tv Varney Company FOX Business October 1, 2021 9:00am-12:00pm EDT
stuart: the left it just delivered a big blow to the president's agenda. speaker pelosi knew she could not get the votes for the infrastructure package, so no vote was taken. aoc and the squad, progressive corporate, bernie sanders, put them together and they want to socialism and nothing else will do. here's where we stand this morning, senator mansion has doubled down on his opposition to the three and half trillion dollar deal and now says he will go with for one and a half trillion and no more.
aoc laughed when she heard that. roll of tape. >> senator joe manchin said $1.5 trillion is his number. [laughter] >> for one year? speed when they think they want, the democrats a civil war is out in the open and the party is bitterly divided about the one and three and half trillion dollar deals are in doubts. at the president and the party are struggling to govern. investors are trying to ingest this and we really don't know how the market will react until we find out what we are actually going to get in after a big drop yesterday the dow jones is set to rise maybe 100 points, may be some buying has been going on and there's a possible call would kill for merck and that's helping the dow jones. as a b on the and the nasdaq up about 26 at the opening bell. this is helping, the yield on the 10 year treasury dropped below 1.5% and bitcoin well i'm going to call it may be a new gold, it's gone
up again as inflation bites, gold is doing nothing in. on the show today, the vaccine mandate is working to persuade more people to get the job-- a shot to there are fewer holdouts and the covid caseload continues to decline. new cases are down 26% and death down 2% pure merck, the huge drug company once approval for an anti- covid pill. a look at that stock ago. today, october 1, 57 days till christmas, "varney & co." is about to begin. ♪♪ stuart: elvis. susan: elvis. stuart: okay, a little less-- susan: conversation. stuart: i got it.
stuart: at lauren, take it easy. here we go. let's go straight to capitol hill, lauren, good morning. what is the latest. lauren: for the second time this week speaker pelosi delayed a house about on infrastructure before midnight with democrats divided on their spending agenda picture promises a vote today so her party is still divided as they are furious with senator mansion. he said he won't support any price tag over one and a half trillion and apparently senator schumer has known about that since july, but progressives want at least three and a half trillion but speaker pelosi says we are not trillions of part. one thing they did agree on, they passed a temporary spending bill to keep the lights on today and keep the government funded through december 30. stuart: good explanation of chaos in washington. lauren: i think my math is right stuart: i think you are correct. you got that right and
joining me now correspondent nicole malliotakis from new york. congresswoman i know you are there on capitol hill, what is the atmosphere after the chaos of last night? >> i think a lot of republicans are walking around assaying what we in new york now, that progressives cannot govern and that was evident yesterday with nancy pelosi failed to bring up bipartisan infrastructure bill to the floor. i'm of the belief that bill needs to come to the floor in a separate vote and the fact that progressive socialists are threatening to sink everything including the infrastructure bill that has money for roads and bridges and seaports and coastal infrastructure and sewer and water infrastructure, because they are holding out for their socialist wish list which as we know you have been covering entitlements, welfare without work program, government overreach and intrusion in your bank account, this is something we can to support as republicans. you will get zero republican republics if they tie the two
together. stuart: late last night speaker pelosi said there will be a vote today, referring to about on the 1.2 million-- $1.2 billion infrastructure deal appeared as a republican do you think they will be about today? >> it's hard to tell. they will be meeting, the democratic conference at 10:30 a.m. so we will know more later today. i believe it's incredibly important that we do take up that bill because you can't gave to the socialist wing of the party. giving them too much power and say and again whether it fails or passes, that infrastructure bill that passed the senate should come to the floor. u.s. chamber and so many other organizations have been working very hard to put together the support of the bell. i'm inclined to supported at this time if it comes because it would be very good for new york city and i can see how it would benefit constituents, but no way will i support-- or will i support a socialist wish list of three and half trillion dollars that would further drive
up inflation. you can see what's happening to the economy, the shortages, supply chain shortages and look at dollar tree even says they can't sell things at a dollar anymore so the idea that it doesn't affect people making under $400,000 is ridiculous. it's a complete lie from the president. we have to be very cautious. infrastructure is one of those things taxpayers expect for their money, but this a socialist wish list and free handouts is not. stuart: got it. congresswoman nicole malliotakis, thank you for being with us and setting for the scene for what will be an extra ordinary day again. thank you. >> thank you. stuart: that's look at the early stock market action as it looks like we will open in the green. i'm going to say that's a bit of a small comeback after yesterday's 500-point loss for the dow jones. bullish brian belsky joins me now. can you sort this out for me, can you tell me what the market actually wants? what would make the
market go up from d.c. and what would make the market go down from d.c. >> a good morning. i'm still fascinated with your 57 days until christmas thing. politics have nothing to do with the absolute performance in the stock market. we have proven it in our work with the trajectory of the market and the economy continues to go up. i think the notion of trying to push this through the markets may not like that, obviously i think the question of taxes is still out there, the question of how big the infrastructure bill is going to be and i think it's becoming increasingly doubtful that they will get everything done and i think that is what the market wherewithal is and that's why the bond market rallied and dipped below 150 below on the yield yesterday but be that as it may, i think we are still so focused on the short-term, the supply chain bottlenecks are a couple of quarters and i actually think the second half of 2022 we
will see an explosion in growth because supply and demand will be roughly matched again. it's a matter of demand, it's so heavy for everything and that supply is coming and i think we will have this big flush out on supply that people aren't expecting that stay focused on the short-term supply chain disruption. stuart: so forget the market action in the short-term, look over the horizon a couple of months and you can see the rally continuing. have i got it right? >> you really do and i'm so glad september is a done. we had 4.8% pullback that the bears were looking for. they aren't going to get their tent and i think october and november will be especially strong. we will get our santa claus rally, but the more noise we get out of washington in terms of trying to push taxes through, i think that will be the bigger issue. of course they will keep the government open, they all want paid so at the end of the day it's not that big of a deal, but the size of how we do taxes will be the next thing that the market will worry about.
stuart: how about this, we get nothing, not the 1 trillion infrastructure, not the three and half trillion, just suppose we get nothing, i suspect the market would go straight up. what to say you? >> , coming as it would be beautiful. that's what the market wants and that could really get things going. stuart: that's what i want to hear, what will get the market going, do absolutely nothing in d.c. bullish brian belsky. it was a pleasure as always. we will see you soon. now, this is a huge story, actually. merck once emergency approval for a covid pill, repeat till. lauren: a capsule, oral, you just take it and it reduces the risk as-- of hospitalization and death by 50% and results were so positive that they stopped the trial early and they will apply for approval in the coming days appeared the till changes the dialogue about how we treat covid because right now you have to go to a facility to get
hooked up to an iv to get your medicine intravenously. this is a tale and merck is not the only one working on this, pfizer and roche are. their stocks are down as merck is soaring because it looks like they will be the first to market and they are also studying at the pill as a way to prevent infection in case you were exposed to the virus. pop a pill, take it at home and they want to produce 10 million doses this year. stuart: okay, next case for you, shocking inflation numbers from europe. the highest rate over there in a 13 years, energy cost serving. it has to have a little work for us you-- here. lauren: in your consumer prices rose 3.4% last month driven by a 17.4% increase in energy prices and is expected to stay that way, so they said look, first thing is first, supply demand cycle is interrupted. we saw a lot of that demand in the summer so
they went through the national-- natural gas inventory and they have not replenished it enough in the wind is not blowing as they transition from fossil fuels to keep the homes warm in the winter so what you are seeing in europe-- gas is actually down today, but still $5 and serves as a warning as we transition to fossil fuel. stuart: just saying if not-- natural gas supply is limited, up close up close the price of inflation for thank you very much. futures please as we are a few minutes from the opening bell and the dow jones will be up about 140. coming up, i have been calling it hell week as lawmakers are haggling over how to spend trillions, but would any of the money actually affect you? we have a report on that. congress takes on facebook and it was not pretty. roll the tape. >> facebook is just like big tobacco. >> facebook routinely puts profits ahead of kids online safety. >> we do not trust you.
stuart: and we have all the highlights and the exchange that's making headlines after this. ♪♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones
bout after negotiations is sore. hillary vaughn on capitol hill, beside the price tag what are the biggest hurdles? >> studer-- stuart, senator joe manchin said he doesn't want to cs become a title meant economy so he has concerns about how the social programs that are proposed by progressives as part of this reconciliation package are actually implemented he also leaked out a letter that he signed with leader chuck schumer essentially stating all of these stipulations back at the end of july, in addition to his $1.5 trillion price tag that he said he wasn't willing to budge on selby on the price tag, he also wants this, he wants testing on as many new programs that would be included in the package as possible. he told me some people can afford to pay a little bit, some people can afford to pay a lot and some people can afford to pay nothing, but it doesn't mean everything should be blanket free for everyone because he doesn't see that as a
good use of government funds and also doesn't want fossil fuel subsidies to be repealed as part of the climate portion of the package and he also wants targeting spending tax on all of the programs in the package as well, so way-- way into the evening past midnight speaker pelosi along with white house liaison and susan rice were shuttling back and forth between her office meeting with progressives and moderates and sugars office meeting with senator mansion and cinema trying to reach a deal. remember pelosi promised they would be a vote on the infrastructure bipartisan package yesterday. >> still trillions of dollars apart, how do you break this down? >> how disappointed are you there is no vote tonight, madam speaker cracks. >> there will be about today. reporter: so while it's october 1, in speaker pelosi's
mind it's still september 301, because the house never adjourned it so it is just one long legislative day, so here in washington it is still yesterday stuart: semantics. i'm not very good at it. hillary, thank you. a man who is good at language is a lawrence and john said he is with me now. lawrence, what's up brother, look it's a nice start. i don't think the divided democratic party is capable of governing the country effectively and i blame the left. >> it's the left but you need a strong commander-in-chief to put the party in its place and he's not that leader, i mean, when you get elected by saying you are this moderate person and then you get into office and all of a sudden you have all these progressive items, i mean, i don't think the american people or his party understand. they saw an opening. mansion and cinema with the power they have right now.
he's like i have not even gotten a meeting with the stat-- president, well because you are lockstep with the president. they are in tough districts and tough states and they promised there people that would they would govern themselves as moderate spirit to their credit, with the president on both of their items, but what mansion and cinema are saying is this is way too much money. i think the 1.5 trillion is too much, but mark my word, if this goes down, which it will, it's the end of the biden administration. they won't be able to win the midterm. we know that's not going to happen. this is just the last shot. stuart: if what goes down, if they don't get anything, infrastructure and now three and half trillion? >> this is it and i think the american people will say as you correctly alluded to, can democrats really govern they have too many cooks in the kitchen and don't have a clear ideology. you have progressives officially running the show.
moderates just keep yapping and saying what they want and i think it's chaos and i think the reason why it's all going down and they aren't afraid of the president because they see his approval ratings peered what happened in afghanistan, they see the border, they see inflation, this is their opening to draw a line in the sand with the political cover because they realize he doesn't have the support of the american people. stuart: absolute crisis. >> crisis administration. stuart: it is pure that was pretty good, lawrence. >> i didn't even know what i was going to talk about. this is what you do to me. stuart: you can ad lib. and improvise. we get to watch what your real opinion is. >> you know who i learned that from, you can't just be like stuart varney. i don't get the big bucks like you, but one day. stuart: stop it. thank you, lawrence. i think you are all right. let's get serious.
facebook came under heavy fire during a three hour senate hearing over instagram's harmful impacts on teenagers. lauren: senators tried to prove facebook is harmful to teenagers mental health and that they tried to cover that up. >> facebook has shown us , once again, that it is incapable of holding itself accountable. >> facebook knows that it's services are actually harming young children. they know this. >> facebook is just like big tobacco, pushing a product that they know is harmful to the health of young people. lauren: facebook head of a global safety her defense over and over, our internal research is misunderstood, but i think it could be the tipping point for facebook when lawmakers compare them to big tobacco, weaponize in childhood vulnerabilities, talking about teenage suicide i think you heighten the need for
lawmakers to start humoring them in. it's not being reflected in the stock prices, i'm not sure it ever is that this could be the tipping point in one of the biggest hurdles for regulators is that they don't understand what they are regulating. here's a 75-year old senator richard blumenthal. >> will you commit to an infant stock-- >> senator, we don't actually-- we don't actually do thin stocks. lauren: it's applying for a fake instagram for a more private account, it's a way around so it begs the question, you are in charge of possibly regulating something you don't understand is. stuart: very true, thank you. get to the markets in the opening bell is coming up shortly, up 150 on the dow jones after a 500-point drop yesterday. we will take you to wall street for the opening bell after this.
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we have a couple of minutes, make your case. >> i'm going to start off with what i recommend you watch this weekend which is this new series called squid game which has become their most popular non- english language show, bigger than money highest and could be their biggest show of all times so make sure you watch that this weekend and the second thing is that it highlights the ability for the company to build a sba hit factory whether it was the queen's gambit a year ago or "stranger things", this company is big enough and influential enough to take the shows and make them global so that's the power behind netflix, a company we think financially can generate $30 in earnings in the next three years so we think there's more upside to the stock. it's broken out to all-time highs away still like it. stuart: is that i mean just one show squid whatever-- >> squid games.
stuart: that one show, if it's a megahit do you think it's enough to put on 40, 50, $60 on the share price? >> no, not one show but there are a series of shows and in the fourth quarter coming up they have four of their biggest most popular shows being renewed and then you also have a new version-- new seasons of "stranger things", but is the ability of the company for breakout shows-- you never heard of squid game before until today but they can create these shows and expand globally and they did the same thing with queen's gambit. the shows came out of nowhere and the ability to become a hit factory and it's something that's underappreciated and the stock. stuart: a month ago you said amazon would go to 4700 next year. it's at 3290 right now. you are still sticking with 4700 next year? >> yes, i am that near term a more cautious. i hear other companies talk about supply challenges coming out of
asia and with wage inflation and amazon i think is leading a lot of the inflation. you will see a lot of him till boards talking about offering paid to workers so i think there will be near term choppiness. we need a clearing event with that stock. stuart: those billboards attract a lot of hires. mark mahaney, thank you. the market just opened up your often running. we are up 180 from the get-go. that's about just over a half percentage of points and all-- 28 of the dow jones 30 is in the grain, that's a sense of the market as it's a lifting all boats across the board. s&p 500 is up .4% and the nasdaq composite is up 235%. let's look at big tech as they would have been taking it on the chin recently with a modest rebound this morning. facebook despite the bad publicity moving up a
fraction. amazon 3295. now, i'm going to call it the stock of the day maybe the story of the day, merck is looking for approval of a covid pill, repeat till. that's a big deal in the stock is up 9%. it's a dow jones stock in the 9% gain at about 40 or 50 points to the dow jones spirit let's look at bitcoin, 47,000 susan is with me. before you jump in, i think bitcoin is becoming the new gold. >> it's the biggest increase we have seen since july in a matter of minutes and maybe you have been reading my tweets because it says bitcoin is the new gold and that's the inflation hedging given we are talking about $1 trillion in infrastructure over d.c. one and a half trillion social spending you know you have seen the move up without performance in a down market yesterday. also, jerome powell was
very direct when asked if he's going to ban crypto currency and he said no, we will regulate. i would say the entire market whether it's crypto currency, equity markets turned around after the merck news. turned around from 100 points down and we are now up in the session. stuart: yep, maybe it was a bit of dip buying as well but the merck news was remarkable. >> it's also indicative we are going to have maybe a faster return to normal life once again. stuart: now, we are up 262 on the dow jones spirit kathy woods, the arc innovation etf, i'm told they just saw there biggest outflow. >> you lived through so many euros of gurus, but some people say maybe this is a peak for cathie wood. $2 billion worth of outflow leaving her arc innovation which is our
flagship fund. worst essentially launched arc after she moved. she still manages $80 billion and michael murray says he is a short the arc innovation. stuart: is she losing her influence? >> look, she's returned one 100% over the past year end now she-- maybe gains are slowing as well. you can only do one 100% returns for so long. stuart: what was arc innovation, it's 110 now, where was it? was never 200? >> i don't think so. stuart: i went to look at the auto stocks because today the big guys are coming out with their sales numbers. susan, i don't know what you have got but i think they will be difficult those sales numbers because of the chip shortage. >> talking about plummet over the summer time so it global chip shortage means forecasting less
than 3.4 million car sales and it's down 14% from a year ago. stuart: lordstown ischemic it's been confirmed they are selling that ohio plan for $230 million to fox-which will build more cars that was announced this morning and you have to remember the lordstown ohio plan is very political because also plants where you saw president trump to work after lordstown rescued it after shutting it down in 2018. i want to talk about self driving because it's close to the future where you and i could get into a driverless car and take a ride somewhere. alphabet getting california dmv permission to start commercial autonomous car services a. stuart: autonomous car like a taxi basically. >> now driver. stuart: no driver. >> all automated statement picks you up, door opens and you jump in. >> that future is here.
stuart: i think it's come along remarkably quickly. alphabet is up and gm is struggling. disney, what's the news? >> i went in to ask you what you think about the power in hollywood. disney settling with scarlett johansson over black widow. no numbers were given. johansson said she lost out on $50 million on the back and when you had blake-- black widow put on disney plus in the big screen at the same time. she had already been paid $20 million, but it sets a precedent in hollywood, hollywood agents, stars, how much can you charge now in this streaming era when you know there could be a simultaneous release? stuart: who can charge what? >> backend, so if you are a big hollywood star you can charge percentages on the back end. how much do you get out of the $30 disney plus charges people to stream black widow per se?
stuart: so that's the question, if it's $30 to stream black widow how much do stars get? >> exactly. i think it sets a new presidents as to how much hollywood stars are paid. stuart: they will probably get more. >> a lot more, don't you think? it's like hunger games in korea, it's not for everyone i told my mom not to watch a. stuart: i will think about it. airlines, please. i'm asking because j.p. morgan says the recovery and air travel will continue. >> they upgraded southwest today calling it overweight worth $70, 30% upside and also frontier, but they did downgrade his spirit and if you think through the report j.p. morgan says airlines aren't a long term investments. they are trading stocks so they are not that bullish on that many airlines of surviving this. stuart: i lost my shirt on something called peoples express which was before your time.
>> did they get bought out? stuart: they totally collapsed it was like a bus a service. brilliant idea. >> bus, not air? stuart: it was an airline, which was really basic, you carried your own bags. >> very budget. >> they collapsed. stuart: anyway, doubt winners? >> merck, of course, disney is in there, amex, bowing and ibm. stuart: s&p winners? >> look at the travel stocks coming back without potential drug that could put deaths and treat covid by 50%. stuart: do you think the travel stocks are back because of the possibility-- >> exactly in the reopening, back to normal life. there is a lot going on. that's not just in washington either. thank you, susan.
coming up, the vice president's team scrambling to do damage control, still trying to do damage control after this. role it. >> back in israel which hurts my heart because-- >> your perspective, your experience, your truth cannot be suppressed. stuart: your truth cannot be suppressed. it's getting worse, iran is using a video to help spread its anti- israel propaganda. panama warning a migrant surge, 60,000 strong headed straight for our southern border and we have no plan from the administration how to deal with it no shock, no job as teachers in new york city have until 5:00 p.m. to get vaccinated or risk being kicked off the payroll. we have a report on that. ♪♪
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stuart: statue of liberty on a beautiful sunny day and new york city, 71 degrees and crystal clear. new york city school teachers have until 5:00 p.m. to show proof of at least one dose of the shot and if not they will be taken off the payroll. the teachers went to court to block the mandate so what's the latest? lauren: they filed an emergency request with the supreme court and now it must decide to issue an emergency order blocking the city's vaccine mandate for employees had to go into effect tonight. those four teachers claim the mandate is unconstitutional and discriminatory and they should have a test out option which a lot of other sectors have. stuart: presumably in that court case if it goes to the supreme court justice, that was at the path for other court cases for
vaccine mandates? lauren: sets a presidents, absolutely. stuart: do we have a supreme court justice who just tested positive? lauren: brad kavanaugh, tested monday, negative, tested yesterday, positive. not only is he a supreme court justice, but for the first time in 18 months monday the full-court was expected to hear for the new term in person arguments, so now that is casting doubt. here we go again. if they haven't heard arguments since march, 2020. stuart: dr. marc siegel joins us and fortunately he is with us. merck says they want emergency approval for a covid pill, that sounds like a breakthrough to me, doctor. >> 's doer, we have been talking about this. we broke this news on this show and they have now reached stage three child, 770 people studied and found a 50% reduction in hospitalization and death for people that have had mild or moderate disease and
that's not even in another group they are studying, people that get exposed and it looks like it could be a game changer. very exciting at reaching to the end of trial and have a good feeling about it. stuart: it's a treatment or is it some kind of vaccine till? >> it's a treatment, but when i say postexposure, think tamiflu, in other words like with the flu if you are exposed to the flu and you are high risk i might give you tamiflu so it's a treatment for covid and its working to decrease severity, but i might give it to high-risk people who have been exposed and it may be across-the-board, people with mild illness, moderate and those at high risk exposed. very exciting stuff. stuart: you enter read-- interviewed the cdc chief, what did she have to say about vaccine mandates? >> she's nervous about people that lose their jobs and doesn't want to see that, but she points out that mandates are used throughout the healthcare profession in all kinds of vaccines let's take a listen.
>> certainly, you know mandates have been controversial, but i think to your point that they are also working. we really don't want to be in a situation where we have to let employees go because they haven't complied with vaccine mandates, but it's also the case that more people get vaccinated when their employers mandate it. >> stuart, in the healthcare world i had to take hepatitis a, hepatitis b, measles, mumps, rubella, and tested for tb every year end that's across-the-board and healthcare situation. tyson foods just found there's a 91% compliance now with vaccines after they mandated it. i'm not a fan of mandates. i don't like them but in the private sector at least it's something that may have to happen if there's a lot of covid to spread. i wish employers would do it on their own. i don't want to see anyone terminated a. stuart: i am with you, doctor. i don't want to see mandates, don't like it,
but the headlines in the "new york times" and "washington post" today say that mandates actually work in the sense that they push a lot more people to get the shots. are you okay with this? >> if it works, yes because i don't want to see covid spreading, but what lauren a said before is also true i'm a what about a test out strategy and if you could get tested every day i think that should be part of the discussion. also, people may be that had covid plus one shot and maybe don't need to shots. there's a lot of flexibility that could be instilled in it has to be a discussion where doctors are involved, but overall i i think that mandates are working and they are useful. i think they will help a lot with decreasing covid. stuart: got it. dr. marc siegel, thank you for joining us. let's get to australia which will lift its ban on international travel. does that mean that my son in australia i can come visit me in america? lauren: absolutely, just in time for our thanksgiving so in
november after a long 18 months vaccinated australians can travel wherever with very few restrictions and when they return they will have to quarantine at home for seven days instead of two weeks in a hotel so it's easier for them. looks like new south wales will be the first to to reopen because they will reach the 80% fully vaccinated rate first so that's the goal. as for you going to australia, no details when that can happen but probably soon after australians can travel abroad, so good news is. stuart: if son comes here, he has to be in the house with his wife and kids seven days in your own home quick to-- lauren: yes, he really wants to see you i think he will, but it's relaxing of the strict measures that has the country so isolated. stuart: it's a good thing. i just don't know how much he really wants to come and see me. lauren: the fully vaccinated rate in australia is about 64%
so it would have to go from that to 80% in november to do this. do you think they will do that? stuart: i really don't know. they will try, i guess. lauren: long way to go. stuart: at 13 months until the midterms and i say democrats can't get a grip on their socialist they deserved to be toast. that's "my take", my opinion coming up at the 10:00 o'clock hour. if your airline has a vaccine mandate, well may be able to take you for a holiday visit? we have a report on this yes, it's friday, which means friday feedback, the good the bad and and the ugly. e-mail us at: varneyviewers@foxbusines s.com. ♪♪ ♪♪
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can your internet do that? stuart: the airline industry is divided on vaccine mandates. some have them, some don't. a grady trimble is with us from chicago. are some airlines firing unvaccinated employees and if so how will that affect holiday travel? >> a united is and the firings are underway as we speak. they say they aren't expecting any
operational problems as a result of these firings, but there are warnings and concerns with some of the other airlines. we have an update from united. at the number of employees losing their jobs because they refused to get vaccinated or didn't seek an exemption has decreased over the past couple of days, but still about 320 people are being shown the door, about half the original 593 have a sense of loaded. as of this minute united is the only major airline that's requiring employees to get vaccinated him about the pilots union for southwest and american are pushing back against the presidents vaccine mandate saying pilots should be able to choose whether or not they want to get vaccinated and they also warn about major operational challenges as a result of the vaccine mandate just ahead of the holiday appeared in a letter to the president and several lawmakers, the pilots union for american airlines said airlines generate a substantial portion of
their annual revenue during the holloway-- holidays in our nations airline and the traveling public cannot afford significant service disruptions due to a labor shortage, so what the error-- other airlines will do if the mandate goes into effect before the holidays is to be determined but that's the warning from the pilots union about what could happen if they get put in place right before the busiest season of the year. stuart: we have been warned. thank you. checking the markets, open for 25 minutes and mostly in the green although the nasdaq just turned south down 40 points how about the yield on the 10 year treasury? 1.48%. at the price of gold isn't doing much recently despite inflation. all of the inflation action is an bitcoin with gold down. bitcoin is up $3000 today at 474. oil, $75 a barrel, natural gas still is it back still lofty levels
appeared ahead, lara trump, steve hilton and the latest from capitol hill with tennessee senator marsha blackburn, florida congressman and a whole lot more the 10:00 o'clock hour of "varney & co." is next. ♪♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this.
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♪ liberty, liberty, liberty, liberty ♪ ♪ stuart: good morning, everyone. it's 10:00 eastern. straight to the money, please. the nasdaq has turned negative, s&p on the cusp of turning negative. it's only up 2 points. the dow is up 141, heavily on the strength of merck which is looking at a covid pill which is a big deal. the 10-year treasury yield is 1.48%. now let's have a look at big tech all across the board, mostly higher. alphabet, facebook, microsoft on the upside and amazon and apple are on the downside. it's just after 10:00 eastern, about 10:00 and 30 seconds. i believe we've got the latest nonmanufacturing service sector number. >> the manufacturing numbers. i think that banner is
incorrect. correct me if i'm wrong. it came in at 61.1, much better than expected. it was preponderated to fall to 59-- it was expected to fall to 59.6, so that number is solid. we also got the latest university of michigan consumer sentiment number. this one we were waiting for because the last one in august, lowest in a decade. much stronger than expected, 72.8 in the month of september. finish. stuart: all right. we've got the consumer confidence, the manufacturing stuff, no immediate impact on the dow industrials or the nasdaq. so let's do this now. the democrat party is incapable of governing. this week their failure became obvious. without the votes, you cannot turn america into a socialist paradise, and the votes just are not there. blame the left. they're dangerous. their over the top demands and hardball tactics have left the
democrats bitterly divided. they're at each other's throats, and you cannot govern like that. the squad, the democrat caucus, this is the crowd that wrecked joe biden's domestic agenda. the president was supposed to negotiate a way out of the progressive-moderate divide, but you can't negotiate with socialists, especially when you have a tiny majority in the house and an evenly split senate. that gave the socialists leverage. they control legislation. they are the tail that wags the democrat dog. the border, that's another example of the failure to govern because of the socialists. we've got a crisis, obviously, but the left is hostile to border security, so nothing is done. it stays open. and the president, listening to the left, says border guards, quote, will pay for doing their job. there's9 another 37 months for the biden/harris team, that's
the way it is. 13 and months until the next election. if the democrats can't get a grip on their socialist wing, they deserve to be toast. the second hour of varney, oh, we're just warming up, just getting started. ♪ ♪ stuart: you've got to hear about this one. iran state media promoting this video of kamala harris praising a student who accused the u.s. of funding israel's what she called, the student called, ethnicked is. tammy bruce is with me now. i'm incensed at this. she was answering questions at a university. a student says we don't the want to give any money to israel because of ethnic genocide. the vice president nodded and said we love to hear your truth. >> that's right. that's right. it's extraordinary. now, it was a surprise visit, and yet the people who were in
that room clearly had to be chosen. it was not random, of course. these young people seemed to be knowing what it is they wanted to say, and she's in a position with students where the inclination would be you're a teacher, and if you're going to hear something you don't agree with, you say that. the instead, her body language, she was nodding, she praised her, and that is what iran's state television the, a division of the islamic republic itself, their broadcasting, and it's international. and they carry usually the anti-israel, anti-jewish conspiracy theories. so their headline's saying kamala harris, you know, nods in agreement that israel is committing ethnic genocide. and this is, obviously, the vice president is a grown woman, some political experience. she must know and were inclined to think that they're just dumb, but this is the inclination to want to move bigger theory,
leftist theory, wish fantasies and their consumption with hatred in this case, and we're seeing it impact across the country. i would lastly say that the democrats always tell their own people don't care about what we say, watch what we do. what she did in that classroom was an action. she did something that's had international repercussions. what she says afterwards, she went and, like, apologized and clarified to pro-israel groups that she disagrees with that characterization, but you would never know it around the world because those conversations aren't carried. stuart stuart this democrat party is completely split on that issue as well, on the issue of israel. and nancy pelosi cannot really discipline the squad and the leftists and the anti-israel people because she's got such a slim majority. they hold her to ransom. >> yeah. this is a woman who's been in politics for decades, and supposedly in her leadership position because he knows everyone and control the environment. what does it tell you about the
lack of vision, the lack of foundation, the lack of values, the lack of american morality just for patriotism when you can't control a bunch of upstarts who don't know what they're doing and whose policies not only harm the united states because there's no governing, it's all about punishment and about theory, and when you can't -- when you're nancy pelosi and you can't control those people means you've never been leadership from the beginning. all of this has to change, and that's in the hands of the american people. stuart: tammy, you're on fire, and i love to see -- >> well,, it's great to be here. stuart: good stuff the, thank you. >> indeed. stuart: let's get to the markets, please. dow's up 100, nasdaq's down about 50. we need a guy like joe duran, and fortunately he is here. i want to know what the market wants from washington, d.c. can. do they want $5-6 trillion worth of spending? do they want $1 trillion worth of infrastructure? do they want nothing? what would please the markets?
>> well, what really pleases the market is clarity. the market doesn't do well with uncertainty. it adjusts very quickly to whatever the reality is. i suspect -- again, i don't speak to the market, i understand a little from years of working with it, i do understand that i think the initial infrastructure bill has quite a lot of support. it would allow for an increased economic production which would be good for everybody. as far as the extended part of the bill, i have no opinion. who knows what the market wants, but i know that the uncertainty, none of that is healthy for the market. stuart: gross unis certainty at the moment because we don't know what we're going to get out of washington d.c. but i do see a modest bounce this morning for the dow. is that a little bit -- is there a little bit of dip buying going on here, or are we still at depressed levels? >> it's all about valuation at the end of the day. you know, a lot of people don't realize this, but earnings today
are 25% higher than they were in 2019, pre-pandemic. the market reflects that. what's happened, of course, we still have low interest rates, so these higher i rates crypt a different view on the what you should invest in. i think we're coming to the end of the pandemic. that's going to be the really good for stocks that didn't do so well in the last couple of years. so our view is you have to shape yourself for the recovery, you have to be invested this things that are more cyclical because we're sill in the recovery -- still in the recovery phase. a lot of people are are worried about this decline. what are the odds of a 5% decline at any given year with valuations where they are, stuart? stuart: that's a trick question, why don't you tell me? >> 100%. when you have val walkings at this level -- valuations at this level, i you have a 100% likelihood of a 5% decline. you have to view it as normal
behavior, our clients have anywhere from 1-25 million. we tell them stay calm, we're still this a recovery, very little likelihood of a meaningful 20% or more decline, it's expanding and it will for many more years to come. the government will get in the way, but it'll be all right. stuart: everything will be okay. move along here, nothing to see. no, i'm just joking. joe, you've relaxed a few people, myself included. thanks for being here. >> have a great weekend. stuart: you too, sir. thanks very much. lauren's back with us looking at the travel stocks. >> this is the play today. stuart: is it the covid pill that's helping? >> the merck effect. you see trip adviser, the booking companies, the motels getting more comfortable that there are treatments available. more of that in a bit. that's the play today.
stuart: car max yesterday down big, as i recall. >> yeah, and down again today. today you have the brokerages weighing in. they say, look, higher costs of a car constraints to the supply and the components will limit the sales for car max in the near future, down another 3.5% right now. stuart: weight watchers. we had somebody on the other day who had lost a lot of weight -- >> lawrence jones, he was just telling us -- stuart: what's with weight watchers? >> okay. so the stock with up. the high a few years ago was 105, it's at 18. that tells you the story. there's a change in the leadership. the ceo will step down after march of 2022. investors like that. and we just gotcha other report -- got that other report yesterday from the cdc that 16 statements saying we have a third of our population saying they're obese. you would think weight watchers would do well right now but, unfortunately, they're struggling. stuart: let's get to the merck
covid pill. that's the deal of the day, by the looks of it. >> look at that new high. they expect to submit to the fda a request for emergency approval. their pill cut hospitalization death rates by 50%. other treatments are given intravenously, so the fact that it's a pill, it's a game-changer. it could be used for post-exposure to the virus. they're working on that now. so if you have covid, you can take the pill, great results. but they're working on a way where if you think you were exposed, you take it, you prevent covid. all of that is great news. stuart: it really is. >> and that's why the stock is up. stuart: no doubt about it. price waterhouse coopers will allow nearly all of its workers to work from the home. that's another one. >> work from anywhere. it is the first professional services company to offer this permanent change. so they have 55,000 u.s. workers, 40,000 of them will be given this option, and they'll pay you based on where you live,
not the job that you do. which, you know, if you're working from the home in new york city, you'll have a new york city salary. stuart: i'd love to know how that shakes out. how many of those people actually work from home and take -- if it's a pay cut -- >> yeah, it keeps you out of politics in the sense that you don't have to mandate a vaccine is, because your workers aren't coming into the office. stuart: maybe others will take that way out. interesting story. then there's this, alexandria ocasio-cortez laughs off senator manchin's proposal to lower that $3.5 trillion spending package. here she goes, watch it. >> senator joe manchin says $1.5 trillion is his number. is that position -- [inaudible] [laughter] stuart: oh, how jovial. president biden's agenda the is on the brink of collapse, so where is he? peter doocy is at the white house with that report after this. ♪ ♪ crazy, i'm crazy for feeling
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♪ she said, baby, let's go -- the. ♪ when i toll her -- stuart: that's completely new to me, but that there is miami, florida. 81 degrees. slight drizzle, but that's the way it is in florida for much of october. all right. i want to see on monday, let's see what it was, what have we got here? on monday, scroll up. i don't know what you've got -- there you go. on monday i said this would be hell week, and i think i've been proven right. pure chaos on capitol hill, complete divide between democrats and progressives, and there's real hostility here.
peter doocy is at the white house. now, we know that mr. biden has been meeting with the centrists. do you know of any plans for him to meet with the progressives, peter? >> reporter: they're not saying who he's going to meet with, just that he's open to having meetings. stu, you got the nail right on the head calling this hell week because that's what we're hearing from some democrats now as well. listen here. >> it's been the week from hell, and if it continues to be the day from hell. >> reporter: we've learned even as democrats publicly promoted a progressive wish list worth $3.5 trillion, chuck schumer had already told joe manchin he wouldn't accept anything higher than $1.5 trillion which makes it sound like the democrats in the senate and the house are not on the same page. but republicans are not so sure that pelosi isn't going to be able to pull a rabbit out of a hat. >> you should never count the democrats out no matter how bad it looks for them when they're making sausage. in the end, what they dare more
about is taking -- care more about is taking your money. >> reporter: where is joe biden today? his meetings with senators sinema and manchin have been fruitless. he has nothing on the calendar for today. officials claim they're just trying to stay flexible. >> he's available, he's been making calls this morning, he's open to having visitors, he's open to going places, but we're going to make those decisions hour by hour. the weekend's a little bit away, but this is the president's top priority right now, getting relief to the american people. >> reporter: speaker of the house nancy pelosi claimed at about midnight that they are going to have a vote today. we don't have anything on the schedule though. and for as long as these packages remain in limbo, congress might kind of be stuck because you can't just leave these two packages hanging there in the atmosphere and then move on to something else like immigration. there are a lot of hurt feelings
amongst democrats throughout this process, and so they've got to figure out what they're going to do with this one way or the other. [laughter] stuart: good luck with that, peter doocy. you're right in the middle of it. where you belong, actually. thank you, sir. >> reporter: thank you. stuart: joining me now, congressman jodey arrington from the great state of texas. you're right in the middle of this on capitol hill right now. describe the atmosphere in the congress this morning, please. >> well, it's a happy friday for folks who think that this radical expansion of our government and its role in the lives of the american people is in peril because pelosi has a good old-fashioned texas goat rodeo right now, and i'm not sure she's going to be to be able to broker the deal. she's got one big leverage point with the infrastructure bill for the moderates, but i think the moderates are looking over the near-term horizon at 2020 and
with inflation and with the debacle in afghanistan and open border, just chaos everywhere, i don't know that they're looking to sign their political death warrant. so they're sort of incalls trant on those issues. and then the progressives, they're purists. if they don't get all that they want, they don't get their perfect utopian takeover of our country by the federal government, then they'll probably walk away. so this has proven to be very difficult for ms. pelosi. so there's trouble in progressive paradise here in washington d.c. stuart: sarcasm, oh, i just love it. [laughter] trouble in progressive paradise. okay, we got it. i know you're on the house ways and means committee, and i know you're looking through this $3.5 trillion spending plan. i've got a lot of pet peeves on this one. the irs wants to look at your bank account, everybody's bank account and check all transactions that you never make from your bank account. can you kill that for us, please, sir? >> oh, we want to kill that and
so much more, stuart. it's an absurd overreach to have the federal government basically taking over our checking accounts. we've seen the abuses of power at the irs in recent past, most recently the leaking proprietary information, but further back it was targeting of conservative groups. nobody trusts the irs to have more power and twice the budgets and literally tens of thousands of more stormtroopers to sic on the american people. so it's not in the text that we marked up in ways and means, stuart. but just to insure it wasn't going to be put in down the road, i offered an amendment to block such attempt, and it was rejected out of hand by my democrat colleagues to a person. so there's no guarantee it will not get back in there in some form, again, down the line before they broker a deal if they can get a deal in the end.
stuart: i've got 20 seconds. given the odds one way or the other -- give me the odds one way or the other as to whether we get a infrastructure deal. >> i'll give you a west texas football analogy. when you're in the red zone, those 10 yards are the most difficult, and a lot of bad things can happen. and i'm hoping we can push 'em back and stand 'em up and stop them are from punching either the green new infrastructure bill or this massive tax and spending down payment on socialism. that's my bet, and we'll see what happens, but we're going to keep pushing. stuart: congressman arrington, we appreciate you being here. >> thank you, stuart. stuart: now then, treasury secretary yellen supports removing the debt ceiling completely. what exactly did she say? >> she said, and we've heard this from a lot of people, that the debt ceiling is backward. raising it covers the spending approved by congress in past administrations. >> i believe it's very
destructive to put the president and myself, the treasury secretary, in the situation where with we might be unable to pay bills that result from those past decisions. >> and that's how it's always been done, but now it's become a political bargaining tool. congress is so divided, we're willing to risk that we might accidentally dethe fault on our debt -- default on our department. some say why don't you just get rid of the debt limit which is what secretary yellen has proposed or agreed to be for something like that, but congress would have to agree to do that, and is i don't think they'll agree with anything right now. stuart: i absolutely guarantee there will be no default -- >> that would be catastrophic. we're going to come very close, stuart, but, no, i don't think -- stuart: out of the question. >> meantime, the national debt? $28.4 trillion. stuart: and counting. the governor of connecticut, he's getting ready to fire workers who refuse to get the
jab. we're on that story. senator marsha blackburn, oh, she did not hold back when it comes to facebook's harmful policies towards teens. watch this. >> we do not trust you with influencing our children. you knew this was there. you knew it was there, but you didn't do anything about it. stuart: well, will facebook do anything about it? i'll ask the senator. she's on the show next. ♪ -- light the fire. ♪ somebody call 911. ♪ shorty, fire burning on the dance floor ♪♪ dad, we got this. we got this.
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♪ stuart: how about this? the major markets have turn around. the the dow is only slightly positive, up 16, and the nasdaq down 104 points, continuing the move lower. we've got some movers. susan's back. what have you got? >> i want to check zoom. we didn't get a chance last hour, but zoom calling off that $15 billion deal with contact center operater five nine, and the reason is they voted no after regulatory scrutiny over the pairing and also concerns
over zoom's slowing growth. remember last year zoom was, every day zeitgeist, but now there's other competitors like microsoft and flag. stuart: there is, indeed. wella, i think that's beauty -- >> it's a hair care. stuart: shampoo if bottles. i've seen it. >> oh, you know? [laughter] i'll ask you later -- stuart: don't ask. [laughter] >> $426 million deal, did you know wella, it's worth $1.33 billion. stuart: i didn't know it was based in germany. >> you didn't know it was based $1.33 until. >> reporter: stuart: i didn't know that either. >> i thought it was something else, what's the dandruff shampoo called? head and shoulders, that's right. that's what i was thinking. stuart: i tell you, the stuff i have to put up with on this program. tell me about merck. >> reopening rally which might
mean less time at home to smoke weed. lagging cannabis production, but not just canopy, pot stocks all trading down. i thought you would like that. that would surprise you. stuart: what is the merck story? >> the drug, that means -- you know, the drug -- stuart: covid pill. >> yeah. so that means more people -- [laughter] can get out, and that means they don't have to, i guess, find some way to entertain themselves -- stuart institute see, i missed your report because my family is cringing at the mention of using the small shampoo bottles at hotels. >> why? stuart: you're not supposed to put that out in public. i'm actually blushing. tell me about nio. >> so the chinese electric carmaker came out with 10,600 electric car deliveries in september. we haven't gotten tesla's numbers just yet, but nio
delivers $10,600, that's pretty much what tesla's delivered each month. so you know the chinese competitors are catching up. world's largest car market and also a main reason why you know tesla's trading at $800 valuation, because they've done so well in opening that shanghai plant. stuart: got it, susan. senator marsha blackburn, watch this. >> did facebook though about content on its platform used to recruit women into forced slavery, and why did you not remove it until apple threatened to drop facebook from the app store? >> i don't agree with that characterization of what occurred -- >> this is your, your company's reporting. you knew it was there. but you didn't do anything about it. stuart: strong stuff from
senator marsha blackburn, republican from the great state of tennessee, joins us now. senator, do you have any sense of what facebook could do in the face of the pressure that you're putting on them? what could they do? >> what they could do is begin to tell the truth. and because of a whistleblower, we now have hundreds and hundreds of pages of documents and survey after survey and research after research that they have conducted, stuart, and it shows first of all they're in violation of the children's online privacy protection act. and secondly, it shows that they do allow children under 13 years of age to set up an instagram account. they also are doing research on children from 8 years old, as young as 8 years old, to find out what type digital experience they like. they also allow children to set up accounts that are secondary
accounts, kind of a shadow account, so that they can have their own private experience on instagram, and that one is not followed by their parents. now, they did claim that they get parental permission when they're doing surveys and research with tweens and teens. and, by the way, tweens should not be on this site. but they could not show us what that consent letter looks like that parents would sign. stuart: do you favor a really that cone january restriction -- draconian restriction saying something like if you're under 12, you can't get on social networks, you're banned? i mean, something as draconian as that? >> what we need is for facebook to follow the law. and children under 13 years of age are not to be online without a parent. they cannot set up their own accounts.
and so facebook needs to adhere to that. but children under 18 years old, and these are children, stuart, facebook is collecting their data. they could not tell us what they do with their data, but we know they're data mining. they could not tell us how long they hold that a data and would not answer the question if they are building a digital profile of that user, of that child. so what we will do is strengthen the child's online -- the children's online protection, privacy protection act. it's called copa. and we will strengthen that and put more stringent penalties in place so that we protect children, between-anallers -- tween agers, we protect young adult teens from having their data tracked, mined, followed plus when it comes to some of the other platforms in addition
to facebook, we know that child predators use these such as the questioning i was doing yesterday with moving young girls and teenage girls into sex trafficking and domestic servitude. stuart: fix your own house, of else. senator -- or else. senator marsha blackburn, thanks for being with us. another senator at that hearing compared facebook to the tobacco industry. what exactly did he say? >> yeah, it was strong. senator markey. facebook is just like big tobacco, pushing a product that they know is harmful to the health of young people, pushing it to them early all so facebook could make money. there is bipartisan support for guardrails to protect kids here. a facebook executive was asked straight up yesterday would you permanently pull instagram kids. no answer. i'm not sure the facebook is to do that, but is there going to be like big tobacco had, a
do-good pr campaign, hey, smoking is bad for you if you're this age? is there going to be some sort of campaign coming out of facebook where it acknowledges, yes, our services can be addictive, and we're not going to deceive you because of that? stuart: that's entirely possible. that's a good analogy, because they might do a similar mea culpa. they might, it's a if pr thing. more on this. lawmakers spent hours grilling facebook yesterday. but steve hilton says he's got a solution. roll it. do you still think it's a bad thing for young people, say under the age of 12 or 13, to have a smartphone? >> yeah, absolutely. it is unconstrained access to the internet. kids don't need that. stuart: steve will join me again in the 11:00 hour this morning. the administration admits inflation is not transitory, so do they have a plan to deal with it? edward lawrence reports after this. ♪ what do you mean?
♪ oh, when you nod your head yes, but you want to say no ♪♪ ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl. carl, say hi to nina, our schwab financial consultant. hm... i know how difficult these calls can be. not with schwab. nina made it easier to set up our financial plan. we can check in on it anytime. it changes when our goals change. planning can't be that easy. actually, it can be, carl. look forward to planning with schwab. schwab! ♪♪
♪ stuart: what's the state of play right now? well, the dow's up a fraction, the nasdaq's down 100. everybody's waiting to see exactly what we get out of d.c. with all these negotiations over spending. nothing yet this friday morning. members of the administration are, however, finally admitting what we've been saying all along, inflation is not transitory. edward lawrence is in d.c. edward, the white house claims the spending package could help suppress inflation? tell me more. >> reporter: yeah, believe it or not. long term, is what they're couching that with. you know, inflation, that's one of the terms here at the white house that really nobody wants to talk about. when you ask press secretary jen psaki about it, she stays on her stump. i have a list of questions about inflation, she has not called on
us this week, but it's interesting, this is what happens when a more friendly media asks about inflation without pushback on it. listen to this. >> -- can say privately what we've said publicly and what many, many economists have also conveyed publicly, which is that what these packages will do is they will address inflation and costs over the long term. that's one of the core reasons that people should be supporting them. so if you're concerned about inflation, that's exactly a reason you should support these packagings. >> reporter: still trying to figure out what long term is. problem is that data in the short term is going in the other direction. jared bernstein sees inflation at 4% by the end of the year and settling down in 2022. the catch, he can't say when that will. that. the supply chain bottleneck the number one concern for economic advisers here at the white house, the fed chairman echoed that same point on capitol hill this week. so did senator joe manchin facing the ire of progressive
democrats who want to push for that massive spending. >> the number they have is aspirational. they need to look at that. the reason i'm still concerned about inflation, i'm still concerned. >> reporter: so you have democrats pushing for massive spending saying we'll lower the costs long term the, republicans saying how can it not cause inflation because we're all caught in the middle just spending more right now. back to you. stuart: yeah. and how can $3 trillion worth of spending be 0 cost dollars? i just never got that one. thanks, edward. now this one, the governor of connecticut has a new way to deal with the worker shortage because of the vaccine mandate. tell me more? >> he's readying the national guard. they might be needed next week. 63% of state workers have shown proof of vaccination. several thousand said, no, unvaccinated but will test out. a quarter have said nothing, and governor lamont is so annoyed by that because he's giving them the flexibility of the test-out
option. tell us are you vaccinated, if not, do you legally agree to testing. stuart: they've got a problem. >> yeah, next week. stuart: united airlines said the number of unhaving city may noted -- unvaccinated staff have dropped. i guess they've suck comed to the pressure? >> yeah, about 390 of them. on tuesday when united started the process of firing people, that number dropped to 320. they got scared, they want a paycheck for their families, and they said, okay, we'll roll up our sleeves. stuart: under pressure. >> yeah. stuart: all right, understood. >> that's where we are. stuart: we've been talking about the labor shortage in all industries. the trucking industry has been hit especially hard. is there any relief on the horizon? i'll ask the president of the american trucking association. he's on the show. and, yes, it is the friday which means friday feedback. give it all to us, please, the good, the bad and even the ugly. e-mail email@example.com.
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♪ stuart: at this point it's a go-nowhere market. the dow, the nasdaq and the s&p are down. it's go nowhere until we find out exactly what we're going to get out of d.c. congress may have avoided a shutdown, but that does not include a plan to keep road construction going. and with the infrastructure bill in jeopardy, road prompts are as well -- projects are as well. how many workers are already out of a job? >> reporter: we're looking at more than 20,000 department of transportation workers that will be furloughed because funding has, quite frankly, now lapse ared. and -- lapsed. and, look, when things happen on capitol hill, it impacts lives. when things don't happen on capitol hill, it also impacts lives, and this is one of the tragic consequences of the failure to pass a very important bipartisan-supported infrastructure bill. so this is what's going on, stuart, right now. congress, as you know, passed yesterday the continuing resolution to keep the
government going. that's good news. but that does not include funding for the federal highway administration. sometimes people forget about that. that means more than 20,000 department of transportation workers will be furloughed for the first time in a dad decade, and federal road prompts, they're going to be suspended. then you have got the large e ripple effects on hard working construction workers and companies out there, associate general contractors of america put it this way, that will put countless construction workers out of jobs and leaf materials and commitment suppliers -- equipment suppliers holding the bag on the orders they're ready to fill, but it won't be paid for. republicans are sorely disappointed by this. they wanted to push it through, but house speaker nancy pelosi has promised her caucus she will only move infrastructure through along with the president's multitrillion tax spending plan, and she has got to be feeling a lot of pressure on capitol hill today to deliver, stuart.
>> you committed to having a vote on infrastructure today? >> yes. we're going to -- i don't want to consider any options other than that. >> reporter: that's coming from her. now, my brilliant colleague, chad pergram, says there is always a. chance that the house and senate could pass some kind of emergency extension for these programs, but right now just feeling the temperature here on the hill, it feels like nothing's going to happen until everything happens. [laughter] stuart: exactly right. nothing's going to happen until everything happens, and you can't find out what's in it until we pass it. >> reporter: yeah. stuart: you're all right, thanks very much. now this: the trucker shortage has left over 60,000 driving jobs open. that's got serious implications for the supply chain, gas stations, holiday deliveries, etc., etc. chris beer is the president of the american trucking association and joins me now. seems to me, if i may offer an explanation for the trucker shortage, a lot of people don't
like the work. and having gotten away from it for some time, they don't want to go back to it. is that the number one problem? >> i think it's widespread, stuart. i think everybody's having trouble hiring their employees back. we came into the pandemic 61,500 short. we now predict we've got to hire 160,000 over the next seven years just to make economic demands. so this is a widespread problem that everybody's feeling. welcome to the show, we've been dealing with it for a long time. stuart: is it the nature of the work that people don't like? i know it's pretty well paid -- >> it is. stuart: it separates family, the hours are crazy, it's really not secure, dangerous in instances. a lot of people just don't want to be truckers these days. >> well, it is an issue that we've got to face head on. it's an image issue. i've got to say though i'm very proud of our drivers over the last couple of years, we met the demand throughout the pandemic. a lot of people climbed into those cabs knowing the risk was there, and they still got the
job done. that's not just restocking the shelves, stuart, that's making sure the ppe and the vaccines are getting to the front lines. that's been done by a trucker. stuart: amen. >> we're very proud of our work force. these are moms, dads, husbands and wives behind the wheel, real people getting the job done, ask we need to convey that image nationally, draw more talent in and shore up -- stuart: understood. look, are you having trouble finding drivers with a clean record? because you've got to have a clean record to drive a truck, and with half the country legalizing marijuana, i'm expecting that you've got a problem with drug testing drivers who are otherwise good people but can't pass the test. is that accurate? ah, sorry, our guest has just lost -- he can't hear me, and that's a real problem in this business, so we have to move on, i'm afraid. i thought it was a pretty good question, and one day we'll get an answer. now this: auto sales in america expected to plummet in september.
that's the chip shortage. >> absolutely. but we know that's the problem, and we know automakers and dealers can't sell what they don't have, so car sales july-september expected to fall between 13-14% from last year because of the chip shortage. it's worked for gm. they just said their third -- it's worse for gm. their sales fell by 32%. does it get back to normal? maybe never. why should it if you're an automaker? because you don't have to discount. the average transaction price for a vehicle right now is almost $43,000. that's inflation. that hurts the consumer, but it's great for the automaker. does it get better? yes. does it go back to 2019 levels? i'm going with no. stuart: okay. interesting forecast. and i'll remember that too. >> uh-oh. [laughter] don't hold he to it. stuart: coming up on the show today, steve hilton, congressman michael waltz and lara trump. and this: the left pushing its party to add new and expensive entitlement programs. is it really worth going
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go down this is the end of the biden administration, can democrats govern? they have too many cooks in the kitchen. it is chaos. >> we need to pick up the bill. if it fails or passes the infrastructure bill comes to the floor. >> none of that is healthy of the market. burnings today are 25% higher than they were in 2019. the market reflect that. >> trying to push this through the market, it is becoming increasingly doubtful they will get everything done and that is where the wherewithal is going to be.
>> and and this will play it again. it is october 1st, dallas up 100, i call that a split market. same story split, microsoft, alphabet, facebook, amazon, apple down, it is at 148 as we speak. breaking news from the philadelphia fed. very important one. what are the headlines? >>, it is by the fourth quarter. we will expect to see, we have that confirmed in this conversation, growth slightly
slowing from earlier in the year, and when he says, things started moving sideways, some say we are getting through delta and will be on an upswing from there. interesting comments, and >> no impact on the markets. and do we desperately need new entitlement programs. let's turn to the newly minted financial really senator joe manchin, spending trillions more undo and expanded
government programs, when we can't pay for social security and medicare, the definition of fiscal insanity and he is right. medicare runs out of money five years, cost $10 billion when it started in 1965 because $706 billion in 2020. the cost of the government program always goes up and since it is always considered vital it will never go away. politicians raise taxes to the rise in cost. we have must have free college, but you cannot make the case that we can afford and you cannot make the case that the rich will pay for it all even if you confiscate the wealth of all of america's billionaires, you still don't bring in enough to pay for all the programs the socialists demand. the spending plan amounts to financial fraud.
we should not go bankrupt to satisfy bernie at socialist dreams. we should not commit to sustainable entitlements just to satisfy speaker pelosi's coral -- career goals and we should not trash our dynamic economy just to look like every declining europe. the third hour of "varney and company" just getting started. california guy steve hilton with us this morning, i think there is a clear failure to govern in dc. what does that failure look like from california. >> you say they want to turn america into europe and that is right. in some ways they want to turn america into california with the way government has expanded. you seat in tax rates,
regulation and you see the results which is the highest inequality and decay in urban areas. just a couple things i would add to your point that i agree with, specifically on economics, it is not just that they can't get all the money they need from the billionaires, the tax increases they want include tax increases on every small business in america, to raise the corporate tax rate which will make medium-sized businesses totally uncompetitive in the rest of the world so that is something they we can't accept. they will join us better in the works of america's wealth creation engine. two more broad points, they don't have the mandate for this in the first place. they barely won in the electoral college, no win in the senate, 50/senate, their behaving as if they won a landslide victory for socialist programs. that didn't happen and to me this whole scheme seems
completely un-american. remember the constitution, the tenth amendment, things that specifically in the constitution are reserved for the states or the people. and implemented at the state level and federal government bureaucracy. >> that is a huge and important story. we know they don't think kids should have smart phones. and literally banned by the cdc. >> is the dynamic that goes on. they see the harm, the addiction they get from social media.
and my friends got a phone. i know you got that, your friends can have one. it is not what is allowed and it would help bring society back to some kind of sanity. parents are desperate about us. >> it is draconian, banning these things for anybody under whatever age you pick. you are just like the chinese communist party. >> they look completely crazy, but the interest of their country first. here is the thing. we banned many things for children, smoking, drinking alcohol, we can't totally
enforce it all the time. it sets a standard, an expectation and i don't mean kids shouldn't have any kind of phone. they could have an old flip phone to keep in touch with their parents and if they are worried about safety and so on, the unsupervised access to the internet is the problem and parents would welcome help. >> a flip phone, that is something else. the name of the show is the next revolution. i suggest the next revolution will be banning cell phones or smartphones for youngsters. that is a revolution. we will be watching 9:00 sunday on fox. let's get back to the markets, all over the place, basically the markets waiting for news from washington dc. what are we going to get? $1 trillion of infrastructure?
jonathan koenig is with us. i want to know what you think the market would like? what does the market want out of dc? do they want to trillion, 3 trillion or do they want nothing? >> they want what they are not going to get, we use to make fun of people who said i'm here from the government and i'm here to help. now for some reason we are welcoming that, entrepreneurs are welcoming that? i think that's one of the reasons we've seen the markets low so dramatically. momentum has ebbed. the majority of stocks below their 50 day and the real risk is government to your point. will it be $3 trillion, your calculator can't keep up with it. slowing the economy, building inflation and putting a crimp on the american way of life moving forward. >> as i go around i'm constantly surprised how much prices have gone up and how obvious it is.
that's another hanging negative for stocks. >> who is the biden administration blaming? blaming greedy corporations for pushing up the cost of meat, the artificial expansion by the all the government can do. that is the front, what they are doing and claiming as you said it is not going to cost anything or benefit the economy. all the government spends is taken out of our pocket whether it is tech or borrowed or printed or taken out of blood, sweat and tears. that is why you will see the economy slow. >> you used to like gold. i remember you saying your putting money into gold, gold doesn't do anything, hasn't done much, even though you have inflation. i put it to you the new hedge against inflation is bitcoin.
>> the real rift right now from my perspective is not owning gold or owning go to, it is liquidity. so much money coming into these markets since we know government supported with ultralow industry. the tech stocks make dramatic moves, government is the risk, if you short this market, there are lower prices here to come. stuart: have a great weekend, see you next week. let's get to jackie who is following the story of the day. >> 8% higher, working on a drug, testing a drug, to reduce the effects of it when you start a taking a once infected with the virus. the first oral pill they go for that emergency use.
and 2 with respect to the treatment, as part of the world, the new normal. -- >> a lot of people, it is supposed to help you out of the hospital. >> take the pill, it is a big deal. you have disney? >> and scarlett johansson, and it was, and what they are staying to the press, everyone is happy here. >> there months away.
taking in uber maybe worse for the environment than driving your own car. could ride share be the next target of the greenys? vice president harris nodded along when a student accused ethnic and aside in israel. >> ethnic genocide. stuart: the point is iran state media is using that video to promote its anti-semitic propaganda. democrats call off infrastructure after negotiations stalled, the latest from capitol hill after this. ♪♪ dad, we got this.
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>> the laying of vote on the infrastructure bill. and anything happened today. >> there trying to find what the path forward, infrastructure vote is not happened and was supposed to happen yesterday but the reconciliation package between progressives and moderates in the senate, remember the deal from manchin but we reported in the last hour, 1.5 trillion condition for social programs, the head of the congressional progressive caucus said on her
way into the meeting that we don't have a counteroffer, it seems progressives still consider the 1.5 trillion number with these conditions to be a counteroffer. >> we had been waiting for an offer to counter the $3 trillion on the table and we will get everybody on board to close the deal. we were waiting for that. until we get that we don't have anything to say. if you ask i'm willing to accept a number or not there is no number on the table and i'm not negotiating it. >> reporter: alexandria ocasio cortez said she wants a vote of the framework agreement to cut it and senator bernie sanders
making the point in a tweet two senators will defeat 148 senators and house members want, we must combat climate change and delay passing the infrastructure bill but as you know it is not two senators against 48 senators, it is really the roadblock to the reconciliation package. stuart: the socialist want it all and always will. thank you very much. i am sure you called that one. are you cheering? >> have to live tweet there about two senators, to block
this disaster to put this country into a ferrari and drive it off the fiscal cliff. what is sad about it is we need infrastructure, the chinese built 18,000 miles of high-speed electric grid and transmission lines. we built none. we need a massive update in infrastructure but are hanging it to the socialist package. to accept a lower number, we know once you get government programs in place, but here's what nobody is talking about, this is what manchin put this in, the hyde amendment, any attempt to get rid of the hyde amendment is dead on arrival,
taxpayer funding, progressives have been trying to get rid of that for decades and i don't see how they overcome that. stuart: senator manchin came up with a number $1.5 trillion. if that were the number you had to debate, what the republicans get behind the $1.5 trillion? >> absolutely not. it is the policies, the free day care, the free pre-k, community college, free this and free that and these government programs whether they say they are only in place for two years or five years, we all know once they are in place that is going to be a burden on future generations we can't afford and we can't afford free everything for everybody. somebody has got to pay for it in the problem with socialism is eventually you run out of other people's money.
stuart: a great margaret thatcher said that on the floor of the house of commons. i remember it very well. we appreciate you being here. what do we look at? the markets, all of a sudden the dow is a 256 points. i will take that up 220, nasdaq four, the s&p of 16. i guess there is something going on at the dow. probably merck with the covid philip 8%, that is helping the dow. general motors, i asked for this and on google as well they have a self driving car, units that make self driving cars, they will be on the real soon. >> we talked so much about this but to see it happening as a reality shows how technology has come together but in parts of san francisco they have permits to do this and they need a safety driver in the vehicle in which is how you get
it started and role about slow. it shows you the technical progress the companies have made, they are getting regulatory approval to charge the public and to do this in real life. stuart: it is almost here. what is this about driving in and uber oral lift is worse for the environment than taking your own car. >> what happens is once we started ridesharing there were big upticks in traffic. a lot more congestion, all these guys out and about on the road, takes the price per trip up because you're in the car longer, always ramifications but the interesting part is it helps on one front you wouldn't expect which would be air pollution, you think more cars, more smog but the pollution comes from the combustion of the engine when it is cold. it is worse when you told the engine and when it is cold, the car has been running all day, it emits less pollution. stuart: it sounds a little picky to me.
>> i wouldn't think and, i have to dig deeper into the studies on that. stuart: would it stop you from taking uber or lift? >> know. if i need a lift i am going. stuart: here is the story. a crypto website acciden gave away $90 million to its users. we will tell you how they are trying to get it back. how much of a got back if any? as many as 60,000 migrants headed to the southern border, new caravan, all of donald trump's work to secure the border coming to nothing. how will our trump think about that? she isext on the show. ♪♪ yesterday ♪♪ love was such an easy game to play ♪♪ i need a place to hide away ♪♪ ok, let's talk about those changes to your financial plan. bill, mary? hey... it's our former broker carl.
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>> they love solar plays, outperforming today and well positioned for the energy transition and the biden green climate spending. somebody like you, the hamptons very quickly, you don't want to wait four hours in traffic and take blade air helicopters to get there from manhattan to the hamptons. definitely hamptons kind of guy. and will go into the hamptons. that is not the crowd. >> up to september, deutsche bank -- stuart: no more talk of the hamptons. >> $35 million worth of shares,
50% of cash positions. and >> - >> moving on to the crypto. a decentralized finance program. they gave away $90 million by mistake. can they get the money back? >> they are begging to get it back, they have to give it back voluntarily. your at the push of a button because of a bug here in the programming begging people to return this money, they've done it in the past but they don't have to. it highlights the difficulty when it comes to cryptos, you pressed the wrong button, the software, looking at coin
bases, bypassing the multi factor authentication, fingerprint and password they figured a way around it and 6000 people lost out. stuart: it really hurts and the stock is up. remember this please. a few days ago vice president harris was just nodding along as a college a student accused israel of ethnic genocide. >> a few days ago, backing israel which hurts my heart because it is ethnic genocide. >> your voice, your perspective, your experience, your truth cannot be suppressed. and it must be heard. stuart: iran, here is the story is of today, quickly noted and promoted in anti-semitic propaganda all around the
world. lara trump, before my head explodes, come on in and comment please. harris's office is trying to clean up after this incident, what do you think of it? >> a complete and total disaster. the truth is not malleable. it is about fact, the fact is if iran could, they would wipe israel totally off the map and wipe america off the map if they could and the fact that our vice president of the united states, a person that is second only to the president in america is maybe showing a crack in the armor with our bond with israel is horrifying, it should horrify every american, terrifying to every israeli, this is our oldest middle eastern ally, the only beacon of freedom in the least and we have the vice president of the united states, possibly
agreeing with what this young woman said. we see the anti-semitism in congress and quite frankly if - voting for the democrat party, take a long hard look at these people and, what a terrible position to put us in as america yet another time. stuart: iran uses our vice president in their anti-semitic propaganda. we have reports of another large migrant caravan on the way to the southern border. at precisely the same time the administration destroyed all your father's good work at the border i'm sure you talk to him. is he really upset about what is going on at the border? is he fit to be tied?
>> he loves this country. he does not want to see our laws thrown aside, he doesn't want to see the constitution trampled on and that is exactly what has happened under the biden administration. they do not care about the laws of the land, do not care about the sovereignty of our country. if they did they would enforce the laws at the southern border, they would put back in place the trump era policies on immigration because they were working, we saw people -- they were not crossing the border at record numbers like they are now in the biden harris administration because they all but invited people to come to america. they told people during the campaign free healthcare for illegal immigrants. if you come we won't send you back, there is a rush on the southern border and it is not just from south america, central america but every country in the world. if you want to come to america and get in scot-free no problem
come under the biden administration. they do not enforce the law. my father-in-law is upset to see this as is every person that lives in the border town, in texas, and not just texas but the entire country, they are being shipped all over america on taxpayer money. stuart: if i had an extra 20 seconds i would say looks like your father-in-law is running in 2024 but i don't have the time for it. >> got to get to the hamptons. stuart: you were listening. i will leave it at that. i am leaving it right there. blue origin, accused of being a toxic workplace. we will tell you what workers are saying. airline pilot sounding the alarm about the travel season.
covered for hospital stays and doctor office visits. but you have to meet a deductible for each, and then you're still responsible for 20% of the cost. next, let's look at a medicare supplement plan. as you can see, they cover the same things as original medicare, and they also cover your medicare deductibles and co-insurance. but, they often have higher monthly premiums and no prescription drug coverage. now, let's take a look at humana's medicare advantage plans. with a humana medicare advantage plan, hospital stays, doctor office visits and your original medicare deductibles are covered. and of course, most humana medicare advantage plans include prescription drug coverage. in fact, in 2020 humana medicare advantage prescription drug plan members saved an estimated $8,400 on average on their prescription costs. most humana medicare advantage plans include a silversneakers fitness program at no extra cost. dental, vision
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worth telling and i'm happy to tell them. that is how america works. stuart: america had the drive, engineering talent to get these projects done. is important to look at america as a can-do place. that the function of america builds. ♪♪ stuart: airplanes is the name of the song, looking at philadelphia international airport, 64 degrees in the early part of fall. they must get vaccinated because the work the company does is a government contractor, come on in, grady at o'hare in chicago, alaska
previously offered $200 as a bonus to get the vaccine, what are other airlines doing to encourage employees to get the jab and is it working? >> that was the incentive and they extended that through december 1st and alaska air says they are a federal contractor and so are all other major airline so they expect this to apply to them as well but as of right now southwest and delta and american are encouraging, they are making it difficult for those who are not delta for example, the monthly charge and american and southwest. they use their own time off if they get sick with covid. this federal vaccine mandate is still being discussed as major airlines but the pilots unions, there could be serious travel
disruptions if it does go into effect. i want to mention senator dianne feinstein because she has proposed a bill that would require all passengers traveling domestically to either get vaccinated or show proof of the negative test within 3 days of their flight. according to that proposal you have recovered from covid in the last two months, you have to have a doctor sign off on that and it would make it difficult for those are unvaccinated and something like that is unlikely. stuart: it would be difficult for everybody. see you later. there is blue origin, some of their employees are speaking out about what they call a toxic work environment.
>> they are saying they restrict nondisclosure agreements. they are also saying the company stifled internal feedback, that there was a sexist environment for women and a disregarded safety concerns. this was an essay by current and former employees published on the web and when gave a cbs interview. blue origin said it has no tolerance for discrimination or harassment of any kind and probably investigate claims of misconduct but this is interesting. when you thick of jeff bezos it is not the impression he gives me. you can look at that company and the innovation and it is surprising when you hear this is happening. stuart: you hear exactly what they are alleging, they have a disclosure agreement and that is a problem here. show me the dow 30, sense of the market today. mostly up, the dow is now up
it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today.
stuart: the twist to 1957-58. >> older music throughout the morning. stuart: okay. it is friday feedback time. lauren and susan with me. eleanor we use rights what are your favorite hobbies? >> i like decorating. i do a lot of treasure hunt buying and decorate. stuart: susan? >> i play tennis and read the encyclopedia over the weekend. no i don't.
stuart: i -- >> netflix too. stuart: can't get a word in edgewise. i am a tree farmer. my hobby is farming trees. i like taking them down. >> is that a business? >> business with a hobby. never - played have a round of golf and that is it in all my life. >> how great a tennis player are you? >> i never was great and don't play any longer. this comes to us from spartan dave. here we go. there are 55 days until thanksgiving and 85 until christmas. spartan day observed me making a chronic mistake this morning when i opened the show instead of is 57 days to christmas. i don't know where i got that. utterly wrong obviously. >> i didn't even correct you. there are 57 days until
christmas, i better get shopping. stuart: the guests said think about christmas. what are you talking about? 85 days. you may or may not get this stuff in time. alan bricker after watching a few episodes of american bills, i have come to the conclusion that our country's ingenuity is i inspiring. do you believe our resourcefulness will continue with the current political climate continues? no i do not. the show american bills on foxbusiness, all about american ingenuity and the can-do spirit. talking about projects which you can't accomplish. so many obstacles to doing anything. you can't do that kind of thing. >> what about the fact you built the greatest companies that has ever walked the earth like apple, google, facebook and the like and amazon.
are you trying to kill - >> different can-do mentality dealing with technology and building a technology company. i am talking about the can-do spirit in dams and aqueducts and planes. we've not done a piece on the brooklyn bridge but we will take that under advisement. you shouldn't say only time will tell. that is true. other broadcast things are off-limits? >> i hate when people say good night, good luck, because it has been done so many times. stuart: that was what i used to say all the time back in the day. >> edward r murrow every night. >> i never said and that's the way it is. that was cronkite. anything off-limits? >> i think which is a journalist you are not supposed to say i think.
it is analysts say, so-and-so says, not you. we fall into that category a lot. stuart: so do i. there is always the george carlin list of 7 words you must never say on television. >> like? stuart: know. rick wants to know when recognized by your adoring public are you greeted with a familial type warmth? first of all, what happens when you get recognized in the street? >> two things happen. people say they like how i say it the way it is and they are surprised that i'm really short. people are always -- tiny. >> i don't like stretching out the conversation in the middle of the personal-care aisle in the pharmacy but they are always very pleasant. stuart: i've got -- >> always ask what you are like. what is he really like? that is my apple watch, siri
says i am not sure i understand when i ask what is stuart like. that is exactly my response. stuart: my answer, a good question is people who really dislike conservatives and dislike people like me don't watch so -- >> they all of you. >> people who do recognize you tend to be friendly and nice. i really like that and they say love your show. >> you said something negative to your face. how does that go usually? >> i walk away. don't want to fight in the street. >> haters to watch because they want to hate. i do know this for a fact. >> time is up, thanks for sending your friday feedback. here is the friday trivia question. was artists have had number one in the billboard hot 100 in each of the last four decades. we will tell you the answer after this.
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i went with mariah, and i happened to be right. stuart: would you have guessed, susan? >> no, i thought elton john, the oldest of the bunch. stuart: he has been around, that's true. great stuff for friday feedback. >> happy weekend. stuart: i'll leaf you with this -- leave you with this, the dow is up 240 points and the nasdaq is up 21 is. neil, it's yours. neil: stuart, thank you very much, have great weekend. and, indeed, we are starting the month of october, not the worst month of the year -- remember, it's september, and boy, did it prove it this week -- but it is also the most problematic month, a dozen or so times we had violent movements in this month. but on this young first day of on the, so far no indications of that. much of this might hipping on what happens or -- hinge