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tv   Varney Company  FOX Business  February 21, 2023 9:00am-10:00am EST

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>> good for the seller, maybe he'll be able to afford the new iphone, but, hey, if anyone wants to pay me ins of thousands of dollars for my vintage pink razor flip phone, my dm ifs are open. maria: wow. well, maybe. there you go. mark tepper, kaylee mcghee white, thank you so much. appreciate you being here. we've got a market that is under selling pressure, down 341 points right now on the dow industrials, one hour away from the opening bell. is -- the tone was set with those weak reports this morning on retail, home depot and walmart both disappointing with their guidance saying the consumer is challenged. nasdaq right now down about 150, and those stocks are down 3 and 4 percent right now. have a great day, everybody, we'll see you tomorrow. very "varney & company" begins right now. stuart: good morning, everyone. dueling superpowers going toe to toe. in moscow vladimir putin
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suspends russia's participation in the key nuclear arms treaty. he's talking nukes on the each of the ukraine war anniversary. in poland in a couple of hours, president biden will speak about american weapons to ukraine and poland's requester request for -- request for american troops in poland. he will respond to putin's rant. and then there's china. they may provide lethal assistance to russia. their top diplomat is heading to moscow right now. these are ominous developments. russia and china against america and europe. investors are unhappy with it. a superpower standoff is a negative for wall street. dow industrials set to open down about 350, nasdaq down about 150. that is a selloff on a tuesday morning after a three-day weekend. rising interest rates not helping either. the yield on the 10-year treasury keeps edging closer to 4%, bad news for big tech. and the 2-year treasury, that yield is now at 4.68%.
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interest rates not helping stocks. politics. bad optics. some of the folks in east palestine are furious that the president should go all the way to a war zone overseas but did not go to ohio for the toxic chemical spill. donald trump, by the way, heads to ohio tomorrow. florida's governor desantis has not yet declared he's running for president, but he's campaigning hard and scoring points. he came to new york city, noted the crime surge and the criminal-friendly laws and invited police officers to jump ship, go to florida to work. his presidential campaign is taking shape. and it is tuesday, february the 21st, 2023. "varney & company" is about to begin. ♪ ♪ ♪ please tell us why --
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stuart: what's the name of this song? okay. the producer tried to relate the song at the start of the show to the lead story, but i'm not sure what the connection is, because i don't know the name of the song. shall we just get on with it, todd? >> it's a good one, stu. it's my favorite. [laughter] stuart: all right. we're going to the start with florida's governor desantis it is. he looked like he was on a campaign tour yesterday. he had stops in three states. here's what he told fox about a presidential run. roll it. >> -- florida is like, man, the governor's gotten a lot done, and we have and we're proud of it. you ain't seen nothing yet. this is going to be the most productive legislative session we have had across the board, and i think people are going on the really excited. so those are what we're going to be the doing over these next few months. as we get beyond that, then we can decide from that. stuart: it's a timetable, if you ask me. todd, he's definitely running. i think he's running on the issues that voters care about,
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crime, education and the border, illegals. what say you? >> 100%. why is he touring the northeast here? because the crime laws we have here in the northeast lead to crime, so he's basically saying, look, cops, come down to florida. you won't have to worry about the issues. we're going to pay you more, you're going to have a much better quality of life with taxes and all that other stuff. a lot being made of the non-announcement announcement, i don't really think that's a big deal. here's what he's going to do, he's going to wait until after the may legislative session, so he's going to have a lot of great legislation that that he's going to be the able to bring ott the american people and say look what i just did. he's going to be able to promote the book which is going to give the voter a sense as to who he is, and third, he's raising money. he's raising it, stu, it's not going to impact him. stuart: yes, he is. he came to new york city. the mayor, eric adams, took aim at desantis who was in his city. the mayor tweeted this, welcome to new york city, governor
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desantis, a place where we don't ban books, discriminate against our lgb lgbtq neighbors or let the government stand between a woman and health care. we're happy to teach you something about values while you're here. ouch. dea desantis spokesperson responded. she tweeted right back at him, the mass exodus of new yorkers who are, indeed, going to florida. who won the round? this. >> i mean, it's sad to even have to say this, but, i mean, adams was so destroyed there. let's just go through it. desantis isn't banning books, he's literally keeping kids from reading porn. he's basically saying we're not going to keach sex to -- teach sex to kindergartener. moving migrants around and not preventing women from getting health care. those were four lies, so what does the desantis person come back with? a fact. you see it and these are the numbers, people are fleeing jurisdictions like the northeast, specifically new york for florida, in record numbers. moving vans don't lie, stu --
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[laughter] stuart: desantis won hands down. >> not even close. stuart: later this week, i should say, former president trump holds a fund raiser at mar rah mar-a-lago in florida, of course. governor desantis will also be in palm beach, florida, meeting with donors. sounds like dueling e celebs. >> yeah. here we go. trump scheduled to appear at a fundraiser at mar-a-lago friday, desantis at the four seasons resort palm beach, in case you're wondering, they're 8 minutes apart. the timing, coincidental, but desantis' allies concede the location of this event is likely to irk trump. an aide to the former president dedeclined to comment. palm beach has long been a go-to for fund raising geffen the number of millionaires and even billionaires -- stuart: the i wonder if anybody will go to both the fund the raisers. >> they did that with bush, jeb
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bush, and they kid it with marco rubio and then trump at the time, you know, back in the 2015 and '16. stuart: we've got a lot on our plate this morning. we've got biden in europe, putin rattling his nukes, and we also have the market. see? two retailers reported early this morning, home depot and walmart. they're both down sharply. home depot fell short on the revenue side, first time that's happened in four years. they blame the miss on a drop in lumber prices. walmart had strong sales but offered a cautious outlook for the year. that's what counts on these earningses reports, the call. where does the ceo say we're going from here. both of them down this morning, home depot and walmart. all right. let's have a look at futures overall, this is how the markets are moving this morning. way down, off 300 for the dow, 130 for the nasdaq, and that's all red ink. david nicholas joining us this morning. first of all, is this market selloff today because of the superpower standoff and all this talk of nukes?
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>> you know, that doesn't help, stuart. i mean, it's -- to see the progress that we've just lost geopolitically when it comes to russia, ooh concern -- that's frustrating. i think this has more to do with the fed, earnings this morning from home depot and walmart. but e don't want to discount it, because -- stuart: so you're negative. you didn't like what the fed had to say, you're not particularly keen with the nukes and putin in europe, so you're negative overall, we're going down from here, is that what your saying? >> stuart, i'm looking for bits of positivity here, but the reality is right now, no, i think the market is trying to come to the reality that it's going to be the tough for the fed to get to 2% inflation rate. we're going to see the fed minutes that come out. what i'm looking for is i want to see where any members tossing around the idea of 50 basis points before they settled on 25, because when those minutes are released, if the market sees that, that could also lead to
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more selling pressure. there's some great opportunities out there in a.i. and -- stuart: yeah, i want to talk about that. >> the general broader market is selling off. stuart: i want to talk about a.i., lots of people want to invest in what they think might be the next big thing, and we're frequently told that artificial intelligence is the next big thing. give me a stock that i could put money into which is an investment in artificial intelligence to some degree. what have you got? >> yeah, stuart. here's the way to play it. instead of making bets on which a.i. software company will come out on top, own the companies that power a.i., a name like nvidia. nvidia makes the chips. microsoft just announced they're going to invest $10 billion in open a.i., you know what chips they're going to be using? nvidia's h-100 processer, stuart. it's two and a half times faster than its predecessor. there's nothing that competes on the market with this, is so i think more and more businesses whether you're financial, health care, education, you're going to
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work a.i. into your business model. that requires more computing power. you need better chips, and this is where nvidia comes out on top. now, earnings are tomorrow the, this is a stock you want to buy on a pullback. i think we'll see some selling pressure, but this should excite us to jump in at a good level, stuart. stuart: show me big tech and how they're doing as of right now, please. they're all down with the exception of meta, which is up 1%. any artificial intelligence, a.i. opportunities, in any of these big tech stocks other than microsoft which is, they've announced the $10 billion into -- >> that's right. mtv, but don't sleep on google -- google is suffering with microsoft's bing search engine that's almost fully a.i., google's not just going to let that happen. so i think they're going to be aggressive on their approach to bring a.i. into their search, so i think google's a much better value name to buy in the a.i. space right now. stuart: okay. nvidia and maybe google.
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we'll take that on. thank you so much, david. good stuff. let me tell you what we've got coming up on the show. we are going to deal with president biden in europe and putin in moscow. we concern i promise you we'll deal with that superpower rivalry. also have this for you, cohost of "the view," whoopi gold berg, echoed don lemon's attack on nikki haley. roll tape. >>st it's time for a new generation of leadership. >> you're not a new generation, you're 51. what are you talking about? [cheers and applause] [laughter] stuart: that's it. lemon was temporarily sidelined for his comments. all right, what about whoopi? we'll see. russia's putin says he's not going to back down in his year-long war with ukraine. he accuses the u.s. of fanning the flames of the conflict. our president is about to respond, and we'll show you what he's got to say. ♪ ♪
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1-800-217-3217. that's 1-800-217-3217. stuart: i don't think the market likes the superpower standoff that we now see in europe, we've got a selloff going down here. dow's down 30. this is pre-- down 300. over 1% down for the nasdaq. president biden is, indeed, in to poland today. he's meeting with nato leaders. meanwhile, china's top diplomat meeting with russian officials in moscow. edward lawrence is at the white house for us. edward, the big concern surely is that china teams up with russia, right? >> reporter: that is absolutely the big concern for many folks across the u.s. government here. what happens, the end result of the invasion in russia will have a ripplefect on china's actions, some experts believe. china right now is creating a
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close relationship with russian president vladimir putin, heavy support for russia and if their economy. the chinese foreign minister, as you mentioned, meeting with putin this week as the chinese are sending -- weighs sending military equipment to russia. president biden not expected to mention china by name today in poland, but he will speak about aggressors trying to croix democracies -- destroy democracies around the world. the chinese are helping russia while taking advantage money signed into law. ford plans to partner with an electric car battery company from china. some say the chinese fooled the climate czar by increasing the use of electric cars in china. >> kerry would look at that, oh, look at chinese progress on green energy. it's not at all about green energy, it's about make manying the chinese economy resilient in
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the event of a conflict with america. well, how so? those electric vehicles in china are coal-fired cars. that's where the energy comes from to charge the cars in china, is coal. chinese coal. >> reporter: critics say that the chinese are using a multilayered approach to pass the united states on every front. one more thing, stu, the russian president, vladimir vladimir putin, announced he would no longer participate in the s.t.a.r.t. treaty agreements going forward, they're renegotiating that deal. they're set to meet in august. back to you. stuart: edward, thank you very much, indeed. you're right. the president -- i'm sorry, putin gave his state of the union speech today in russia, and he kid indeed announce the suspension of russia's participation in the nuclear pact with the united states. christian whiton joins me now. of looks like escalation to me, christian. >> yeah, it is. you know, russia actually was
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the one that was more in favor of the s.t.a.r.t. treaty. this was negotiated under the obama administration with vice president biden there. it was considered by conservatives as too soft on china, it excluded short-range nuclear missiles and then more recently during the trump administration new s.t.a.r.t. was seen add flawed because it didn't include china. so it's an interesting thing to cancel, because this is what russia typically wanted more than america. but certainly, the nuclear brink withsmanship alongside china's development of a second strike capability which has been going on for the last few years makes it a less safe world. stuart: anytime putin raises the nuclear issue, you've escalated. you brought a whole new thing in as a threat to the west, and that's what i mean byes calculation. apparently, putin said he knows that some u.s. nuclear weapons are near their expiration date. and he said the u.s. wants to make this a global conflict. the u.s. has stolen soviet gold.
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i mean, he's coming out in full mode, isn't he? [laughter] >> it is. you know, or we haven't tested a nuclear weapon since 1991, we have a voluntary ban, not a formal ban. but putin actually mentioned this in the his speech, he said that russia might test but wouldn't test first but would if the united states goes first. there's no indication, of course, president biden would order a resumption of nuclear testing. it has been 40 years, but you never know. again, very aggressive talk can ask and also very confident talk as a russian winter time counteroffensive -- or offensive, i guess you might sa. a year into this war it doesn't look like there's any end in sight. stuart: yeah. that republicans, bring this back home for a second, republicans seem split on biden's visit to ukraine. what we should give to ukraine. some republicans say we should just give them what yea -- they need to win. others are saying, look, we can't just write them a blank
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check. that's a split in the republican party. but, christian, i'm not so sure the democrats are truly united on ukraine. what say you? >> i think that's right. as time goes by, this is very typical, we saw i this with iraq and afghanistan and syria and somalia that the u.s. becomes a little less interested many wars that aren't deicive. of there's been a divide in the -- decisive. it's less apparent in congress where there's strong support, but in the rank and file, there are doubts. why, for example, are we paying three-quarters of the price of this war, europe paying the other quarter, shouldn't that be reversed since they're in harm's way. at first service the conflated with hatred of russia and the belief that russia made a deicive intervention in the 2016 election of donald trump. of i don't think it was decisive at all, but that that tends to erode over time. and with fatigue and a possible recession coming to the united states, you'd expect sort of a routine decline in support and interest among the public. stuart: got it.
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christian whiton, thanks so much. president biden's visit to kyiv is drawing the attention of people in ohio. i presume that some of them are rather critical of the president's trip. >> some critical, not so much. and as you night imagine, it falls down party lines. conservative and liberal pundits sparring on twitter after president biden made that surprise trip to ukraine despite still not going to east palestine. here's one, trump goes to and biden goes to ukraine, actor antonio sabato jr., he wrote that. joe biden visiting ukraine before he visited east palestine, ohio. biden's 20 to 24 slogan should be america last, that's e from a conservative media personality. and this is incredibly consulting today on our presidents day, joe biden, the president of the united states, chose ukraine over america while forcing the american people to pay for ukraine's government and war. that is republican congresswoman marjorie taylor green. so those are the anti-biden ones, here are the pro-biden or just anti-conservative ones and,
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stu, i don't want to get fired, so i'm going to just say go [bleep] yourself, you kiss the loyal russian. and i don't know this next word, if it's a curse, that's from unhitched guy keith olberman. he cursed out marjorie taylor green. congresswoman susan wild summing up biden's visit as prime ministers acting presidential -- presidents acting presidential, an obvious dig against former president trump. retired republican congressman adam kinzinger writing: joe biden's visit to kyiv is great and sends a strong message that the u.s. stands with ukraine. there's absolutely no debate, trump never would have gone because he would have been too scared and, of course, russia. my big takeaway from that last one, adam kinzinger still going on the debunked russia narrative path that has been wildly debunked even after the mueller report but, hey, you work for cnn, do what you gotta do. stuart: i don't think there's an equivalent between a train
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derailment in ohio, awful as it was, and the development of maybe world war iii in europe. i mean, there's a complete difference, and our president should be over there. >> understand. but there was an opportunity within the last who two weeks to go to east palestine and address the situation because during a disaster like that, people want hope. stuart: very true. thanks, todd. check futures, please. we've got about six and a half minutes to go until the opening bell, and we're going to be seeing some selling at the opening bell on wall street. we'll take you there after this. ♪ i got my game on, better hang on tight. ♪ i guarantee it's gonna be a hell of a ride ♪ there are some things that go better...together. like your workplace benefits... and retirement savings. with voya, considering all your financial choices together...
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stuart: oh, dear, looks grim this tuesday morning as the market resumes trading after a 3-day weekend. down 300 for the dow, down 150 on the nasdaq. ray wang here in new york city, of all places, good to have you with us. >> great to be here. stuart: i'm interested in investing in artificial intelligence. can you tell me a stock that gets me into what i think is a big new thing? >> there's several different stocks. this is a big market, about 140 billion odd the, about a trillion by 2032. you start with google. it's got the compute power, the
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algorithms, heavy been doing it for the longer period of time, and they are the leader despite what we're seeing in the news about chatgpt. stuart: okay, that's not a pure play in artificial intelligence, is it? a pure play. >> there's really no pure plays per se because what you need is you need data, you need network, you need the big compute power to make it happen. callaway golf is actually a good play in artificial intelligence. they bought top golf, and they have better data on people's swings hand this everybody else. makes better balls, better golf clubs. that's an example -- stuart: you're kidding me. callaway golf is a play on artificial intelligence? >> it is so, because they have better data. we see a new asset class of companies that are building these a.i.9-based companies because the data inside them and the network inside them is better than anything else. and that's actually why we think this is kind of the future. meta, of course, has great data and social networks, and there's smaller company like c3 a.i.
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that's doing everything from energy management to the ability to go out and figure out, hey, here's a risk that might happen, your capital equipment like energy plant might go out -- stuart: i take it it's already run up to the moon. >> it actually has been running up. it opened up about 40-50, it took a hit over the last 12 months, but it's coming back. stuart: last one, nvidia. don't they make the chips? >> they make the chips. you've got to power this somehow. the data centers all require chips. gpu is the special winner in this, they're the ones powering the a.i. revolution. toure stuart and is it the next big thing? >> it is. it's growing about 3%, and that's why we think it's going to be a trillion dollars by 2032. stuart: does it scare you a bit? >> yes. a.i. ethics are very important. stuart: great having you in new york, thanks for being here. all right, trading has begun on this tuesday morning. right from the opening bell we've seen some selling here.
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as of now we're, what, 12 the seconds in, the dow is down 3300 as expected. there's a couple -- 300. there's a couple of win winners, amgen and coca-cola, the rest are on the downside. home depot especially. as for the s&p 500, also lore to the sign of -- to the tune of close to 1%, and 1.25% down on the nasdaq. let's have a look at big tech. any winners there at all? yes. meta platforms is up just a fraction, apple's down, microsoft is down 1.5%. alphabet's down and amazon dropping 2% to $95. a couple of big retailers reported before the bell this morning. susan's with us. start with walmart, please. susan: the second year in a row that america's biggest retailer is forecasting profit to the fall. isn't that surprising? second year in a row. now, last year they had inventory issues, this year they're trying to slowly kill
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the out of that, so they're forecasting a 6% plus drop in this year's earnings. also you saw that same-store sales were also a bit light of wall street estimates. demand waned for apparel and home goods, and they're going to groceries. grocery sales are booming because wealthier clients are coming down because of high inflation to buy at cheaper places with 40-year-high inflation. also walmart is america's biggest grocer, and they're raising the minimum wage to $14 an hour. stuart: biggest grocer, got that. how about home depot? susan: this is surprising, because we're looking at the first sales miss for this company in two and a half years. inflation, higher mortgage rates, they say, pushing consumers away from upgrading with their homes with that slowing real estate market and they're also blaming the drop in lumber prices which you know surged during 2021. you're an expert because you have a lumber, a tree arm. --
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farm. stuart: i have a tree farm, i do. and it has come down. susan: a lot. remember it went up four times, 400% almost in 2021, and now we're back way below that. and so they're saying that this is going to cost them about a percentage in sales. that's a lot, actually, in wall street terms. but they are giving a billion dollars away to give workers a raise. i don't have any specifics on how big that raise is, but we know that the starting salary is at least clash 15 an hour. stuart: interesting. now, i read morgan stanley's stuff. susan: oh, you do? stuart: yeah, on occasion when you send it to me. they've just come out with a grim prediction for stocks, haven't they? susan: they have, indeed. of. [laughter] so tell me this, because it could be as low as 3,000 for the s&p 500, so that's a crop of 26d in. stuart: when? >> within the first six months of in this year. you have four months to get there. two problems, the fed isn't going to pivot and cut rates at the end of this year because
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inflation's still too high, the economy's still too strong. corporate earnings could fall and drop 10-20% from here. also the stock market rally in the first two months has really baffled a lot of people, really pushed them. the expensiveness of the s&p 500 passed historical averages, and people listen to morgan stanley because mike wilson last year correctly predicting that bear market, but you have bank of america also calling for drop of 7% for the s&p, down to 3800 levels. stuart: is nobody saying that the tension in the europe and china -- susan: reopening, well, okay -- stuart: -- is that part of the reason for the selloff this morning? some people think it is. susan: probably. -- possibly. i think the fed is probably going to stay hawkish, we could get two to three more rate hikes, but there are bullish calls out there. for instance, you have a 20% plus in games this year because of -- gains this year because of china's reopening and more market breadth which is an
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indicator that people are willing to get back into the market. stuart: yesterday you were telling me about a verification system for meta, which they've rolled out. you were trying to explain it to me. susan: i thought i did it very well. stuart: i found out people that were 'em pairs nateing -- impersonating me. susan: i blew his mind. stuart: you did. susan: at least seven fake stu varney accounts. stuart: did you really? susan: yes. stuart: you didn't tell me that. [laughter] susan: this is why meta's capitalizing because they're saying people like you, or who are famous, that need the security verification, you could be willing to pay $14.99 a month if you buy it on an iphone or $# 1.# 9 on the internet, and that could raise around clash 2-3 billion in sales for mark zuckerberg and meta on instagram and facebook. stuart okay. do people impersonate you, ray wang? susan: absolutely. stuart: i was asking ray wang.
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[laughter] >> yes, they do. stuart: susan? susan: absolutely. why is this so shocking to you? stuart: i don't follow this stuff. i don't do facebook or -- >> why didn't you ask if they impersonate you? am i that low on the totem pole? stuart: do they impersonate you? >> you're a -- no. you're a very important person. [laughter] stuart: now, this is important. google. big test in the supreme court. i've got a headline in "the washington post", the supreme court may upend the internet. susan: yeah. well, this is the magna cart that of the -- car that that's being challenged -- magna carta. social media companies enjoy being shieldedded from liability from what their users post. this is about that 2015 paris terrorist attacks and the recruiting videos that they allege were on youtube and may have ins gated terrorists -- ins greated -- instigated terrorists
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to go on the attack. we do have an american being killed here. so is google liable for what's being uploaded on youtube? also twitter, i know it's a private company, but you know meta's copying twitter and elon musk who is asking you to pay $8 to verify you are the right stuart varney and the operator of your twitter account. but now they're asking you have to pay $8 a month for two-factor authentication which is how you, basically, if somebody tries to log into your account, they may have your password and log-in id, but two factor prevents that if they have to also text you that somebody's trying to log into your account. stuart: thank goodness i'm not a par -- not a part of this brave new world. if you're coming back with, please, let's deal with manchester united -- susan: i wanted to do that until you had aing isway and wanted to talk about yourerer -- your verification. stuart: coming up, the the
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governor of florida, as in ron desantis, wrapped up his three-city, pro-police tour in crime-ridden chicago. there's a sentence. roll tape. >> the reason why you have crime that has spiraled out of control in some of these different areas is because you have politicians putting woke ideology ahead of public safety. stuart: sure seems like he's running, doesn't it? yes, he does. do you have a family trip coming up? may want to check united airlines, they're making it easier for families to travel together. we'll tell you how heir doing that. and then there's this, household debt at highest level since 2008. not good for the economy, if you ask me. larry kudlow, though, he's going to break it down after this. ♪ ♪
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stuart: on the markets this morning after 12 minutes worth of business, we've got some selling. cow's down 260, nasdaq's down 112. home depot and walmart are both dow stocks, both of them sharply lower. taken together they're shaving 114 points off the dow industrials, so apart from those two, it's not quite so bad. we told you about the surge in retail theft forcing stores to lock up everyday items. todd's with me. it can't with good for sales. >> it's not. here are the numbers to prove if it. those locked cases are deterring honest shoppers from making in-store purchases causing sales to drop 15-25%. that's a big nugget for these stores. according to an anti-theft technology company, the the inconvenience of locked cases, having to find that employee to open them up, end up driving customers no shop online where
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so many are already, razors, deowed rant, alcohol among the most locked-up items. retail theft, a nearly $100 billion problem, that according to the national retail federation. stuart: they call it shrinkage, don't they? >> yes. but $100 billion is a big nugget. it's huge. stuart: thank you. look at, household debt has reached the highest level is since the financial crisis back in 2008. larry kudlow with me now. larry, i can't imagine that a record level of consumer debt, credit cards and what have you is a good thing for the economy. are we in trouble? >> well, look, i i just want to give you some perspective, okay? i jotted down a few numbers. sorry i'm late, plane from florida was 2:00 in the morning. i'm not so worried about this right now, okay? household debt as a share of
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household net worth, okay, so it's a debt compared to assets, is 13.4%. back in 2008 during the financial meltdown it was 20.8. so they got a lot of debt, but they got more assets. and then if we look at disposable income, okay, household do debt, 1-- wait, i'm sorry. these are, yeah, disposable income. 1.03% versus 1.37 back in 2008. and finally, clip again city rate -- delinquency rates, 90 days plus, 1.14% is the lowest on record. so, yes, they're taking on a lot of debt, but they have great coverage ratios. their assets have gone up, presumably not their homes, it's mostly the stock market. their incomes have gone up, and they're paying off.
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they're not really delinquent very much. stuart: not bad. >> so, stu, you're getting, you're hyperventilating, stu. i want you to get that context and that perspective. st the -- the problem in the economy is housing, it's manufacturing, it's the fed tightening, it's the inverted yield curve, it's the slump in the money supply. but so far our friendly consumer is okay, not bad. stuart: okay, all right. i will stop hyperventilating, and we're especially pleased to see you wearing a white shirt as opposed to your perennial pink. [laughter] nonetheless, are you -- >> blue. it's blue stripes. stuart: oh, okay, i missed that. at my age, you can't see clearly. [laughter] are you telling me me that we're going to avoid a nasty recession? are we going to have a soft landing? what kind of economy are we going to have for the rest of the year? >> well, those are hard questions. i'm not that bullish on the economy because, look, you've
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got a big slump in manufacturing, you've got a huge slump in this housing. so those are, you know, majors. the supply side of the economy not looking good at all. regarding the consumer, okay, as long as employment stays steady or, you know, it's been very decent, january's number was probably an exaggeration but whatever. as long as employment stays steady and income stays steady, what you're going to have is slow growth, okay? low growth. and i think that's the issue. on the other hand, i am worried that the federal reserve, which is targeting growth, is going to come down, and the fed funds target rate which is now 4.75% as you know is going to go all the way up to 6%, and they're going to keep pulling cash out of the economy so the money supply's going to continue to fall. i'm worried about both of those
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factors. and that will at some point affect the consumer. so i don't think all is well. i just think that because you have debt, it's not the worst thing in the world as long you have the assets and income to back up the debt. so we're not in the crash mode yet, stu. i just want yo you to, you know, relax a little bit on that point. just relax. it's okay. stuart: everything's going to be just fine. [laughter] calm down, stu. [laughter] we'll be watching you at 4:00 this afternoon, "kudlow" on fox business. great stuff, larry, thank you, sir. >> bye, stu. stuart: i'm going to show you sixth avenue, midtown manhattan, theres. virtually empty mondays and fridays because of remote work. todd's with me. what's that doing? the place is empty. what's that doing to office -- to landlords? >> i'm going to continue down the negativity path that you were on, so get ready. 5-10 office towers each month join the list of properties at
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risk of defaulting because of low occupancy, expiring leases or maturing debt that would have to be refinanced at these ridiculously high rates we have now. until now most landlords have been able to stay current on their mortgages because office leases typically run for 10 years or more, and lenders had been willing to extend the expiring mortgages, but the growing number reflects a recognition by owners and lenders that the robust return to the office they had hoped for, thought would happen is not happening, and that shot shows. that mine, you can go to lunch, get any table here if you want. you can walk down the street, t not that crowded. we thought it would be different, it's not. stuart: that's a fact. todd, thank you. all right, folks, have you seen? roll tape. >> well, i just think some people might say that your instagram-loving [bleep] wife doesn't want to -- how dare you, sir? she's always wanted her privacy. stuart: strong stuff. and meghan markle reportedly overwhelmed and upset by her
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portrayal on "south park." neil shaun says there could be legal ramifications. he's going to be here. new york city businesses sounding off on the migrant crisis. many say that sales have plummeted and jobs have been lost since the big apple spent millions of dollars to house migrants in hotels here. full report coming up for you right after this. ♪ ♪ i want to scream and shout and let it all out. ♪ and scream and shout and let it out ♪
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stuart: a borough list of users are are criticizing chatgpt for political bias. kelly o'grady with us. kelly, can you give us some examples of one-sided answers? >> reporter: absolutely, stuart. so just yesterday chatgpt told me gender identity should be taught in early elementary grades, so we decided to do some poking under the hood, and what we found is a scramble to crease these bias concerns. chatgpt now caveats answers with disclaimers to the appear more
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balanced, and we asked a few questions rooted in critical race theory a few weeks apart. on february 13th the response to to the white people having privilege was a resounding yes, but the chat bot now qualifies that answer saying, quote: it's important to recognize that people's experiences are shaped by a variety of factors. and we found inconsistencies persist in a variety of topics, race, gender, politics. when asked to describe joe biden negatively, the a.i. refused say, quote, i'm designed to the remain neutral and impartial in my responses. it's not appropriate or productive to engage in negative personal attacks. but when we asked the same for former president trump, the a.i. still caveats but then proceeds to provide the info saying, quote, i understand your request so here are some potential negative descriptions of donald trump based on public perception. these changes appear to be spot treatments with some contradictions seemingly deep-rooted. one tech expert says the information from this a.i. must be taken with a grain of salt. >> in all likelihood, there's
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going to be some kind of slant one way or another. not everything that's coming off the this platform is going to be the true and accurate. you -- to be the true and accurate. you need to follow up on this, test things out and insure cha -- what's coming off the platform is good and accurate. >> reporter: when you ask if you should trust a.i., it even admits it's only as unbiased as the people who create it, stuart. stuart: kelly, thank you very much. i want to thank todd for being here. you work hard, i i appreciate it. still ahead, arizona congressman andy biggs, brian kilmeade, florida congressman greg steube and enes kanter freedom. is 10:00 hour is next. ♪ -- alone in the dark. ♪ i'm sorry, gotta leave before you love me ♪
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you'll always remember buying your first car. but the things that last a lifetime like happiness, love and confidence... you can't buy those. .. [coughing] hi, susan. honey. yeah. i respect that. but that cough looks pretty bad. try this robitussin honey. the real honey you love, plus the powerful cough relief you need. mind if i root through your trash? robitussin. the only brand with real honeyand elderberry. cole hauser is an award winning actor who has starred in good will hunting too fast, too furious and the current hit show yellowstone. beyond his impressive career, he is a proud supporter of the tunnel to towers foundation. i was able to spend some time with cole and his family
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to reflect on those who have sacrificed so much to defend our freedom. i know how much you care about america and our veterans and all the things. but you have such a platform now. yeah. and to share that with us that we need to get the word out that we have to take care of these great heroes and their families. you know, as i started to be more and more successful, i was like, how can i help? but when i heard of the tunnel of the towers, and i met brandon in idaho and his family, i was like, wow. there's actually a charity where we know where the money's. going to go. we have 95.1% of every dollar goes to our programs. and i think brandon's a great spokesman for t2t and and his wife, shannon, has two daughters. i mean, oh, my god. they're just special families. so pretty much, if you put your life on the line, if something goes bad, they're there. that's awesome. yeah. they're incredible people, man. you saw all the stuff we put in these homes, right? i was i was blown away. and they deserve it. they earned it. this is not of course, we give them a mortgage
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free home, but look what they gave up. they gave up their bodies so, cole, why should americans give donate help? tunnel to towers foundation. i mean, is there any better organization to help the people that has fought for this country and the freedoms that we have? it's that simple. it is that let's take care of each other. and you're going to join us on that mission. thank you. hey, i'm cole hauser. i want you to join me in supporting our nation's heroes and their families. it's only $11 a month. go to t2t dot org. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential for consistent income that's federally tax-free, now is an excellent time to consider municipal bonds from hennion & walsh. if you have at least 10,000 dollars to invest,
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call and talk with one of our bond specialists at 1-800-763-2763. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income... are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763. ♪ we are going to


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