tv Varney Company FOX Business February 22, 2023 9:00am-10:00am EST
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stuart: good morning, everyone. welcome to the "varney & company." in poland president biden addresses the leaders of nine countries about the ukraine war. he says russia will not declare victory. he says america's support will not tire. so the debate is on, how much help should america give? enough to let them win orbit? -- or not? in moscow, china's top diplomat is meeting putin. how much help will china give to russia, and what will america do if they send putin the weapons and technology he desperately needs? back home a big political event. donald trump visits the train derailment site in east palestine, ohio. he'll put on a big show, handing out cleaning supplies and bottled water. he'll make the point that he showed up and helped while biden stayed away and gave billions to ukraine. ironically, trump a arrives in ohio just as president biden leaves to poland. to the markets. well, that's-west standoff
really -- that's-west standoff of really rattled the markets yesterday. it wiped out all the dow's gains this year, it's back up this morning, but not by much. s&p up maybe 8, nasdaq up maybe 38, not much of a rebound. the 10-year treasury yield right around 4%, 3.941%. this is not good news for stock investors, and the 2-year, the yield there has gone up to 4.68%. how about this one? if i can't put it on the screen, don't is have the numbers for you, but the 6-month treasury yield, 4.84%. do you believe that? safe return on your money. on the show today, vivek ramaswamy. he is 37, a wealthy entrepreneur. he's waging war on woke, and he's running for president. he'll join us this hour. yes, it is wednesday, february the 22nd. it's the first day of lent. ash wednesday. "varney & company" is about to begin. ♪
♪ how do you like me now, now that i'm on my way? stuart: how do you like me now, toby keith. oh, i just love -- ashley: where are you going? stuart: it's so upbeat, so positive, look at me now. look where i'm going. that's a great way to start the show. right now president biden's in poland meeting with nine leaders of east european countries. he's made a bold promise of support for ukraine. good morning, lauren, take us through this one. lauren: president biden said u.s. support for ukraine is unwavering, and putin will never win. >> autocrats only understand one word, no. no, no. no, you will not take my country. no, you will not take my free come. no, you will not take my future.
a dictator, their not rebuilding an empire the -- empire, will never be able to ease the people's love of liberty. brutality will never crag the down the will of the free. ukraine will never be a victory for russia, never. lauren: that's all fine and good. it is. the president committed to spending, essentially spending forever to help ukraine fend off russia without a plan to win or a message to china to a stay out and don't give russia what they need so they can win. stuart: okay. take a look at this, this is from the wall street from the "wall street journal." the editorial board. america's choice in ukraine. as long as putin wants war, seeking a peace settlement is a fantasy, end quote. lisa boothe joins us on this this morning. >> hi, stuart. institute good morning, lisa. should we be going all in to let ukraine win? what's -- where are you on this? >> well, what does winning mean?
stuart: okay. but if i were to define it as expelling all the russian troops who came into ukraine one year ago, get 'em out, that's a win. if i define it like that, do you accept that? >> but then we're -- but according to zelenskyy, winning also means expelling the russians from the territory they took over in 2014, which is crimea and also the donbas region as well. nobody's been able to fully define what winning means or what it would take to do. that that's my problem with this. i feel like we're reliving covid. >> you're not allowed to question things, where we're repeating what our government tells us, what the military's telling us, people who lied to us about afghanistan as well. twenty years was not enough for them. twenty years was not enough for them and, sadly, we sacrificed so many of our men and women to the taliban within a matter of days. quite frankly, i think it's very strange that more in the media are not asking questions, and we're just taking what zelenskyy tells us at full face value, and i think that's wrong.
stuart: what you want is a statement from president biden, what is winning, how much are we prepared to give to win like that. that's what you want from the president. >> i want a full explanation of what exactly it would take to get there, because it's up to us as americans to decide that's what we want. we've already given hem $196 billion. what else is it going to the take? and also i don't even -- how do we even believe what we're being told about what's happening on the battlefield as well? zelenskyy, everyone is looking at zelenskyy with rose-colored glasseses as opposed to clear eyes. the man is an actor, that is a matter of fact, he's also consolidated his media and television stations into one, suspended opposition parties in the country. that doesn't sound like things free countries do. additionally, he also wanted to lock us into a world war after those missiles ended up in poland, and he blamed russia trying to get us into a world war. i want us to be able to know
with, you know, full, absolute truth what is actually happening, what it would take to win, what does winning mean, and what would it take to accomplish those goals, and i don't think we have sufficiently had those questions answered. stuart: okay, lisa, the debate is on -- >> i'm not coming from any specific stance. i'm actually coming at this from wanting the truth, and it seems like there's not many in the media or the public that want the truth. that's all i want. stuart: articulate statement of p we like that. thanks a lot. nikki haley, well, she has been attacked over her age since she declared her candidacy, but she's capitalizing, isn't he in. lauren: she's 51 and past her prime, according to cnn's don lemon. and now her presidential campaign is selling merchandise like those past my prime beer can holders. by the way, don lemon is back on the air today for the first time since he made those comments. he's apologized multiple times,
but he's back today. stuart: he's back. >> and she's profiting off of it or at least raising money. everyone wore maga hats, right? they still do, we'll see if women are wearing the past my prime cooseys. holding. stuart: here we are on this wednesday morning coming off a huge loss yesterday, a modest at best rebound this morning. eddie ghabour's back with us this wednesday morning. eddie, tell me in your opinion when do we hit bottom on the stock market in. >> we need several things to the happen before we hit bottom. -- bottom. we need the rate of change of economic activity to stop getting worse, we need the ted to stop tightening concern the fed to stop tightening. and we need the dollar and the bond market volatility to stabilize. and lastly, we need this market to price in a recession because we still think we are heading into a recession, and by june it'll be crystal clear that
we're in one. with that, it's 6-8 months before we bottom, in our opinion. and that's subject to change, that's something that has me most concerned when i look at the commercial real estate business and i see how fast this fed's been tightening, it looks like they're going to have to tighten even more with this inflation data getting hot last week. we could have some issues on the real estate side. stuart: let me pick up on that, because the news has not been good recently, and we are hearing that commercial office developers and owners, there's some danger of default on their loans because people are not going back to the office, and heavy got all this space that's not -- they've got all this space that's not used. is this developing into the kind of credit crunch that you're talking about? >> absolutely. we've been talking about this for months, and i think the commercial space is going on the extremely challenged. the other thing is with this debt, you know, these commercial loans aren't locked in for 30
years like a residential loan is. they have to refinance the debt. so when you're starting to see rentals going away and you've got to refinance that debt at maybe double the rate, you know, it's mathematically challenging. so you're going to see more defaults, ask you worry about them spilling into other sectors. it's been a nice yield, and i think when we get to that point, you're going to have some amazing buying opportunities. but patience continues to be key here, and i know these bear bounces make it tough, but at the end of the day that's the winning equation for our clients, in our opinion. stuart: just on the clear, you've got a lot of your clients in cash, and by that you mean in instruments like treasury securities, right? short-term treasuries, that's what you're talking about. >> that is correct. look, the risk-free rate right now in these areas are between 4-5%. it's been since, what, 2007 since we've seen anything like that. there's so much happening right now. i would argue that no one alive managing money has ever seen anything like this before.
we've never had tightening this fast, we've never seen a bubble as big as the one we had in 2021, and we now have to get through that. and lastly, we've been conditioned to believe that the fed's going to come in and save the day and rates are going to come down. we have to erase that from our mind. we are now going to be in a new normal of higher rates for the foreseeable future, and that means valuations is are to get reset. and, unfortunately, there's going to be a recession. companies going out of business. and that's the normal cycle. and then we can restart, recalibrate and back to business as usual. stuart: well, that would be nice. can't wait for. that eddie ghabour, thank you, as ever, for being here. see you soon. >> thank you. stuart: president biden has pledged there will be no cuts for social security or medicare. the president also promised no tax increases to fund those programs, but wait a minute, lauren. that does not make economic sense. they're lauren no, it doesn't. and the manhattan institute says exactly that, that this plan -- can here's "the new york times"
article -- has no basis in reality. so even if the rich are taxed at near 100%, they couldn't cover the costs of social security and medicare over tree decades. look at this, medicare projected to run a clash 48 trillion shortfall, social security at 21 trillion. and funding them might need to come with middle class tax hikes, and therein is the problem. the president says we will not raise taxes on families making less than $400,000 a year. everybody else can't foot the bill. stuart: there's going to be a raise in the retirement age. lauren: that's one of the -- stuart: it's going to go to 70. lauren: something's gotta give. stuart: thanks, lauren. futures pointing up briefly, a little, 50 points up for the dow after a huge loss yesterday. coming up, border patrol beg for help. they want volunteers to the stop the surge of migrants sneaking in from canada. how about that? president biden meeting with nato leaders right now. we have a report live from warsaw, poland, right after
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stuart: president biden's meeting right now with leaders of system of our nato allies. peter coos the city's in poland -- the doocy's in poland for us. peter, china is cozying up to russia. that is ominous. >> reporter: it is the, stu. and on his way into that meeting, president biden made his first public comment about this new china-russia coziness, and it's the clear you'll see here it's complicated. >> reporter: mr. president,
any reaction to putin taking -- [inaudible] pulling out of new s.t.a.r.t. >> i don't have i'm. i don't have time. >> reporter: the russians said they were going to welcome china's offer to get more involved in ukraine in a significant way, that mean means china's top diplomat is defying america's top diplomat. >> secretary blinken has had a very candid discussion in munich with his counterpart and made clear to the him that there would be ramifications and consequences. >> reporter: i'm told those ramifications and consequences for china will remain unknown until a formal announcement of help for russia in the war is made. at the moment president biden is meeting with the eastern european flank of nato that make up the bucharest nine. they're all nervous he's going to keep moving west through europe, and if that happens, unlike ukraine president biden's promising u.s. military assets will be are used to fight russian aggressors head to head.
>> let there be no doubt the commitment of the united states to our nato alliance and article v is rock solid. [cheers and applause] and every member of nato knows it. and russia knows it as well. an attack against one is an attack the against all. it's a sacred oath. [cheers and applause] sacred oath to defend every inch of nato territory. >> reporter: in those remarks president biden decided not to address russia and china getting closer together including with the meeting today this moscow. but it's clear that's going to be his team's next big headache, stu. stuart: peter doocy, thanks very much, peter. during his remarks in poland, president biden reaffirmed frequently the u.s. commitment to the aiding ukraine. watch this again, please. roll it. >> one year into this war putin no longer doubts the strength of our coalition are.
but he still doubts our conviction. he doubt cans our staying power -- doubtses our staying power. he doubts our continued support for ukraine. he doubts whether nato can remain unified. but there should be no doubt. our support for ukraine will not waver. nato will not be divided, and we will not tire. stuart: dan hoffman is a former cia station chief. dan, should we be going all in on our aid to ukraine so that they can win? >> well, i do think that we need to provide ukraine with more of the advanced weaponry that they so desperately need. but let's be clear that ukraine has successfully repelled russia's invasion. if you're looking for return on the u.s. investment to this fight and keeping ukraine in the fight, you know, russia's a strategic adversary aligned with china and north korea and ranch and ukraine -- and iran.
and the invasion goes on, carries on to today, and the russians are launching indiscriminate attacks against ukrainian civil -- civilians. for ukraine, most importantly, winning means repelling russia and forcing russia to withdraw. back from the donbas and from crimea. and after they suffered so many civilian casualties and maternity wards being targeted and neighborhoods and schools, i think they have every right to do that. it's absolutely in the u.s. national interest to sport them. -- support them. the only way to get peace here so to defeat russia, defeat vladimir putin, the kgb operative in the kremlin. stuart: the debate is on about this, however do we go to -- how far do we go can to help them win. china's xi jinping planning to visit russia spring. what will america do if china sends weapons to putin? what should america do? >> you know, the chinese and the russians are tossing out a lot
of flowery optics about a xi jinping visit to moscow, but at the end of the day, the chinese are simply exploiting russia's weakness. the russians are bleeding themselves out in ukraine, and they've been forced to rely on china for their export of hydrocarbons, and they're importing chinese manufactured goods and technology. china's exploiting that to their advantage and happy to do it. they don't want russia to lose the war with, which is why they're flirting with the idea of a peace deal, but they're going to exploit russia's weakness. of china and russia are also long-term strategic adversaries, and that's important to keep in mind, that we have an opportunity because ukraine is, has done so well against russia on the battlefield to drive a wedge between russia and china. putin's inner circle has to see that it's not good for russia to be a subservient junior partner to xi jinping. stuart: so what should we do if china supplies really strong technology the, weapons, to putin? what would be our immediate
reaction to that? >> so i think before we get to that point, we need to deter them from doing it. ask one of the best ways to do that is that china needs to understand that they would be risking severing their economic relationship with the west, with the european union and the united states. they can ill afford to do that coming out of the covid crisis that they've brought upon themselves and the rest of the world. i think that's the first thing that we would need to do. and i think, look, let's be clear, china hasn't provided the weapons thus far. russia's relying on iranian drones and north korea's artillery. why hasn't china done this in the year that vladimir putin and his military have been suffering such great defeat? because china understands it's in their interest not to do it. but they will try to exact concessions from the united states for not doing something they may never have end intended to do in the first place, stuart. stuart: they're all doing the dance. dan hoffman, thank you, sir. >> all right. stuart: quick check of futures please as we head towards the
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stuart: not much action on the markets in the very, very early going before the market opens. slight gains for the dow, nasdaq, s&p. lou is here with me in new york city. same question as i asked to another quest earlier this morning, when does this market hit bottom? can you tell me? >> i can't, and even the psychics can't. i can tell you what history els us. history very consistently every single time the fed is hiking rate, the markets don't bottom until after they start hiking. basically, more tough sledding ahead. stuart: we've got to figure out when they're going to the stop hiking rates. >> right. it's a march quo polo market --
marco polo market. this is going to keep going on back and forth until the inflation data really shows it's turning over and coming back. stuart: it's very difficult for you stock market pun admits to to say something can declarative. >> i can say something declarative the, i don't know. everyone else wants to say, yes, the hikes are going to stop, the market's going to bottom, but it's okay to have a strategy, to not know and have a strategy when you don't know. uncertain ity is prevalent in the market all the time. you have to figure out how to maneuver that. stuart: the last two or three times you've been on this show, you've said look at treasuries. you get 4-5%. you still on that one? >> yeah. look, you and i talked about it, what's wrong with parking some cash in a 1-year treasury that's yielding over 5%? when the's the last time you were getting over 5% on a treasury? the 1-year just hit over 5. park it in cash and then be opportunistic to find companies,
pockets of strength. with we might be talk about cybersecurity, right? on a previous show we were talking about hiring over 500,000 people because there's tons of demand in cybersecurity because we have woefully underinvested in the it. look at palo alto networks -- stuart: we're going today that in just a moment. >> seven quarters in a row they've beaten expectations. pockets of obvious value, biotech, medical devices, there's companies trading below cash now. we know what the dollar's worth, so there's great opportunities to be opportunistic. park it in treasuries but don't try and pick a bottom or a top. the i'm telling you, it's a fool's errand. stuart: you can go down to the federal reserve bank in new york city and open your own account and trade treasuries. you can do that. just show up and do it, it's very easy. lou, you're all right. thanks very much for joining us. see you again soon. i can hear it now, the bell is ringing, and in about 3-4 seconds the market will be open. modest, veryst gains expected in the -- very modest gains
expected in the very early going. yesterday -- i'm not going to call it a bloodbath, but it was a severe decline. lauren: worst day of the year, actually. stuart: you're right. okay, so we're open, and the dow is up 30-odd points. i've got about half the dow 30 on the upside and the rest on the downside. the s&p 500, where's that as we get going here? show me, please, so i can tell you. [laughter] there you go. it's up a tiny fraction, right at 4,000, by the way. and the nasdaq composite is up over a quarter percent, 3 # points higher at 11,000. big tech, whoa, that's different, three of them are winners. no, four of them are winners, only meta is on the downside. apple still below 150. we heard from a number of reports, a number of companies reporting early this morning including dan ives' favorite. now, he's been on the show a lot. his favorite is palo alto the networks. susan: who can blame him? the ceo has done very well, and as your market watcher just
mentioned, third straight quarter of profits after they lost money for over a decade, and that's thanks, of course, to the new ceo. also raising guidance to start this year. and even though we're looking at a slowing economy, high inflation, this is almost recession-proof that you have cybersecurity, a company spending -- companies spending on cybersecurity news they need those protection on internet. stuart: a 10% gain, that's a big deal. susan: stellantis -- stuart: that's chrysler. susan: makes jeeps, record annual profits because people are buying their cars and they're buying about $1.7 billion in stock, and a dividend is going to boost the share price. electric car sales, they say, were up over 40%. also in terms of dividends, intel has become a dividend payer. you showed me there was a 4% dividend yield on intel, which i learned from you --
stuart: i taught you manager about thing stock market? if get out of here. susan southern i was a little shocked myself, but now they're cutting the dividend by two-thirds, so they've only paying, stu, only 12 and a half cents a share instead of 36, cutting executive bay but reaffirming first quarter guidance. the stock is down 60% from those 2021 highs. really i think they're being outcompeted by amd, so there's an execution issue there for pat gelsinger, and the covid lockdown boom is cone, so they need to find another revenue stream. stuart: dear me. tell me about coinbase, arot ths an indication of the trend. they lost around 200,000 in the final three months of last year, 8.3 million monthly transacting usersful sales were actually iii -- better, losses smaller. they lost around $500 million though, so this is quite a reversal from the days remember when they were making $800 million each and every quarter
during the peak of the crypto boom, bitcoin was at clash 65,000. however, would you call this a meme stock? it's bounced back 75% in the first six weeks of this year. stuart: you're asking me? [laughter] susan: yeah, that is question. stuart: do you want a serious answer? susan: yes, i do, actually. stuart: i don't have one. we've negative neglected to talk about tesla recently. susan: have we? [laughter] stuart: yes. susan: susan so here's the thing, i thought it was interesting that now tesla cars cost less than some of the gas powered ones. isn't that amazing? with the rebates and and also the price cuts. so they're making batteries in the u.s., which is positive. that was a headline that broke just a few hours ago. so they're making these batteries here instead of in germany because of the inflation reduction act. and those incentives. in order to be eligible to give that $7500 tax credit back to tesla buyers, you need to make those batteries here -- stuart: okay, that's it.
susan: more jobs in nevada, austin and also, of course, in fremont. here's the part that everyone's talking about the market, tesla cars are now cheaper than gas-powered ones. model 3s are $5,000 cheaper. i even looked at model ys. you could throw in the $70 -- 7500, some of these models are cheaper than honda cvvs -- crvs. stuart: are you going to buy a tesla? susan: i comy research and analysis and i looked at the actual list prices for model ys, model 3 in some ways -- cases are cheaper. stuart would you buy a he's tesla? susan: i would depending on the price. stuart: are you saving the planet? susan: yes, i'm saving my wallet from having to pay $5 a gallon at the gas pump which you get pump for you. stuart: only state in the nation where you not pump your own gas.
i love it. i never worked those pumps very well in the first place. tell me about amazon. i know they were planning to buy, it was called one medical health clinics. the deal's going through, isn't it? susan: oh, yes. and one life was actually surging in the premarket. one life owns one medical, almost a clash 4 billion deal, and the ftc is getting tough, so the fact that they're letting this go with through, they reserve the right to keep their options open, but can you see the ftc suing retroactively to break up a merger? i think that's going to be a really tough sell. stuart: that's a stretch. susan: so the pact that they're suing for microsoft and activision, they're letting this go through. that's positive for amazon. shopify getting an upgrade this morning here, yep, so -- stuart: what i'm interested in is china stocks, specifically baidu with a stock buyback plan. that always turns me on, right? susan: it does. does it? okay. of. [laughter] do we need to know that? we're talking about a clash 5
billion sock the buyback from china's google, it's called buy cue, and they also reported pretty good profits, doubling in the final three months of last year, and that's helping lift the other china plays like the pdds which owns the number one most downloaded app now. did you read that big headline this morning, big news in the market, china's state-owned companies are saying to not work with the world's three largest, four largest auditors. they don't want state-owned companies to use pwc, ewy, ernst & young -- stuart: that doesn't fill me with confidence. susan: it also elss you the trade tensions continue to escalate. just one more point, people like jpmorgan, morgan stanley and goldman saks say this is the year that china stocks should rally, goldman says 24% upside for this year. sawr stuart got it. susan, thank you very much,
indeed. take a look at this, it's an op-ed. china's spy balloon should be a wake-up call about u.s. schools. the author of that piece is the founding president of the chinese-american citizens alliance. she is big on school choice x she's on the show. the wedding boom winding down. because of inflation it's still going to cost you more to say i do. we have the numbers for you. another republican has his sights set on the oval office. vivek ramaswamy jumped into the race, and he's next on the show. ♪ you can jump right in, let the music pull you in. ♪ you can jump right in, go and lose yourself again ♪ ♪
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our diversity and our differences for so long that we forgot all of ways we're really just the same as americans bound by a common set of ideals that set this nation into motion 250 years ago. and that's why i'm proud to say tonight that i am running for united states president to revive those ideals in this country. those basic rules of the road. stuart: that was vivek ramaswamy declaring his bid for the presidency. vivek joins me now. welcome back, vivek celeb --. good to see you again. god good to see you. stuart: bill ackman, he's a very well known, wealthy investor. he tweeted his support for you last week. he says you are going to win. you're off to a good start, vivek. >> we're off to a good start, but i think, stuart, it's because i'm talking about the what and the why. i think that's what we need to focus on this year more than the question of the who. the question of the who, that's for 2024. but 2023 many and this race ought to be about the agenda.
what does the gop stand for, what does this country stand for. and i'm all about reviving those basic ideals from merit to free speech, to self-governance. let's define that ideal and good things are going to happen. stuart: so where do you stand in the gop? if you've got trump here and say, just for example, mitch mc mcconnell here, where are you in between these two? >> i'm an unapologetic america first conservative. i do not apologize about that. but i think to put america first, we need to go further and rediscover what america is. that's what i call kind of an america first 2.0. you know what? i agree with a lot of president trump's policies. i was a big fan of them at the time, i've said so many times over. maybe a little less government spending. put that to one side, the key point for me is revive an american national agenda, are reject affirmative action, get rid of this climate religion, lead to this national revival at home that allows us to then stand up to the actual threats we face like communist china.
one of the things i've called for, stuart, is total independence from communist china. stuart: but you want a meritocracy. you want the american meritocracy to be restored because you feel it's being degraded by wokism. am i -- is that an accurate reflexion of where where you're coming from -- reflection? >> it's spot on, stuart. achievement was my personal ticket to get ahead in this country. as the kid of immigrants who came to this country with no money, that is the american dream. and i don't think my story would have been possible not in the same way even 20 years later had i been born two decades after the moment when i was born. so i think need to revive that ideal that binds us together. i think good things are then going to happen. of it's not going to be easy, stuart, and that's parking lot of why i'm doing -- part of why i'm doing this. running for president is to revive america, and by the way, that means ending affirmative
action in every sphere of our lives. not enough republicans talk about that. i think the president can actually deliver on that, that's one of the commitments i would wake. stuart: one last one is there any significance to the fact that two republican candidates for for the presidency -- nikki haley and yourself concern the are of indian heritage? any significance? >> to be really honest with you, no. [laughter] i think it's reflective of the fact i'm proud of the first generation americans who can go on to achieve the kinds of things that nikki and i have achieved in a single generation. my views are very is different from hers on a lot of different issues. i could care less what your skin color is, what your gender is, whether you kick with sneakers to -- or heels, it doesn't matter to me. what i care about is what ideals does this country stand for. let's talk more about that, less about our genetically-inherited ating contributes. -- attributes. let's go back to talking about
the ideals that bind us the together. [cheers and applause] stuart: vivek ramaswamy, thanks for joining us. we wish you the best of luck. thank you. >> thank you, appreciate it. stuart: a complete change here. joy ride going -- joy joy reid going after florida ooh's governor desantis again over wokeness again. lauren: she's really worried about a ron desantis presidency. she really is. listen here. >> you know it, we know it, that this whole war against wokeness is really a war against freedom. and you know what? some keys and libertarian -- conservatives and libertarians know it ooh. what's been a problem for florida is now a problem for america. it isn't just about the cruise ship companies or disney or even your woke gas stove. desantis is determined to stamp out intellectual freedom, and it's causing other red states to scrutinize ap black studies, replacing a multitude of ideas with the one idea he holds dear, the centrality of white christian thought. stuart: oh -- lauren: she says women, she says
minorities will be forced to shut up. i think it's fear mongering, i really do, because she also, you know, she labeled florida and georgia's voting laws as modern versions of jim crow, right? that didn't turn out to be true. stuart: what a contrast. vivek ramaswamy, her tock rah rah su city, and joy reid, the exact opposite. exact opposite. right back to that. it's a good show. one more for you. here you go. alexandria ocasio-cortez calling republicans' plans to cut spending racist. lauren: okay. everything's racist. house republicans are devising a plan to cut spending by recapturing $100 billion in unspent covid money, putting work requirements on welfare and clawing back the clash 3.6 million for the michelle obama trail in georgia and $750,000 for the transgender migrant center in los angeles. congresswoman ocasio-cortez says this republican wish list is
racist. quoting, it's very exemplary of their approach which is a blend of cutting support to working class families while also lacing in bigotry and racism. you could say anything is racist, right? because everything affects somebody, and that minute has some sort of identity. republican lawmakers would say we want to cut inefficient, unnecessary spending. stuart: the charge of racism is losing its bite because it's used so often. lauren: agreed, 100%. stuart: thanks, lauren are. coming up, a catholic university in virginia getting ready to cut ten traditional major problems like theology, religious studies, economics. i wonder what our resident theologian, jonathan morris, makes of that? well, he's here on the show shortly. the governor of ohio, mike dewine, and epa administrator michael regan volunteered to drink tap water to prove it's safe in east pal sign. >> we believe the science, so we don't feel like we're being
guinea pigs, but we don't mind proving -- >> thank you, i appreciate that. thank you. stuart: all right. former president trump will visit the site today. east palestine the, that's where he's going. he's going to put on a big show. this is a big deal, and we'll report live from east palestine next. 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. but you can invest in them. at t. rowe price, our strategic investing approach can help you build the future you imagine. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. we all have a purpose in life - a “why.”
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stuart: former president trump will address the residents of east palestine today. this is three weeks after that devastating train derailment. mike tobin is there. mike, he's going to put on a big show, isn't he? it's going to be like a campaign rally. >> reporter: it probably will be something like that, and is you don't the have to be nostradamus to the predict that he will make the statement that he would have handled it better. it's cold, wet and miserable here and very, very tense as east palestine's anticipating the visit of the former president as this has all become a bitter partisan issue. residents here say the biden administration has just failed to stand up in the face of this crisis. meantime, you have ohio governor, mike dewine, along with the epa administrator,
michael regan, making a show of drinking the tap water. obviously, that's a saint that the tap water, they believe, is safe and that they have confidence in the testing. meantime, governor dewine did tell our neil cavuto that the train derailment has exposed laws that need to be changed. >> the ridiculous thing that i found out, you know, right after the, this horrible train derailment occur canned is that under the current law, the railroads are not obligated in any way to notife state or notify local officials when a train like that is coming through. and they were carrying some very toxic material coming through. they weren't even, you know, required to notify us. >> reporter: now, the train derailed february 3rd. twenty cars contained hazardous material. 11 of the 20 cars derailed. february 6th five of the tanks were punctured using a shape-charged explosion if i have. vinyl chloride created that
massive plume of smoke. since that time residents have complained of headaches, rouses -- rashes and a foul smell. today you have schools closed in anticipation really for security reasons9 with the former president being here. the mayor of this town says he doesn't want this to become a political circus and frankly, stuart, it's a little late for that. stuart: thanks, mike. we'll see you again later. quickly to the markets, we've been open for 25 minutes, ask and we've got -- and we've got some very modest gains. dow's up 40, nasdaq's up 41 as we speak. look at the 10-year treasury yield, please, down a little today but awfully close to 4%. where's gold? haven't checked that for a while. below $1900, 1845 per ounce. bitcoin hanging around at clash 23,900. the price of oil in the mid clash 70 per barrel, $75. and nat gas, way down. it's been a warm winter in the northeast, $2.12 the per million british with thermal units.
still ahead, jonathan morris, tom homan, martha maccallum, kt mcfarland. the 10:00 hour is next. ♪ what's love got to do, got today to do with it? ♪ what's love but a secondhand emotion. ♪ what's love got to do, got to do with it? ♪ who needs a heart when a heart can be broken ♪ .. i have moderate to severe ulcerative colitis. so i'm taking zeposia, a once-daily pill. because i won't let uc stop me...from being me. zeposia can help people with uc achieve and maintain remission. and has been shown to reduce symptoms in as early as 2 weeks. zeposia is the first and only s1p receptor modulator approved for uc. don't take zeposia if you had a heart attack,
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