing mob all the time. come to the senate where you were as a senator, joe biden, and get amazing things done and kick start the economy. it'll be fantastic but again, i think he's so afraid of the marxist left that he won't change course, and i think his own election will be in jeopardy two years from now if this doesn't turnaround, the economy. by the way, more of the same policies. to your point, stuart, if you think it's bad now, wait till this is fully implemented. it'll be really bad with the full blunt force of the policies. the point is well taken. stu: sean, i want to talk about cryptos. i'm not getting at you.
ftx collapsed and criminal charges are being considered in the crypto market. >> it's not. he should be prosecuted. it looks like he was stealing investor's money, trader's money number one. he gave $40 million to the democrat party and those should be clawed back and surprised democrats aren't clambering to give money back to those who sam bankman-fried stole it from. that should happen. this has rattled the crypto markets, no doubt about that. i'm long term but look at meta, look at facebook. it's fallen about the same percent as bitcoin. i wouldn't leave facebook. long term facebook is probably a good investment. they'll come through the tough time and probably grow back. i think bitcoin will probably do the same. there's a lot of other coins out
there, the crappy coins. not so much faith there. i mean, i have some solana, hasn't done well. i'm going to sell that and keep my ethereum and bitcoin in the long run. i'm a 10 year player, 12 year player, and in that time frame i think we'll do well because i'm so concerned about where we are with the dollar with all the spending, all the borrowing, you can't do this forever, stuart. there'll be real consequences for the monetary policy this country has had for the last 20, 30 years. if not crypto, is it gold? where do you go to protect yourself if you have failings in our currency and so i look to crypto to do that. stu: a man of faith, sean duffy. he's not for turning. got you. thanks very much, sean. i know we'll see you again soon. >> thanks, stuart. stu: back to the markets, dow is up 27, the nasdaq is down 77. surprisingly little price change for stock prices after last week's huge rally.
8% up for the nasdaq in one week, that was pretty good. jason katz, market watcher of the day with me now. the federal reserve and the market is hanging on every nuance of the fed. where are they going with rates? >> it's not what they're going to do, it's what they're not going to do. what they're not going to do is bring the terminal rate in our view to over5%. there are three pieces to the puzzle here with respect to the fed. number one is the amount of hikes. we think we only have two more left. the number two is the level, where do they land and they land at around 4.5%. but three, and this is definitively the most parent factor because the fate of the market in the next six to twelve months is contingent on this and that's how long they remain there. we don't even know the effect of the previous hikes with respect to corporate earnings because it's really a next quarter event. if they keep their foot on the gas or at least stay humming at
that level for prolonged period of time, it'll have a profound effect on the economy and earnings. that's why i say we probably put in a bottom but by the same token with that looming, 4100 is probably our top. stu: 4100 at the top and right now it's 3987. so not that much more upside potential in this particular run. >> a whole lot of nada for the s&p. however, there's definitely security selection and money to be made because you've heard me say this time in and time again, the top five to seven names, the big tech and i respectfully diggs agree with -- disagree with f pits patrick earlier this -- fitzpatrick earlier this morning. you want to find the pits and shovels to the tech gold mine and that's some of the back end of technology. not necessarily the client facing consumer facing technology. stu: what's wrong with big tech? they've come all the way down
and a huge bounce is surely legit. >> big tech and you're at a nightclub and everyone is having a good time and the lights come on and you see what everyone looks like. the fact is that ---lauren: it's been awhile. stu: a lot of top -- >> a lot of top line growth but bottom line doesn't justify the valuations. don't have to abandon your microsoft but other places within tech and big data and you talked about cybersecurity and robotics and nuance there. stu: we should check them all out. thank you very much, indeed. let's have a look at apple. where is it now? apple on the downside, $1.50 down. lauren: they're getting more from the report and they'll
focus on the unit that houses alexa as well as retail division and human resources. stu: am i right in saying that $1 trillion is being wiped off amazon's basic market capitalization this year. lauren: yep. first company to have that much wiped off in such a short period of time. time. stu: did you see that coming? i didn't. >> no, it got there really quick. large numbers. lauren: amazon is not going away. stu: of course not. lauren: to amazon, it's become a verb basically we use it so much. stu: that's true. tell me about bed bath and beyond. still around? lauren: down at $3. offering bondholder share to pay off some debt. they have about $1 billion in debt. this is so they can force, literally force the turn around because it's not looking so good for bed bath and beyond. stu: a lot of bio-technology companies leading today. lauren: they make an alzheimer
drug and their rival had a trial of the alzheimer drug not go so well and bad news for rosh is good news for amegen. stu: jeff bezos giving country star doll alry parton $100 milln and she's got big plans for the money. we'll tell you what they are. republicans back on capitol hill trying to answer what went wrong. some are putting the blame on donald trump. we'll deal with that next. ♪
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hill today. they've got a lot of questions to answer. what happened with the mid terms? what's going to lead the -- who's going to lead the party? is this going to start as a blame game? >> reporter: good morning, stuart. there's absolutely a blame game going on on capitol hill as republicans head back deeply disappointed by what happened this past week and there are already attempts to undermine and delay those leadership elections. we're watching that very closely so let's start off where things stand in the house, which is very much at play at this hour and waiting for about 19 seats to be called. republicans currently leading in about half of the races. if the gop takes control, stuart, it will be a very slim majority and that spells trouble for kevin mccarty's ambitions for becoming speaker. there's no official challenger to mccarthy as of yet, right now he does not have the votes. as members of the house freedom
caucus are asking for a delay in leadership elections this week, they're trying to leverage their votes to change conference rules so they can gain more power for rank and file members. here's congressman jim banks on fox news sunday throwing his support behind mccarthy. >> i support his experience is what we need right now. rank and phyllomics want to be heard and leader mccarthy is working through that process with the rules changes. >> reporter: so you can hear clearly there he's trying to smooth things over with the members. meanwhile the blame game is absolutely happening among senate republicans where nrsc chairman rick scott is emerging as a potential challenger to minority leader mitch mcconnell and handful call to postpone that election and we're being told by conference chair baroso that's not going to happen and they'll have the elections on wednesday as planned and in the
meantime, some senate republicans are blaming all of this on the former president. stu: okay. you got that right. they are. aisha, thank you very much indeed. jayme raskin says former president trump could become the next speaker. roll it. >> one potential candidate who's name has been float second-degree donald trump himself and the speak -r of the house does not have to be a member of the house and they're talking about putting trump there. if trump decided to do it, it would pose a profound problem for the party because they refuse to dot right thing. stu: joe concha with we now. that's tongue and cheek and wishful thinking and not serious at all. that would being in the democrats own interest to get him as a speaker. >> of course. i'm not sure how jayme raskin is privy to conversations with
house gop members and can say on national television and not be challenged but the most entertaining thing in the history political or otherwise would be for donald trump to be the next speaker of the house. as you mention, lauren could be speaker of the house, simonetti, god help us. you don't have to be a lawmaker. god help us, that's all in fun, lauren, you know this. imagine the scenario, it's the state of the union and president biden is speaking and making statements like the border is scute and closed and climate change to the security threat and inflation is at 0% and over the left shoulder is donald trump making faces that only donald trump can make of disbelief before tearing up the speech at the end just like nancy pelosi. for that entertainment alone, by all means, please make donald trump the next speaker of the house. back to reality, it ain't happening but one can dream, stu, right? stu: that's a comedy dream. that for sure is. joe, some college professors
have released a kind of play book telling teachers how to pucker back on parents concerned about critical race theory. what's this all about? >> i don't understand why a play book is needed here, stu. there's not lipstick available to put on the pig that's critical race theory being taught in elementary, junior high, high school theory. the fact that professors are now actually forming game plans in terms of how to push back against parents who say we don't want this in our classrooms. you look at poll after pal and they want kids to be taught about basic blocking and tackling. math, reading, writing, science. the u.s. currently ranks, stu, 25th in the world in those categories overall and falling fast due to lock double double coverages. know who's number one? china. they're eating our lunch again because we're concentrating far too much to see peers through the prism of race instead of preparing to be competitive in the real world and ron desantis run and ran in part by gets crt
out of classroom there is and not teaching kids about gender identification and sexual orientation, kindergarten through third grade and glen youngkin won on education and parents rights. that's the play book, stu. stu: why isn't there more pushback against the teacher's union? i hold them largely responsible for the decline in learning throughout the pandemic and there's no pushback on randi wiengarten? why not? >> we're not talking about teachers that do the tough work every day. they're beholden to their bosses and randi wiengarten doesn't get any pushbacks because democrats ares will never stand up to teachers unions and let them deck at a time everything that happened during -- dictate everything that happened during the lockdown and keeping them out far too long after data and science showed it was safe to go back. the election would have been one way and the whole teacher union responsible and as we've seen, very little red ripple in the house and senate goes back to the democrats and you have an up
popular president in the oval. split government completely and nothing moving forward, particularly on holding teachers union accountable, stu. stu: on the teacher's union. thank you, joe. back to the markets, the dow is down just over 100 points only less than 1%. have a look at moderna. their new covid booster may be more effective against omicron variants than original vaccines. dolly parton awarded $100 million from jeff bezos. that's a lot of money. for what? lauren: her philanthropy and the award for acknowledgement of all of her foundation does. >> did you say $100 million? when people are in position to
help, they should help. i know that i've always said i try to put my money where my heart is, and i think you do the same thing. i will do my best to do good things with this money. lauren: i thought dolly parton seemed so modest l. her foundation is tremendous and she's done so much for her imagination library giving books to kids and reservice connected and have more. remember when the world's billionaire signed that pledge to give away most of their wealth if not all? jeff bezos didn't and he's criticized for that. he's worth about $124 billion and he plans to give most of his wealth away to charity during his lifetime. stu: wasn't it over $200 billion a year ago? lauren: we just brought you the amazon news and reported 10,000 job cuts. stu: we did indeed. thank you very much. mexico tried to scare kids away from using drugs by showing them videos of homeless people using drugs in philadelphia. we're on it.
stu: so high? who's michael franti? lauren: i don't know but i love your boogie. i wish people could see that. stu: it's only 37 degrees but it's mid november. we're down across the board but not by much. i want to look at cryptos because there's real turmoil in that entire industry. susan's back with the latest. susan: the latest is binance founder announced on twitter he'll form an industry help fund to rescue projects that had nothing to do with ftx and the fatout but the projects are at
risk of going under with a lack of investor confidence, liquidity issues and again, repeating today in that 50,000 attended twitter spaces, probably one of the most popular twitter spaces i've seen, which is great for elon musk. he said, cz said binance is fine and ftx is a problem. sam bankman-fried is a bad actor and a liar. stu: ouch. susan: yeah, the bankruptcy filings shows some of those entrusted their money on ftx exchange and it's going to be hard to get your cash back. only $900 million in actual assets and liabilities of $900+. by the way, half of that $900 million was hacked this weekend. can't write a book like this but michael lewis is trying. but some of that -- okay, some of the hacked funds were found this weekend but founder sam bankman-fried, sbf, has been hold up in the bahamas and monitored and questioned by the
bahamaen authorities and they've lost billions this weekend,'they ether $2 billion and some of the biggest crypto currency players worth billions say this will take years to come back from. this is not good but a shakeout might be good to get rid of the bad actors and look at where bitcoin, ethereum are positioned rights now, it's on a crash. if it was a collapse, a total collapse, bitcoin would go back to $3,000, which is where we were trading before covid and ether not even at bottom of the lows for this year. stu: could it be a turning point? get rid of the wild west approach and all that's been going on and introduce regulation and more constitutionalized functioning of -- institutionalized functioning of the crypto? susan: that's what people wanted saying where was the sec and doj? ftx was based in the bahamas and
previous to that in hong kong but a lot of people in the industry are upset and up in arms saying there was smoke and red flags. why was sam bankman-fried, sbf, trying to put himself at the center of the industry putting $40 billion into the midterms trying to raise his hand and be the buffer to authorities and some were saying he was trying to plan that if he was -- if there was an investigation, he had that political -- stu: political cover. susan: correct. stu: susan, thank you very much. see you later. a debt ceiling showdown is emerging on capitol hill. hillary vaughn has the story. tell me about the fight coming over the debt ceiling. tell me more. >> reporter: stuart, there is. republicans officially secure control of the house and one of the first orders of business is to not green light any new government spending or lift the debt ceiling unless democrats agree to cuts to make room in the budget for more.
the u.s. owes more than $31 trillion and about $93,000 in debt for every american. that debt is growing by the day and getting more expensive to pay off as interest rates are rising. speaker pelosi and president bind say democrats won't give in to any pressure to make cuts and claim that republicans want to put social security and medicare on the chopping block. >> and the republican cans not use it as leverage to say, we'll only lift the debt ceiling if you'll reduce the benefits for our seniors and others on medicare and social security. it will see what they contend they want to do. our best shot i think is to do it now. >> reporter: but the committee for responsible federal budget says there's a lot more fat to be trimmed beyond entitle want and they want them to cut off the credit for the rest of the year, no more borrowing for 2022. pass a budget that's not happened for the past seven
years and fire any budget chair that doesn't do their job. >> the narrative and the media has been pretty slanted as though this will be the gutting of social security and medicare if you attach changes to the debt ceiling increase. i don't think that's right. the debt ceiling has to be increased because this is borrowing from the past. what we need to do is first and foremost decide no new borrowing. no more for the rest of this year, no more for next year. >> reporter: stuart, if the debt ceiling is not lifted, the u.s. government will default on its bills and that's a problem when the bill collector is a foreign government like china. stuart. stu: here we go again. last minute negotiations, possible government shutdown, et cetera, et cetera, et cetera. nothing changes really, does it? thank you, hillary. good stuff. a new study shows governors who were rated the most conservative easily won reelection. steven more is mind this analysis and joins me now. why do you think it was the conservative governors that did
well but conservative senators often did not? >> well, stuart, i've always said that the real power house talent of the republican party right now is in the governor's mansion. you interview these people all the time, people like governor lee of tennessee. everyone is talking about ron desantis the super star but christy nome and kim reynolds of iowa i, love her. these are people to watch at the top of the ticket or no. 2. they all won overwhelming reelections by wide margins and that's where republicans need to look as they look for a 2024 candidate. i'm not ruling out donald trump, but i'm just saying there's a lot of other talent out there. stu: okay. there's a lot of talk at the bal bali i conference.
where do you stand on the tariffs being lifted in >> i'm with trump on this. trump was the first president in modern times that got tough on china. china is germany circa 1937. they're a dangerous country and hostile and involved in predatory economic practices. we have to get tough with china. now, what i'm saying is if we do these tariffs on china, let's use that money, stuart. out this, we use the money that we raised from the tariffs on china to reduce the taxes on american businesses so more banks can be made more whole. that's putting america first and the trump policy, and i like it. stu: dream on. it's not going to happen. >> why? come obstr on, stuart. there's one thing all the polling is showing and post election polling on tuesday. we're a very split nation but the one thing all all americans agree on is that china is a
threat to the unit and we got to get it. there's bipartisan consensus on that. stu: okay, but no consensus on using the money gained from tariffs on china to cut business tax. that's never going to happen with an administration set on the democrats side. >> >> not this administration but it's a good policy and we increase the tax on things coming in from china and reduce things we're exporting to the rest of the country. that's putting america first and good economics. stu: sounds good to me too . steven moore, thank you very much, sir. see you again later. stu: republicans say they are ready to subpoena hunter biden when and if they take back the house. can they succeed if they only have a very small majority? we'll report on that. the top border chief, patrol chief, chris magnus has just resigned. he was reportedly told to step down or be fired. we still didn't know who will replace him but border officials say they're not optimistic that
>> the head of customs and border protection, that would be chris magnus, has resigned just days after first refusing to step down. mike tobin is at the border. what's this chris magnus scandal all about? >> reporter: it wasn't even days, it was a day before saying he was not going to step down. people are unhappy about how things are going at the boarder and quite possibly he's being thrown before the bear so the president can get on with some other things. for all the politics and
shakeups, the people coming to the united states, the people smuggling them in, they are undeterred and not stopping at all. another big group showed up in eagle pass, texas, this morning and about 300 strong when they arrived and numbers down to about 20, we can show you pictures from the fox news drone team because the buses have been coming to get them all morning. when the big groups showed up this morning, they were from a lot of usual places, venezuela, cuba, nicaragua, places people are coming from all the time. the department of public safety officers encountered a smuggler officer in a rented pickup. the trooper went to check on the driver and he sped off and took troops on a high speed chase up u.s. 90 and the truck wrecked and driver took off on foot and four illegal immigrants were picked up and all the traffic uninterrupted by the shakeup in washington less than a day saying he's not going to resign. the commissioner of customs and border protection resigned under
pressure and he submitted his resignation and the president accepted and cops and agency at the border are not optimistic things will get better. in a series of angry tweets, the border patrol union said they have little confidence that magnus replacement will be any better. the core problem remains biden, harris, and ma mayorkas and intm was troy miller before magnus was confirmed. stu: thank you, mike. officials in philadelphia are preparing for a bus load of migrants to arrive this week from texas. it'll be the first migrant bus to arrive in that city. the exact dropoff location not yet known and when we find out, i'm sure the cameras will be there. speaking of philadelphia, mexico's government used football gamessage of that city's homeless and drug crisis. what were they using it for? lauren: mexico's antidrug ad
from kens ei kensington and thes five but should have champion san francisco, new york, kansas, you name it. part of the reasons our streets look look what you're looking at in philadelphia is because of the fentanyl that mexico is exporting to us and export nearly everything they produce. stu: precisely. lauren: it baffles my mind. stu: boggles the mind. it's a serious thing. that's not a good treatment of it. lauren, thank you very much. show me the dow 30. we like to do this to give you a sense of the market. there's some buying this morning and dow is up 65 points and how about two-thirds of the dow 30 on the upside. one of the democrat's biggest donors is the disgraced crypto billionaire, no longer a billionaire, sam bankman-fried and poured $40 million into the
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stu: the disgraced crypto former billionaire sam bankman-fried bang rolled democrats to the tune of $40 million in the midterms. miranda devine has the full story on sam bankman-fried. he was a democrat darling, miranda. what kind of guy is he? >> he's a pretty odd guy. 30 years old. he was worth $16 billion, the youngest billionaire in the world, i think. he just was -- what was he selling? what was he investing? why was he on the cover of fortune magazine as the next warren buffet and why was he getting glowing articles written about him and people on cnn and nbc waxing lyrical about his guy and his company? it was set up in the bahamas and
the guy is not -- does not behave in a normal way let me put it in a nice way. stu: in what way does he behave abnormally? >> he sl sleeps on bean bags and lives in a luxury bahamas penthouse with ten coworkers and a poly cle is like a thruple but there is ten of them and they all have romantic interactions with each other. he was someone that never made eye contact with anyone, he was addicted to video games. he used to speak in sort of cryptic ways and for some reason sequoia and other investors just thought he was brilliant. it's almost like being their chauncey gardener. he would speak in unintelligible
ways and he would have zoom meetings with people in the room with him. he may have been good at math and a good quant but running his own company was out of chaos and why venture capitalists poured $1 billion in him on the spring of a zoom call and he was playing league of legends the whole time. it's emperor new clothes stuff and it does look like a bit of a scam for the democrats because they didn't care if this was real money or fake money. you've got investors and customers have been milked out of $1 and $2 billion but the democrats got their $40 million for the midterms and joe biden got $10 million in 2020. stu: do you think sam bankman-fried was trying to buy political cover from the democrats and the
administration, $40 million? >> absolutely. he was very cozy with various democrats who are crypto friendly. the biden administration has been very lax and weak in kind of regulation. in fact, sam bankman-fried was part of the architect of some sort of regulation that bypassed the sec and that's still going through and it's just a scam as warren buffet said, and why this guy was so cozy with the democrats is just anyone's business. we do know that his mother is a big lefty pack investor in silicon -- in berkeley and so he is very easy manipulated person. he got sucked up in this cult of effective altruism. stu: by the way, that $30 million penthouse is now up
for sale, and the new word of the day is i believe poly cloth cule. i got to look that thing up. >> polycul e. stu: i have to look that up. we really appreciate that. thank you, miranda. thank you. programming note, two new episodes of american built air tonight on fox business prime. here's a preview of the german tank. junior high school tank is not a very safe place to be. stu: the odds were stacked against them. >> you're not keeping eyes on what the enemy is doing, they'll be behind you. stu: it took ce ingenuity and daring to turn a death trap into a triumph. >> when you have 50,000 of those things, you can win a world war. stu: building the most adaptable tank on the battlefield. >> like a mr. potato head of tanks at the time. >> it is absolutely mind
blowing. stu: it really is extraordinary, they built 50,000 sherman tanks in four years starting from scratch, amazing. that's at 9:00 p.m. tonight and at 9:30, we have the kennedy space center. watch them both here on fox business. it's that time, sports fans. the monday trivia question. how fast can human nerves send signals? who's got a clue. 268 miles an hour, 311, 366, or 402 miles per hour? the answer after this. ♪
stuart: how fast can human nerves send signals. you have a choice, lauren. >> you said you were going high. i am going low. 268 mph, miles per hour? stuart: i'm going with 402 miles per hour. the answer please? the answer please? >> i guessed correctly. stuart: you were right. the answer is 268 miles per hour. i thought my nerves move a lot faster than that. >> i didn't realize we were talking miles. stuart: i'm a basket case. jackie deangelis in for neil today. , i'm jackie deangelis in fo