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tv   Varney Company  FOX Business  February 24, 2023 9:00am-10:00am EST

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if this administration is willing to work with us, we can get some things done. we can get this economy back on track. but it's going to take the unleashing of american energy. that is one thing that is going to help us grow i out of this. maria: yeah, it's a great point that you make. unfortunately, i don't know that your colleagues on the left are onboard, right? you know, you have a hearing at the border, and they boycotted it. is that giving you any indication of whether or not you're going to be able to get some bipartisanship going? >> well, it's not a good sign, you're right. but look, i'm the eternal optimist. and we are working together with some on the other side of the aisle about prescription drug pricing reform -- maria: yeah, that's true. >> there are areas that we are working together on. maria: all right. we will leave it there. guys, it's been a great panel, great show. congressman bud key can carter, andy buzz kerr, anton schutz, cheryl casone. have a great weekend, everybody. i'll see you tonight on "wall
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street." very -- "varney & company" begins right now. stuart: one year agod today russian troops rolled across the ukraine border. putin thought his tanks would be in kyiv in days. he got that wrong. one year later his army has been mauled, and it was the president biden who walked through kyiv, not putin. today china has put together a 12-point peace plan. it favors russia. it's a nonstarter. president biden has announced a new $2 billion weapons package, and the world bank says it'll cost $349 billion to rebuilding the country. who pays? forth spr a long war -- support for a long war with beginning to waver. just half of us, 50%, are okay with supporting the war, quote, for as long as it takes. you're going to be the hearing from a four-star general, jack keane, who believes ukraine could win and win quickly. it's the day after pete buttigieg's visit to east
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palestine. he says he feels strongly about the chemical spill, and he says he should have expressed his feelings sooner: that's an apology, sort of. one anonymous democrat says buttigieg has been, quote, taking a lot of bullets for the president, end quote. he's a fall guy. to the markets, another inflation indicator this morning, producer prices concern that is cost to businesses -- up 5.4% in the last 12 months. the dow on that news, straight down. it's off 370, nasdaq's down over 200 points. bond yields climbing on that hot inflation news. the 10-year now yields, what, 3.93. the 2-year above 4.7%, we're actually at 4.77 right now. and the 6-month yield coming in just over 5%, 5.10 to be precise. politics, the job of vice chair of the federal reserve is open. the white house says the next vice chair will be hired on the basis of diversity rather than just experience and competence.
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karine jean-pierre says the biden cabinet is majority people of color and majority female for the first time in the history. tax the rich back back with a vengeance. senator bernie sanders wants a huge increase in the social security tax. there's also a lot of talk about a wealth tack. watch out. bernie is the chair of the senate budget committee. he wants these tax hikes in the president's budget that arrives next month. february the 21st -- 24th, and it's friday, by the way, 2023. "varney & company" is about to begin. ♪ ♪ stuart: oh, something a little different today. we usually bring you shots at the top of the show of new york or someplace. today we're looking at hollywood from yesterday where it snowed.
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you can actually see the snow on the ground. how about that? that's hollywood. part of los angeles. it snowed, for heaven sakes. what do you think of that? susan: rare. odd. unexpected. >> i lived there for 12 years, not once did i have to deal with snow, stu. stuart: first time in decades, i think. all right, everyone, it took 20 days, but pete buttigieg finally visits east palestine and the site of then train derailment. lauren, the secretary was criticized for his delayed response. we got that. what's the white house saying? lauren: they're backing buttigieg who went on day 2020, and they're call -- day 20 the, and they're calling criticism pure politics. watch here. >> i think what's important is that we saw, we saw secretary of the county the of transportation there -- the department of transportation there. there's been a lot of bad faith attacks on secretary buttigieg. if you remember elaine chao, she
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was the head of the department of transportation when this was these types of chemical spills. nobody was calling for her to be fired. it is pure politics, it's pure political stunts, what they're doing. i don't have anything to share on a presidential visit. not at this time. lauren: okay. so president biden is not going. just a note about politics, karine jean-pierre and pete buttigieg keep pointing the finger at the trump administration, deregulation, lax railway and environmental safety regulations as the problem, so it's all politics, if you ask me, from both sides. stuart: it's the always trump. thanks, lauren. the ladies on "the view," they attacked the residents of east palestine because they sported donald trump in 2016. watch this, roll it. [inaudible conversations] >> because of somebody who, by the way, he placed somebody with big ties to the chemical industry in charge of the epa. that's who you voted for in that
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direction, donald trump, who reduces all safety. he kid. they need to look past the photo ops, these people, and say who's doing the job here. forget about the photo ops -- concern. >> i think this is donald trump's fault. [laughter] stuart: todd piro is with me, sitting right next to me. trump's to blame for everything. of. >> you got the first part right, literally everything is trump's fault. [laughter] you name it, the left blames trump. we have come to expect this over the course of the last six years in old. this goes beyond that. this is part and parcel of the left's victim blaming. you see it in every big city. oh, you're tired of crime? just make yourself more safe. what does that mean? no, that's not how it works. lock up the bad guys, throw away the key. that's how you make your victims more safe. it's not the victims' responsibility. and a third point, stu. i know you get i don't want to say mad at me, but you raise your eyebrows when i become somewhat heated. joy behar is a horrible human
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being, and the fact that she said that just underscores how horrible a human being she is. these people are going through a life-altering situation, stu. their whole world was upendedded, not their fault at all, and she has the temerity to say something like that. it is a horrible ting. -- thing. it shocks me this is part of the news division at abc. that's sick. stuart: okay. i think we know where you're coming from there. >> it's wrong, stu, it's wrong. stuart: one more for you. we know pride, he's prone to quaffs. white house press secretary karine jean-pierre had one of her own. >> today as you all saw, president obama if announced that -- pardon me, president biden -- [laughter] whoa! that is news. [laughter] i know, i know. we're going back, not forwards. we've got to go forwards. stuart: i don't want to be snarky, this is a minor slip of the tongue.
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it's not a big deal, right? >> i agree with you. this is not a big deal, maria, by all say the wrong name from time to time, larry. am i right, cheryl? [laughter] she just slips up more often than not, charles. back to you. stuart: that was good. >> back to you, kennedy. lauren: he's running out of names. stuart: you've got to suffer me for the entire hour. >> okay, ash. stuart: jamie dimon, who many people think of as america's top banker, he is critical of the federal reserve. this is a big deal. lauren: he says i have all the respect for fed chair jerome powell, but the pact is we've lost a concern the fact is we've lost control of inflation. stuart: look at today. lauren: the pce, the inflation gauge that the fed watches, raising the question mark do they go 50 again, right? because they've been doing 25. inflation still running red hot, and jamie dimon says looking out in front of us, and this is a quote, is some scary stuff. so the whole idea of a soft
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landing, t still -- it's still a question mark. stuart: what he had to say bearing in mind who he is, that has impact. certainly today's inflation numbers. we've got year on year inflation at the producer level at 5.4. that is, shall we say, hot and elevated. look at the markets' response, plenty of red ink this friday morning. closing out the week probably on the downside. dow is off 370, nasdaq is down 213. kenny polcari with us this morning. 9 do you agree with jamie dimon, have we lost a bit of control of inflation? >> listen, i think they lost control of inflation when they first started raising rates. they should have raised rates right off the to the the gate one full percentage point a year ago, and they would have gotten ahead of it. they didn't. today took their time and look where we are. although i've got to tell you, i don't know why the market is so surprised at today's number. we saw cpi last week hotter than expected, ppi, hotter than expected. what did they think, the pce was
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going to be the weaker than expected? it makes no sense to me. stuart: so you're not touching stocks at this point? >> no. so, in fact, and i keep telling you this, i don't chase anything, i buy on pullbacks. today, clearly, you're going to be able to buy on a pullback. i actually think this is probably -- it feels like, you know, the futures have traded down and they're holding right here at this 3970 level. remember yesterday the level was 3976, so we're right there. if we hold this level right here, then i think the market might end lower today. but i think this is probably the lows of the day. i think people are going to to start talking about. this is not new news. the fed minutes suggested that the fed realizes we have a problem, they're going to continue to raise rates, and they're going to the hold them there higher once they get there. so i don't think this is new news. stuart: okay. aye got the s&p 500 just under the 4,000 level. morgan stanley -- >> right. stuart: -- is saying it's going to go down to the 3,000 level by
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the first half of the year. big selloff. what says kenny polcari? >> yeah. i think he's, i think that's very dramatic. i've been very vocal about it both in my writing and my comments, i think that's way out of line. if the market's going to sell off another 10% would put us right at the october lows, that 3600 level, i think that's probably fair. i think a 26 percent decline from here unless it completely falls apart and inflation zooms higher and the fed's going to have to start raising by full percentage point, i don't see morgan stanley's scenario playing out. stuart: what's your recipe to your clients today? [laughter] >> today's friday in lent, to as a nice italian boy, i gave you shrimp scampi today. takes about the -- 12-15 minutes, some garlic bread, go for it. stuart: i'm on my if way. kenny, thanks for joining us. [laughter] have a great weekend.
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eat up, baby. >> and you as well. stuart: here's what we have coming up for you. the white house is searching for a new fed vice chair, but competence isn't the first box they want to check. roll it. >> diversity and representation is elle really important -- is really important to this president. the president's going to look at a highly diverse group of world class economists. stuart: what ever happened to competence over identity? good question and a good story. we'll deal with it. today marks one year since russia invaded ukraine. ukraine says they're preparing for a major barrage of missiles from russia. we're on the ground in kyiv right after this. ♪ ♪ 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,
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♪ if. ♪ stuart: it has been exactly a year since russia began its full scale invasion of ukraine. steve harrigan is in kyiv for us. set the scene for us one year later. >> reporter: well, one year ago the president was really in a bunker. today he was out and about on the streets of kyiv addressing some of his elite soldiers here in the morning. he also visited some wounded soldiers as well. and zelenskyy has really been making the case that ukraine intends to do everything possible it can to try to win the war within the next year. ukrainians have undergone tremendous sacrifice over the past year. st it's not easy to the understand. just listen to this 75-year-old woman. >> translator: i buried my son who died in service. i also buried my husband. it's very clear to you i'm on my own, and it's the very, very
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hard. i wish you a nice, peaceful day and that such a thing will never repeat in your lives. >> reporter: the u.s. has promised another $2 billion in aid to ukraine, much of that military is going to be in or artillery as well as drones. artillery extremely effective as the two sides battle back and forth, the u.s. has provided more than $50 billion to ukraine since the start of the war. and the u.s. and g7 announcing new economic sanctions existence russia, it comes at the same time as china is promoting what it calls a 12-point peace plan under which sanctions against russia would be removed. stuart, back to you. stuart: thanks very much, indeed, steve. in kyiv. a new fox poll shows people are almost evenly split on how president biden has responded to the war in ukraine. on your screen right now, approve 48%, kiss the approve, 49% -- disapprove, 49%. that is a split. general jack keane is with us this morning. general, let's get right at this.
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do you believe that ukraine could win this war and win it quickly? >> yeah, no caught the about that. -- no doubt about that. by the way, the poll that you showed would be completely different because president biden has said, well, we're going to be there til the end. we're going to be there with you at the finish. but what the ukrainians are saying -- and i'm associated with the institute for the study of war, and we validate what the ukrainians are saying -- if you give them everything that they've requested in a timely manner, they can win this war decisively within a year. and that's just the facts in front of us. and if that was presented to the american people, the president wants to give the ukrainians everything they need and try to win this year and if not this year, certainly the beginning of next year, i think that poll changes dramatically. stuart: what's a win, in your opinion? >> simple. drive all the russian troops out of ukraine. every piece of occupied territory they are sitting on,
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drive them out. that is described as a military victory. not a negotiated settlement. s the a world war ii type ending. stuart: china is calling for a ceasefire and peace talks. what coyou make of that? -- what do you make of that? >> it has no credibility, stuart. i mean, these are the same people, they're talking about sovereignty that took hong kong's sovereignty away from it 25 years early, and and they're trying to rob taiwan of its sovereign i. and they are talking about opposed to genocide at the same time they're committing genocide existence the uighurs inside of -- against the uighurs inside of china. they want a ceasefire which absolutely favors putin. that enables him to hold on to the territory he has, reset and rearm and reattack again at a time of his choosing when he has a military advantage once again. after all, that's what the negotiated settlement was all
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about in 20 the 14 -- 2014, and he reset, rearmed. and when he had a military advantage and believed he had a political advantage over the united states and the west, in other words, he could get away with it, he attacked last year. that -- china is not credible. stuart: okay. before we leave ukraine, your opinion is give them what they want, give them what they need and ukraine can win. that's your position as a retired four-star general. okay, got it. now i want to move on china. we're increasing the number of our troops, american troops, in taiwan. is that enough? >> frankly, no. but it's a step in the right direction. this week, finally, the indo-pacific commander said publicly what he has said certainly privately and is well known in the region, that we are in a very dangerous situation militarily with china, and we have to move with a sense of urgency to fix it. one of the things we need to fix it is help to train taiwan's military.
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i've been there many times visiting their military. they need help in all of their services not just with a couple of hundred troops. they need to be upgunned. stuart, we have a $19 billion backlog of equipment that's supposed to go to taiwan that they have already paid for. and the congress has got to fix that situation. i mean, it's pretty outrageous that we're in that kind of a situation. stuart: that's just plain wrong. general jack keane, always wonderful stuff from you, and we always appreciate it. thank you, general. we will see you again soon. >> yeah, thank you very much. stuart: yes, sir. i'm going back to the fox poll. it has a breakdown of how much the average person supports u.s. aid for ukraine. take me through it. >> a lot of interesting numbers in this poll. 50% of people polled say the u.s. should support ukraine as long as it takes to win. 46% say that we should limit the time frame on our support. the breakdown the by party, 66% of democrats favor sticking with ukraine until it's vick tour yous while 61% of republicans
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want to put a limit on our support. independents split, 49 set limit are, 45% as long as it takes. stuart: i find that fascinating, that democrats are more in favor of pursuing the war than republicans. >> twenty years ago it would have been the exact opposite. stuart: precisely. check those futures again, please. the market opens in, what, six and a half minutes' time, and we're going to be on the downside. hot inflation news taking the dow down about 400 points. the opening bell is next, and you'll be there for it. ♪ cheer up, sleepy jean, oh, what can it mean? ♪ to a day dream believer and a homecoming queen ♪ ♪ who's on it with jardiance? ♪ ♪
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stuart: well, it is a down day the on wall street coming up. dow's off nearly 400, nasdaq's down 200. mark mahaney is here. i want to talk about netflix because it was your top pick for 2023. are you sticking with it? >> oh, yeah. so i continue to like netflix, facebook, uber and booking.
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there's news about netflix cutting prices in international markets. i think this is a smart move by the company. they introduced this ad-supported offering late last year, it's been rolling out. that's been a way for the company to also lower prices. i think netflix kind of painted itself into a premium price corner, so a couple of these steps, you know, it's the same content, you can just get it at a lower price point, i think this was a necessary move. i think it's already in estimates, so i don't think there's new risk a here, and i like this as kind of a steady eddie valuation. it's trading at 22 times earnings, that's a bit of a premium to the market, but i think you've got a really nice reacceleration growth story. i like netflix here. stuart: it's at 316 right now. do you have a price target for it at the end of the year? >> yeah, 400. so you've got a little bit over 25 the, 20% upside from here. stuart: o.k.. you also mentioned booking holdings. >> yeah. stuart: you used to have a price target of $2,600 a share. what's the target now?
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>> we took it up, u stu, to 3,000 last night. i mean, if there's one part of the consumer spend, discretionary spend that's holding up better than anything else, it's travel. airbnb told you that, expedia told you that, and booking is telling you that too. i particularly like booking for this year. you want to have a lot of valuation support for any stock you're long on, especially in a day like today. this is a company that generates, it's got, like, a 7 free cash flow yield, and this is a company that's aggressively giving stocks -- cardiac back to shareholders. this is not new for them. they've been doing this, you know, it's just amped up from what they've been doing in the past. they've got a lot of excess cash, and they've been using that to bring down their total number of shares out. growth is really impressive. it's a very well-seasoned management team. they worked through the great financial crisis, 9/11, they know how to handle business, and this is a good sector to be in
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right now, consumer have discretionary, travel. stuart: what do you make of today's hot inflation news? do you factor that into your equations when you're looking at individual company something is. >> you have to. and i think the major story last year was the ramping, unpress kented ramping in interest rates from 0-4.5% expectations. i don't think the expectations are very unlikely to gallop up like that this year. that's why i think stocks were generally derisked coming into the year. but right now we're kind of even steven. if you get another shot, another risk to rates and inflation rates and to add to inflation, that'll dampen the enthusiasm for stocks, there's no question about it. i try not to get overly fixated on one day's trade. stuart: that's a very good idea, mark, indeed. mark mahaney, good stuff. see you again later. the market's about to open and overhanging the session today will be that hot inflation number. 5.4% on an annualized basis at
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the producer level. it's hot and that's not good for stocks. we're off, we're running. the dow has opened with a 350-point loss. that is just over 1%. if we can put it up, yeah, there's the cow 30. of those -- the dow 30. of those that have opened, they're all down. two that have not opened yet, still unchanged. okay. a lot of selling, folks, leave it at that. the s&p 500 opening 1.25% down. nasdaq composite opening 1.6% down. it's all downed today. big tech, yeah, all down. alpha bent, apple, microsoft, meta and amazon are down, down, down. and then we have block, o.k.? now, it's been explained to me that is jack dorsey's company, you know, the twitter fellow. he now does block. and the thing is up 3.7%. so, a, what because block do -- [laughter] and why is it up so much? susan: i think i've explained this many, many times -- stuart: do it again.
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susan: it's the online payments company formerly known as square. they lost over $100 million, but what they do, it's peer-to-peer payment. they have this thing called cash app. have you ever -- i won't even -- stuart: don't ask. stuart: susan: people go online on their phones to transact, pay people across this cash app, peer-to-peer, like you would to me. kind of like a venmo. and i saw they had 51 million transacting customers. that's a big deal. that's up 16% over the past year. and the fact that you're looking at these kind of transaction type of companies, you use gross profit, and it's telling me that people are using cash a lot, they're also -- it's $800 million in gross profits as well when it comes to the actual square app itself. stuart: they take a piece out of every transaction. susan: i was looking at the average call, 13 upgrades, target price upgrades or hikes, and they're looking for an average call of $95 on the stock, so that's significant upside -- stuart: is it called block or
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square? which is it? susan: it's called block now. when you pay at restaurants, you may have noticed they put it on the actual -- this was in the past, and they actually put it on the payment machine? they don't do that anymore, they just do it online. stuart: a dongle? susan: yes, a dongle. stuart: what the devil is a dongle? susan: we don't have time for this, stu. it's a smart hardware device. stuart: okay. moving on -- susan: oh, wow, thanks for sharing. >> why i'm here. stuart: okay. [laughter] moving on from dongles. warn or brothers/discovery down morning, or at least it was. it's not now. st the opened higher. susan: yeah. so they have signed up less streaming subscribers than expected, lost over clash 2 the billion in the quarter to end last year. now, the reason why the stock is up is because the light is at the end of the tunnel that they could possibly stop losing money when it comes to streaming. they lost over $200 million in streaming, $2 the billion for
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the entire company are which also owns cnn, by the way. so now there are hopes by the end of 2023 they'll actually start making money on streaming. the sign-ups were less than expected, 1.1 million instead the of 1.3 million. hbo max had really strong numbers, 96 million in total subs. you heard the ceo talk about the ongoing difficult advertising environment which everybody's dealing with, but they did confirm they will be releasing new lord of the rings movies based on the hobbit and that trilogy that made over a billion collars, each film, a few years. stock is up 60% this year. stuart: i want to talk about beyond meat. i know, i think the stock is up this morning. yes, it is, 12%. but i don't think fake meat's going to make any kind of comeback. susan: so, yeah, i agree with you. the stock is up because the -- it wasn't disastrous in the report card. they still lost money, less than
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wall street estimates. sales came down by 0 the %, and they're fore -- 20, but they're forecasting for sales to continue going down. again, the report card wasn't as terrible. they are cutting costs and discounting, two rounds of layoffs, and the stock is up 40% this year. there's a lot of this recovery play for a lot of these high growth companies. stuart: it's not a meme stock though. susan: it possibly could be. i just told you the metrics. count sound like there are greae there are great growth metrics. stuart: boeing, i know they paused their deliveries on the 7867, big drop -- 787. 3% drop. sawrt sawrt they're saying it's temporary. production is still ongoing, and that's the positive part. they say the deliveries halt is because of some sort of certification issue with paperwork. it will not impact their full-year production and their delivery guidance, and i just heard mark mahaney, i think
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that's pretty much consensus, that revenge travel is probably one of the booming sectors on the markets. you're expecting airline profits to hit record levels. stuart: revenge travel. it sounds so strange. susan: yeah. i think it's just a temporary decline for boeing. stuart: tell me about carvana. they can't sell vehicles? susan: they're on the brink of bankruptcy. losses widen. i saw losses were triple wall street estimates. that's not a good sign. car sales, gross profits moneying -- plunging, the stock has lost 98% of its value wiping out $37 billion in market cap. but because it's done so poorly, on the brink of bankruptcy, there are a lot of hedge funds shorting the stork right? if -- stock, right? the wall street bets crowd, the retail crowd thinks if we all pile in like we did with gamestop, we can shake out hedge funds if they're forced to buy. despite the fact that carvana's on the brink of bankruptcy, it's the up 100%, it's doubled so far
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in the first six weeks of this year. isn't that incredible? stuart: i think it's mgm, somebody's got to be -- what's the story there? susan: barclays initiating coverage of concern. stuart: buy it, in other words. susan: right. buy the stock because of the recovery play that's taking place in macau and on the las vegas strip. the reason why the stock markets are down is because now wall street has priced in three full interest rate hikes because of the hotter than expected inflation numbers that we got this morning. stuart: each could be 25 basis points, but three factored in this morning because of the hot inflation number. susan: so we could get to 5.5% by this summer in interest rates. stuart: yeah, we could. susan: that's why the stock markets are falling right now. stuart: and the 10-year is 3.95 right now, perilously close to the 4% level. susan, thank you very much, indeed. we'll see you in an hour. we've got the 10-year yield approaching 4%, gold down $7 at
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819. we've got -- 1819. we've got bitcoin at $23,700. oil yesterday was $75, today it's 74, and nat gas way, way down there. up a little bit today, but $2.40 per million british thermal units, that's cheap. it took 20 the days for transportation secretary pete buttigieg to the visit east palestine. listen to what he said when asked if he took too long. >> the answer to your question is, yes. i felt strongly about this and could have expressed that sooner. stuart: sort of an apology. we'll bring you the full response later. despite record inflation, consumers spending more money at restaurants instead of grocery stores. is it really cheaper to eat out? bar rescue's jon taffer will be here. the administration wants to argument wealthy taxpayers to fund social programs. we'll lay out the new calls to tax the rich. that's next. ♪ ♪
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stuart: it's all red on the left-hand side of your screen. dow's up 370, nasdaq down 190. hot inflation news really hurts the markets. democrats want to raise taxes to fund social security. there's one proposal, it would hike payroll taxes for those making over $250,000 a year. however, lauren, i thought president biden promised no new taxes on anybody making less than $400,000. lauren: correct. stuart: so? lauren: and that's the problem. it's the contradiction. so the goal is to keep social security and medicare solvent, right? their running dry. you need -- they're running dry. you need to do something. they also don't want do raise tabses on the middle class -- taxes on the middle class.
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senator sanders pitched a social security tax tax on income over $250,000. currently it's $160,000, so he upped it by about $100,000. "the washington post" is reporting that nine senate democrats back bernie sanders' plan. it also calls for taxing investment income and increasing social security checks by about clash 200 a month. -- $200 a month. wherever president biden falls on this, we might know next month when the budget is released. stuart: and bernie sanders is the chair of the senate budget committee, and that's a huge problem for us. professor brian brenberg is with us this morning. democrats won't cut spending, but they'll hike taxes. it's the same old-same old story. >> yeah. by the way, this whole idea that, oh, no, he doesn't want to go through that $400,000 lem for taxes, whatever -- level for taxes, the inflation reduction act went way through that, taxes on coal, natural gas, crude oil, who do you think that hits? people making less than $400,000.
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so don't dell me there's some sacrosanct level. nothing should scare people like bernie sanders walking into president biden's office. [laughter] stuart: "the washington post" reported morning that that conversation took place in the oval office on january 25th. lauren: less than an hour. stuart: yeah, a one-hour meeting, and we are told that bernie sanders wants to tax the social security taxes on everything you make. everything. >> yeah, of course he does. stuart: that would be a 6.2% tax hike on millions of people. >> yes, it would. and let's just be honest here, this really isn't about social security, okay? bernie sanders raises taxes because he wants a bigger federal government with more control. social security is a vehicle for him to do that, but this government has grown to 25% of gdp and spending. that is way higher than anything we've seen in a post-war era. this is not primarily about social security, it's about them
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getting their claws into what you make and what you co, and this is just the latest vehicle to do it. stuart: it's socialists who really want to take a piece of your money, a bigger piece of your money. they don't like you. >> and how you live your life. you're getting the unvarnished view this morning on a friday morning, but that's what this is about. that's the night we have. it's not social security, t -- it's this government -- >> unvarnished on varney, that's a new segment. get people fired up i. i was yelling in the a block, he's yelling in the d block. stuart: fidelity, they say that retirees lost, what, 23% of the value of their 401(k)s last year. the white house, though, look, they said the economy's in great shape. watch in the. >> i'm happy to report that the state of the union and the state of our economy is strong. >> 500,000 jobs and the lowest unemployment rate in more than 50 years.
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so what i see is a path in which inflation is declining significantly, and the economy is really strong. >> we got the economy back up and running. look, when you think about the economy, what the president has done is transformed the way we think about it. stuart: all right, brian, he says he's doing a great job on the economy, and you say what? >> of course it's great for him. he's got more of your money than ever before, which is exactly what he wants. i notice janet yellen was talking about inflation on february 6th. i'd like to hear from her today on the latest numbers, because the latest numbers were really, really bad, and they hit retirees. by the way, we're talking about social security, who because inflation hit worse? those on a fixed income, retirees. so when this president says he wants to protect your social security, you ought to ask him what are you going to do about inflation? because that's the biggest problem. stuart: it will be interesting to see what the white house says about the hot inflation number. if it was a cooler number, they'd be out at the podium
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trumpeting this thing. i don't know what they'll say today. >> i bet it will be very positive. lauren: janet yellenned today said a soft landing is still possible. i don't know if you had seen those inflation -- >> how good do you feel with janet yellen as your pilot landing the plane? just tell me that. i want somebody else to tell me about the landing, not janet yellen. stuart: i'm going to watch you on "the big money show," 1 p.m. eastern here on fox business, and it's today. thanks very much, brian. coming up, don't forget to send in your friday feetback. e-mail your questions, comments or critiques if you like, it's not too late to get on the show today. southern california in for a wild weather weekend. there will be heavy snow, flooding, hurricane force winds and possible whiteout conditions. a historic storm, and we'll bring you the latest after this. ♪ a fortune in feeling someday you'll pay ♪ ♪
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first psoriasis, then psoriatic arthritis. even walking was tough. i had to do something. i started cosentyx®. cosentyx can help you move, look, and feel better... by treating the multiple symptoms of psoriatic arthritis. don't use if you're allergic to cosentyx. before starting...get checked for tuberculosis. an increased risk of infections some serious... and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms... or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms... develop or worsen. serious allergic reactions may occur. watch me. stuart: southern california, no less, southern california bracing for blizzards, thunderstorms, flash flooding this weekend.
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fox weather's robert ray tracking the storm, and he joins me now. the latest, please, robert. >> reporter: yeah, stuart, good morning to you from lansing, michigan, the state capitol. less than 12 hours ago this whole sidewalk was loaded with about a quarter inch to a half inch of ice. that has melted, though it's very cold. but, gosh, stuart, like you just said, check out this video from big bear, california, getting pounded by the new system that has come in from the pacific ocean. and then we look at the hollywood sign. hold ever think hollywood sign that fit sits right above hollywood hills in los angeles, down into the valley, that it's the loaded with a sleet freezing rain mix. it's almost like hollywood came in there and put the cgi effects on there. and then if we go all the way up to the north to portland, oregon, they got almost a foot of snow, institute, and cars stranded all over the roads there. over 70 vehicles abandoned yesterday because they just
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couldn't move. whiteout conditions. and then if we jet even deeper across the country to milwaukee, wisconsin, unfortunately a parking garage collapsed because of the weight of the snow. it just doesn't end. 2,000 miles this week of winter weather that moved across from montana to 23457b, and now this new -- to new england, and now in the new round of storms coming into the california area. and here are the remnants, stuart, of the ice storm in michigan. ice still all over the sides of the roads. thankfully, all that rock salt that they put down across southern michigan has cleared the main arteries. some of the neighbored neighborhoods are -- neighborhoods are still not inned good shape. but here's the big problem in michigan, and it is a very serious issue going into the final weekend of february, there are over 700,000 people that are out of power in the state of michigan right now. that's 1 out of 10. just a tremendous amount of.. --
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amount. they couldn't get out, power crews, yesterday because of the cold and the slush and the ice and the winds, 30 to the 40 mile-an-hour gusts. so today they are out trying to repair all these lines. there are thousands of power lines that are down, and, you know, the ground still hard as a rock and icy. so let's hope that all these folks, families, elderly, kids can yet that power restored over the weekend of and they can not go through what is potentially a very dangerous situation. and, stuart, to wrap this up, oh, we got another system on the way, and it's coming from that california issue. it's going the sweep across the country and next week there may be another bind, and the northeast could see some major action. stuart? stuart: thank you for that, robert ray, we appreciate it. let me go back to -- give me that video of hollywood with snow. there it is, the white stuff around hollywood. you're from california -- >> i'm not from there, i lived
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there for a number of years. let me tell you, stu, it's cliche, but l.a. cannot handle a minor rainstorm. in and -- if and when they get anything in the form of ice, it will, will undoubtedly cripple that city. you also saw in that clip that robert showed, big bear. big bear's supposed to get snow. that's where you go to ski if you live in the l.a. area. that's not abnormal. what is abnormal, any type of freezing precipitation in l.a. it's going to be bad so is, please, please be safe. stuart: i'd really like an update on these blizzards and whiteouts that are going to hit southern california. >> it's going to be wild, and the images will be unreal. lauren: i'd like to see some snow here before march. have we had any -- we haven't had any snow, i don't think, at all this season. stuart: we haven't. lauren: come march, i don't want to see it. >> do you do the shoveling? lauren: i don't. stuart: thanks for staying for the entire hour. thanks a lot. still the ahead, bar rescue's
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