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tv   Varney Company  FOX Business  October 7, 2021 9:00am-12:00pm EDT

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maria: back in the beginning? we had bumps and struggling to be number one. we've been number one for two decades. >> what a reminder that the startup, thrilled to be part of it. congratulations to everyone. maria: see you soon. "varney and company" begins now. stuart: a solid start for the markets, congress moving closer to the short-term extension of the debt ceiling. kicking the crisis down the road which we will face in december. with the immediate crisis diverted, stocks are rallying, looking at green across the board, the dow a huge swing wednesday. in the free market reading at
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"the opening bell" on the upside. 154. bitcoin holding its ground, 54,800, when earlier this week gary gensler said unlike china's the us would not been cryptos, they are just above the one.5% level, 154 on the 10 year treasury. that the financial market action, plenty of green thursday morning. to authorize covid vaccine for children age 5 to 11. los angeles is about to impose a direct tony and vaccine mandate. you have to show your card if you want to eat, drink, exercise indoors or go to a shopping mall.
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the vaccine mandate when he travels to illinois today. here is another high profile tax refugee. kathy would who runs a hedge fund will leave new york in saint pete's florida, taxes, of course. it is october 27, '25 years ago today fox news debuted. i think it turned out all right. "varney and company" is about to begin. ♪♪ a beautiful day ♪♪ stuart: a beautiful day from you too. new york nice and sunny, market rallying. first we do this was a new national poll shows president biden's approval rating hits a new low, at just 38%.
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this is not good news for the president. he needs a maximum support for his $5 trillion spending plan. p texas in fort myers, florida. i people supportive of the president? >> i would say no. half of new york is down here at mel's diner in fort myers, florida. they love stuart varney on this 20 fifth anniversary. who is a fan of stuart varney? i will say this. they can rattle off the list of things in which things are changed and it starts, the root cause is on january 20th, 2021, whether it is crime, mandates of covid, the bill they are attempting to push through, you
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name it and they understand policies change in a whiplash way and folks that voted for unity or normalcy, instead they are getting socialism and dysfunction and division and critical race fear he and they don't want it and it doesn't work. how quickly does that push through body politics when in 2022 they have nothing to run on because there's not much satisfaction with anything. stuart: i am not going to guarantee it but highly likely. city council in los angeles about to approve one of the strictest vaccine mandates in america. everyone over age 12 needs to be fully vaccinated to go to a bar, a gym, a restaurant, a shopping mall around or facilities. are you ready for these direct tony restrictions. ? >> reporter: don't go to los angeles. they look in many parts of new york city as well it is
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becoming a new class, the vaccinated versus the end vaccinated, the ultimate virtue signal is whether you can show your card or a past but programs like yours pointed out there are legitimate reasons sensible people would make an alternative decision to include natural immunity or other causes if they want to do so so what do those people do? many have said i will walk from the job or be fired. nurses who were the heroes for year and a half, getting told to walk and creating a division. an arbitrary one that doesn't take into consideration peoples personal health choices and it will force more people to leave. when i look around this diner mostly new yorkers, new jersey, philadelphia who said i am out of there because i want to live somewhere that reflects my values. stuart: this is the day we
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celebrate 25 years of fox news. tell us your story? the channel for 7 years, i came to fox and friends and got this assignment to do breakfast with friends and it changed me, having the opportunity to hear from people across the country who love our freedom, care about things and give them voice. donald trump talked about forgotten men and women. that is what we do on fox and friends at the fox news channel, provide another view that is patriotic, unapologetic that you don't get anywhere else in 25 years later they are blowing away the competition because we are serving part of the country that was underserved for a long time. stuart: fox and friends made fun of all the tattoos you have acquired since coming to fox.
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>> reporter: i count them as a badge of honor. once i have your forearm - stuart: just one of the things i agree with donald trump is he doesn't like tattoos. i don't like tattoos. he doesn't like tattoos. that is one more form of agreement between us. i think you are all right and so are the people at mel's diner, shout out to them please. >> reporter: stuart says hey, love you. stuart: don't tell them that i prefer naples 100 miles to the south. thank you very much. >> he doesn't want me to tell you that he prefers -- stuart: let's go straight to the debt ceiling debate on capitol hill. we know there was progress overnight.
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>> the senate could vote today and it won't happen until the middle of next week. october 18th, '11 days, go back to 2011, credit worthiness was downgraded because of the political drama. this is a short-term fix that takes toward december and we are doing the dance all over again. has have a price tag on it and that is the second point and it is estimated to be $300 billion. the long-term fixed likely means using reconciliation, the procedure democrats don't want to use, mitch mcconnell has a strategy and i don't think republicans caved as senator warren is saying. they want democrats on the record with the long-term fix near the holiday season with a price tag north of 300 billion, $3.4 trillion. stuart: that is one that could work.
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let's get back to the markets because we have green across the board and dr barton, covid cases are falling, still wall of money outside of wall street waiting to get in. i take it you are buying. >> another great reason, you mentioned two of them and another what is people are becoming very cautious. the average retail investor, 54% are looking for a 20% pullback or more. when that happens, as a contrary and investor we have more upside to come. the other big thing, we are all worried about 5% pull back on the s&p the average pull back
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over the past 41 years has been 14%, this is a model pull back. stuart: there is a real divorce between wall street professionals many of whom appear in this program and all of them see prices going up over the next year versus retail investors expecting a fairly dramatic selloff in the immediate future. when the little guy is saying that is that a signal to buy because the little guy is wrong? >> i don't love the smart money small money argument, this happens on one side of the boat and it has to write itself. when we get drop down, that happens and we get that reversal typically when so many people get on one side of the negative gain. stuart: you liked it in the
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past and it is at a big dip, you are buying it. >> i think a lot of the consumer staples and stocks have been beaten down worse than others or not grown as fast. amazon has grown but has not grown as fast as the big five but it will play catch-up and the holiday season will be very kind to amazon. one more shout out, congratulations on your 20 fifth anniversary to fox news and especially the big part you played in it. stuart: you are going to stick around i hope. got to check markets and this thursday back up again, 140 up on the nasq. once upon a time president biden promised not to politicize the justice
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department. >> the justice department under my administration will be totally independent of me. how to prosecutor what to prosecute. it is not my justice department. it is the people justice department. stuart: biden's justice department is bringing in the fbi to investigate, quote, threats by parents who are concerned about their children's education. next case, some in the mainstream media using the facebook was a lower resume -- regulations to call for censorship. >> it should be true. have an face consequences. stuart: what about free speech? we are on that and we will be back. ♪♪
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stuart: i don't really want to fight, a huge fight going on on capitol hill about the debt ceiling. 66 degrees and cloudy in washington dc. democrats accepted the republican plan for debt ceiling extension. hillary vaughan joins us. the latest. >> reporter: sounds like it would be a done deal but senate majority leader chuck schumer and minority leader mitch mcconnell were still trying to work out the details on what the short-term extension would look like and what the number is that they would be raising
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the debt limit to through december. there is no agreement on a number yet between the two or even within the republican members of what they would vote to support. they need 10 republicans to be on board with this agreement that mcconnell offered schumer but there is also concern that after the short-term extension is granted democrats are still going to be faced with the same conundrum, to use reconciliation to raise the debt limit unless mcconnell changes his mind, the can is being kicked down the road, something the white house said they did not want to see happen because you have the same negotiations just two months from now as opposed to having a hard conversation now. there is not an agreement yet but we expect hopefully schumer and mcconnell will make a deal today so they can have a vote in the senate on this but the house will also need to pass
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their own version of this. the house will ask after this. stuart: sound like inside baseball to me. let's move on to congressman greg steube of the great state of florida. we spent a lot of time on this program looking at what is going on in california. the latest news, this draconian mandate in los angeles strikes us that florida is the exact opposite of california. you are a florida congressman. you are in the right place we think. >> opposite of how they've done their laws in california and had less deaths of covid in florida and less cases and they had all these lockdowns, matt vaccine mandates, you don't have that in florida. we - californians, new yorkers, michiganders, ohioans, people
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from all over the country who are tired of these mandates are flocking to florida right now. i've never seen an increase in people and businesses moving to florida because we have freedom here. their businesses are able to flourish. they are not being told by the government how to operate their businesses and have these mandates and that is why everybody is moving here from across the country. stuart: if you ever get to vote on this huge spending bill would you vote for free free and free college? those could be vote getters and if you vote against them you could pay a political price. where are you on free pre-canned free college? >> i would not vote for those items. where is the america where you work hard and did what you needed to do to take care of your self? now we are in this socialist realm where democrats want to pay for everything.
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you want to spend another $5.5 trillion on top of infrastructure, and in 3 years in congress by $10 trillion, can't sustain this level of funding and states like florida have done it right, low taxes encourage people to work, to live the american dream and you see numbers in our successes if you look in the economic numbers in florida. stuart: are you for $1.2 trillion infrastructure, $3.5 trillion social spending added together, are you for any part of that? >> the only part of the infrastructure i would consider supporting is 6% that goes to real infrastructures and ports, that is something republicans and myself would consider looking at but only 6% of the $1.2 trillion goes to true infrastructure.
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the rest is childcare paid for by a socialist agenda, green new deal, environmental infrastructure non-infrastructure to come after you with you are not paying your climate dues or don't have enough emissions are too much emissions in your vehicles, that is included in the infrastructure package. stuart: i didn't realize that and that is an important detail. thank you. we are going to check the markets. you like what you see? abounds late yesterday, lots of red in the early going, the dow will be up another 200 points at "the opening bell," we will check the markets and go to "the opening bell" next.
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stuart: look at big tech before the market opens, the dow, the s&p, the nasdaq showing green
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this morning. you are looking for the s&p to hit 5000 by the end of this year, that would be a 15% upside move in 15 months. make your case. >> fundamentals of the was economy a very good. consumers have tons of savings, jobs are plentiful, businesses are expanding, sometimes they have trouble expanding and that is what you need to worry about. when will the fed take away the punch bowl? they will remove accommodation but it will be done at a slow pace. those are fundamentals. the market is worried about supply chains, uncertainty in dc, rising interest rates. those will dissipate and will open upside to the 5000 over
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time. stuart: if we get a cold winter we could see a spike in energy price inflation. with that upset your strategy? >> you hit on a key risk, outside the united states. china and europe facing acute shortages of energy and if we see a cold winter in those regions we can see some disruption to the global economy. the us will be more insulated from that. we won't have rolling blackouts unless we have a texas freeze like we did last winter but the problems are more acute outside the united states. stuart: is there any particular sector of the market you think will do particularly well in this 15% run-up. >> we like the more cyclical areas, i would highlight energy, you can buy the energy sector.
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it has a free cash flow yield of 10%. there's a lot of skepticism around energy and fossil fuel companies and there has been lack of investment and that is partly why we are seeing these shortages. they will print a lot of cash, return that to shareholders so i would highlight energy and has more upside. stuart: some of these oil companies will spell significant dividends. you can get capital gain out of that which is the double whammy high dividend payments and capital gain to boot. you are playing on that, the oil companies. >> within the energy sector large oil companies will be a large component of that and the dividend yield, they have the highest dividend yields in the
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s&p 500, the highest free cash flow yields, they will be returning a lot of that cash to shareholders. the interesting thing, another way of looking at this is in our numbers the market is embedding oil price in the mid-50s, oil prices are higher than that and that explains the opportunities. stuart: wall street largely bullish, the little guy terrified of short-term standoff in the marketplace. right from the start we are up 200 points. the scope of the market, the dow 30 in the green so the dow is up. the dow is up 3 quarters of one%, almost 0.10%. it is higher 8%.
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the rally just shy of one% across-the-board. let's look at big tech. all of them on the upside. let's isolate apple, 142 is the price at the moment. apple is going to use the iphone in the apple car? >> reporter: held control your internal systems in the car but you can extrapolate this is a test for an internal system for the future car so it is codenamed iron heart still in development but in the future it will allow you to use your iphone to adjust temperatures, even speed of the car, apple season opportunities get more access and most analysts expect and i car that will be introduced sometime this decade. look at where tesla is, they sell 10% of the cars volkswagen
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cells but they are worth more in terms of the company. stuart: a car nowadays is a computer on wheels. >> tesla has proven there is premium for that. stuart: kathy woods investing. moving out of new york. go to florida. >> from high tax. states. elliott management. moving from new york to florida or going to st. petersburg, a new arc innovation center that will open in 2023. it would permanently shut down in new york but i like the 2 and a half acres to open the innovation center where she could possibly incubate and
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look for the next facebooks or googles of the world which is to look at innovative technologies. stuart: so it seems. >> he returns 100% but she has underperformed this year, there are people saying can she return the type of performance she made her name on. stuart: i doubt florida will slow her down. >> he saves on taxes. stuart: chinese stocks, china stocks, what is the story? >> rebounds is august, hong kong jumped 3%, charlie monger, warren buffett's partner in crime up to his ali baba steak by 83% last quarter. a vote of confidence you will survive this and lead, chinese
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tech stocks rebound, you're still down roughly% this year. stuart: neo is one of the more interesting and lively electric vehicle stocks, up 5% today. >> goldman sachs did say it is a by of the car model which rivals x class and the bmw 7. so they are calling it a by worth 56 bucks upside of 66% or so but i would say out of this electric car tesla on arrival is going through the most pain, they have supply chain issues, chips, bad pr from adobe fatal crash in china and down roughly 60% from january. stuart: i would like to find a winner in the electric vehicle
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sector. >> we have investors in texas with elon musk, all virtual but i will be interested to hear i didn't notice the cake next to you but they are serving cake as well in austin. >> the 20 fifth anniversary of the founding of fox news, a 20 foot long cake beyond the wall and one of the producers bought me a slice. >> something to do with production that will come up, they are rolling out austin. those are my two. stuart: i wonder if you will go overboard with some quirky headline to introduce dogecoin. >> the robot that was introduced recently was quite interesting. i hope you get an update on the tesla bot. >> that was different from the amazon thing that throws you around.
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>> you annoyed robots. a lot of light on that introduction. stuart: viewers see what he is up to. that is what will happen. >> a lot of fan boying taking place. stuart: they are selling twitter, selling a mobile ad network, i don't know what they do. the point about twitter is it is an all cash deal, selling to another mobile advertising company but for twitter where they bought this for $350 million in 2013 selling it for 1 billion so that's a good profit and they want to double the revenue by 2023. the object or see comedy called square getting an upgrade worth
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$300 and there is more growth than upside in square van jack dorsey's social media twitter. stuart: some of these companies come on strong, really new kind of companies. i'm not always familiar with them but i see their stock price zooming away. tell me about levi straus. >> you know their products very well. >> people are going back to normal life. and the back-to-school season, they fared better than others because they have diversified supply chains to take factories elsewhere. stuart: have a look at this. i appeared on fox and friends this morning and there's my jeans. i wore jeans. >> i like the white sneakers, such a modern look. stuart: i took your advice, wear white socks with white
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sneakers. that is the new look stuart varney not to be tried. >> they let you wear jeans on the show. >> you look great. i like the color coordination. stuart: the spot where brian pushes me off the set. >> that's the new james bond look too. >> the wardrobe refresh. is that the name of a company? >> with the jeans and blue jacket. stuart: dow winners, home depot, san francisco, got them all down there. s&p winners. >> freeport mcnamara and, a good mixture of industries. let's check it out. alumina, ross stores, good pics for the technology with value. it is an up and up market. stuart: it has been like that. changing pace, comedian bill
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marr, and to call out. >> 10 years ago the left did not have a crazy section. it is a hunger to hear about that. stuart: a leading comedian making fun of the woke crowd. and a transplant, is that legal. backing black lives matter and social justice warriors, why did nike shareholders vote down a proposal on diversity.
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stuart: 14 minutes on wall
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street and a nice size rally in the nasdaq up 170. all of them on the upside today, they are asking the fda to offer rise covid vaccine for children 5 through 11. parents concerned about giving kids the covid vaccine, what do you say? >> thanks for having me on, only 2000 his were studied in that group 5 to 11 but previous inflammation about the older group 12 to 17 is found to be largely exaggerated, side effects very rare in the 12 to 17 group so it is fair game that 5 to 11 be on the table for approval for emergency use authorization. doctor paul on the advisory
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committee, that i wrote about individual that in fact the advisory committee needs to look over this data first because it is only 2000 kids and the fda told me they are going to do that. pfizer compound them all they want. my impression is a week from now or a couple weeks from now towards the end of october the fda advisory committee will meet and look at this data. it is extremely important. you cannot go from press release to putting vaccines in children arms. i'm really against that in glad the fda told me they are going to do that. stuart: somewhere down the road when and if pfizer's vaccine is okay for younger children, then you are going to have kids forced to take the vaccine before they can go to school. stuart: i think you are making
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a good point here, emergency use authorization lead to the point of forced mandates, that pediatricians need to be involved, there needs to be a conversation in the doctor's office between a pediatrician, child and parent, we are nowhere near that. pediatricians don't have the vaccines. i would urge the biden administration to get these vaccines ready to go to pediatricians offices, not forced mandates that schools with emergency use authorizations. maybe a year from now ask me that question again but i want doctors involved. stuart: thanks for coming in real fast this morning. let me turn to lauren who has young children. what are your thoughts? >> it will be a polarizing issue. you can't talk about a mandate it until it has full approval by the fda and the cdc. the biggest issue is if my child still has to wear a mask
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in school and at their activities. if i choose to vaccinate my children i don't want them to also have to wear a mask and sit behind plexiglas and be 6 feet apart from their friends. stuart: it is a polarizing issue. lauren: most polls show let's get on with vaccinate the kids, some are like absolutely not and then there is the third which they haven't made up their minds yet. stuart: thanks. get the vaccination card out. los angeles, you will soon need it to go out to eat, drink, exercise, go to a sporting event, even go to the mall, you need your little card. is that kind of draconian measure necessary? i will deal with that in my take shortly. one ucla professor was suspended for refusing to grade students based on race. he is suing the university for violating his academic freedom. we will take you to ucla for a live report next. ♪♪ ♪♪ 3:00 rolls around
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when i was diagnosed with dupuytren's contracture, i waited to get treated. thought surgery was my only option. but then i found out about nonsurgical treatments. it was a total game changer. learn more about the condition at factsonhand.com stuart: mikey stock is up today. activists demanded proof that nike is committed to diversity.
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they pushed the shareholder vote on diversity. lauren will tell us how they did. lauren: turned everything down. they did not approve more transparency or more hiring along gender and racial lines, nike is already doing a lot to promote diversity. the ceo, john donohoe was strong on this, minorities are present 29% of the us leadership team within half of their global workforce. they put a lot of money towards fighting systemic racism. they are due good company. why spend money and change the way you work to do more? stuart: doing enough already. >> not in the best interest of our company. stuart: how about this? a professor at ucla graduate school was asked grade black
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students more leniently and was asked to excuse minority students from the final exam. he refused and face the consequences. william, what were the consequences? >> reporter: the university tried to fire him but he stood up to cancel culture. a few days after the death of george professors here received an email asking black students be graded with, quote, compassion and leniency and be given a no-fault final meaning the exam doesn't count if it lowers your grade. some teachers did, giving out as like halloween candy, and premed some got perfect stores, one history professor gave everyone in a on their final but professor gordon klein, with no record of discipline or bias in 40 years of teaching said no, especially given it was a zoom class and he didn't know students color.
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>> if you are going to classify people based on their race which i find absolutely amoral and repugnant, if you are going to say that you have to articulate a rule, what does it mean to be black, what do you do if somebody of mixed parentage, what do you do there? >> it came with 12,000 signatures on a petition asking that he be terminated for his extremely insensitive, dismissive and racist response. the dean of the anderson school of business labeled his response outrageous and inexcusable and condemned it in a message to 40,000 alumni. on twitter the anderson school said it was deeply disturbed and apologize to those who were upset or offended by klein. the school suspended him, banned him from campus, the decision was overturned and is suing for damages. ucla said no response to us.
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stuart: i hope he deserves 10 or 20 million, just my opinion. you are all right, thanks very much. still ahead, kayleigh mcenany, bill hammer, wall street journal guy dan heninger, the 10:00 hour of varney is next. ♪♪ . .
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♪. stuart: all right. good morning, everybody, it is 10:00 eastern time. better get straight to money because it is looking pretty good right now. we have the dow up close to 500 points, 480 to be precise. that is 1.4% of the s&p is up sharply. the nasdaq is up over 200 points. that is extraordinary good bounceback from some of the losses we've been seeing recently. by the way, there will be a vote in congress today on extending the debt ceiling until december. that will be punting. that relieves the immediate crisis. that is part of the reason the dow is up this morning. 10-year treasury yield moving up
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1.55%. take a look at big tech which normally doesn't react well to increases in interest rates. a muted response. amazon up 50 bucks. alphabet up 41. they're all in the green despite the higher yield on the 10-year treasury. it is almost 10:01. we have the latest mortgage rate. lauren. lauren: 2.99%. went from 3.01 to 2.99. the issue for the housing market is affordability. it is can you find a home and can you afford it. stuart: at 3% mortgage rate. all right lauren. now this. there is a big difference between encouraging vaccination and mandating. when vaccines first appeared people were lined up to get the shot but by mid-summer enthusiasm was winding down. the jab rate leveled off. that is not what president biden wanted to see so mandates appeared. now it reached the point where
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in los angeles you will soon need proof of vaccination to go out to eat, drink or exercise or go to a sporting event or any indoor public space including shopping malls. and be prepared to show your card. that's it. this is maximum pressure. no jab and your life is severely restricted. i think this kind of compulsion is the wrong way to go. encourage vaccination, yes. offer incentives? of course, why not. threaten or force, no. there is issue of personal freedom. a lot of americans don't like being told what to do by the government. don't they have rights too? there is issue of unintended consequences. forcing some police officers and nurses out of their jobs. they did the hard work out of the pandemic and now they're pushed out? this population shift. don't forget that. these mandates are in democrat states. the oppressive atmosphere will
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encourage people toed freedom offered in republican states. you have to ask are the draconian measures necessary right now? after all the covid caseload is going down sharply. the second hour of "varney" is about to begin. ♪. stuart: rob smith joins us, a man who i believe is a libertarian. so i will ask the question, rob smith, do you agree, encourage vaccination but don't mandate it? what do you say? >> you know i absolutely agree. look i've never been pro-vaccine or anti-vaccine. i've always been pro-freedom. we're at the point right now in america if people want the vaccine they have already received god knows there are enough places where you can go get it. you spoke a little bit in your monologue about unintended consequences. i will throw numbers at you. new york city has a very similar
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vaccine mandate that l.a. is putting out there. you need a vaccine to go to bars, restaurants, gyms, theaters, et cetera. only 28% of black new yorkers are vaccinated. according to the cdc. that means you're locking out 72% of black new yorkers from you know just basically participating in society. i think that is something that a lot of people really aren't paying attention to right now. furthermore, i think that these vaccine mandates, i think that all of the covid insanity is coming from the left because they have to mask the fact that they have basically right now the white house, the senate and the congress. they're getting absolutely nothing done. on a local level you've got homelessness, you have got unemployment, violent crime rising in all these democrat-run cities where the vaccine mandates are. this is just a way to sort of deflect the attention from bad policies. stuart: let me digress for one second, rob. viewers, take a note what is going on in the stock market. you too, rob, i'm sure you're an
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investor, the dow is up 500 points, very close to 35,000. you're nodding your head. you are an investor aren't you? >> yeah. i do. not so much on -- i got a lot of crypto. my bitcoin is going very well today. i'm very happy to that. stuart: i didn't know that. a libertarian drawn to bitcoin and cryptos. did politics push you into bitcoin? >> you know when it comes to bitcoin i just felt like i was missing out on something. i read a tweet that really embedded itself in my mind. some people said you know, it was something to the effect of you're angry you didn't get into bitcoin at $100 or $5000 or whatever. at some point you will be mad you didn't get at 50-k. i got in bitcoin at 25-k. it is working out well well for me so far. stuart: did you just bitcoin or some. others? >> i have bitcoin, ethereum, i
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have dogecoin. i'm not sure whether that was the right move. i have bitcoin cash. i got all the cryptos. so you know, i'm hoping that it works out for me. stuart: forgive me for being inquisitive, rob, do you own any stock at all? >> you know not that much honestly. i got to say that i'm not -- i think that for my generation, for me, somebody who came into the game at this point i really decided to put all of my focus into crypto. stuart: okay. i thought our discussion of cryptos was far more interesting than our discussion of vaccine mandates. that was good stuff, rob smith. >> there you go. stuart: we'll have you back if you're not careful. rob, see you soon. >> have a good one. stuart: pay some attention to this one. the president has been using a fake white house set for some of his speeches. why is he doing that? lauren: so he can read the prompter without seeing the people the prompter. former president trump's senior advisor stephen miller says
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this. it allows him to read a script from face-on monitor without teleprompter glass that can be seen on camera. the set has fake windows, fake flowers. across the street from the white house f former president trump was called reality show president biden has to be the delusional president. a set with fake windows right across the street from the white house? stuart: can't see the tell -- teleprompter. >> come on. stuart: take the point, lauren. don't lay it on too thick there. check the markets, the dow is up 500 points, give or take a dozen points. nasdaq up 214. i think we better bring in gary kaltbaum. i'm very worried about inflation and i'm very worried about cold winter giving us severe inflation. the market seems to be shrugging it off. where do you come off of this? >> longer term, prices stay up,
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come out of the economy t will come out of peoples pockets. it will come out of businesses profits. it will cause huge problems. we're not talking inflation. you know where oil prices are, gas prices spiked. cotton is up 60% year-over-year and is up 20% in the last two or three weeks. you have wheat, corn, soybeans all up 40, 50% a year. that is money coming out of peoples pockets. less spending, you end up getting a vicious cycle. fingers crossed that these things moderate, come back down. so far not good at all. stuart: the pros on wall street who appear on this program, most are saying by this time next year the s&p could up 10 to 15%. that is what most of the pros are telling us. on the other hand retail investors are reportedly terribly worried about a short-term correction. 10, 20%. it's a split opinion. where are you on this?
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>> i feel with the evidence at hand the market is putting in a low right here. i don't expect anything worse over the next, at least in this quarter. next year i wish i knew i would take to you dinner tonight. very tough call. there are so many variables out there. i can promise if this president gettings in a five trillion dollar, what i call taking money out of the economy and put iting in the hands of people that taken us to 29 trillion in debt, that never had a job in the real economy that will be big trouble for the markets. that will really depend whether they get these things through or not. stuart: all depends on that, but i should not yet be selling a big chunk of whatever port foam i've got? don't sell yet, that the word? >> i think the market is putting in a very good low the last couple days. bearishness picked up. i think the virus is heading south. i think we'll get past this debt ceiling thing which i think is
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just posturing, positioning by the politicians. you know they always raise the debt ceiling. it has never not happened. so i think in seasonal strength i think we're in shape now, at least for a run into the end of the year. stuart: we'll take it. gary kaltbaum, thank you very much, appreciate it. >> thank you. stuart: come back in lauren. you're looking at dow winners. what are many so of them? lauren: visa, nike, home depot. interesting because they are consumer stocks. usually tech-heavy weighted, tech sector is helping out with a large part of the market. we have more broad-based gains. this is the narrative for the consumer stocks. the consumer is strong. they are facing inflation. but these names have pricing power to deal with that. stuart: is facebook active today? i'm sure it is. lauren: it is up 2/3 of 1%. jpmorgan jpmorgan came in and said buy the dip. facebook is a strong company. "the wall street journal" facebook is delaying instagram for kids and other products
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because they have a team of dozen people doing what they call reputational reviews. that could be significant. that is a slowdown in the product pipeline. stuart: not. of a bounce for facebook given all the bad publicity. 335 five below? lauren: discount retailer. stuart: oh, that's right. lauren: consumer is strong when there is a discount. morgan stanley has them overweight. see shares $230. that is 30% from where they are. stuart: repeat the news we brought a half hour ago. fied hears asked the fda to authorize the covid vaccine for children five to 11. lauren: tough decision for parents of 28 million kids might be voluntarily or be mandated to get the shot. the fda advisory panel review for october 26th. a ruling is expected after that. between halloween and thanksgiving. this is a change for pandemic. so many restrictions for adults
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are to protect children. are there no protections at that point if most people in general are vaccinated? i don't know how parents will respond to this yet. it's a smaller dose. it is given three weeks apart. it could be given at school or at pea trish shun offices or in other places too. stuart: will schools mandate it? that would be another flashpoint in our society. lauren: i think it would need full fda approval. can you imagine, mommy, so-and-so got a shot at school, can i get one, should i get one? can you imagine the school nurse giving these? stuart: problems i see a mile off. lauren, thank you. the crises are catching up with the president. his approval rating plummeting to a new low. does bill hemmer think he can turn it around? bill hemmer, the man himself will be on set with me in the 11:00 hour. the department of justice facing a wave of backlash,
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parents investigating threats against school board members. one mom in virginia changed her twitter name after being labeled a domestic terrorist after fighting against critical race theory. watch this. >> for you to dare to try to smear parents as domestic terrorists, just reflects just how tone deaf school boards and school administrators have become. stuart: she says school boards are declaring a war on parents. she will join me after this. ♪. as i observe investors balance risk and reward, i see one element securing portfolios, time after time.
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♪. stuart: [laughter] okay, great music. moving on. lynchburg, virginia, that is what you're looking at. it us 68 degrees. let's get to, this is a very important story, we've been trying to cover it for you. parents speaking out against critical race theory during school board meetings. watch this. >> your actions are despicable. you don't hear our objections but the world is listening. >> i'm here against against the fight of liberal indoctrination that the school board is pushing on our children. >> all the powers are given by us. we voted for these people. >> white people are being told untruthfully that all the problems in this country are their fault. stuart: you saw it. the department of justice is
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telling the fbi to intervene in the local school board meetings. those parents are a threat. mark meredith what are the parents doing about the department of justice' move. reporter: certainly speaking up. good morning to you, here in virginia, education issues dominated the state's politics. we have a governors race here less than a month away now. we're watching to see the debate over mask mandates what it means for child curriculum, what it lay plays out for schools. it is going on beyond virginia, stu. we're seeing it play out in school districts nationwide. parents are concerned. they are being silenced by the mem me issued by attorney general merrick garland that the government knee to do to more to protect school board officials. they want people to phone them, the government, fbi if they feel there are threats made against school board members. this is a move that has some republican lawmakers really outraged. >> beneficial for the attorney general to label them as domestic terrorists and direct
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the fbi to target them? >> the attorney general's memo deals with threats against public servants and threats against public servants are not only i legal, they run counter to our nation's core value. reporter: you played some video off the top shows what the school board meetings have been like in recent months. they have gotten heated. we have seen fistfights break out. parents are speaking out because they are so frustrated and they want to get people's attention. experts believe this is a trend that will not go away anytime soon. >> i think that parents will continue to work together as they see the power that they can have over their children's education. reporter: why are we here in leesburg? this church behind me the family research council is basically doing a summit they're every counseling people to learn about more ways to get involved on local issues including education. stu, as i mentioned education playing such a big role not only
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in virginia, will likely have a big impact on next year's midterm election. stuart: mark march death. thank you very much. -- meredith. let's bring in a mom from the state of virginia. thanks for being with us today. we've seen what you're saying, you're not a domestic terrorist. i want to know why can't local police officers have to handle the meetings? why do you have to bring in the fbi? >> absolutely, security and police officers are been there already. we have been seeing signals they are trying to shut us up. as soon as a parent might even boo the security guard comes over starts telling them to quiet down. i worked at "the wall street journal" for 15 years and you know as well as i do when people push back this hard they're hiding something. i want to just talk to but the fact that there is an industry that is being supported by these
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consulting groups that are part of our school systems now and we have discovered merrick garland's son-in-law is one of the beneficiaries with this organization, this company he started called panarama education. they have contracts across the country including in fairfax county, virginia. stuart: i call that a conflict of interest. it seems going axe slautly over board to bring in the fbi. you're not a domestic terrorist, are you. that is stretching the whole idea of a what is a terrorist way way too far. what do you say. >> offense sirf to the victims of terrorism. i lived through 9/11 as so many people did. my colleague at "the wall street journal" daniel pearl was kidnapped murdered by terrorists. i take this very seriously. this is so unconscionable for the justice department to do this to parents.
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we're the protectors of children. they are not the enemy here. they need to back off. we need into an investigation what they have donald their conflicts of interest here. stuart: thanks very much for being with us today and laying out your position, very interesting, we appreciate it. very much so. see you again soon. sure thing. a panel on msnbc suggests that the parents protesting the school board meetings are motivated by white supremacists. give me that story please. lauren: the guest host, jason johnson, accused caring parents ofmy misappropriating the pandemic to advance their agenda. >> is this about people being upset about mask mandates or are there sort of underlying disruptive forces, white nationalists anarchists in this country, using mask mandates and a public health crisis to sort of wage chaos? lauren: again if you're a concerned parent wanting to know what your child is learning in school, you're domestic
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terrorist with ag merrick garland, having fbi investigate threats to school board members. white supremacists according to msnbc. it is incendiary language. stuart: it really is. dow 30, give you a sense of the market. 29 are in the green. just one ibm actually on the downside. that tells you we're in rally mode. gas prices at a seven-year high. not good for your wallet. what is the president, what will he do about it? edward lawrence has a report on that after this. ♪. ♪♪
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lauren: susan: buying the dip, that is pretty impressive. technology shares, amd, amazon, shopify, and snowflake. that is despite the fact you're looking at 1.55 now on the 10-year yield. usually when yields go up. tech selling off. not the case today. i would say volatility is pretty much a trademark of october. stuart: definitely. susan: we know october is stronger than september which is the weakest month of the year but october is also the month where you have 1987 black monday, 1929 the stock market crash. there are some jitters out there. stuart: that's a bounce. almost 35,000 on the dow industrials. i will call that a very solid bounce at this point. iac -- susan: iac, digital arm owned by barry diller and his dot-dash. he is buying "people" magazine owner meredith, in a $2.7 billion deal. meredith is selling off the tv
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division to gray television for 2.8 billion. takeaway, unfortunately print is dead, right? especially if you're a magazine publisher. it's a tough business with a digital environment. that is being experienced by a lot of other industries. stuart: liz peek sat on the set yesterday, pulled out a newspaper. haven't seen one in a long, long time. i don't think my grandchildren know what a newspaper is. susan: with actual ink. stuart: you get ink on your hands. crypto. susan: we have to talk about this, bitcoin crossed 55,000 yesterday. think about it, 55,000, we're 10,000 away from record highs on bitcoin, just $10,000, right? it has come back. there are some concerns about stable coins, a very important piece in the bloomberg business week investigative piece. you know what tether is? tethers is one of largest stable coins. stable coins are cryptocurrency supposed to be backed by actual us dollars.
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in this investigative piece they found billions are missing. 69 billion-dollar tether stable coin. this is exactly why the federal reserve, you heard jay powell, we'll not ban cryptocurrency but we'll regulate stable coins like tether as they should, right? it is buyer beware. speaking of buyer beware, you're rolling your eyes at this, top 20 cryptocurrencies in the world. it is up 300% this week. it is fast money. a lot of money out there. stuart: no complaints. it is a gambling chip. thanks very much, susan. show me oil please. 77.51 as we speak. we're now paying the most at the pump in seven years. national average price for a gallon of gas, regular that is, 3.24. in california it is 4.42. by the way that gas price is, the regular gas for the country, that's $1.06 higher than it was
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this time last year. energy secretary jennifer grantham is considering releasing some of the emergency oil reserve. edward lawrence at the white house. edward, what is the white house say behind the surge in energy prices. reporter: white house saying it is hurricane ida caused this demand or surge in demand because people going back to work. it is anything but the policies that they put in place in this administration. republicans are pointing to the fact they have banned new leases for oil drilling on federal land and increased regulation. senator john barrasso, ranking member on the senate energy committee tells me this. instead of releasing oil from the nation's strategic oil reserve, begging russia for more oil, the president should ban his irresponsibility attempts to ban leasing on federal lands and waters. senator ron johnson said all of this has made us less safe. >> so the more you inflict harm on america's energy sector the
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more that russia and middle east is going to benefit from our weakness. of course that is the definition of the the biden presidency, a k america. crisis after crisis. reporter: you talked about this, aaa says the average gallon of gasoline is $3.24. that is up two cents from last night. it is a 38% increase from a year ago as you reflected on. white house press secretary that in addition to opec they are going to investigate to see if there is price gouging. >> we've also taken steps into putting engaging with members of opec. we've also taken steps to reach out to the ftc to insure they're using every available tool to monitor the u.s. gasoline market to address any illegal conduct. i will not make any other predictions at this point in time. we're increasing to monitor. take any additional steps if needed. reporter: we heard from the department of energy saying all options are on the table
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including the strategic oil reserve and releasing some oil from that but again, no action has been taken right now according to the department of energy related to gas prices. back to you. stuart: incredible, isn't it? our president who wants to be green wants opec to pump more oil but not us. unbelievable. edward, thank you very much indeed. thank you, sir. look at a headline please, says new technology is the answer to climate change, not more targets. who wrote that? bjorn lomborg wrote it and he joins us now. you say new technology the answer to the problem, not these targets of getting rid of co2s by 2030. what new technology are you talking about? spell it out for us. >> if i knew what the exact technology would be i would be betting on the market and i would be very, very rich but the point here is, if you look how civilizations solve almost all problems in the world it has been through technology. you don't solve problems, by telling people, could you do
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with less, could you have a less nice life? could you freeze a little more in the winter, drive a little less in your car? you do this through technological innovation. there is lot of potential ways. obviously one of them would be more solar and more wind with lots and lots of cheap batteries. it could be figures, fusion, the guy who cracked the human genome has an idea growing oil on the ocean surface with gene modified algae. that could be one way. there are lots and lots of ideas. we need one that will power the rest of the 21st century. stuart: could it come in time? could you have significant technological developments that you have renewables that could replace fossil fuels quickly within 20, 30 years? >> well the question is, can you have it without innovation? most people are making the bet we'll make grand promises and we'll get through mostly without a lot of innovation because
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we're not investing very much. so right now we're making the bet we can do this without very much ininnovation. that is certainly going to fail. investing a lot more into innovation will not guaranty we can do it in 20 or 30 years but it will make it much more plausible. to put it bluntly al gore as saying we'll have zero chance doing our targets, i say we have 60 to 80% chance. it is not a guarranty but much, much better, h. stuart: bjorn lomborg tells it how it is. thank you, sir. emergency unemployment benefits may have ended, companies in south dakota they're still struggling to find workers. the one city the average job posting pays more than $22 an hour. connell mcshane has a report on that in a moment. a woman take as risk, opening an inn and coming out of pandemic. it is paying off. the owner of the rams head inn,
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stuart: here's why the market is rallying strongly. senate minority leader mcconnell just said, quote, the senate is moving towards the plan i laid out last night to spare the american people from an unprecedented crisis. so the debt ceiling is going to be delayed until december. so we're out of the woods until december. the dow is up 520. some of the retailers, check them out please, especially walmart. the supply crisis is so bad, companies like walmart, and a couple of rivals too are chartering their own cargo ships. that is how bad it is.
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all right unemployment benefits may have ended but companies in south dakota and probably a lot of other places as well are struggling to find workers. you've got an average job posting that pays 22 bucks an hour in south dakota and connell mcshane is with us. he will tell us whether that is successful in bringing people in. is it, connell? reporter: no, not really, stuart. it is amazing a lot of people retiring, that might be part of it. they still don't have enough people. the benefits you talked about went away in june early compared to the rest of the country. we're here months later. talking to a bunch of ceos they still cannot find enough workers pretty much no matter what they try. >> we've never seen a worker shortage like there before. we've had significant increases, over 15% increases in wages across the whole gamut of spectrum of employees we have working here and even as we come up with bonus programs and retention programs, we're still not able to get a large number of employees to come through the
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door and stay. reporter: phase technologies is a manufacturing company. it has been forced to turn to automation to make up for the lack of humans. the ceo was telling us the rising in place in place created an inflationary environment. he fears it is not transitory. just down the street is the monument. the brand new arena. putting on a first event in next few weeks, which is a pitbull concert. the manager says they are having trouble staffing up. he might end up serving food at the pitbull concert way things are going. terms why is this happening, why have workers not come back. the people have a few theories. people saved up a lot of money during covid. enhanced unemployment benefits did that women left the workforce, don't seem to be coming bag. child care is a concern. final thing, retirees. this area has a lot of retirees. people returning to the
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workforce in some capacity after they retire from a job. that is not happening. pretty much at all. so the universe of workers, the pool of workers is much, much, smaller than it used to be. stewart. stuart: got it, connell mcshane. we told you about all the small businesses which fell during the pandemic. we have one small business, we found it, completely changed the approach in order to survive and they thrived during covid. andrea is the owner of the ram's head inn in new york. she joins me now. you took a big risk opening up on shelter island as we were coming out of pandemic. where did you get the workers from? >> all over the place. puerto rico, california, boston, philadelphia. we got them from all over the place. not locally. very difficult finding local workers. stuart: where did you put the workers? when you got them to build the
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restaurant and the hotel, where did you put them? >> folks we had come up to work on rebuilding the hotel came from florida. they stayed in the hotel working 20 hour shifts. stuart: how about the food? we constantly hear about food shortages. you can't keep shelves stocked. where do you get the food come? >> we grew an organic garden. that helped us in the bar as well as the restaurant. sometimes some of our distributors we were able to buy local alcohol using our organic gardens to make interesting cocktails. stuart: here is the most important, question, andrea, are you profitable yet. >> we are profitable. we've been very, very fortunate. people were kind of i think afraid to go to hotels. we really focused on this being a gathering place. a social plays inclusive as well as exclusive so people felt comfortable stretching out, picking their own way to be come orttable out on our property.
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their own level of comfort and social gathering. by doing that they felt comfortable staying overnight. it kept our rooms full overnight. stuart: that's great. here is another one which i should have asked first, why on earth did you do this in april of 2021? >> stuart, chaos does create a lot of opportunities. this was a unique opportunity to buy an iconic property. i knew it was once in a lifetime for me. i would suck up the courage, internal fortitude and just go for it. -- on people. stuart: what are the bookings look like running up to christmas? >> we're still pretty full. booking weddings in december and a family gatherings. corporate outings coming tu r for several days. we're looking goodly through the holidays. we welcome to you come up. stuart: andrea, we love success stories, especially for small businesses which take great
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risk. you took great risk and you are a success. that is wonderful thing. come back again soon, we want to hear about the inn and your bookings. andrea carter. >> thank you so much. stuart: you got it. facebook has been under fire for allegedly harming young teens but what about apple? steve hilton said they too should shoulder some of the blame. he joins me in the 11:00 hour and twice as fast. if i could, i'd ten-x everything. like a coffee run... or fedora shopping. talk to your broker. ten-x does the same thing, - but with buildings. - so no more waiting. sfx: ding! see how easy...? don't just sell it. ten-x it.
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(naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different.
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stuart: the markets are rallying because they will delay the debt ceiling until december. so that fight is off until december. the market likes it. the dow is up 500. there is this. my next guest was in charge of the black ops missions during the trump white house. didn't know that. he is now running for u.s. senate in georgia. his name is latham sadler. he joins me now. first of all you were in charge of black ops at the white house. what exactly does that mean? what did you do? >> stuart, thank you for having me on. so my job at the trump white house was to be the director for intelligence programs on the national security council. i was an active duty military officer as a navy seal. before that i deployed to iraq and afghanistan executing u.s. foreign policy on the ground. then i get up to the white house
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there is a small set of missions that are special missions that require the president's approval after the secretary of defense signs off on them. i was the guy at the white house that did those missions and made the recommendation to the national security advisor whether or not we should send the troops to do the quiet work for the country and i can tell you our adversaries they felt american strength every single day we were up there. unfortunately they're experiencing the opposite now unpresident biden. stuart: i hear you. latham, you are a candidate for u.s. senate in georgia. the election is next november. you're going up against a air force veteran, kelvin king, herschel walker. he got mr. trump's backing. what do you have that the other two don't? >> yes, sir. i mean herschel walker, childhood football hero he can run the hell out of football but i tell you something, stuart, i'm the man in this race with the mileage. i'm youngest person in this race by far but i have got the most
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experience. of any of the other candidates to be united states senator. like i said i served almost a decade as united states navy seal. and then came up to the white house and ran the black ops portfolio up there. and then i was an executive at snovis bank in georgia as well. i've got the complete package to be united states senator and to be an effective one. that is what we desperately need. georgia had a national security expert in the senate all the way back to richard russell. first time in world war ii we don't have a senator on the armed services committee. there are things that need to be done to our national security apparatus, due to the experiences i have got, i can get up there in the united states senate and actually move the needle to put our adversaries back on their heels which we belong. stuart: the election is for reverend warnock's seat? >> that is right, stuart there is a lot of voters remorse electing rafael warnock.
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he shoulder georgians a bag of goods. he was quite charming. we've seen what the goods look like. terrorists run afghanistan. open border. we have taxes going up for everyday americans and we've got a rising inflation. i can tell you as a young father, i mean, i've got a one-year-old and a four-year-old boy. my wife and i were talking about, even the price of diapers is skyrocketing. stuart: that is true. >> who does that hurt the most? lower income americans. we have to fix it. we need next generation leadership up there in the senate desperately to get this country right back on track. stuart: latham, we'll get back to you, closer to the election to see how this thing shakes out. thanks for being with us today, sir. we appreciate it always. >> thank you, stuart. stuart: you got it. president biden and china's president xi agreed to hold a virtual summit. when will this happen? lauren: by the end of the year but do they get anywhere is the question? this is important because we know joe biden views his experience and personal
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diplomacy dear to his heart. he had that 90 minute call with president xi last month. they didn't get anywhere. so can they get somewhere this time if they have the virtual face-to-face. the low-hanging fruit is climate change. both nations are committed. we've seen rolling blackouts in china. we've seen them ban bitcoin mining, cryptocurrency mining. we think if that is on the table we'll get somewhere. taiwan trade, i don't think you will get anywhere. the news out of taiwan the u.s. sent special operations to that island to train their troops in case of a potential chinese -- stuart: how do you handle a virtual summit? the president of the united states, the leader of the second largest economy in the world, xi xinping, how does it feel and look like? what can you get done virtually? lauren: president xi is not leaving the country. they have a zero tolerance policy with covid. they thought they would meet in italy on the sidelines of the about 20. he isn't going likely because of
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covid. to get this something you do it this year virtually, how do you do that? on the phone. you have the optics. you can broadcast it. you can tape of it if they speak virtually. i'm not sure we're going to get it but you can see. stuart: you can't hack into it so the russians can watch, anybody else. lauren, we get the point. here is what is ahead, still ahead, katie mcdonald, emily compagno, steve hilton. president biden says we must spend 5 trillion to stop america's decline. that is not really correct. we'll fall behind if we get that massive spending plan. that is "my take" coming up next
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>> the only part of the infrastructure i would consider supporting his 6% of that $1.2 trillion the goes to real infrastructure. >> provide another view that is patriotic, but don't get anywhere else. ♪♪ >> we have only been talking about it. stuart: sitting here on the set in new york city, today is your birthday but lauren said his birthday? lauren: anniversary and birthday, number 25. stuart: it is 11:0 one eastern, thursday october 7th and this is the 20 fifth anniversary of the start of fox broadcasting. the dow is up 500, the nasdaq 238.
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look at big tech, suffering badly recently but balanced today. it is not all the way back to where it was a few weeks ago but it is up today across the board. it is a rally. now this. the president says we must have $5 trillion to stop america's decline. other countries are speeding up and america is falling behind. our economy is not falling behind. our technology is not falling behind but we will fall behind if he gets his $5 trillion. bernie sanders often said his model is europe but europe is falling behind for decades. in america more people get out of bed and go to work than anywhere in europe because workers over there have plenty of incentive to stay home. unemployment much higher in europe because with heavy taxes
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it is expensive to hire people and in a worker's paradise it is difficult to fire people. this is why america has been growing faster than sluggish europe for years. has europe produced amazon, that is what happens when you discourage work and demonize wealth. it is full of europeans eager to join dynamic innovative america. we are still powering ahead but we will fall behind if the president, bernie, aoc and senator warren get their $5 trillion. third hour of varney about to begin. kayleigh mcenany joined me now. how come this president gets things so wrong because we are not falling behind? >> we are not falling behind, we
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will be falling behind the devastating biden policies, you know as well as i do donald trump handed him a economy hitting record numbers especially underserved communities. this inflation, grocery prices not coming down anytime soon. you pile on to that $5 trillion more government spending fueled the inflation that is running rampant. stuart: he is getting it wrong. he is flat-out wrong. is he so desperate to get the $5 trillion on the books. >> driven by his legacy. in the first few months one story caught my eye, that biden met with historians to talk about how he could walk in the shadows of fdr making him and fdr like president. one problem, at punch bowl that is inside a publication in
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washington, trying to govern like fdr without fdr like majorities, as one point fdr had 80% of the house and the senate. joe biden has nothing close to that. the slimmest majority of the house of any modern president and trying to be like fdr. stuart: this is october 7th and it is the 20 fifth anniversary of fox news. you have been coming on the show, "varney and company," for a very long time. did you appear first on fox on this program? >> i had done gutfeld back in the 3 am hour. your show was my earth into the fox family. more than a decade, started at this channel as an intern back in college seemed so long ago and came into my tv presence on "varney and company". it is an amazing decade. stuart: they are showing pictures of me some years ago.
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20 pounds lighter in those days. what was your best experience on fox? >> you announced i was going to harvard law school and as you shared that with the world, that was a special moment for me and i brought my baby on this show with you. stuart: you did. a little girl i think. very soon after her birthday. >> he was four days old and i held her up on "varney and company". you are all right. we will be watching you today on outnumbered, i show that is college so ambushed, that's the wrong thing to say. we will be watching and see you soon. look at those markets. the dow is up 500 points, come
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on in, this guy is a tech guy, this guy likes tech. tech is not back to where it was. they are rallying but not back where they were a couple weeks ago. will make it there? >> it is big tech, cash flowing tech, america's dominant companies. it is ludicrous to think that a slight rise in rates will slow down the cash flows of microsoft or amazon or alphabet. we still believe those companies will anchor the market and the market continuing to rise higher, 20%, betting against them is betting against the market. stuart: do you recommend one stock in particular or a couple of them or sector kind of guys? >> we saw with facebook and what
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happened on the hill the dangers of liking any company at the expense of others, amazon has been flat for a year while out for bed and apple have taken off. investors should look at a broader group of tech stocks but one thing i would caution against our non-cash flowing tech. look at companies like zoom you are down 50%, and if you did that 25% ago you lost 25% with those companies. investors have to be careful buying quality quality quality cash flows, dominant market and diversify as opposed to just buying one. we think investors were wise to get to this netflix rally we are seeing that has been impressive and that has a lot to do with the new content coming on. look at the companies doing and make it play that way. stuart: would you put in video into that group of big dominant tech companies.
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>> it is dominant. its chips are second to none. that crushed intel this past decade. intel has been lagging. i would rather play with winners. nvidia is the type of company dominating this space. it is where video is and where the market is going where the market has been. i would like to see that change before a company like intel a legacy is better suited than the technology of tomorrow. stuart: anytime there has been a big dip in big tech in the last we 10 years, buying the dip was profitable because we always bounce back. are we out of this dip yet? >> impossible to say. we are down enough to catch on the sidelines to go into gradually you want your investment injected of if you
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are under stock. in the market if you have moderate risk, absolutely not. you want to look at opportunities like we had. today is up 500 on the dow so we are seeing the opportunity diminish a little bit. investors need to be ready, wide margin swing, don't get cute with the timing. allocate as markets drop, that is what i suggest. stuart: we are listening and we may take your advice. we are looking at a couple stocks. >> help with your homework online, great during the pandemic. everyone was doing everything from home.
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schools are open, labor shortages believes. parents going back to work. this space might not benefit and as you see parents go back to work that will be a theme tomorrow. stuart: it is down 4%. penn national. >> penn national and evolution opening a casino studio in new jersey that will be branded as barstool sports book and casino and that is in the us where we are seeing online betting expand. penn national received approval from canada for its acquisition of the media, up 6.5%. stuart: that is where dave portnoy has a big chunk of it. that is the source of his fortune. wonder if he will be a billionaire. palatine up 6%. lauren: health and fitness postponed, for the market and
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volatility. they are not competing. stuart: still way down, they are now 90 bucks up 6%. we have a huge show still to come. fox stars will join us, steve hilton, we are saluting 25 years of fox news. in about an hour president biden heads to illinois to push his vaccine mandates. we have the report from the white house. meanwhile his approval rating has plunged to a new low, 38%. how does president biden bounce back from that? i will ask bill hammer next. ♪♪ ♪♪ nobody can drag me down ♪♪ ♪♪
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stuart: land of confusion, genesis. they disappeared all of a sudden. phil collins. you will get on the show in just a moment, him or. president biden heads to the chicago suburbs to push his federal vaccine mandate. who is the president going to meet during this trip? >> the president will be meeting with united airlines ceo scott kirby who has been one of the biggest and earliest proponents of the president's vaccine requirements even before the federal government enacted his mandate for certain employers, kirby and united became the first major airline to require shots for their employees and
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kirby said he would be prepared to require proof of vaccination for passengers as well if the president says so. >> for now i think the approach focusing on the employment and focusing on work is the right way to do. if they tell us they want to check everyone we are prepared to do that. >> december of last year president biden said he did not think the vaccine should be mandatory but his position seems to have shifted. the administrative touting number saying the vaccination campaign saved over 100,000 lives and prevented 450,000 hospitalizations and claiming increasing vaccination rates could return 5 million people to the workforce was the department of labor rules for employers with 100 or more workers will be implemented so trips to chicago with the president as part of the campaign and this morning the white house covid czar
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hinted more mandates might be on the way including for people traveling by air or by train, working for businesses is the most effective way to increase vaccination rates. >> very effective and efficient way to implement vaccine requirements. people on airplanes are required to mask. last live as part of the president's plan the fine for not masking was doubled but every effort we can call is on the table. >> hard to look at all of that and not wonder if mandates for air, travel for passengers will be the next thing that happens, the white house is dropping breadcrumbs but not saying anything yet. stuart: very interesting, fine report. the president taking off as his approval rating hits a new low, 38% approval in the quinnipiac poll. bill hammer is with me this
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morning. he comes from the fox news channel to appear with us. wouldn't want to get you here at 5:00 in the morning. how does the president recover or bounce back from this low? >> you need an infrastructure bill rebuilt back better bill. something to turn around the national conversation. quinnipiac came out yesterday afternoon. everyone looked at the bottom line number. 38% approve. you got to go into the numbers and look at independents and that is what i did. these are white voters with a 4-year college degree who live in suburbs, turn their back on donald trump and it is worse than 3850, it is 30 to 60. when you go to issues on the
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economy 61% disapprove and the commander in chief of the us military 65% disapprove among this group, kabul, afghanistan, same group, honest, 57% say no. stuart: that is not his image when he walked into the white house. >> leadership skill 63% say no and a big one on competence, is the administration competent, 62% say no. those numbers are brutal. i never worked in a white house, never going to be president, i don't know how you climb out of that unless you climb over the top of the major piece of legislation. stuart: that you can present free pre-k perhaps, child care perhaps, voter attractiveness. you might do that. 25 years ago today october 7th, fox news started. you've been here for 16 years. >> first time i started was the
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eve of hurricane katrina and i got called in on sunday night to do and 8:00 pm show. i walked down the hallway down here and a lot of people watching, brewing, i walked in studio and julie said i am julia, i said i am bill and she said that is your seat right there and off we went which is similar to the way we run things around here at fox anyway, just go for it, see what you get. stuart: 25 years ago i was at cnn. >> at 5:30 in the morning. felt like two but it was 5:30 and you were doing a show out of new york and you were doing a 6 am business show so you and i
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would do a cut in during the show when i would check in with stuart varney live in new york to tell you what was going on. stuart: i remember it well. your memory is good in that respect. i remember when ted turner, when they started fox news, crush them like a bug, remember that one? things didn't turn out that way. >> fox came on the air the same time msnbc did and back then, it was a much stronger company and the money of microsoft and i think we were all thinking that was the big competition, not fox. happy birthday to you. stuart: you can watch bill hammer 9:00 to 11:00 eastern on fox along with dana, great
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combination. we are learning how much money inflation is costing the average family. come on in. give us the bad news. ashley: a whopping $500 extra. the household earnings, the annual income around 70,$000. $175 a month on things like food, fuel and housing. perhaps a cell phone bill, thanks to massive government spending, caused by a broken supply chain, inflation is near 31 year high. economists don't see any immediate relief, coca-cola, coffee, even milk seeing price gains of 25% compared to last year.
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there are now some concerns we could see a surge in credit card debt. since april credit card balances and infancy rates have begun to start to take upwards which is not a good sign. stuart: can manchin and christensen of a save all 58 states, dan heninger wrote that piece on the show. soon you will need to be vaccinated to do just about anything indoors. emily take that on next. ♪♪ new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates,
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- an integrated platform that secures your cloud environment end to end. used by the world's largest organizations, prisma cloud provides the cyber security you need from code to cloud. so you can get cloud security right, the first time around. we've got next. stuart: that was a shock, screaming in my ear. fox square in new york city, the 20 fifth anniversary of the founding of fox news today. i can see the remains of the 25 foot cake that was out there this morning.
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far more interesting is the stock market, the dallas close to 500 points and the nasdaq up 228 and susan is watching tesla. >> you have a piece of the cake and a piece of the market, shareholders a later on. the austin texas, factory. tweeting out the full self driving and beta 10 version is rolling out friday night at midnight. big sellers for tesla cars because of technology, self driving behind these tesla cars. it is rolling out, the transportation department is investigating these crashes. stuart: will they driveway were be driven away. stuart: they would drive away.
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>> you don't own a tesla but it comes with this technology, and turn it on. on the new beta version. stuart: by tomorrow morning, we will see 1000 people on the road in a self driving tesla. >> self driving is available, 10.2 version of it. and new york. stuart: it is like pulling teeth. >> what do you mean by on the road? software is on the road. the access we are getting too. emily understood. stuart: having ago about it. do you have chinese stock?
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>> it is up 10%. ali baba with the program link and the biggest down since august, charlie monger, buffett's partner in crime. stuart: emily is used to appearing on the five. in los angeles, they will soon require proof of vaccination for indoor venues. even shopping malls. that is draconian stuff. >> a few reasons could flip through the system. you read the fine print, we
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accept medical and religious exemptions, the business needs to put them outside of no outside area is available, then they will except the negative covid test in the last 72 hours. the second but it's up there was the fact is a end to it which is when the emergency declaration ends then this mandate will go out of effect. and the court system as we have seen through the covid mandate situations if a constitutional right is infringed upon, scrutiny applies when it is the constitutional rate but it is the face of commerce, the argument lies with businesses to stay that it is an undue burden. in los angeles county part of the argument is they will go next door and take all of their business elsewhere. this isn't an isolated event to quell the covid rising rates even though it was stagnant and
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they say it is going to totally quell our business. stuart: terrible to keep a large section of people out of a shopping mall or restaurant or ball or normal life. i'm running out of time but it is october 7th, the 20 fifth anniversary of fox. give me your best memory of your time. >> special appreciation and evn what iwhadadad ers and ald you are go a youin e ffedcireed ch the o otytu anindtunie yo om oom o hea h, u alfromt he t, sghee yat t's get to ashleshlecause e e ere hpil oradoadoado at tooive trivane splantss nts were nwerenated.natete
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ashley: organ patients were not vaccinated are being denied a transplant in all cases based on studies, they were more likely to die if they get covid 19. conditions for organ transplants and multiple transplants for patients to stop smoking and avoid alcohol and get certain medications but critics are definitely pushing back saying immunization status shouldn't decide who gets medical care. tim geiger calls this disgusting and discriminatory. some organ transplant patients are looking out of state for other options unable to find a colorado hospital that will perform the procedure before they were immunized.
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it is not just in colorado but washington state, something we are seeing more and more of. stuart: thank you very much indeed. it is a rally, up 500 on the dow, 230 on the nasdaq. senate majority leader schumer, a deal has been reached to extend the debt limit, a report from capitol hill next for you. ♪♪ i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time,
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but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com going to tell you about exciting medicare advantage plans that can provide broad coverage, and still may save you money on monthly premiums and prescription drugs. with original medicare, you're 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
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stuart: let's tally up the games, up 500 points. look at interest rates, the 10 year treasury yield is one.56%, the price of gold has done nothing during this inflation scare still at $17.58 per ounce.
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55,$000, or you'll $78 a barrel, natural gas down earlier, down now $5.62 and the price of gasoline has gone up a bit, $3.24 is your national average for regular as of right now. here's an op-ed in the wall street journal that says can manchin and christensen of the save all 58 states? he joined me now. i'm kind trying to come to grips with it. seems you are suggesting this big spending plan would lead to federal domination of the states. of i got it right? >> exactly right. there are still 50 states in the united states and there is still a tenth amendment which says
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powers not delegated to or prevented in the states, allow the state to exercise and i am arguing that joe manchin of west virginia and kirsten sinema of west virginia are representing their states against the biden legislative effort that would eventually illuminate federalism once and for all and make no mistake, democrats have never liked federalism. this goes back a long long way. they don't trust the states, don't like the man tried over the years to expand as much federal authority over the states as they can. if you look at details of the biden legislation you can see in education and elder care, taxes embedded in this bill reserving more authority to washington pulling away from the states and
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senator kirsten sinema understand legislation passes, not the system founding fathers -- stuart: purely speculative. you don't believe we will get all 5 trillion, do you? >> we are not going to get all 5 trillion at this point but it remains insidious, progressives say they will cut the time frame from 10 years to 5 years and therefore cut the funding but the entitlements if they are enacted will have to be renewed in five years, will end up picking up the tab and paying for those entitlements leaving less money for their own functions. familiar process and is insidious. stuart: kirsten sinema and manchin to the rescue of the states.
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show me the dow 30, almost all green. every single one of the dow stocks is green and close to 35,000 again. facebook getting the blame for creating a toxic environment for teens but steve helton thinks they should be questioning apple. hilton on this show next. ♪♪
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tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. stuart: facebook is doing damage control slowing the rollout of new product after accused of being toxic for teenagers. what is facebook doing to address the accusations? >> playing it safe and that is the key part. that is the strategy right now. not is causing instagram but other things too. we don't know what because the secrets they are working on but wall street journal reports people familiar tell the outlet the executives are scrambling because of recent whistleblower testimony and leaked documents. what they are doing internally is reputation the reviews of the new product, trying to examine
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them to see if they adversely impact children because there is more scrutiny than ever on the company right now and zuckerberg broke his silence early this week writing, quote, i spent a lot of time reflecting of the kinds of experiences i want my kids and others to have online and it is important everything we build is safe and good for kids. i have had lengthy conversations, many people agree these bend to adult so imagine what they are doing to kids that are internalizing these images, what some people thought, listen to this. >> social media, because there is such a big business and making so much money. >> i expect them to care about the mental health -- >> all the money in the world -
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>> people say this and then don't boycott the product. i put my money where my mouth is but i've stepped away from them and more people need to do that. stuart: i never joined in the first place and won't now. i want to bring steve olson into the conversation because steve thinks apple should be part of the facebook investigation. what is the connection? why the connection? >> one of the biggest critics of facebook, the way they fight conservative speech, acting like a monopoly like so many tech companies. something slightly extreme and unintelligent about the way everyone is piling on facebook, all these problems will go away. when it relates to young people, what is driving the screen addiction is not just the apps but the fact that you can use them anywhere. you can't walk down the street
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carrying a television or laptop, the fact that you have these phones in your pocket and can access these apps 24/7 that is the real issue. i don't think kids should have unsupervised access to the internet at all the loan social media and if we are going to do something real about the problem don't just focus on facebook but on the underlying issue which is screen addiction and that means doing something about smart phones. stuart: i got a notification from my iphone saying you average 8 and a half hours a day. am i addicted to the screen? when i'm not on the screen i'm a watching television or my ipad. mi at it, steve? >> you need to get help as my son would say, get some help. people who study addiction tell you it is an addiction if it
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starts disrupting your life and you know that is the case. a lot of people believe that is the case and can't get away from it because so many friends are on it and so on so it is a real problem. they are recognizing this and put those product in place. it is also true that a lot of companies for example we use this in our house, have useful tools for parents to control for example the amount of screen time their kids have, how many hours they can spend on video games through the week and so on. we are moving in the right direction. is would be unfair to say tech companies are doing nothing about this but they need to do more because parents are concerned about it. stuart: october 7, '25 years ago today fox news started, how did you get the fox news? >> that is an amazing story that i feel so privileged and blessed to have had this opportunity. we talk about brexit, that was something i moved to the us, to
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california in 2012 a few years before brexit, got very fired up about that, went back to the uk to get involved in that argument. i was on tv making the case, came to the attention of senior management at fox and they said that guy looks interesting, the rise of the populist movement and i was offered an opportunity to come to fox. it says something amazing about this company that they can take a risk on someone like myself who had never done television before and say he looks interesting, see how he does and it is great for america. we had this conversation before. nowhere else could someone like me be able to show up and have this opportunity. stuart: is that your uniform, t-shirt, notes high, never a tie, never a collared shirt, that is the your uniform? >> it basically is. the trip, disrespect when you don't wear a tie, i haven't worn
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a tie for many years i was working at 10 downing street for prime ministers david cameron. i didn't wear a tie then. when obamacare and his people were around and i was in meetings and it was picked up in the media. either obama or one of his senior people said who is the beach bum? stuart: welcome to america, you're all right and that is a fact, steve hilton, watching you in the revolution sunday night at 9:00 pm eastern. the thursday trivia question. which state has been the birthplace for the most us presidents? the answer when we come back. , and i just didn't feel well. but then i found clearchoice. [ forde ] replacing marcia's teeth with dental implants at clearchoice was going to afford her that permanent solution. [ marcia ] clearchoice dental implants gave me the ability to take on the world. i feel so much better, and i think that that is the key.
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stuart: here we go, which state has been the birthplace for the most u.s. presidents? the answer is virginia. here's the list. eight presidents were born in that state, virginia, including four of the first five presidents. washington, jefferson, madison, monroe, henry harrison, john tyler, zachary taylor, woodrow wilson, virginia. ashley, 25 years ago, fox news started. >> yes. stuart: how did you get to fox? >> well you know, it is interesting i came from the uk to the united states of america in the early 80s. then embarked on this wonderful trip around all of these different cities that i worked in until eventually back before fox business lawn of they called me in and said, hey, we're going to send you back to london.
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a complete circle of life for me. i spent two tore three years in the london bureau. the hair hasn't changed but face a lot older. got back to new york. been here ever since. enjoyed every second traveling around the world being in new york. stuart: winning is fun, isn't it? >> it is fun. stuart: i just want to show you something, i was on "fox & friends" earlier this morning. i tried out a new outfit. there you have me, jeans and sneakers. >> i kind of like it. stuart: you like that. sitting on the curvy couch. >> hiltonesque. who is that beach bum. stuart: should i do that on this show, "varney & company"? >> you don't i don't have a problem with it but some of our viewers may say, you know what? deep down stuart varney you like to put on the shirt and tie. i do as well. i'm not sure why, a lot of people would love not to have to wear a tie. i'm old school. i think it is kind of respectful
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i guess. >> i'm with you on that, if i wear jeans nobody can see me on the particular set. same with you. >> i'm wearing shorts. stuart: i knew you were, wearing shorts and sneakers. great stuff. we've had a great run on fox. i'm very greatful for being here, been here 1years. i've had memorable experiences. i'm still here. neil cavuto, you were an original employee of fox news, weren't you? neil: i was. i was cleaning out the mens room, trying to get on air. it is hard to believe, right? we always say this, where did the time go. every older person said where did the time go. where did the time go. stuart i did catch you on "fox & friends" this morning. you did a great job as always. if you go the t-shirt route, game over. the jeans are fine. if you start veering into the t-shirt thing and everything else --

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