tv Varney Company FOX Business October 14, 2021 9:00am-12:00pm EDT
to do this. dagen: i flew with the air force thunderbirds. not pretty. there is video of it but it was rough. i love to it but it was rough. you will not be seeing that video is what a pleasure. thank you so much. that does it for us. "varney and company" is up next. stuart: i want to see the video. dagen: i was sick to my stomach for the duration of that flight. stuart: i knew that. good morning, everybody. here we go. you hear it all the time. wait till we get to earnings season and then we will see where the market is going. it is early, very early in the profit reporting season but it is going well. profits and the expectation of profit drives stock prices to look at this. futures show gain for the dow of 300 points which a couple big banks and investment firms
are in the dow 30. goldman, jpmorgan doing well profit wise helping this thursday morning, the early rally this thursday morning. the s&p up 40, strong gain and look at the nasdaq, very strong today. big tech performing nicely in part because of this. the yield on the 10 year treasury backing away from one.6%, up one.53 as we speak. here's what we have thursday morning, profits up, stocks up, that is how things are shaping up at least in the early going this thursday. no idea how we will close at 4:00 eastern. it is not looking good for president biden. he is again playing the blame game, he says if his supply-chain fix doesn't work he will call out the private sector. he had months to do with the chronic backlog at the ports and demands that private enterprise fix the mess which is in part his creation. at the border things go from
bad to worse and the president cannot blame trump now. in the last few weeks tens of thousands of migrants have given parole status, a work permit and can go wherever they please, tens of thousands have been less in either on their own recognizance or just asked to report to ice. they are in and they will stay. this is an open border. "varney and company" about to begin. ♪♪ the old-time rock and roll not the kind of music just soon as the sole ♪♪ stuart: i like that one, let that run a little longer. it looks like a strong start to the day for your money. you can drop the music now. premarket trading across the board. it is a great day.
see the green all over the place, dow is up 280, nasdaq 155. appropriate the bullish brian joins us now. inflation, the bank reporting good profits, is that making the market go up in the early going this morning. >> of stocks lead earnings which lead the economy or several quarters now that the market is transitioning market, we know that the banks are arter ings tgsting the tone a the n h n orix s s r in rloayw he numberf ersu os an he marar erhi.ghhighhihi uaatut a tbo fln atprio
oduc er pce ps riwe priwe ye ver-ye any n ab ift wt t t a ldinte wr iny pl ai n chdions,ai nono s, rimamaiewe thn s auys ke sn s ea oilyy fixated on inflation and we are heading into the 1970s with many of them not alive, and you don't want to invest based on academics and the facts are we believe, a supply shock after we see this unwind in terms of the supply chain disruption and will force, more onshore versus offshoreing which is the trend for the last 30 years. look at this the next three to
five years, to be deflationary, not inflationary. >> that is why you have to have a core position in technology. in a cyclical rebound banks look great, parts of consumer discretionary industrials and materials for now until year end, they come along for the ride. you see this band flow market back and forth between growth and value and that will favor more cyclical earnings stocks for the fourth quarter. stuart: offering us relaxation mode. we will see you again next time.
the chief of staff, ron claim, powerful guy retweeted a post claiming inflation and supply issues are high-class problems. brian belsky is here. >> too many brians to keep track of. i steube is optimistic as brian belsky. the sun is always shining in his world. stuart: i you as optimistic as that? >> i'm not optimistic about the white house advisor claiming inflation is a high-class problem. if there is any economic problem, the antithesis of high-class, it is inflation because it hits people in the middle and at the bottom harder than anybody else. come on, mister president, you've got to stop listening to people who downplay a real problem in our lives. stuart: brian belsky, the other guy saying it is a deflation
situation being set up down the road. the sun is always shining. do you see it like that? >> i would love for that to be true but i don't see what is setting up to create that situation. does this white house have a handle on supply-chain problems. that is inflationary. stuart: it will go away at some point. a glut of stuff available to buy. >> what causes it to go away on the near-term? $5 trillion not dealing with that. you don't have an answer. i to to know -- stuart: we will bring him back at some point. 57-9.
i understand an analyst at fidelity has come out with the bullish forecast, how high does this -- >> 100,000. we have also seen calls that we get to 100,000 by this christmas. it is out there a bit coin is here to stay going from fidelity's head of global macro. it's not a momentum change, we think bitcoin is a store of value, they could get more of it as soon as next week security regulators could rule on four applications for us bitcoin etf that increases ownership. the future is for it. there are warnings. both industry is largely unregulated and this is a quote. crypto corp. -- cryptos are
vulnerable to major price correction. stuart: who is the better source, a hotshot at fidelity. lauren: the vulnerabilities are immense. when you have a tweet from elon musk or something out of china you see the price move in a big way, there are different types of cryptos. bitcoin might be the more stable one and all the other smaller newer crypto currency's. stuart: declare your interests. have you invested in any crypto? lauren: i have not. >> cleared the decks on that one. stuart: a couple big banks look strong. performance of these banks is pretty strong. what does that tell you about the economy. >> banks are benefiting from that, asset management, investment banking has been big but that's in the past and
loan-loss reserves they thought they would lose money on their loans and released those but the thing we don't know, what happened to the economy in the future in terms of borrowing more money and what happens to the interest margin. will we see rates increase. everybody is waiting for the bank chiefs to tell us if the economy is going to get good enough those businesses will come back to you? that's the question now. with the net interest margin, what they get from assets versus what they pay out, there's more to be sustainable. stuart: thank you very much. check futures, i wonder if we have impact on futures. brian belsky bullish indeed. it is up 327. having said that he is a very bullish guy. lots of green. we love it. a cnn commentator admitting president biden made promises
he can't keep. >> the problem is he put himself in position where he made bold claims about the rest of the agenda. you are not seeing that strong leadership people were expecting to get stuff done. stuart: the left looks like it is getting worried. governor mike huckabee will be with us shortly. money is pouring into the treasury like never before. why would the biden team raise taxes? i will ask the man who wrote the trump tax cuts, congressman kevin brady, after this. ♪♪ we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones that building you're trying to buy, let- you should ten-x it.it. - ten-x it? ten-x is the world's largest online
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when elvis costello. i see the dow up, that looks good to me. 80 degrees today. early fall heat, 80 degrees. 4.50 trillion to be - 18%. $2.50 trillion of that come from income taxes up 27%. that clearly the money is absolutely pouring in a record base. congressman kevin brady wrote the tax plan that produced this gusher of money. if there is a hike in income tax rates or corporate tax rates what is the impact?
>> we are seeing record revenues because we get the economy moving again, the most competitive time in the world, and jobs and manufacturing from overseas. we saw record levels. another myth that president biden uses and much of the narrative on taxes are false, this one got debunked, corporations are hitting record revenues for the federal government. 80% of this comes from the successful. the bottom line is has all the money it needs. it doesn't have a money it wants in the democrats view and so we hiked taxes trying to come out of pandemics. self sabotage our competitiveness with foreign
countries, slower gdp growth, flatter paychecks, jobs moving overseas. mainstream businesses get hammered with different tax hikes in president biden's bill will get hurt in a significant way. stuart: a different subject. you are a congressman from texas. border patrol document given to fox show 160,000 illegals have been released into the united states since march and i've not seen any plan to deal with this but your state is getting badly hurt. what do you say? >> we've never seen this and there is no end insight. texas as a border state has always been a big price for not being able to secure the southern border and now it has only gotten worse but the damage is happening all across the country because it's not just a humanitarian surge of migrants on the border but
record levels of fentanyl which is an american killer, sex trafficking certainly criminal gain, all of which don't just stay in texas but the country as well. there is no plan, none. the white house is in absolute denial that anything was happening at the border, refused to take any action. one of the most discouraging things. stuart: is it deliberate? open border policy? >> it has to be. it has to be. there is no way that you can't recognize what is going on here or the price we are paying for it. that's why governor abbott has to step up on this but they shouldn't have to but border agents live in those communities not just protecting us but their own neighborhoods. there is no end insight. they've never seen anything like it, no end insight at the white house doesn't care.
stuart: three more years to go. kevin brady, thanks for joining us. quick check of wall street please because we are seeing a nice 300 point rally for the dow industrials and just as good, 150 point rally for the nasdaq. employees for john deere going on strike demanding better wages, better treatment, that is john deere. technical workers in hollywood are set to begin a strike next week. brian brimmer, why are strike popping up again? >> workers feel they are in strong position to get what they want and willing to test the scales on this. here's the next leg of the biden supply chain problem. this is why i'm not as optimistic as brian belsky. more workers will look at the situation especially john deere has some success and say let's try the strikes. what happens to supply chains been? now you've got another problem.
stuart: is the supply chain problem inflationary? >> absolutely. you can't get product to shells, you get people who want the product bidding up prices, that's how definition of prices rise. it is all one piece. you don't solve supply chain you don't solve inflation. stuart: can you fix the supply chain problem in time for the holidays to get the right stuff on the shelves? >> don't think so. don't know how you are going to do it. some of these big companies can charter their own cargo ships, worked 24/7 at the port, still got the truck from across the country. i need to see a policy change. don't see anything from the administration that tells me we understand. stuart: let's move to the foreclosure moratorium which has expired and we are indeed seeing a surge in foreclosures. how bad is it. >> millions of homeowners stayed in their homes without paying their mortgage in forbearance. most are going to have to exit by december and we are seeing foreclosure filings spike.
45,000 get notices of foreclosure, up 68% from the lows we saw last year. a simple return to normal, put more homes on the market. and the democratic leadership, we are not budging on immigration and housing, who is to say homeowners won't be able to pay their mortgages even longer. stuart: if they get back into the reconciliation. >> market have got to correct or prices keep going haywire. progressives are committed to not letting prices get back to normal. >> the answer to my chain shortages stop giving up the freebies, make people go back to work to unload the containers and drive the trucks.
stuart: good luck with that. back to the markets, we are up over 300 points and the nasdaq over 154. we will be back with "the opening bell". ♪♪ you founded your kayak company because you love the ocean- not spreadsheets. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire to run a growing business, is to be on a journey.
>> look at that rally up 330 points, 150 for the nasdaq. it is appropriate we bring in michael lee, a bullish kind of guy. are you confident the president and his team can fix the supply chain this? that has got everybody worried at the moment. >> no, not in the slightest. it will get resolved but they are going to 20, just went to 24/7 at the port of a, pete buttigieg was confirmed february 2nd or third, this is what happens when you take
political hacks and put them in very significant positions for the us economy we would not be in this situation if peter navarro in the white house. there is no one in this administration that will work tirelessly and relentlessly to solve complex problems to get the economy moving forward. as a result the transition period of this inflation will be much longer than it should have been or could have been and if you think about it inflation in the 70s was transitory, it looks like these price increases for certain things will be here for a while and the supply gluts we should be seeing are not going to happen until much further in the future and add on top of that the price of oil on its way to 100. it will hurt consumers in their pockets. stuart: if that is the backdrop, oil prices rising, supply chain problems you are not calling for new highs for stocks, are you?
>> yes i am but what i think is the bottom line, the market needs to get comfortable with the playing field in front of it. we've seen tremendous volatility since jerome powell spoken that sent stocks for a tailspin. whether it is 152155, 165, 175, 2%, until we find a home and bond market gets comfortable with where inflation is going and where the economy is going, once the bond market gets comfortable we are off to the races because we are in a multi-year expansion. that is my thought, we are in a race to nowhere until the bond market finds a home. maybe we will stay in this 100 to 155 range and off to the races because earnings estimates are too low. we are in an expansionary phase and even with tapering and if you rate hikes the end of next
year this is still incredibly loose money economy and any selloffs are seen with massive buying, 10% savings, there is good news behind it but this problem should have been going away and will persist. stuart: you don't change your tune, stocks going to new highs in the future sideways for now. thank you very much. it is 9:30. off we go. let's see how we open on wall street. we are up 370 points better than one.one%. left-hand side of the screen for radio listeners almost all green. i only see two losers in the dow 30 and the dow is up 400 points. a lot of buying at "the opening bell". the s&p 500 to the upside almost 1% higher in the nasdaq.
this is the one i to see, up just over one%. what you are looking at is a solid rally across the board. big tech all going up nicely. microsoft is close to getting back to $300 a share. even facebook higher this morning. >> microsoft close to $300 apiece, have you looked at the 10 year treasury yield, to 153, it is all systems go overseeing green. stuart: can your into the highlights of the big bank earnings report? >> dictation with me this one, bank of america, largest mortgage lender in the company, they loan $1 billion or because they don't set aside the cash just in case because the economy has gotten better and record investment banking fees as well. stuart: next case citigroup. >> able to release $1 billion plus because the economy recovered.
higher trading in stocks and bonds, it is up 40%. stuart: morgan stanley. stuart: record investment banking fees over and over again. stimulus money is in there, m&a activity, wealth management brought $135 billion in cash and morgan stanley bought e*trades, that helped the bottom line bringing in the retail investors. stuart: wells fargo. >> this is a recovery story, $300 million in buying again. we released a $1 billion in cash and set aside emergency cash but stock is up 50% this year, because it has been decimated so much. >> it has been up 50% this year. >> we aren't allowed to
increase reserves or assets. stuart: i bet the walgreens did well. they release their earnings, stock is not doing well but i figure they did well because of the jab. >> they gave up twice as many vaccine jabs as anticipated as pulled a lot more at home covid tests and that helps the bottom line the cold and flu season means more drug sales. >> i would love to go through the earnings report from walgreens because i believe some of these walgreens outlets had their shelves cleared by shoplifters. >> you will see it all play out in the fourth quarter. stuart: how about domino's pizza? >> pizza fatigue. did you know there is such a thing? apparently there is pizza fatigue because americans are not ordering as much as they used to because they are not stuck at home anymore but comparable to last year with a booming business, eating a lot
of the cheesesteak crust. stuart: whatever is your pleasure. >> wayfarer the online furniture people. down one%. >> brian has to learn a lot of these trends. stuart: wayfarer is online. >> the reason he got a downgrade is wayfarer like a lot of analysts on wall street think that wayfarer will get hurt by the supply chain crunch. morgan stanley cutting wayfarer only worth 195. stuart: okay. >> ups is another stock we need to check. stuart: tell me about ups. >> they got an upgrade worth 20% more and that is because of higher shipping rates that will
benefit them, worth 224. $40 more. stuart: that is better than 20%. tell me more about the bank of england saying cryptos responsible for the next subprime crash. >> brings you back. looking at double the amount of cryptos. cryptos rf $2.3 trillion or so, the bod says this could pose systemic risk. stuart: if all the money comes out, if that is the case, that is just like 2008. >> that is a risk to the system. the global financial system priced out $200 trillion. >> what the odds? >> what are the odds in 2008?
if there is a major price collapse this could hurt the financial system. stuart: you are an economist, economize. >> crypto is a bucking bronco. don't know how you read that. if you saw a huge collapse that would be systemic. >> it is worth more, almost half of the cryptoopen you imagine if bitcoin went to 15,000 that would have a global effect around the world. stuart: the horror. >> all asset sales people would have to put on to raise cash in an emergency situation. stuart: a subject i know little about. galloping growth is a pot organization. what is going on with them. stuart: okay.
>> 2021 trend too. it claims to be the number one editable brand, not sure what the value is when they didn't release the total value of the deal. mckenzie is up $300 million in cash up front and gullies. gullies is the dominant edible product category. got it first 70%. >> 40% of cannabis sold in america is edible in edible, it is edible. that is why they are buying the other one. you want to stay out of this? >> a purely academic interest. stuart: a brand-new market that is exploding.
william shatner moved to tears, he was moved to tears after his space trip. now we are getting an inside look at what it was like all the way up there. >> no description. oh, god. stuart: sounds like a trip back to the 1960s. speaking of which, terrific video. $5 for gas. not just california. the cost of fill 'er up is spreading across the country and we have a report on it. one country now says get the booster will lose your vaccination status. we will be back.
stuart: i call that a rally. we are up 340 for the dow, the indicators are positive for the full week. the fda meet to decide on approval for booster shots. could there be a problem if all panel members, if there's any split in this fda panel you have confusion on the part of the public and medical profession. where do you stand? >> it will be a fascinating day. i was watching coverage on some other networks and almost fell
out of my chair that was a foregone conclusion this panel was going to authorize the booster for moderna. i reviewed the sba -- fda briefing, i would not authorize a booster, the message is in study after study moderna vaccine is proving to be outstanding. it is safe, it is effective and it is durable. take your pick of the studies but it is 97% effective, 93%, 92% against meaningful metrics like hospitalization and death. what they will discuss today's moderna submitted data that a booster shot can boost and he bodies. this panel is not going to be swayed by that. it is not a clinically meaningful metric. people looking at the data know that memory b cells and t cells can be just as important if not protecting people.
i got moderna's vaccine, i see covid patient every day. if there's anyone who might be interested in a booster it would be me and i can tell you i reviewed the data and go through with a finetooth comb and the only take away i have is i got a great vaccine into near booster. it will be the same groups pfizer authorized for. if they say no it will be a big headache for the general public and cdc. if i were on the panel today i would say booster is not needed for people who receive moderna. stuart: state of play this was the public is confused over the shop, the booster and the mandate and that confusion doesn't appear to be likely to be cleared up anytime soon. with me on this? >> 100% with you in the problem is when the administration came out and said we will give
boosters to all healthy adults and follow the science the science wasn't there at the time. the science says these vaccines are great and if you tell people moderna recipients need a booster you're going to undermine that message and we are seeing vaccination rates around the country are starting to lag. if you further undermine what is already an outstanding message that our vaccines are safe and effective we are going to have a big problem. i expect there to be plenty of confusion in the days and weeks ahead about this. we are seeing all kinds of mixed messages, it is safe and effective and the booster is certainly not needed for the general public. stuart: no confusion about that. that was clarity. good stuff. thank you and there is this. one country says if you don't get the booster you lose your vaccination status. >> it is israel but i give them credit for being crystal-clear.
no confusion. health officials say if you don't receive your booster shot 6 months after your second shot you will have your vaccine passport, green pass, revoking it. it started october third, 2 million israelis might find themselves unable to be indoors in public and do other things fully vaccinated people with booster shots get to do. anyone that is draconian. lauren: it is draconian but it is clear. speaking of following the science what science are they looking at? everyone takes a different debtor point. stuart: on a related issue united airlines is firing 232 employees who did not get the jab. boeing says they are giving employees until december 8th to get the vaccination or risk getting fired. what do you make of these vaccine mandates? every ceo is facing a dilemma.
>> they get this problem shoved onto them by the administration, everybody has to get a vaccine, ceos wouldn't do it this way. they figure out a method that can work for as many people as possible. that is how you succeed in business but they are not allowed to do that by the federal government. it is crazy, united is going to fire 200 people. do they have natural immunity? are they protected? we don't know, united doesn't care because the federal government doesn't care. stuart: is the liability problem. a company trying to function let's people in, one of those people get covid, you are liable take it to court. >> with liability shields, democrats said there is no way we can do that so we get draconian policy. how long does it take to end
there if we are firing 200 people who might have natural immunity just because they won't get a jab, that is crazy. i think that is crazy. stuart: swayed people to get vaccinated but don't didn't mandate it. you do that it is the law of - >> no trust to make smart decisions on their own, that's the worst part of this at ministration's policy. >> not sure they can mandate it because the mandate isn't in effect yet and osha is drying up the rules. before the actual mandate and court challenges coming into effect. they had their success. that is what it is. they can't do it by law. stuart: thank you very much. a heavy lift and then some. a drone company just took off carrying nearly 500 pounds of cargo, the first copter ceo
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stuart: president biden says the port of los angeles will begin 24/7 operations clearing the logjam of cargo ships waiting on the coast. brian is with us, the professor himself. doesn't solve the problem of truck driver shortage. can they fix the supply chain by christmas. >> not with this approach. this is classic progressive policy. let's do a big ribbon-cutting 24/7 operations at the shipping ports but let's not talk about all the other issues in the process. you've got to fix worker shortages, deal with the vaccine mandate problem, energy costs.
all these things matter. they pick one spot that is visible and go 24/7 and pretend that will fix the problem. it will not fix the problem. stuart: all year holiday presence at the right time. >> retailers don't think so. they expect disruptions for their customers. stuart: brian just erupted. >> get them to walmart, target, home depot. >> national guard involved in christmas. there is your biden economy, the national guard handing out christmas. stuart: if donald trump were still in the oval office, he would down at the dock in los angeles personally, get moving, he would do it. one of the guys at fox and friends that if trump is still
president, with a bullhorn, organizing this thing. >> a task force. not doing anything about the issue. it was a terrible campaign. >> a huge problem. >> it won't be solved because of two words, task force. lauren: they study root causes. stuart: you are such a cynic. thanks for joining us for the entire hour. look who is coming up. mike huckabee, nicole, chip roy, sean duffy, they are all here in the 10:00 hour which is next. ♪♪ i'm so glad we did this. i'm so glad we did this.
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treasury yield down 1.53%. big tech, you have to check them every day. this is where your money is. all of them on the upside. significantly so it is 10 eastern. thursday morning means we have the mortgage rate number. lauren: 3.5%. it ticked up a little bit. freddie mac says inflation here for a little bit. they said it is here and will build to use their word. stuart: did they now? lauren: inflationary pressures will build. inflationary pressures will build and rates continue to rise. stuart: not what the said says, inflation is temporary. but it will fade. these guys are saying the exact opposite. lauren: they're saying the exact opposite. i think the fed changed their language a little bit too. what do they call stick any inflation now? they had a qualifier for the word transient. stuart: transient. lauren: they had a qualifier most people are realizing
including the fed, it is not immediately going away. stuart: they see pressures building, inflationary pressures. no impact on the market by that statement. nasdaq powering ahead up 388 points. dow up 370. now this. the president has a habit blaming others when things go wrong. he is at it again. he says he will call out the private sector if they don't step up to the fix the supply chain problems at the port of los angeles. hold on a minute. it wasn't the private sector created this mess. it was the government and the unions. we've been reporting on the backlog of ships and containers for months. during all that time the port was closed at night and frequently on weekends too. ports in asia stay open 24/7. they have for years. but the longshoreman's union, no, can't do that. biden has gone all out to help big labor but he will blame the
private sector if the mess at the l.a. port is not cleared up. hills supply chain task force has been meeting since the spring. the port backlog has gotten worse. the president only gotten around to get buttigieg? haven't heard much from him except his all important climate opinions. where is the secretary of labor? with the chronic labor shortage. nobody gets fired in this cabinet. if trump was president, heads would roll. he would be probably be at the port himself. we can accept a degree of incompetence in any administration but blaming others for that incompetence is just dishonest. biden blamed the afghans for our deadly and chaotic withdrawal. biden blamed trump for the border crisis. blames unvaccinated, border guards, and begging oil companies to raise production because energy price inflation is hurting him politically. this is an incompetent and
dishonest administration and there is still three more years of it to come. second hour of "varney" just getting started. ♪. stuart: governor huckabee joins me now. governor, the president blames other people and he has a snarky tone of voice when he delivers that blame. we'll call you out. i don't like it. i don't think it works. what say you? >> i just got off the phone with president biden. he says it's your fault, stu. all of it is your fault. that is why he wants to get you fired. nobody in his cabinet of course. but i have also good news. he also told me that he is going to send kamala harris out to the west coast to get this fixed because she has done a bang-up job at the border. doing a great job putting together videos with paid actors
kids, who had to be paid to act interested. he will get her out there, by gosh we'll get it cleared up. joe biden sometimes at the teleprompter he will yell at it and say the buck stops with me. then he quickly pauses what we don't hear, well, until i move it over to someone else which i rapidly do. you're exactly right. he never takes full responsibility. it is always someone else's fault. the truth his incompetence is so glaring democrats cannot ignore it. stuart: that is something we have to listen to. democrats are paying attention to. van jones says the president made comments he can't make. here is what van jones said. roll tape. >> the problem he put himself into the position he made big, bold claims on rest of agenda, he steps on a rake, slips on a banana peel and falls downstairs with a marble and people look at
him in negative like. the democratic party is looking over the edge of the cliff. there is a lot of fear and concern. you're not seeing that strong joe biden leadership people were expecting to get stuff done. stuart: governor, my comment the biden honeymoon is clearly over? >> yeah i think everybody in this marriage has gotten attorneys and they're not even sleeping in the same house. it is clearly over. look i so respect van jones. he is a personal friend. he is disclaimer. i actually like the guy. we're as opposite as people could be on political issues. he is an honest guy, an honorable guy. one of the things i like and appreciated, he tells it like he sees it. what he is saying is an uncomfortable truth. it is "an inconvenient truth" to quote al gore but it is the truth. i appreciate the fact he is calling it as he sees it, which is you can't excuse what joe biden is doing. i loved his metaphors, stepping
on the rake, slipping on the banana peel, falling down the stairs with marbles. brilliant analogies. stuart: the honeymoon is definitely over. governor thanks for being with us as always. we'll see you real soon. >> thanks. stuart: by the way transportation secretary pete buttigieg he is saying something. he is actually making light of the supply chain crisis. tell me exactly what he said. lauren: it was an interview with cnn. you can say showcased his inexperience. listen to yourself. >> there are two kinds of christmas shoppers, ones have all the list completed by halloween. people like me who show up at the mall on christmas eve. if you're in the latter bucket obviously there will be more challenges. >> reminded me of the giggle that you get from kamala harris, right? joe concha wrote about this on "the hill." the media is so focused on the pete buttigieg, he is likeable. i like him. he is a nice guy. he has twin babies now.
they're doing stories on him becoming a father. not what his job is as transportation secretary to have fixed this before it became a problem. then to make a comment like that, making light of the situation. stuart: just not on top of it. he is not helping at all with this. lauren: he comes from a small town in indiana. that is his experience. stuart: that's true. lauren, i will move on, shall i. check the markets please. it is a rally and it is holding, the dow is up, look, nasdaq is up more than 200 points. the time we brought in david bahnsen today. we need bahnsen. he is the dividend guy. he tells yous which stocks are powerful dividend players. he brought two. first up, jpmorgan, best bank in the world, david? >> well it is certainly the best bank in the world. that automatically makes it the best bank in our country. very diversified, a lot of different revenue sources. you saw yesterday the fixed income trading way down, equity
trading was way up. mortgage business, credit card business, they're very well-run. much more conservative. they way overestimated what loan losses were going to be during the pandemic. now they get to reclaim a lot of that to the bottom line. the stock is up over 500% since we bought it 10 years ago. the dividend has grown the same percentage. i know stuart you like it when i come on with the big high dividends. this is only 2 1/2% but they have grown it every single year 10% per year. that is what we're after. stuart: okay, in the past you talked to us about oil companies paying a very strong dividend. exxonmobil, for example, that is another one you like i think? >> oh, it is. we owned it for a long time. the reason i bring up exxon today, my analyst at our firm ran a report for me yesterday where we looked at the oil price movement over the last 50 years and exxon's dividend through that time period.
six times oil prices have had a major drop, i mean they have had hundreds of small drops but six times a major drop and all six times exxon maintained and grew their dividend through that period. so we don't believe exxon is dependent on a high oil price. now look, we don't like it like last year there obviously much more precarious financial position but they navigated through it. they cut back their expenditures. it is now paying basically a 6% dividend but they have been growing that over 6% per year for 50 years. and right now, stuart, for the first time in a decade, their cash flow has doubled the amount of the dividend. so there is a lot of safety built up because of improved capital discipline. we like what we're seeing out of exxon. stuart: made a very good case right there. david, thank you very much for being with us. good stuff today. appreciate it as always. the market is moving.
that means there are some individual stocks really moving like wall greens. the story please. lauren: there is a deal. they made a $5.2 billion investment in village md. opening 1000 cobranded practices by 2027. stuart: coinbase, up 3.8%. lauren: morgan stanley ceo, james gorman, crypto is not a fad but he says they're not seeing huge demand from their clients about it, but said cryptocurrency is not a fad. coinbase the exchange up almost 4%. stuart: beyond meat. lauren: the mixed plant. mcdonald's next month is testing a plant-based burger in markets like texas an iowa? let me know how that works out. instead of beef you get beef, potatoes and rice. stuart: texas, iowa, where they're testing mcplant burger? lauren: imagine someone in texas ordering a mcplant. correct me if i'm wrong. stuart: in austin, do a great business. lauren: what about iowa, come on? we're in iowa ordering a
mcplant. stuart: probably not. mark cuban says, what is he saying about crypto? which crypto has the most upside? what is it? lauren: he likes ethereum, unlike bitcoin this is not alternative monetary system. he thinks ethereum is a disruptor. he likes the blockchain it is on. likens it to the internet boom in the 1990s. it allows for innovation. how much he owns do you want to know? stuart: how much he owns? lauren: back in april he said portfolio is 30% ethereum, 50% bitcoin and the rest everybody else. stuart: he hasn't changed that? he likes ethereum. gas prices showing no signs of easing. we're seeing five dollars for premium cash, not in california. madison al worth has a report on 5-dodollar gas where you will be hit with it.
leaked documents shows thousands of migrants are on parole. that grants them temporary status and get a work permit to boot. violent crime in new york is so bad, some residents say it is the wild, wild rest. look at this. >> innocent people going to work, minding their business, getting pummeled by people for no reason. >> people getting shot. shootings are up. killings are up. stuart: who is responsible for this? i will ask new york congresswoman nicole malliotakis. she is on the show next. ♪. i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold.
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♪. >> the crime situation has gotten extremely bad. the mentality with defunding the police smile feel like the crime rate is definitely rising. i feel like it is dangerous out there. >> innocent people going to work, minding their business, just getting pummeled by people for no reason. >> the wild, wild west. >> can't keep the revolving door of these criminals. >> people getting shot, shootings are up, killings are up. the city has regressed the past eight years under the mayor. stuart: you heard it. new york residents sounding the alarm on the city's rising crime. i want to bring in congresswoman nicole malliotakis, republican from new york. this is not just happening in new york. this is all big cities. virtually all big cities. who do you hold responsible for this? >> well all of these big cities are led by democrats. it is pandering politicians that feel they need to cater to the
radical left who are putting criminals ahead of law-abiding citizens. here in new york city a number of policies were put into effect including the disasterous bail law on the state level that is releasing people, record levels, regardless of their criminal history, 10, 20, 30, prior convictions in some cases. or 40 prior arrests in some cases, multiple convictions. so this is, this is strictly mayor de blasio, governor cuomo and like-minded democrats from across the city who have embraced this defund the police movement. in new york city, they have also eliminated qualified immunity, so you're seeing more police retire than ever. so we're losing that experience that these people who come to the table to not only prevent crime but solve crimes. and in addition to that, they stripped the plainclothes unit. they cut the nypd by 1/6, a billion dollars. if we undo those things that they have done we will see crime
decrease. right now crime is up in double digits across the board over last year, but the problem last year, it was already up from the previous year. this is a bad trend, it is going in the wrong direction. continuing to increase. stuart: doing something about this is up to the mayors and the administrations of these cities, but what can you do in congress? >> right now i continue to advocate for the policies to be repealed. i speak in congress on the floor about what is happening in my city as a result of these policies. so we don't implement them on the federal level. we had to push back -- nancy pelosi tried to put the bail reform in the covid relief package, okay? they tried to adopt a lot of anti-police legislation on the federal level. they wanted to strip qualified immunity from law enforcement all across america. we were able to expose is and stop it with our partners in the senate. so my job really i think is to try to stop this from happening
on a federal level, educating my colleagues across the aisle. i have also, we've been also trying to re-fund the police and put money back into the nypd. we were able to pass that in the house. we're waiting for the senate to take it up as well. gives them additional tools when it comes to counterterrorism, give them equipment they need to protect themselves, expand the k-9 unit. but there are things on the federal level. it is hard when the democrats are in control of everything, they refuse to join us in condeming the defund the police movement or the attempt to abolish or dismantle the police, which is exactly what they did. they refused to join us in a simple resolution condemning movement. stuart: congresswoman, we appreciate you being here. thanks for coming on the show frequently. we'll see you again soon. >> thank you. stuart: gas prices on the rise across the country. while california still has the highest average price for
regular, 4.45 for regular, new york city seeing prices rise to five bucks and above for premium. madison al worth joins us. madison, are you at the gas station which charges five bucks for premium. reporter: i am. it is right behind me. it is not just $5. it is well over for 5-dollars for premium. if filling up with regular it is inching to the five dollar mark. new york city is not known for cheap gas. but it is not alone. that is what is interesting. gas pumps in palm beach gardens neared the five dollar mark for premium. this is seen across the country. like you said in california as well. we spoke to customers here yesterday and they had major sticker shock. take a listen. >> i just put $40 in and didn't get a quarter of a tank. obviously it is too high. hopefully it gets better in the future. >> i don't know what is going on. >> makes you want to move to jersey, to be honest with you.
reporter: there you go, stuart. makes them want to move to new jersey. you could have new nabe force. new york city is unfortunately at loan. we're we're see high prices across the country. states with highest price for gas, california, hawaii, nevada, take the top spots. this is morn to understand where we are pre-pandemic. before the pandemic hit the united states the average cost of gas was $2.60 in january of 2020. so the prices we're seeing today, nowhere near that, stuart. stuart: madison, got it. thank you very much. good stuff. now this the white house, this is incredible, the white house has asked oil and gas companies to lower fuel costs. so, lauren, the president who is a climate warrior hates fossil fuels, now wants to increase the production of fossil fuels to get the price down.
makes no sense. lauren: what did that conversation even sound like? stuart: yeah. lauren: when you kill the keystone xl pipeline, when you ban drilling on federal land and waters, what does that conversation look like when you call up your energy producers and you say turn back on the pumps and drill that well? so awkward. the president was asked about this yesterday by a bloomberg reporter. turned his back. he typically doesn't answer questions so just to explain that properly. but i don't know what this conversation looks like. i don't know what at this point the energy companies would or could do to help out. call on opec. stuart: call on the saudis. help us out. and they didn't do it. they know they have us over a barrel. oh, boy, don't get me started. thank you very much, lauren. that was good stuff. pay attention to the market. we've gone up another notch. the nasdaq is up 200. the dow is up438.
show you a wild scene a dad arrested in a school board meeting in loudon county, virginia. now we know why the dad was so angry. he claims the school covered up a sexual assault on his daughter. we'll hear from him and how the district is responding. democrats hoping to expand the supreme court. may soon be one step closer to that. the president's report on court packing will be released today. we'll tell you what is in it. ♪.
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stuart: it is a rally. the dow up 425. the nasdaq up 193. the s&p up 55. plenty of green. there is big news on microsoft. they're still up four bucks but there is big news on it. what have you got? lauren: it was the last, really only u.s. social media site allowed to operate in china. we talked about linkedin which china owns. they are shutting downlinked inn in china. they will replace it with a jobs board but without the social
media features this year. no impact on the stock. it was only social media company in the u.s. allowed to operate in china. even that is now, it is now not allowed. stuart: because they did not want to give a degree of control over linkedin to the communist party of china, is that the reason? susan: i would say also it was rare for china to allow, twitter facebook are not allowed and instagram are not allowed to operate in china, microsoft, linkedin, it was supposed toed to be a jobs board. it had gotten political for beijing authorities. stuart: the stock no impact on that stock price. nike they're in the news. susan: joining "fortnite" maker epic games joining lebron james's production company spring hill. that valued at $125 million. a lot of money chasing a lot of celebrity-backed production houses.
reese witherspoon sold hello sunshine for $900 million. stuart: if you're famous, create a production company and sell it. susan: all the content providers like netflix are throwing money at it. stuart: update me on plug power zeus zeus saw a 15% rally in one single day. today down despite the fact they announce as goal of 3 doll-- $3 billion in sales. you would think that, is -- they're increasing 65%. buy on the rumor, sell on the news? the stock doubled over past month profit-taking. that is what you always say. you can say it. stuart: what is the opposite of profit taking? loss giving. u.s. bank earnings, sum it all up? susan: bancorp is the smallest. apparently wall street doesn't
like the fact they made less money per loan. net interest margins came down. i used net interest margins, nims. stuart: didn't get the buzzer. 434 points up for the dow jones average. that is a rally. folks, completely different subject a father in virginia says his ninth grade daughter was sexually assaulted in a girls bathroom allowed loud school. he claims the school turned a blind eye to the alleged assault. watch this. >> my daughter was sexually assaulted at the end of school in may last year. this happened the last week of may and then you know, school ended. you know, and the school board and the school system just went on summer break and abandoned us. stuart: that is the issue here. it was covered up according to that parent. the suspect student has reportedly been transferred to a different school within loudon county school district. he is being accused of assaulting another girl. the school district claims they
followed proper pro protocols. loudon county is aware of media, social media reports of two alleged sexual assaults at two of our high schools. schools are required to report to local law enforcement agency, any act including sexual assault. that process was followed. brent bozell joins me. where was the mainstream media in this? did they black out this story? >> i will tell you a story stuart, in return. it will shock even you. let me go you there chronology of events. january 12th, the school board in loudon county passes an ordinance, allowing trans gender children to go into girls restrooms. the parents are outraged. they erupt in outrage. they have rally on their side, biology on their side. most importantly they have common sense on their side. they say it will lead to a rape. some girl is going to get raped.
indeed on may 28th, a boy putting on a skirt enters that restroom. that father couldn't say what happened. i will say what happened. not only rape her but sodomized her. forced fa ratio on her. the father was called in by the school on suggestion something might happen. only when he arrives does he find out his daughter has been raped. he erupts. he escorted out by the police. the same school just said in that report within minutes they reported this, puts out a statement to all the parents, warning them about this rape, no. warning them about the father and the fact that he was escorted out. they make no mention to the student, to the parents. june 22nd. there is a hearing. now the school board want to go a step further. now they want to allow gender expression, meaning, if you put on a skirt you can go on there. it is already been a rape. the parents are upset again.
the father tries to speak, a tussle erupts. he is arrested. so far no coverage, no coverage, no coverage by the media that had been all over this issue up until it happened. october 6. the boy is arrested for a second attack on another girl in another school in a classroom. no coverage whatsoever. on tuesday, the daily wire comes out with the expose' where they connect the dots. it is a horrible study. it shows the consequence of what happens with a trans gender bathroom in a school. no coverage whatsoever exempt for fox and a handful of other sites. yesterday, the school board came out with a statement, the knows cowardly statement i ever read saying, we didn't know about it, nobody told us about it. don't look at us. the girl has been forcibly sodomized in their school and they still don't care. stuart: i have to end it right there, brent.
that is powerful stuff, everybody who watches it, watched what you got to say is shocked indeed. thanks for bringing it to our attention. much obliged. >> thanks, stuart. stuart: all right. president biden's supreme court commission which is reviewing court packing and term limits will release a preliminary report today. chad pergram on capitol hill joins us. do you know what's in this report, chad, and what are the democrats going to do with it? reporter: we don't know anything yet. maybe this afternoon. some liberal democrats are still hoping to grow the size of the supreme court. in an effort to recalibrate the judiciary in their direction but changing the makeup of court must go through congress. it would face a senate filibuster. president biden signed off on the study about the court. >> it will analyze both arguments in favor and against such proposals. so the topics they're examining including origin of the reforms. the courts rule on constitutional system, length of service and turnover of justices
on the court. reporter: this isn't the first time a president tried to make up the make-up of the court. fdr tried to pack the supreme court in his favor. >> president roosevelt clearly had the right to send to the united states and united states congress a proposal to pack the court but it was a bonehead idea. it was a terrible, terrible mistake to make. reporter: liberals believe the gop stole at least two supreme court seats from democrats, in particular confirmation of justice kneel gorsuch after republicans refused to grant attorney general merrick garland a hearing after he was nominated for the high court in 2016. nomination of amy coney barrett before the 2020 election. president shrank the size of the supreme court in 1860s to undercut president andrew johnson. stuart. stuart: thank you very much for that report. next case, leaked border patrol
documents show the biden administration is releasing thousands of migrants into the country. we'll talk to texas congressman chip roy on that. impact in texas. we're talking to a company called hungry. they call themselves the uber of office catering. is business booming for back to work? yes, the ceo says it is booming. we'll have that after this. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency.
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♪ ♪ ♪ ♪ ♪. stuart: there you have it, elvis presley. this thing came out in the mid 1950s. my older brothers were big into hound dog, "jailhouse rock." lauren: what were you doing? stuart: i was waiting for the beatles to arrive in the 1960s. that is middletown, rhode island. 70 degrees. the market is looking really
nice. look at this. the dow is up 425 points. the nasdaq is up 194. s&p up 55. plenty of green. that is a rally. don't you love it. i want to introduce you into a company called hungry, got it? they provide catering services to the local office workers. they connect to a chef to provide lunch in the office. i guess that is how it works. jeff grass is with me now. jeff, this return to work deal, you're banking on the return to work being very strong. you're telling us that your business is booming. so tell me, which is the hottest back to work market? >> yeah, stuart. hi. really excited to be here. if you can recall at this time last year, we were hiding at home, working in our sweatpants.
i can tell you the great back to work comeback is definitely happening. as you mentioned we offer office catering in nine major cities across the country and sales are booming a couple quick data points, sales over last month were 10 times higher than they were last year. sales last month were0% above the month prior. so far this month we're 50% over last month. we're only halfway through the month. we're seeing dramatic return to office. stuart: that is what i'm looking for. which states show your best return to work? >> yeah. we're seeing really strong, especially in texas a lot of markets in austin and dallas texas. companies are using it to really uncourage their teams to come back to the office. a great example, we launched three weeks ago with a hot tech company in austin, texas, where beforehand they had voluntary return to office and 40 people a day would show up. they launched three lunches with
hungry three weeks ago, they averaged 80, to 90 people a day. 100% increase return to office. stuart: jeff, are you claiming credit because your food is so good, that is what brings workers back to the office, are you doing that? >> absolutely, absolutely. it is the ceo's secret weapon to encourage people back to the office. it is amazing. covid is declining. people are more comfortable. people are going to bars and restaurants and concerts these days but they are reluctant to go back to the office. ceo's know how important face-to-face is for culture, for employee development, for communication and so they are searching for ways to entice people back. food is one of the most powerful weapons. stuart: we'll use you as a gauge how strong the back to the office movement is and it sounds pretty strong especially in the southern states like texas. jeff, thanks for being with us. congratulations. great growth rate for your company. >> appreciate it, stuart.
stuart: social security recipients will receive the biggest monthly payment increase in nearly four decades. can you put a quantity on it, a number on it? lauren: increase of 5.9%, the most we've seen since 1982. so instead of getting average $20 extra every month with the cost of living increase, it will be next year $92 extra a month. 20 to 92. this is inflation. this is because the cost of drugs and housing, you name it, has gone up particularly for senior citizens. what it does, unfortunately push social security to insolvency. now the expected year is 2032 instead of 33. stuart: what is it about the cost to heat your home this winter? we're talking about america here. the cost to heat your home this winter is going way up. but any idea how much. lauren: invest in sweaters because these price tags are astronomical. if you're looking at heating oil, the bill goes up expected 43%.
that is extra $500 this winter. knows around the country use nat-gas. going up 5$0. propane, big increase of 54%. stuart: good lord, that is huge. when that hits, that is going to hurt a lot of people. that is inflation you can see and feel, right there. astonishing numbers. thank you very much for that. good stuff. wednesday, let me take you back to this. it was wonderful. we saw an emotional bill shatner after he was sent to space, after he came back from his space trip. we'll get an inside look. we got the inside look inside of the capsule. it is great video. we'll show you more of it next hour. look at this, on the left-hand side of your screen that the volocopter. the electric air taxi. we showed you that over the summer. now they're using the drone to
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stuart: the dow up 465 points. that is where we are right now. the nasdaq up even more. 214 points higher that is 1 1/2%. it is a rally, folks this thursday morning. put this on your screens, please. the volocopter. that is the electric air taxi, it was featured on this program back in july of this year. there you see it. the same company also makes this, the volo drone. that is a electric heavy lift utility drone. it had the first successful public flight in germany over the weekend. that is what you're looking at right now. the volocopter ceo joins me now. i'm trying to imagine how the drone would actually work t lifts, what, 500-pounds? will i see it flying massive pieces of machinery along air corridors? is that the plan? >> thanks for having me. great to be back. that is exactly the intention here is.
last tuesday we conducted the first-ever public flight of our volodrone, designed to lift up to 500-pounds. we want to serve the strained logistic supply chain. we start in more remote areas. the urban logistic use is up and running and we established with our partner in the port of hamburg on tuesday. stuart: florian, it is all electric. so what kind of flying time do you have with your battery charge? >> yeah, indeed it is all electric vehicle. it is the same technology platform as our ev passenger vehicle, the volocopter, we're ing to market. it is direct derivative of that manned vehicle. having the exact same safety levels around very similar performance features as well. so the flying time is approximately 30 minutes, which allows us to serve a variety of applications in industrial context but also in the urban
context. for example, serving all of these e-commerce around delivery giants such as our partner in solving the urban supply constraints we currently all experience. stuart: i can see it taking a long time before you will see drones with that kind of lift capacity in and urban situation. i mean everybody is going to be looking up to see is that thing coming down. you're going to have to face that problem and i don't know how you're going to face it. >> actually, here is the neat thing, right? because we are an aviation company. we've been around 10 years and our ties to the faa and european regulator are competent lent. obviously our manned vehicle is setting the stage for safety levels and safety requirements we're filling. this drone offers unprecedented levels of safety and reliability in the drone space. i consider this three paces, concept and power around test and certification and what you see on tuesday is the last stage of testing in a real world environment going public with
that. now we're entering the third and last stage which is commercially relevant pilot stage which we'll see more applications being conducted next year with the intention to then move to regular commercial application by the end of next year. as you said we'll start with say island mountain delivery, shore to ship in ports. why we chose hamburg port. only then will you actually move into the city centers. it is only couple years away if you ask me. stuart: only couple years away. we'll hold you to that. thank you for being here, florian. >> thank you, stuart. stuart: we have dow winners. look at that, really big winners, united health, walgreen's, caterpillar, intel, dow, up 2, 3%. that is a rally. s&p 500 winners, united health on that list again of course. quite a few health companies and even apache corporation is in there as well. nasdaq winners, none of the big techs are in there, even though big tech is really doing just teriffic today.
still ahead, sean duffy, texas congressman chip roy and a whole lot more. seems president and democrats want an open border. we have a crisis on our hands, there is nothing done about it, it is a deliberate open border. that is my opinion. it is "my take" and it is next. ♪ (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? .. 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
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to get our free decision guide. humana, a more human way to healthcare. >> president biden who teleprompter, people say the buck stops with me. that he quickly pauses and what we don't hear is he says in july move it over to someone else. his incompetence is becoming so glaring that even democrats can't ignore it. >> and and that is the early tone. blowing away the numbers.
>> and mainstream businesses happen with different tax hikes in president biden's bill. >> in a multiyear expansion. stuart: 11:00 eastern. it is thursday october 14th. let's get straight to it. it is a significant rally. the dow close to 500 points, the nasdaq up better than green at "the opening bell". and and they are all up this morning. big tech across the board,
whole groups of stocks moving up sharply, apple, facebook, microsoft and alphabet, sharply higher today. just shy of $81 per barrel, the latest read on inventories, a build of 6 million barrels. the demand was not that strong. $80 a barrel is the price. i to bring in heather, to deal with this nice rally. why is the market up so sharply today? >> the market is up right now. inflation is skyrocketing for consumers across the board. if you look at interest rates near 0, there is nowhere else to put your money. you can't move your money into bonds and get 0% interest rates with money market or cd. people have so much excess cash even the banks acknowledged this this morning.
and the stock market rally, too much liquidity. stuart: inflation, markets rallying. i would have thought, the federal reserve has to raise interest rates or do something about inflation. it may be good for the market but when the paper has to be paid it won't be good for the market then, will it? >> it won't. when you see interest rates head higher, the federal reserve is controlling interest rates by keeping short-term rates near 0 but as soon as they taper, raise interest rates or lose control of interest rates because of spiraling inflation, consumer
price index of 5.4% and wages rising at 5% many real wages for american workers is when year-over-year. stuart: a real problem with the spots applied chain and that is inflation. the president says he's got a fix. could he fix the supply chain crisis? >> it is worse before it gets better. the supply chain task force, who is the head of the task force. i don't know who is on it. even adding a third ship, ups, fedex had a third shift for the ships that are stuck off the coast of california.
they can't unload. there are no truck drivers to move the containers, big disruption. stuart: we appreciate it, 450 points. it is obvious we have an open border, the democrats and the president want an open border. this is their policy and they should be honest about it. this has been apparent since day one of the administration, it is a deliberately open border. 32,000 migrants, hundred a year. they get a work permit. 93 told to report to ice for wherever they choose to go.
they are in and they will stay. middle-class migrants fly to mexico city and walk across illegally. why mess around with the legal process when the border is open. this policy is backfiring battery, it was sure up support around hispanic voters. the open border has been a political liability across the board. the caravan is coming, central america on its way, the word is out, it is an open border and if you make it across the line you are in. this is a crisis the biden harris team will not admit and 3 years to go with the biden harris team. third hour of varney getting started.
sean duffy is with me. the democrats once an open border. are you going to take me on? >> i was a congressman almost ten years and had disagreement with my constituents. i was honest about where i was, and agreed to disagree. what biden is doing, we want this to happen. it is not our fault. this is the intent of the administration, they stop building the wall and remain in mexico and message to the world the border is open. anyone can get in and that was phase i. but phase 2 is the number you just reported which is they are
not enforcing american law inside the country and ice arrest people here unlawfully. the question becomes why are they doing that? they are losing supportive hispanics. cheap labor competing with low-wage workers driving wages down, not raising wages up. stuart: more caravans coming, what happens in the future, what are we going to do? >> the administration continues to do, then let them all in. when the mainstream media started to cover this. of the mainstream media starts to push this report on the story more americans become angry because we all have a sense of justice. we are open country, we love immigrants to come in but have
a legal process. and if you walk across the border, invade our country that doesn't feel right and once that shift starts to happen biden's poll numbers will drop even further and it won't be biden who changes. it will be democrats in the house and senate who are afraid of the voters in the next election, you have to stop it, don't care what radical advisors you have weekends win reelection unless you stop this border policy that is crushing the country and is going to crush us as democrats with the voting base. stuart: white house chief of staff ron clean repeated posted inflation and supply issues are high-class problems. do you think inflation is a high-class problem? >> you look at disposable income, the eggs and meat and gasoline have less impact on
you but if you are on the verge of being able to pay your mortgage, is crushing you and the solution here, i have a lot of truckers, and you can increase hours of service, 11 hours, obama lowered how long a trucker can drive. increase that and allow kids that are 18 to 21 to drive interstate. bring more young people into the process. driver tank and shoot missiles and dive for this country they can drive a semi down the street, get them out of high school, get on the road and start moving parts across the country, that is the answer and bad democrat policies put us in this situation. stuart: we will see you again. back to the markets, solid rallied our 470. lauren is watching paypal. >> they are expanding in the
us, they bought a san francisco startup company called 5-star but paypal is up and square is up too. when you look at digital payments, online payments there's a lot of room for competition. stuart: more room, it is up sharply. caterpillar is up to a half%. lauren: they are considering 465 points. the catalyst for caterpillar initiated coverage and used strong language here, entering the mega cycle thanks to autonomous products and new power technologies and caterpillar stock is only up 3% on the year. stuart: that is mega cycle. can you show me ups up 3%? lauren: it is ahead of the peak shipping season. they see start going up 20% to 20% from there.
that is the message. you were talking to sean duffy about how to get more truck drivers to take these goods and get them where they need to go at stories. ups, go online, you can be hired in 30 minutes. in 30 minutes time. stuart: assuming you've got the license to drive a big truck at a clean license. lauren: the verifications online and you can get a job. that is the private-sector stepping up to make sure they have the drivers to fix the supply crunch. think about it. that is aggressive. lauren: if you can do electronically that is a big deal. stuart: let's talk about gasoline. they are only eight states in america where the average price of gas for regular is below $3 a gallon. we are going to take you to a new york city gas station the charges $5 for premium. leaked border patrol documents show 32,000 migrants granted parole in the last two months.
as we said earlier it is normally fewer than 100 a year. chip roy take that on. the migrant crisis isn't the only challenge at the southern border. there's a drug smuggling crisis, just one pound of fentanyl can kill 230,000 people. there has been a massive drug bust. we will tell you all about it from the border. ♪♪ d we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones
move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. this halloween, xfinity rewards is offering up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. stuart: let's update that rally, thousand 450, nasdaq is up 200. this is a rally across the board. most groups of stocks, most industries are up today,
significant rally. fentanyl, the primary driver of overdose death, hundreds of pounds of that drug have been seized at the southern border during the first half of this year. kelly oh grady is at the border. if it is an open border i don't see how you stop the inflow of these deadly dangerous drugs. >> the folks down here are straps, they are not federal agencies when talking about local patrols and their jurisdiction is limited. they are working with and collaborating with agencies like the dea to address the growing crisis at the border. >> there was a seizure. the value was over $1.7 million
in cooperation with the police department and the dea. we have seen seizures of narcotics in the past. >> reporter: one pound of fentanyl has the potential to kill 230,000 people and to put the number in context, u.s. customs and border protection seized 10,000 pounds of fentanyl in 2021 alone. more than the last 3 years combined and this is just one agency. they are seeing the startling increase. the issue is this, much more is getting by in the porous borders at the heart but you see here how fentanyl is spreading across the country, pressed into pills to look like real opioid medication and sold on the street or through social media platforms. critics identify a tie between spike and fentanyl and the illegal migration you are seeing to stop the tidal wave they are calling for border policy changes. cartels and migrants, the chief
told me his citizens are scared. one woman went to take out her trash, opened the lid and the migrant popped out and took off running. this shows how this drug and migrant crises are impacting americans in their homes every day. stuart: i am staying on the border, leaked border patrol documents show the administration released 32,000 migrants in the state of two months, temporary legal status, made them eligible to work, one for border patrol chief said he only used to grant 5 of 10 of these permits every year. this time it is 32,000 a couple months. congressman chip roy, from the state of texas, joins us now. it seems like this is an open border and we have not responded to it at all. in fact i think that the democrats want an open border. it is their policy. where am i going wrong? >> you are exactly right. the president and this
administration, secretary mayorkas in particular are refusing to put in place policies that would secure the border medially, migrants protection particles, return to title 42 during a pandemic, do what you need to do with respect to asylum rather than what you just said which is letting people go with notices to appear and they don't appear. these are consequences. you just talked about sentinel. and looking at stock portfolios, stop, listen, your children are in danger. they are going to think they are okay and placed with fentanyl and they will die because this administration doesn't care. they want to say they are immigrants, they are lying. it is open border endangering the people of texas. the 98 dead bodies in brooks
county, hundreds in south texas. it is impacting lives in texas and across the country. young people dying from fentanyl. stuart: to the people in texas have to pay for this? you have this flood coming across the border, coming into texas which you got to pay for them to be there and it is on your back? >> absolutely. texas taking the brunt of it. everybody across the country on many levels. almost 100 dead bodies, $3,000 for an autopsy, $5,000 per body when it comes out of their budget, they have to pay for it. texas, dcf, who helped stop del rio, the governor as dps agents
arresting people for trespass, and more states to help us. and it is impacting our budget for opportunity for schools and hospitals, it is unconscionable. stuart: let's not hold our breath that they do anything about it because i don't think they want to do anything about it, they were not close that border. thanks for being with us. this is exasperating stuff to report. god bless you. stocks to look at related to the vaccine mandate. boeing told employees you've got until december 8th to get the vaccination risk being fired. it did not affect the stock. united airlines, the story does not affect the stock, stopping the firing of 232 workers who refused to get the jab. no impact on stock as we said. federal government workers must be fully vaccinated by november 2, '02, just a couple days before thanksgiving.
ashley, is this going to affect the tsa? i am thinking of traveling. ashley: get ready for long lines at the airport, the tsa says four in ten members of the workforce, 40% including screeners remain unvaccinated as the november 20 second deadline looms but that means the deadline to get the shot is even closer. for the moderna vaccine it has already come and gone. the last possible date to receive the first dose of the pfizer vaccine, october 18th, next monday. with time running out the fear is security lines at airports during thanksgiving, one of the busiest travel times of the year will be chaotic. the tsa hopes there will be no worker shortage but contingency plans are being made. all i can say from this point is get ready for those long lines.
stuart: or don't travel. if it comes to that i am not going to do it, i'm going to stay home. all right, thanks for the report, good stuff. i want to get back to that wonderful incident. it's not an incident. the blue origin spaceflight with bill shatner aboard. we are getting our first look from inside the capsule. take a look at this. >> oh, jesus. now description to equal this. stuart: bill shatner was just as overawed when he got out of the capsule and spoke with jeff bezos. it was a memorable performance which is 90 years old and the oldest person ever to go into space. he called it a profound experience which everybody should go through. i thought it was pretty powerful stuff. coin base hasn't even launched
its market yet but there's a waitlist to use it. we got the report. look at the big board. that is a rally. dow is up 465 closing in again on 35,000. more varney after this. ♪♪ that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. 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. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. i just became eligible for medicare and, can i say? it's so overwhelming. a, b, c, d - all the different plans and all those stacks of mail? i didn't know where to start. then i called humana, and they helped
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questionable and the producer prices are weaker than anticipated. at 10:30 a.m.. stuart: take it and run with it. microsoft is $4, case closed. can you put apple up? i am not sure if apple is participating. >> they are saying morgan stanley, you should buy apple on any dip. stuart: that is a dip at 142. >> i want to talk at&t first. 11 year lows. 8% dividend yield. giving out more and prices have
gone up. and elon musk said airlines might be installing star link in the future. whenever elon musk talks everybody is scrambling saying airlines could get satellite internet on board. stuart: that would be a huge thing. that is very interesting, star link on airlines. i would like that. let's talk about coin base and nft platform. data is overbooked. >> 1 million signed up and counting. why are you looking so skeptically already? stuart: the platform overloaded. >> coin base has 66 million customers, nfts are booming, a $10 billion business in the third quarter, $10 billion,
that is a 2000% increase. everybody is getting in on it. the largest crypto exchange could be worth $9 billion and sales volume a month. do we have those pictures of the nfts but sold for astronomical amounts? stuart: the nfts of done very well. >> there is one called boring apes which is a colorful cartoonish picture of an ape that sold for $1 million, a digital picture. >> you can't put it on the wall. >> the point is it is verified and you own it. selling for these, 3000 in march, a little expensive. stuart: $1.5 million. >> i really missed out on that. here it is. what do you think it is.
$1.5 million. stuart: for that, just a digital image. >> it is rare, collectible. i think i've got it. dr barton, this guy, right hand side of the screen thinks this is going to be a melt up by christmas. they built up for the stock market, a huge rally before christmas. go ahead, make your case. >> a strong seasonal period we talk about at the end of every year. here is something interesting going on, everybody is gnashing their teeth about it. in the s&p. you have been covering how
we've been going up and down. big of days, big down days so the volatility of the market is a 90 day high. textbooks say the market is going down. the reality says it happened 22 times since 1928 and 20 of those 22 times the market is higher six months later. stuart: you have been able for a long time. are your clients coming to you wringing their hands with anguish and anxiety saying why don't i sell? some people in their 70s don't have a limited time left on this earth, some are coming to you saying why can't i sell a little and sleep well at night, you've got people like that surely. >> certainly and it is always
the same answer. if it makes you sleep better at night lineup a little but selling at the top is really a good idea. never as good idea as numbers that i just went over showed and we have a get out point. if it goes down by this much let's not try to anticipate it especially with this money out there. we haven't started the taper yes. we've got a strong holiday and earnings season. i like where we are. stuart: which of the big tech stocks right now? >> we talked about amazon. it has been trailing the other side. i think they will have a great end of the year. i think they will blowout revenue numbers again and catch up with the other four of the big five. i like that one right here. stuart: i will leave it at that. built up by christmas.
now this, 10,000 workers walked off the job at john deere, 35 years since the last major strike. workers are in strong position, we are seeing strikes popping up all over. forget $3 a gallon. how about $5. that is what you will pad one new york city gas station. madison allworth will have that. ♪♪ every day is a winding road ♪♪ i get a little bit closer ♪♪ every day ♪♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center.
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looking good. dow is up 470. the nasdaq is up 200, the s&p up 60 points. almost all industry groups are straight up today. the average price for a gallon of gas is moved up a little bit. now is it 330, the national average. in new york state the average is a bit higher than that, 338 and in new york city we've got one station selling premium for $5 a gallon and madison allworth is at that station. >> we have the prices behind you and people have been pulling up to the gas station all day killing of display those prices, over $5 for premium, almost $5 for regular. some people are only partially filling up to save but here is the thing, gas prices are higher everywhere. you mention the new national average sitting at $3.30. if that number isn't staggering enough, according to data
released in september it shows 43% increase in the inflation rate of forgiving gasoline. there are only 5 states in the us with gas for under $3 a gallon and that number is dwindling. on monday there were eight states below the number. gas is high here but it's not really place where gas numbers will be higher. we've seen pumps in palm beach, florida that neared the $5 mark for premium gas so we are just seeing across the country. stuart: yes we are and we don't like it, good new -- good report from new york city. the climate conference in scotland is only two weeks away. daniel jurgen is with us, the world authority on fossil fuels, oil in particular. i find it ironic that they are holding this climate conference in europe when fossil fuels are in short supply, prices going up and they face a freezing
winter. there is irony there. >> a shadow over the conference particularly in the us, in the new map of the revised issue we are headed for disruption and in europe and china you have big disruptions in energy supply because insufficient investment and conventional resources so it does cast a shadow on what is coming up although they say have more renewables. certainly a problem, seeing higher prices but we are not a kind of crisis where they run out of gasoline. in china they are rationing electricity. stuart: this is because there is a shortage of fossil fuels, shortage of oil. why the shortage in the first place? >> the shortage of oil and
natural gas making up a shortage of coal and the offshore wind on which europe deepens the wind hasn't been blowing. those are the factors that have done it and oil is following along because people in asia and other places we use oil to make up for natural gas since natural gas costs a lot more. stuart: is this a long-term problem with no immediate, you know, solution at hand? >> it is a winter problem. it is an issue of what will do in terms of slowing the recovery of the rebound from covid and raises the question as you rush towards -- if you underinvest in conventional resources are we going to have a serious disruption and if you have them you will get consumers are billing against it.
stuart: white house is asking oil and gas companies to bring down energy costs by increasing production. there is iron either. we have a very green president asking for more fossil fuel. >> this is an irony, every president before president biden was in favor of energy independence, we now have it. this administration investing in different domestic oil and gas industry and looking at new regulations to restrict it, asking them to turn things around. it is not clear what they are supposed to do because there's a certain amount of supply and it took six months, president biden has been in washington a long time.
and they are scrambling around to see what they can do to take pressure off. they have up to now not paid much attention at all to the domestic oil industry. stuart: can't wait for the glasgow conference to stop. >> a shortage of gasoline in britain. stuart: it is ironic. thanks for being with us. i've got an announcement on the market, 29 of the dow 30 are up. the only one that is down is going. not sure what the problem with boeing is but we are close to a 500 point rally for the dow jones average. pie lovers listen up.
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stuart: thank god i'm a country boy. that is hastings, nebraska. it is 45 degrees. look at john deere. thousands of workers walked off the job at midnight. i guess the workers are flexing their new muscles. ashley: yes they are. 10,000 members rejecting a new 6-year contract that would have immediately raised their base pay by 5% to 6% with additional wage hikes that would raise their average pay by 20% over that six years. the average production worker would see their annual salary go from 60,000 to 72,000, plus extra benefits. but guess what, 90% of the rank-and-file union members rejected that offer resulting
in the largest private-sector strike since the lockout two years ago. what is going on? as you alluded to it comes down to timing. workers believe they have the upper hand, businesses have been struggling to find qualified employees to fill a record number of job openings. the tables have been turned and we are seeing this more and more. stuart: the supply chain too. it is hard to get your hands on pumpkin or pumpkin pie material. there is a shortage of pumpkins. grady trimble is in illinois, that is the couple -- capital of the pumpkin world. what is the problem? >> farmers say the harvest wasn't so bad but about average. there is no shortage of actual
pumpkins. the problem is the transportation and the labor shortage we are seeing across every industry and now it might hit your pumpkins as well. john ackerman, tell us how this is impacting the pumpkin capital of the world where 90% of canned pumpkins come from here. >> most of the farmers have average yield, the factory is running nonstop. i don't think the problem is at the farm end, it might be the supply chain. >> reporter: getting trucks to transport it to the grocery store. we were told by folks at the illinois farm bureau to expect delays for the pumpkins to hit the store shelves. do you think that is accurate? >> that is the theme this year. it's not about a shortage. there is no shortage, there's just some delays. there will be plenty of time for thanks giving. >> reporter: we hope so. don't know stu likes punk and pie but we wouldn't want him to not get his fix this thanks giving. you might be paying more for your pecans pumpkin because of
the cost of labor going up. with hate to talk about inflation and rising prices but wouldn't want our viewers to because off gord. stuart: i got you, not bad. a similar story. the domino's pizza people, same-store sales turned negative, first time that happened in a decade, less pizza. we are pizza fatigue that to the pandemic. look at mcdonald's, they are going to begin testing mc plant burger next month. that burger is made with beyond meet, both up. it is thursday. here is the trivia question, a
little contrived. how long is the longest applause ever recorded? the answer after the break. i'm so glad we did this. . . ving. let's partner for all of it. i'm so glad we did this. edward jones hi, my name is tony cooper, and i'm 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 are 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
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black rock silver is bringing new life to a historic silver district, the second largest in the silver state of nevada with multiple recent high grade discoveries, black rock is well underway on the largest silver exploration program in america. black rock, silver. stuart: this is one of the strangest questions we ever asked on our trivia day. how long is the longest applause ever recorded? well look, let's give you the answer. the answer is 2 hours and 5 minutes. let me tell you about it. [applause] they are playing applause. it was achieved a the festival of you a someness in britain. july 20th, 2019.
the long applause was organized to raise awareness for mental health. i thought it was organized. get groups of people around the world doing odd things so they can get in the guinness book of world records. i think that was somewhat similar. two hours and 5 minutes. the rally, here is the news of the day. the rally at this point is holding. rally close to 500 points. "friday feedback," email us varney viewers @fox.com. neil, it is yours. neil: we're down applauding. thank you, stuart. here is what us going on the market today. we are focused on inflation, supply chain disruptions. maybe the administration focus on this. the key port, certainly the biggest los angeles port is getting attention. we'll move over to the other side of the country what is happening on the eastern coast because those same rules might not apply to this side of the country. we'll get into that. alsoet