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tv   Varney Company  FOX Business  November 17, 2022 9:00am-10:00am EST

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birkinstock sandals selling for $1 billion. mark. >> that's disgusting and better come with a can of dr. scholles odor eater. i wouldn't take something like that for free. >> 19 bids. there were 19 bids on it. i don't know. i don't know. i just -- maria: that is crazy. >> i like the idea. i'm going to dig mine out from woodstock and put them on the market for $10. maria: see what you get for that. it's been a great conversation all morning. thanks for being here. have a great day, everybody. see you again tomorrow. "varney & co." begins right now. stu, take it away. stu: good morning, everyone. the republicans have a majority in the house. that means the chair of all the committees like ways and means, which controls the money, will
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switch from democrat to republican. it means nancy pelosi will no longer be speaker. kevin mccarthy takes that job. the senate stays under democrat control and senator schumer stays majority leader. he's calling for amnesty for all illegals. let them? let them work. give them a pathway to citizenship and eventually the vote. more fallout from the crypto crisis, singapore's national wealth fund written off $275 million. the fund says its faith in sam bankman-fried was misplaced. sbf says "i was on the cover of every magazine and ftx was the darling of silicon valley. we got overconfident and careless". so why is bitcoin still trading around $16,000 where it's been for a week? we'll try to answer that one, 16.4 at the moment.
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ester george is a governor and taking over wall street. fed action is not yet restrictive enough to bring down inflation. so much for a pivot. on those fed speak news, the dow is going to be down nearly 400 points, s&p down 50 and nasdaq down close to 200 points. that's not a rally. interest rates, the spread widens and 10 year yield now 378. the two year has just over 440 and now at 444. that's a widespread. that is an inversion and it points to recession. three republicans making statements. former speaker paul ryan was asked who could beat biden? he replied anyone, not naming trump. florida governor ron decan sis following president trump's announcement speech "people should chill out a little bit". no c confrontation, please. he's not happy with mitch
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mcconnell being reelected to lead the senate republicans and he's been there for 15 years. bankman-fried's deep ties to radical left. a rancher on the border confronts ms13 gang members knocking on his door and gm's plans for a million evs by 2025. we cover it all on this thursday, november 17, 2022. "varney & co." is about to begin. sixth avenue new york is busy today. it's thursday morning, gom has enough seats to control the house and a win by congressman mark garcia in california pushed the count to the republicans. through the numbers, lauren.
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lauren: gop claims majority 218 seats and six house seats left in play. so even if democrats win all of those, they would only have 217. so republicans have this narrow majority subpoena power. the ability to investigate hunter biden january 6 withdrawal of afghanistan and can run committees. if kevin mccarthy is indeed speaker and the first thing he'll do is repeal the 87,000 new irs agents and a quick win on mike garcia's win and democrats had a double digit registration advantage in the area. biden won by 12 points but their candidate lost. stu: wow, 45, 50, that's a big difference there. most of los angeles. lauren: exactly. a lot of races we're waiting on in california are because of their early voting rules, it takes forever to count. stu: yes, it does. former house speaker paul ryan reveals who he think cans beat biden in 2024. who is it? lauren: anybody not named trump.
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he told fox news digital this "the evidence is crystal clear, trump is costing us elections and there's a great generation of capable conservatives who are more capable of winning the general election than donald trump. i think anybody not named trump can beat biden". stu: yeah, he had a big fight with trump. lauren: but there's a growing correspondent rhus of republicans -- chorus of republicans coming out and echoing similar concerns. stu: thank yous, lauren. the governor of florida ron desantis responding to questions about a gop civil war. roll tape. >> we just need to chill out a little bit on some of this stuff. i mean seriously, we just ran an election, we have this georgia ronoff coming, which is a very important for republicans to win that georgia runoff. i mean, i know around the country, florida was kind of the biggest bright spot. it was not so bright in many other parts of the country.
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it was a substandard performance given the dynamics that are at play. stu: okay. look who's here. charles hurt joining us this morning. the republicans are looking for unity, so it seems. are they going to get it? >> well, i think we're headed into two years of a major fight and that's a good thing. i think that that is how you get to unity is you have a big fight. that's why we have elections. i think it's really dangerous when you have a bunch of republican leaders or ex-republican leaders sitting around saying this person shouldn't run and that person shouldn't run. stop it. stop it. the voters are in charge. this is the leadership election we'll see among voters, and i have faith that the voters are going to be wise. of course nobody is smarter about handling this than ran desantis. he's literally at an event dealing with a hurricane and all the reporters want to ask him about is some civil war or disunion in the parties. he's like, look, i'm trying to
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actually do my job here and i'm doing justify a great job, look at the score board last week. stu: that's right. i get the impression that a lot of republicans, in fact most republicans are behind at trump's pollicis, not necessarily trump the man himself. what do you think? >> that's the good news here is when you look at policies, republicans are almost 100% united behind those policies that trump brought to the party in his remaking and reshaping of the party. that's the good news. the tough news, the hard news and i don't think there is bad news is the fact that we're going to have to sort it out and a big fight among conservatives and republicans and whoever emerges from the fight will be stronger from having had that fight. stu: i'm beginning to not change my mind but sort of modify my views. if the republicans get behind trump's pollicis, i'm all in favor but that's what i'd like to see happen.
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last word to you. >> not only that but independents and democrats like those policies that trump brought to the table. stu: the policies are a winner in my opinion. charles, thanks for being here. good stuff indeed. see you later. now to cryptos, ftx sam bankman-fried is speak out about the company's collapse. lauren: he's trying to tweet his way out of the disaster and in one tweet he said i was on the cover of every magazine and ftx was the darling of silicon valley and i was the darling and we got overconfident. folks and peers in his industry kept saying you're so wonderful and putting him on the covers and praising him. not looking into what was actually happening. so right now he has over 1 million creditors in the epic collapse and some of them are suing him and 11 celebrities, tom brady, larry david, shaq,
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naomi osaki for engaging in sensorineural keptive prac practices -- deceptive practices like a ponzi scheme and maybe a jury trial. stu: it's getting crazy. i want to bring in adam johnson that normally follows the stock market but today he's obliged us by following the crypto market. is the crypto crash big enough to affect the market, a spillover? >> no, there's not a crypto contagion. i myself wanted to try and figure this out and i ran a bunch of numbers. if you look at the total amount of all the crypto that's out there about 850 billion. sounds like a lot except that the global money supply is $40 trillion. all the trip toe is -- crypto only about 2% of the money out there. if you look at amount of crypto that trades on any given day, it's only two tenths of the amount of foreign exchange that trades globally every day.
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it's small. then say, hang on, adam. what about all the equities and stocks that are crypto related. add thelium up and find -- them all up and you'd find half a percent of s&p 500. it's too small to become a contagion. stu: we got the singapore wealth fund written off $275 million. that's a tiny fraction of the $400 billion they got. they are going to need to sell another asset to replace the money they lost in crypto. >> right. they wrote off $275 million versus $400 billion in assets. stu: correct. >> we're talking about a fraction of a percent. excuse me. now, i know -- excuse me. i know that i get choked up talking about this. it's that time of year -- stu: have you lost any money in crypto? >> i am long in some crypto stocks so they've gone done. down. i have added to some of them, yes. stu: so you bought back in? >> yeah. stu: you don't believe that
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cryptos will collapse? >> stuart, again, an important reason, you asked a question at the top of the show, why is bitcoin still trading at $16,000? well, there's a recent fed reserve -- federal reserve report that actually makes the case for a federal reserve-backed stable coin. there's intrinsic value here. the fed concluded if you had a fed-backed stable coin we'll call it fed coin for lack of better word, reduce the clearing time of foreign exchange trades from two days to 10 seconds. stu: there's a function for block chain technology? >> yes. thank you. we've focused on the wrong thing. we focused on the price of bitcoin rather than the functionality of block chain, which is a very secure platform that allows -- say the three of us wanted to buy a house and we had brokers and inspectors and lawyers and all sorts of other people that wanted to help us jointly buy this beach house together where we'd go and enjoy the weekend. if we did that transaction on a
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block chain network, all of the parties would have access to all that information. you'd have to put in your, you know, your code to have access, but we could all see what everyone else is doing and complete transparency. that's the promise of block chain and that's why you can speed foreign exchange trading and that's why there's actually a long term value for crypto. stu: okay. >> as painful as it is right now. lauren: i worry about reputation down there. stu: a good contribution of the debate. we thank you. adam, thanks a lot. check the futures please. we're down today. couple of statements from a couple of fed governors moving the market down, dow off 340. here's what's coming up. senator mitch mcconnell keeping his spot as leader of gop in the senate but senator josh holly doesn't seem happy. >> i hope this is the beginning and not the end. we haven't resolved anything and we've chosen leadership, which is the same.
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stu: is he looking for generational change or policy change? we will discuss. the big night's tonight, fox nation hosting their fourth annual patriot awards in hollywood, florida. pete hegseth will give us a preview right after this. ♪
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lauren: mike pompeo said we need more seriousness and less noise and leereds looking forward and not staring in the rear-view mirror claiming victory hood. trump announced two years before the general election. that's an eternity, two years. can he offer less noise to put pompeo composure for the long haul for the next two years. it brings back and we discuss a lot, what are the winning qualities of a candidate? the fire brand or someone more measured? stu: i want to make one quick point, president trump on his announcement did not look back to the 2020 election.
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>> what matters and will make the diggs is republican-based voters that voted for trump before. i made the mistake and many other republicans made the mistake in 2016 of not taking trump seriously. i'm not making that mistake twice. stu: come on in, pete hegseth. you agree with her, don't laugh off trump; right? >> i can't believe i'm saying in and i'll only say it one time, stuart, but in this particular case for all the wrong reasons, i agree with her. cut the tape, throw it away. she's of course right. when you watch everyone pile on at the same time, creating a
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establishment versus somehow trump could become the outsider again who's running against that and don't touch that and look up at the state of the republican and don't agitate and fight and lead and execute the way we want. there's a lot of people that are going to sound a lot like trump in this primary. i understand that because trump has remade the republican party. there's only one original. only one original and if he can stay disciplined which you saw, focus on leadership of the future. securing elections in the future. then he you should never count him out or underestimate. this is still wide open and he announced because he wants to dominate the field and we'll see
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what happens. stu: i'm beginning to modify my formerly angry opinion. we'll talk about that later. i want to talk to you about the patriot awards, tonight, hollywood, florida. what's on deck? >> oh, man. i'm so excited for this, stuart. it's my favorite event of the year and a opportunity on that stage over my shoulder to honor the folks, the americans who really deserved to be recognized. there are award shows for athletes and actors and people playing heros on tv and patriot awards honors the real heros. this theater will be packed tonight, 7:00 p.m. on fox nation for all the right reasons. this is the award show america deserves. having seen the awards and why they're being given in some of the sneak peaks and surprises, this will be the best show we've ever had and wearing the patriot awards 2019 shirt the first year we did it. it's gotten better every year, stuart. we're really looking forward and hope folks will join us tonight.
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>> okay. stu: here's where i've got to go. got to go to the crypto thing. have you been frozen out of your crypto account? >> i was not in ftx but i was already my celcius account and block fie act wallet i can't bring funds in or out and it's reverberated throughout crypto to relied or invested in what is the ponzi scheme now of ftx. it has hit me, it's hit a lot of people worse than me. i still don't think, stuart, it's an indictment on the philosophy of crypto and it's a ponzi scheme that needs to be exposed. stu: try this for size, get rid of the wild west approach to crypto and bring in regulation, rules, and respectability. if that's the case, if going forward like that and i can see
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how an investment in bitcoin or whatever would be a good news long term. last word to you. >> yeah, that's common, stuart. the thing is that undermines the exact premise in some ways of crypto. it's just not regulated, not oversight. it'll have to happen. eventually the politicians will get their hands in there. stu: hey, pete, great stuff and good luck tonight and watching so will most of our viewers. >> thank you, stuart. stu: check the futures. plenty of red ink and some statements from two fed governors pointing south for the market. dow down and nasdaq down. the opening bell is next. ♪
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stu: all right, we are down. that's the futures; right. we have a couple of minutes to go before opening trading and the nasdaq down 1.13-quart% now. bring in dr barton. dr, i think this market is down today because of comments from two fed governors.
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interpreting both statements there'll be no fed pivot. so is the market too, i think. what say you? >> i think that's pretty astute, stuart. you read in my notes this is an era for the next foreseeable future where everything that comes out on inflation and hence what the fed will do is going to move the markets in the near term. we're seeing that again this morning and you're spot on. stu: okay. let's go to the market overall here. are we going to get a santa claus rally? i hear a few people saying, here it comes. santa is on his way. will we get that rally? >> i do believe we're going to get the rally for a couple of different reasons. number one, after midterm elections, stuart, it is the strongest period of any of the four year presidential cycle.
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mastercard sees sales up into the holiday season and target threw a bit of water on that yesterday and i believe we'll see a significant up tick in retail sales this year and that will bring us a delightful santa claus rally. stu: if there's an up tick in inflation, all bets are off i take it? >> i would be with you there, stuart. i do not like any adverse inflationary news. as long as we show that we probably have turned a little bit of the corner, we're not accelerating as fast as we used to be, and we're dropping a little bit like we saw in the recent numbers. , i think that'll be supportive of the market trying to put in an intermediate bottom. could we get a big outside event
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that could knock things down, sure. but we may put in a bottom for the next three to six months. stu: that sounds good. 30 seconds on why you like intel. >> they have a 5%, 4.75% dividend increase. stu: 4.75 dividend yield on that that's attractive. thank you, dr. see you soon. it is exactly 9:30 and trading has begun. we're expecting to see a lot of red ink and that's what we're
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seeing right from the get go. i have just a couple of the dow 30 stuff that are on the upside. the rest look like they're going to open on the downside and the dow in a very early going is off nearly 1% and that's nearly 300 points. s&p 500, what's the percentage loss there? bigger percentage loss than dow 1.1% and nasdaq, i'm expecting a big loss there. here it goes, 1.5% down barely above the 11,000 level. big tech, all of them, down. apple is back to 146, microsoft is down $4. alphabet $97 a share, amazon $95. meta struggling to hold $110 per share. but we want to start with cryptos and the collapse of ftx. susan's been digging into this story and it's a fast moving story. develop waments all the time, te latest. susan: we had a stunning statement from the new ftx veo and tasked with getting back billions with investors in the
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ftx collapse and said ftx is a worse than he's ever seen. john jay ray iii said never in my career have i seen such complete failure of corporate control and absence of trust worthy financial information. what does that say compared to nron that some say was the worst fraud and ponzi scheme in u.s. corporate history.
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crypto exchanges and withdrawals and trades and usdts and tether and circle solana base is paused and goes back to ftx position and tomorrow we have a big interview, stu and speaking to binan ce's cc tomorrow and he brought down ftx and latest in crypto and he's now by far the richest man in crypto and probably the single most influential individual in cryptocurrency. stu: you're doing the bernards healthcare view and will have a hard time -- interview and have a hard time getting it all to the audience. that's difficult. stu: if you order me a -- susan: if you order me a new iphone 14
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for christmas, i'd have to wait till after christmas to get my hands on the hand set. we know that apple warned earlier that the china apple factory covid restrictions means there's hiccups in the pro max productions and from a stock, apple didn't issue any revenue guidance and say this possible production hiccup was going to hurt their bottom line or sales and still guiding to go up from last year's record $139 billion plus holiday sales quota. if you're going to get me an iphone 14 pro max for christmas, get that order in early. stu: you've got two. susan: okay. stu: you've got two, i know you do. give one to me. aali baba, they've reported before the bell and any covid impacts? susan: yes, people were
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expecting ali baba to make money, not a lot over the three months in the summer. sales barely grew and only grows by 3%. that's had a disappointing single sales day on november 11. i think we talk a lot about that and it's bigger than black friday and cyber monday combines and not the case. covid restrictions meant less shopping by consumers in the world's second largest economy and they're merking down their stakes and increasing to $25 billion extending to 2025 and china internet stocks had best month ever. ali baba up 10% in the past week. 10%. stu: yeah, that's a lot. huge. susan: for a company worth $300 billion. stu: what's old is new as in sis sisco. susan: you remember when it was the apple of the day and biggest stock in 2000. stu: john chambers. susan: yeah, before the .com
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bubble burst and the software company did not bad. they're guiding for upbeat end to the year and they're implementing a limited business restructures, which as you know is code for cost cutting and possible layoffs. stu: there's been a lot of retailers reporting. can you summarize it to what they're saying about the holiday season? susan: yeah, inventory and it's coming down, which is positive for a lot of retailing names. so macys did better than expected in the bottom and sales and bottom line and profits and sales did dr. and less unexpected and raised full year earnings that look and looking forward to strong holiday period. stu: sounds good to me.
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susan: bath and body works, which i thought was impressive here, they're surging because the company is pretty happy with their holiday seasonal product assortments and focus on inventory expense and have dan lobe, third point buying. stu: when i first came to america, there was no such thing as a soap and lotion store and now there is. susan: personal care as we call it. stu: all of that lot. it's like nail salons. they weren't around 50 years ago but now they're everywhere. susan: really? i didn't know that. stu: 50 years ago. susan, thank you very much. good luck tomorrow. susan: thank you. stu: here's who the administration blames for the missile blast in poland. roll it. >> we have seen nothing that contradicts the preliminary assessment. russia bears ultimate responsibility for this incident. stu: what's happened here? we'll talk to rebecca koffler
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who knows what she's talking about. general motors going full tilt electric and a million evs produced by 2025 two years from now in north america. gary gasselo has the story after this. ♪
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>> that's the plan and spending the better part of $35 billion to pull it off. mark, are you going to get there with more important than that. when do they start making money for general motors and telling investors why they should be bullish about gm? >> gary, today is a big day and we'll talk not only about the ev piece of the portfolio and ice piece of it and the ice piece is funny in transformations and that's the ice age not being over and transforming to an electric vehicle company and bringing first cell plants online and we're making cells down in lords down, touchdownto. we have a quality standpoint and can ramp our assembly plants behind that and we feel very
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good about it and we're introducing -- we've introduced the hummer ev and hummer ev suv and doing the silverado ev, sierra ev and blazer, equinox. we've got a full lineup that's coming here over the next year or two. a -z the cell plants can come online and we're going to tell our investors and pay for the investments as we mention and we begin to make money on evs in the margin structure becomes very good. >> that starts soon in 2025? >> it does. absolutely, yeah. >> couple vehicles you mentioned, equinox ev and silverado ev and gas powered versions are the best selling vehicles now and how long before the electric vehicles become your best sellers? >> that's a great question. if we look at industry experts with the 2020 time frame and
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more than that 2025 time frame and more than that and we think it'll be every segment, every buyer will want electric vehicles and we're not going to abandon our internal combustion segments and truck leadership with gmc and chevrolet and we've got across mid sized trucks and full sized trucks and beyond. we're seeing the registration for things like the silverado ev and really have conquesting growth opportunity for general motors on top of the number one ice. we ran 52 to 56% of the heavy duty market here these last few months so we're really positioned well not only to fund our future but also to add growth to those big high volume, high profit segments. >> this sounds a little different than what you've been saying the past couple years. is the ev growth not happening as quickly in the u.s. as you expected for the market?
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>> we're going to take every piece and invest into the cell chemistries and dedicated platforms with the blazer and silverado. these are dedicated platforms, the celestic out in the lobby, those are all dedicated ultium battery and platform. stu: 300,000 for the celestic and $35,000 for the equinox. stu: congratulations to everyone. ford motor company is making a puck towards electric. what are they doing? lauren: re-shoring. stu: bringing it back? lauren: yeah. it was all outshoring with china in the '90s and now ford is hiring rock well automation to make the technology for the evs here in the u.s..
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rock well will provide -- rockwell will provide the next three assembly lines for ford. providing the american jobs so this is re-shoring and helps the u.s.. stu: we're building a lot of factories to build these electrics. lauren: the biggest issue with the evs is the battery and the ingredients for the batteries are hard to come by and very expensive. stu: yeah. there's a semi event for tesla. what's that? lauren: as in big truck. tesla has been teasing for five years and it's finally here. they sent a huge truck, 500-mile range and $180,000 price tag and pepsi co is getting the first one and they're unveiling december 1 at factory in nevada. if you can see inside the cab, see the steering wheel? the driver seat is in the middle of the cab so you have this king of the road sort of feel. that's cool. elon musk does things differently and charges up to 70% in 30 minutes. that's reassuring as well. stu: i like the design of it.
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lauren: it's sleek. stu: elegant. thanks, lauren. coming up, don't forget to send in your friday feedback. you can e-mail your questions, comments, critiques, anything you'd like to president biden returned home. when he returned home he found that republicans had taken back control of the house. democrats hold the senate. this is going to make it harder to pass his agenda so what's next for the president? a report after this. ♪
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stu: there's questions about if president biden will run after trump's announcement. lucas tomlin son at the white house, what is biden saying about a 2024 run? >> good morning, stuart. after landing here at the white house after midnight; president biden said he'll run again for president and will make that announcement early next year. he was asked about donald trump running again for president.
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[ inau [ina[inaudible]. >> the gop took the majority in the house winning the all important 218th seat, stuart. last night the newly nominated and expected next house speaker kevin mccarthy spoke about what this victory means. >> we are the only republican entity that can stop this disastrous biden agenda. think for one moment, it is official, one party democrat rule in washington is finished. we have fired nancy pelosi. >> before landing last night, the white house biden made congratulatory calls to katie bass. a small group of advisers in the
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west wing have been working on plans for how biden and the white house will respond to a constant barrage from former president trump now that he's the official candidate. while the race for 2024 might now be on, there's no public schedule for president biden today. nothing on the schedule for him, stuart. stu: thank you, lucas. hillary sought caught up with -- vaughn caught up to the top democrat on the house finance committee about the ftx. lauren: she's the top democrat on the house finance and didn't get any of the donations but some of her top democrats did and said that doesn't matter. >> have a second to talk about ftx and concerns of the crypto industry. >> while we're talking about that, i'm working with mr. mack henry and we're talking about putting together a hearing so that we can explore exactly last taken place. >> do you think some lawmakers that got donations from ftx's
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founder should give that money back? >> well, i don't want to get into that as a matter of fact. both sides, democrats and republicans, have received donations. thank you.thank you. lauren: oh, come on. sbf was the second largest donor in the midterms after george soros and shelled out millions and 92% went to democrats. the question now is is the money lost by ftx, did that help democrats in any way if there's an investigation, i think some politicians would want to focus on that angle. stu: did the money come from all the people that lost their shares in ftx. thanks, lauren. check the big board and we've been in business for 25 minutes and we're down 260 points, that's three quarters of one percent and dow winners at the top is cisco systems and what old is new. travelers, mcdonalds on the list. s&p 500 winners, cisco on that
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list, defense company, progressive corporations. lockheed martin, another defense corporation and nasdaq composite, cisco systems, nvidia, pepsi, t-mobile and call come all up. the 10 year treasury yield, 3.78%. way below the 2 year, the inversion stays. 17.61 is the price of gold and bitcoin at $16,400. oil, where's that? $83 a barrel. nat gas? it was snowing around here recently and price is up not much, $6.37. price of gallon of gas is $3.72. in california all the way down to $5.37. still ahead, ben dom niche. murdock, david web, mercedes shlap all in the 10:00 hour, which is next.
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