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tv   Varney Company  FOX Business  October 22, 2021 9:00am-12:00pm EDT

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it would be out the window or down the trash chute. this flash in the pan show, i put money in alarm clock. people will not be talking about it in the year. >> all talk about the supply chain being disrupted, you have an important product that will change the lives of people, you can get it here. maria: have a great weekend, everybody. stuart: do you know that i had not set an alarm clock in 30 years and wake up every morning at 2:35 no matter if it is saturday or sunday. maria: it has been your schedule for that long. it has ruined my life. stuart: good morning to you, everyone.
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is this the ultimate political stock? i'm talking donald trump's's back? it hit the market yesterday, a big first day up 320% and that is up again this morning. here's a company which doesn't actually exists yet. we don't know who the ceo is going to be, the redit crowded enthusiastic, up 60% today, 90% this morning. president biden held a cnn townhall last night, it included his admission that senators manchin and kirsten sinema forced the scaling back of his spending plan, gas prices will stay high well into 2022, he did not have time to go to the border. he spent 10 weekends at camp david. one last point, and fire vital
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government workers. a big deal in financial world, the rising interest rates because of inflation fears, got close to one.7%, backed off a little, 167 right now. the nasdaq was heading south. the dow closed to another high, the s&p will be down a little, the nasdaq down 45 points. a fatal shooting on the set in new mexico where they were filming alec baldwin's new movie rust. baldwin fired a prop gun and the cinematographer was killed. the director was injured. baldwin's spokesperson says it was an accident involving a prop gun that was supposed to be loaded with banks. baldwin reportedly in tears. we cover it all, tragedy included. "varney and company" is about to begin.
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♪♪ ♪♪ take me higher ♪♪ higher ♪♪ higher ♪♪ higher ♪♪ >> gas prices, when you think they may start coming down. >> president biden: my guess is we will see gas prices come down going into the winter -- excuse me, into next year, 2022. i don't see anything that will happen in the meantime to significantly reduce gas prices. stuart: not until next year. interesting story. if they don't get gas prices down until next year look at them now, they are still going
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up. the national average dropping $0.07 and we, your now at $3.38, the national average for regular. not a single state has an average below $3 a gallon. then there is this, democrats chronically divided over the president's economic agenda. speaker pelosi expects a deal soon. what is senator manchin. >> the framework of a deal. >> i don't see that happening. >> progressives problem seems to lie with kirsten sinema who won't raise the corporate tax rates of democrats have to find other ways to pay for their agenda. manchin was raising the rate to 25%, democrats wanted 26%, she doesn't want anything so as this multi-trillion dollar deal gets delayed, this time kill the deal?
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stuart: good question. we will find someone who has an answer. david barnson is with us. the president acknowledges energy price inflation will stay with us. as an investor how do you deal with inflation? >> a couple things. on the energy side we are invested in the energy space and the price inflation is not coming out of nowhere with energy. it is supply related and we have control of domestic production. he wants less production at higher prices. that is economics 101. when you think about the price inflation we are seeing in other parts of the economy with various supply chain disruptions, labor shortages and other issues like that, some of which i'm happy to find political fault, some of which are probably not, but the point is prices go higher and
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investors and consumers need to react. this is where i talk dividend growth all the time at the sort of evergreen solution. the prices that are going higher are reflected in the company you own. they have proper pricing power, the ability to pass on the impact of that inflation to their customers. we saw that this week, procter & gamble reflecting prices as they pass it on to customers which is their economic response to what is going on. what you care about and so many viewers care about, the dividend rate growing year over year at a higher rate than
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inflation neutralizes that impact, you have the blue to receive cash flow growing more than the crisis are. stuart: will pepsi's dividend do that for me? >> pepsi has grown their dividend since 1995 by 10% per year. pepsi is a great example with consumer products, that people die all the time, and they grow the dividend on average almost double digits a year. stuart: you picked up walgreens. do they do the same thing? >> they have grown their dividend almost 50 years. the average growth rate is 7%, higher than inflation and you are getting a 4% yield at purchase so those are good examples of that dividend growth. stuart: appreciate it. former secretary condoleezza rice denouncing the teaching of critical race theory. >> one of the worries i have about the way we are talking
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about race is that either seems so big that somehow white people have to be guilty for everything that happened in the past, i don't think that is very productive. people feel disempowered by race. i would like black kids to be completely empowered, to know they are beautiful in their blackness but in order to do that, don't have to make white kids feel bad for being white. stuart: let's talk crt as it relates to the virginia gubernatorial election. is it the big issue in that election? >> great to be with you. it is a big issue. there was a piece on one of the big issues that brought the race to a dead heat. according to monmouth survey, glenn youngkin and terry
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mcauliffe, the incumbent, are tied at 46% each and a big part of that his parents outraged about critical race theory, white little boys and girls told airborne racist and will always be racists, this attitude is upsetting to white parents and black parents were not happy with kids being told you are black kill your a victim it will never make it and stay oppressed the rest of your life and critical race. people have managed to get people upset, democrats in northern virginia upsets turning up in huge numbers, that is why you've got this dead heat in normally estate that is leaning heavily democrat the last 10, 12 years. stuart: i read that op-ed. why do you say gop nominee glenn youngkin is the quintessential republican office seeker, you don't like him? >> i meant that as a compliment. you see a lot of republicans who succeed in business do well in private sector running for office, donald trump being a
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great example of that was glenn youngkin was ceo of carlisle the last 8 or 9 years or so and was with the company the last 25 and successful in the private sector, making his first run for office for governor and pretty much a tossup who is the next governor of virginia. stuart: do you think the problems with crt have legs and will become a major factor in the elections in 2022? >> if the left hangs onto this idea of not just praising black folks who have done well, admiring black people who succeeded but bringing down white people, this disruptive element of bringing down whites, the condoleezza rice alluded to, you and i prospered at fox news channel, i prospered as a black man by doing what i do and using my talents on air, i don't do it by dragging down stuart varney and dragging down white people,
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black people can succeed, saying there racist or evil, critical race theory pits us against each other unnecessarily. all the people successful across all races in this country, let's push up. stuart: i am with you 100%, thanks for being here. the market opens in 19 minutes. modest losses across the board. everyone has an opinion. i have been on it. i don't think they are attractive but the ceo of crocs, have blowout earnings. how do you get past the supply chain problems. president biden says police officers who violate vaccine mandate.
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>> emergency responders, stay at home or let go? >> yes and yes. stuart: we are covering vaccines, mandates and all, with infectious disease doctor matt mccarthy next. ♪♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this.
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stuart: market opens in 14 minutes mostly lower but not by much. sliding share price beyond meat. they cut their revenue forecast citing a range of factors including the delta variance and severe weather making
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deliveries part of the stock is down 14%. a major loss for beyond meat. yesterday i was joined by the cofounder of the miami private school where a student gets vaccinated that student has to stay home for 30 days after the shot. >> there is no science, we are doing the research as we speak. that is what the cdc should be analyzing was what about the kids getting myocarditis after the vaccine. what about the kids that are dying after the vaccine? stuart: it was a contentious interview. i am joined by doctor matt mccarthy. i to to respond to the two points, kids getting myocarditis, and kids dying after vaccination. >> i wish i could have been on the show to fact checker in real time because i can't
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remember somebody speaking so erroneously about covid vaccines are the coronavirus. the first is myocarditis. the cds looking at this very closely. the m rna vaccines are associated with inflammation of the heart called myocarditis primarily in teenage boys, the numbers look to be one in 7000. for some people that is an acceptable risk, for others it is not. when we see the efficacy data, the pfizer vaccine for kids age 5 to 11 is 90.7% effective. we make a risk-benefit calculation and say to i want to give my 7-year-old boy a vaccine the gives a one in 7000 chance of inflammation of the heart when the vaccine could be 90% effective. the idea that she was spouting, the kids who are vaccinated
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should stay home because they could infect others was one of the most preposterous ideas i have heard about the vaccine thus far. she referenced page 67 of pfizer's vaccine protocol. i looked it up, page 67 is all about breast-feeding, has nothing to do with anything she was talking about yesterday to the key point is when you get vaccinated we are not injecting a live virus and you. we are injecting a small strip of nucleic acid that help your body make the spike protein so you have antibodies so if you are ever infected you will be protected. you are not contagious and if i were a parent at that school i would pull my get out of it school. my last point, this is about leadership. this person has clearly been hearing things from parents that worried them but she didn't have the backbone to stand up and say this is nonsense. we are not going to sequester vaccinated kids. i was disappointed to see this
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happening. in my home state of florida, especially painful but none of the stuff she said made sense. stuart: in florida governor desantis wants to get a hold of the state legislature and ban vaccine mandates. do you agree with that? >> i am from florida and one of the things that struck me when i moved from florida to new york is all the rules up here. permits, i need permission to do all kinds of stuff. i'm not surprised florida is fighting tooth and nail on this issue. i speak to a lot of companies are instituting vaccine mandates and the first thing i say is we've got to agree on one point which is vaccines make you less contagious was if we don't agree on that point it is hard to get your head around the vaccine mandate but if we agree having a fully vaccinated workforce makes an office inherently safer then we can start to have a discussion
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about whether or not that is appropriate. the key thing the federal government can do that they are not doing and the cdc could do to move this issue forward as if they could acknowledge natural immunity. they could acknowledge that if you have been infected with coronavirus that is equivalent to having one dose of a vaccine. what you need is one more dose. if we could get that done we will get vaccines widespread here but the cdc hasn't budged on that. stuart: thank you for joining us. very good stuff. president biden says his vaccine mandate is working. what did he say about first responders? >> anderson cooper let the townhall and tried to define as many as a third and major cities are in vaccinated. >> and police officers, emergency responders be mandated to get vaccines and if not, should they be stay at home or let go?
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>> president biden: yes and yes. the things that concern me, one are those who just try to make this a political issue. freedom. i have the freedom to kill you with my covid. come on, freedom. >> that is a condescending attitude toward this group of americans very reluctant to get vaccinated and he overlooked the premise of the question, that you have large parts of police, fire chiefs, emergency responders choosing not to get vaccinated in big cities that are crime-ridden. that is the issue. you are losing workers where you need the most and he didn't respond to that. stuart: not just some first responders define the mandate. i saw video of some ge workers walking off the job. lauren: in three states, south carolina, indiana and ohio.
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we will show the ohio protest by unvaccinated and vaccinated employees calling for freedom of choice but ge's response is exactly what it should have been. we are following the federal rule that is expected to go into effect that you must get vaccinated and biden says those mandates are working ahead of the actual law. stuart: we will check the markets, futures pouring ever so slightly lower, pretty much across the board. "the opening bell" is next and we will cover it for you. ♪♪ 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
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stuart: friday morning, cryptos are up but not at record highs that bitcoin at 63,000 and ethereum well above $4,000. greg smith is with us. i believe you are pounding the table that crypto is here to stay. i accept that but which cryptos are you investing in? >> despite saber rattling by jamie dimon on the crypto market. i will pull a page from the squid games and ask if we are
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playing red light green light and the white is flashing green, all roads are clear ahead. crypto is here to stay. wall street's fascination with this product continues. we saw crypto his new highs, 67,000 and the value of all crypto currency stand at $2.7 trillion, this triple since january and in comparison to silver, the value of silver is $1.4 trillion. money pours into this, assets are going into this, there's been $16 billion in venture capital going into crypto from leading silicon valley venture funds, and the party continues and investors have to ask themselves how they get exposure to this asset class was stuart: i you invested in cryptos and if so which ones? >> there are five ways to play
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this market, the public names, coin base being the most popular. they are actively managed head funds, one is a fund to funds. you can invest in the private funds, and the cryptos themselves is an accumulation, you don't dump everything in the crypto. i own some bitcoin and some ethereum and those are things i will accumulate. i will buy the bit and new highs and you accumulate it over time. stuart: why has ethereum come on so strong recently? >> more and more are going into this was we saw the launch of a new etf that has been received with immense popularity, almost at the outset, open interest
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served and investors looking for ways to play this and will go to the bright shiny objects like bitcoin and ethereum which is number 2. as more capital comes into this, they hold resources, it will grow in the amount of that is going to grow. stuart: that is greg smith and this is the stock market opening on friday morning, 9:30 eastern. in the early going, it is unchanged, fractional gain of 10 points. the nasdaq composite taking a bigger hit down the third of one% because interest rates are rising. the yield on the 10 year treasury close to 17.
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they respond that way. it is an all-time record high. you are down 21%. >> users have to consent to being trapped, and that is less reach. that advertisers were hit by supply chain and labor shortages. they are down two. industrywide, if you look at the report that they had $1 billion for the first time, 306 million daily active users but the ad spending is a big
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chunk of revenue. stuart: look at them go down. we have intel, they are down big, 10% for intel. lauren: intel's chip problem i will go with intel specific, amd shares are higher in the premarket. the chip shortage, intel forecast lower profit margins for years to come because it is investing to make more chips, years to come. investors don't like that outlook but the chip shortages hit their notebook volume. a couple analyst notes, hope is blurry, that is the bottom line, when analysts are saying. stuart: hope is blurry. lauren: the outlook, the growth model. stuart: some companies reportedly this morning before the bell, it is doing very well.
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lauren: cards but increased 19% in 2019, travel and entertainment was strong, restaurant spending resilience and attracting younger customers engaged for corporate and consumer behavior. lauren: they cut their full year forecast. and labor costs. they supply the aerospace industry, look at what management says. stuart: honeywell is a dow stock and it is down. the dow industrials just hit another intraday high. then you have vf corporation down 4%. lauren: popular sneakers source a quarter of their best sneakers from vietnam and they were set for months and they
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caused a dismal report card. revenue rose but missed expectations. stuart: we have crocs on the show later on and they sent me a special pair of crocs just for me. lauren: the discussed later. when you said vans. lauren: popular with the kids. stuart: look on the screen. lauren: another one popular. stuart: that is popular with kids, rice and beans. lauren: they have younger, more affluent customers willing to spend more including their new menu item, the smoked brisket, most expensive meet yet. it is expensive for hire end fast food chain and it was a good report card, quarterly sales down to billion dollars, hit a record, 15% but likely raising menu prices again and - stuart: chipotle's profit
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margins are the strongest in the industry. >> how do you do that before customers say i will eat my rice and beans myself at home. stuart: zoom is up 3.6%. what is the news? lauren: jpmorgan upgraded them to overweight. if you look at the share price it is cut by a third since last december so investors priced in effect the pandemic growth slowed down. microsoft and zoom. stuart: they think microsoft, that you got that in. boeing, rbc, the royal bank of canada. the rally - lauren: shares go up 30% more, so they initiated coverage.
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the 737, 787 in 2023. stuart: full disclosure, i bought boeing at $330 a share, they wrote it to - lauren: you have blackstone. look at the dow winners, headed from american express. s&p 500 winners headed by the chip company. nasdaq winners, intuit is on the list. check the board. we are 6 minutes in, 75 points, the 10 year treasury is 166, it was 170 earlier today, doing nothing. it is $1,807 per ounce.
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maybe the inflation news is finally getting to gold. lauren: bitcoin might be down but it is up. stuart: where are we, 83, watch out sports fans, that is up a buck 30. natural gas moving up a bit, 535. gasoline moving up to $3.38. it cost an astonishing $4.54. >> in california it is nearly $8, $7 in one state. a host of issues getting gasoline to that station but it fills up at 7 and change. stuart: somebody driving by and the tank is empty. lauren: a desperate californian might be lost. stuart: that is where we are with money. stocks are up.
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president biden says he doesn't have time to see our border crisis firsthand. >> plans to visit the southern border. >> president biden: i have been there before, i know it well. i guess i should go down but the whole point of it is i haven't had a whole hell of a lot of time to get down. stuart: he has been there before? i don't think so but look at this schedule. that is a pretty full schedule of staying home and going to camp david. we will move on. republicans make their case to hunter biden's lucrative art sales. >> the first painting is monday. the second, the third painting is hunter biden. the hunter biden painting sold for 500,$000 also. we when he's not the only one calling for a special counsel. tom mcclintock is too next. in the battle of the
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billionaires, i say elon musk is winning hands down. more than just money. i will explain that in my take at the top of the 11:00 hour. ♪♪ (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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♪♪ take it easy ♪♪ stuart: a nice shot, ocean city, new jersey, 64 degrees. a stock i you to check out thoroughly, digital world acquisition, trump's news social media's back up 350% yesterday halted with a gain of 189%. that has to be the ultimate political stock. neil: investors clamoring for
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any exposure to the former president. they once trump, this is how you get it. it hasn't even close yet. a population who doesn't like big tech keep coming after conservatives and silencing them in the redit crowd. if you look at stock twists people were talking about the stock yesterday. volume is huge. stuart: two people approached me at 4:00 in the morning and said what about the back from trump? there is real enthusiasm there. it is up 189%. don't come to me for advice. how about netflix, $657 per share. mark mamahaney, last time we spoke you made a strong case for netflix. are you wildly bullish?
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>> i do think for near-term investors people thinking of the next 3 to 6 months, netflix, names like uber are the ones you want to be careful near-term about add names and online retail names. the netflix results doing fourth year in a row in the december quarter, growth is very consistent and getting stronger and stronger. there will be more squid games. and it is wildly bullish. >> and he has very good judgment. >> they spent 17 to $18 billion a year. >> we don't know about "squid game," and the queen's gamut,
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the innovative series, they will blow it out and take it worldwide. this is one of the better management teams in big tech. stuart: can you tell me what is wrong with snap and facebook? they are down as well. >> a lot of things. a perfect storm is one of the apple policy changes, they really undermined the marketing campaigns of a lot of apps companies, retail companies and undermined the revenue at platforms like snap and facebook. you have pressure from retail advertising customers, supply constraints, less product, this promotion and inflationary
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pressures, a perfect storm with these advertising, and the covid period a year ago, you want to be careful about advertising platforms and the next quarter or two. wonderful stocks in here the next quarter you want to be careful. stuart: always appreciate it. the second ever bitcoin etf set to start trading today. >> the ticker is bts. if it is anything like pro shares which recently launched it could accumulate $1 billion in assets by monday, they did that under two days. this is a regulated product that helps investors who want exposure to bitcoin specifically, feel more comfortable doing it. 20 million americans own crypto directly. this is the future but they own crypto currency's directly. that is expected to hit 51 million americans in the next year.
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stuart: 21 million out, 51 million expect, okay. stuart: this is how you get in. we work the office leasing company, they are up 16%. they debuted yesterday. lauren: it wasn't an ipo but they went public. here is the deal with 2019. the ipo was famously scrapped. valuation was $47 billion. they were disruptive to the office lease market. they have a much smaller $9 billion valuation now but their timing might be perfect because you have so many companies closing or shrinking their headquarters, so many hybrid workers that might need to go into an office for a meeting a couple times a month and that is where it comes in, up 15%. stuart: coming up, a bizarre tragic accident.
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alec baldwin fires a prop gun at a cinematographer, killed a movie set. details coming up for you. this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you.
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stuart: american factories don't worry about the back log
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of cargo at the board's. lydia who is that a toy factory in michigan. this company, does it make all of its products? >> they have five facilities. all of their toys favored by american plastic toys inc. made in the united states. fire trucks being assembled, more parts for plastic toys coming down the conveyor belt. a large push ahead of the holiday season together orders fulfilled. the beauty is the use toys are destined for retailers across the country before christmas and others are stuck out at sea, watch this. >> one thing that is unique to
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this year as we transition out of all production later in the year. we might want to fill some of those shelves even if it will take longer and be more challenging but hopefully our products will provide the last-minute gifts from the shelves and otherwise be empty. lauren: the ceo alluded to the challenges was one of them is o fill their shelves looking for toys they can sort. they had to turn away customers late this year because they don't have labor to keep up with those orders, hoping to turn that around and commit to their recruitment and hope they have a robust spring of 2022. stuart: we wish them well. a difficult story. alec baldwin fired a prop gun. that is a gun that shoots blanks, fired on the set of the
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movie rust. a crew member was killed and the director was injured. how did this go so wrong? >>, an investigation is underway to find out what happened. it was on the set of the western film rest in new mexico, production obviously halted. blanks were not loaded in that prop gun. it discharged shrapnel or a bullet. it hit the two people, the director of photography has died. the director, joel sousa, hospitalized, he is okay. alec baldwin just so distraught by this. there are pictures of him hunching over, how did this happen and that is what everybody wants to know. it happened in 1993, bruce lee's son, brandon lee was filming gun is a prop gun was loaded with bullets and he died. the fact that this happened again there are no words. stuart: a dreadful tragedy. your heart goes out to
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everybody including alec baldwin. lauren: he has to live with that. stuart: awful story. i will segue to the markets. we are up 130 points for the dow and interest rates are rising. still ahead. andrew reese, west virginia senator shelley o, steve hilton, lara trump, we have a jampacked show, the 10:00 hour is next. ♪♪ 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 you founded your kayak company because you love the ocean- not spreadsheets. you need to hire.
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(rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito!
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- [announcer] bito, the first u.s. bitcoin-linked etf. ♪ ♪ stuart: what's that? oh, spice of your life, the spice girls. we'll play it anyway. all right. morning, everybody. 10:00 eastern. it's a friday. let's get to your money. new highs, by the way, for the dow and for the s&p. right now we've got the dow at 35,7. how about that? bitcoin, it's moved back away from its record high of yesterday, $67,000. it's now at 62,3. as for oil, going up again. uh-oh, watch out for energy price inflation. you're now at $83 a barrel for oil. and the 10-year treasury -- this is what's causing the upset in the big tech market -- has gone
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up to 1.66%. big tech doesn't like it, most of big tech is down. that's the markets. now this. there is no exit ramp from the president's vaccine mandate. he's sticking with it. asked at the cnn town hall last night if police officers or first responders should be fired if they don't get vaccinated, he replied yes and yes. he dismissed personal liberty as the freedom to kill others with covid. that is a sarcastic, cheap scare. so the president is quite preparedded to make the country deal with fewer police officers, fewer firefighters, fewer health care workers, fewer teachers and, of course, far more illegal migrants some of who are carrying covid and don't have to get vaccinated. but there's something not being fully reported. the covid caseload is plummeting. we're down to 75,000 new cases a day, of what it was in the first
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week of september. it was 164,000 then, t 75,000 now. what a decline. we're getting through this, but you don't hear much about it. the media prefers the scary headline. and you don't hear much about treatments. where's the follow-up on the scare stories about sporting events being super spreaders? they're not there. they don't follow up because it destroys the narrative that we should all live in fear. i hope the courts eventually strike down the vax mandate for both private and government workers. with a chronic worker shortage and a sharply declining caseload, this is no time to put people out on the street and scare us all to death. second hour of "varney" just getting started. ♪ ♪ stuart: all right. look who's here, in new york city no less, tammy bruce with me today. i say quit the fear mongering.
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where are you on this? >> well, exactly. and this is what america's been watching for a year and a half, right? we understand the seriousness of everything that affects our lives, especially a virus that can strike all of us and our families. and wove done -- we've done, i think, a very good job. but what we've noticed is this attempt to manipulate us, to kind of move us into a certain direction even though we've seen extraordinary progress p as you mentioned. while the legacy media doesn't talk about it, we know certainly worldwide there's been a 30% reduction in cases. we know that things have gotten better, you know, with treatments, as you've noted, that if you have a breakthrough case, that you at least can be treated. when there was first discussions about mandates and even an osha rule during the trump administration, this is pre-vaccine. we now have vaccines, and our big deal is whether or not you should get a booster. this is good news even though you might not want to get it. at this point what we recognize, and i've actually got a book coming out next year about the use of fear to control population.
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we have a few things to write about, obviously, but this is part of it. this is an education about once you find out that americans or any group of people willing to do what you say and you think you know you're a little master of the universe, you don't want to let go of that rope. you want to keep going. and americans, understandably, we want to do what's right and we are, but we are not going to be pushed in this regard. we have issues for our own families, we have our own issues regarding vaccines, some of us have taken it, some of us don't. but it's no one's business. and for the president to say last night, you know, mocking the idea of freedom -- stuart: that was awful. >> -- that's at the core of this. that tells you everything you need to know. stuart: it does, it does. something else the president said. listen to what he said about rising gas prices. roll that tape. >> do you have a timeline for gas prices of when you think they may start coming down? >> my guess is you'll tart to see gas prices come down as we
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get by and going into the winter -- i mean, excuse me, into next year, in 2022. i don't see anything that's going to happen in the meantime that's going to significantly reduce gas prices. stuart: we're not going to get gas prices down until the end of next year? >> he's speak as though there's lek recapes -- leprechauns involved. there was trump time, there was decision making, there was pressure and movement on making things happen which is why we have the vaccines we just discussed. this is a man who seems like he's watching a movie, like he doesn't imagine the next scene is going to involve, you know, an effect on gas prices. but this affects everyone, certainly heating oil for homes. it's a matter of national security as well. the mental health of the american people still about being able to travel and have options for your tush future, it's the -- for your future, and then before when you were speaking about the police, talking about you've got the freedom, what, to kill he. look at the rising crime in
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cities. the police every day go out there and risk their lives to protect us. so this is an extraordinary -- last night was kind of shocking when it came to his attitude. important for the american people to see about mocking freedom, being derogatory about our first responders and then a president saying, oh, i don't see anything happening about the gas prices. remarkable passivity and almost a lack of empathy across the board when it comes to the american experience. stuart: you're not a big fan, are you? >> just look, i mean, we know democrats are also upset. people who supported him are upset, but this was predicted and predictable. we saw it coming, and we need to do better than this. stuart: damn -- tammy bruce, you're all right. the cnn was dominated by questions from democrats. lauren, what was the breakdown in questions? >> okay. so it was a 90-minute town hall,
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questions on infrastructure, climate change and supply chains came from seven democrats. the two republicans went last, took an hour to get to the first republican questioner. and the second and last question was about china's aggression militarily. three independents in this town hall where there were seven democrats and just two republicans in baltimore. stuart: no surprise there. cnn would have a hard time rounding up any republicans. let's check the markets, please. this is friday morning. we've been open on the market for 37 minutes. the dow's human 100, the nasdaq's down 61. jonathan hoenig joins us. what's this about banks becoming the new big tech? i think -- you're talking about fin-tech, aren't you? >> well, no, i'm talking about the good old-fashioned banks. inflation is on everyone's mind. nine out of ten consumer investors worried about it, new fox poll indicating it. but banks are one in particular,
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you've been saying for weeks now higher interest rates are bad for tech. that's true, but they're actually very good for banks because it improves their net interest margin, helps them make more money the higher interest rates go. look at xlf, that's the etf that holds all these big banks, up about 66% in just the last year. in fact, they're leading the charge right now. bank of america, these are among the strongest stocks in the market. stuart: you have often said on this program that inflation is not caused by greedy businessmen or log jams. okay. so spell out what is causing inflation which we're now suffering from. >> yeah. well, and it's likely going to get worse, stuart. inflation really started in the 1960s, early 1970s, 1973 home heating prices doubled, and it didn't peak for another ten years. people are concerned the genie, once it gets out of the bottle,
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it's very difficult. and that evil genie is government. biden administration wants to blame it on business people, it's government spending. the artificial expansion of the money supply, oh, i don't know, $2 trillion or $3 trillion spending bill from biden and the democrats is particularly inflationary, and that's what we're all dealing with now. it simply doesn't go as far as it used to. stuart: you're not a fan of the new or modern monetary theory which says you can print as much as you like and there are no consequences. >> and the idea that government spending is what crypts wealth. i mean, stuart, it's just the obvious example just recently of nasa and spacex or nasa and jeff bezos' blue origin. you look at the private industrial, productive mind, who do you want to bet on? if you have an important package, do you bring it to the post office or fedex? that says all you need to know. government spending makes
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everything cost more and, of course, their solution is going to be more government spending still. stuart: you, sir, are a good old-fashioned libertarian the, ain't that the truth. jonathan hoenig, a pleasure to have you on the show. >> be well. stuart: some stocks are real standouts, including tesla above $900 a share. >> it did hit an all-time high of 907 just moments ago. my reaction is they have strong pricing -- strong margins but also their autopilot, it's very expensive. it's like $10,000, but there's been so many issues with the beta testing of it and accidents on the road, and they were just cleared, tesla's autopilot was just cleared in one of those accidents in texas, and i think that's good news for investors that thought that could be a hindrance with regulators for the stock price. stuart: the best electric vehicle company on this planet. elon musk being probably the best executive on the world. i'll get to that -- >> and he came to the market early. especially with the prices of
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batteries. stuart: boston beer. >> oh, boy. what do you think the problem is? stuart: is it? [laughter] >> yes, it did hit a low earlier of 4.93. a surprise third quarter loss, stock's down almost 50%, and they made a bad met on the market for hard seltzer, but it reversed. stuart: i thought it was the great new thing that was going to take over the beer market. apparently not. whirlpool, got any news on that? i don't know if it's moving, any news? >> well, the stock's not moving much, but what the ceo said was input inflation is the highest in a decade and the most he's ever seen in his 22-year career. he expects $1 billion in raw material inflation this year. the cost for prices going up for whirlpool's to need for dishwashers and everything else will cost them a billion dollars. stuart: oh, that's news. >> yeah. stuart i don't care about the stock price, that is news. that's inflation all the way down the road. >> that's the company with the
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poor if consumer waiting for their new appliance. stuart: i'm squinting at the screen, and i believe digital world acquisition -- is it halted again? >> it just reopened. yes, it was halted, and it just reopened once again. so the guy leading this, his name is patrick orlando, he has a stake in digital world acquisition. [laughter] he has made so much money and, unfortunately, he's not allowed to cash out until nix months -- six months after this merger has been completed. but this is access for president trump, this is some sort of criticism of big tech and silencing of conservative voices, and people are packing in. they keep going. stuart: the reddit crowd are in it. they just love this stock. good for them. >> the low was $9. if you got it then, good job. [laughter] stuart: that was yesterday. the guy who met me on the way into the studio this morning, i got in at 15. >> nice! stuart: do you think it'll keep running? >> after that huge run
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yesterday, do you think it'll do it again? >> all right. let's get more on a very serious subject. alec baldwin accidentally fires a loaded prop gun killing a crew member and injuring another on a movie set. we have the tragic details for you. president biden says he has not visited the border because he hasn't found the time. roll tape. >> do you have plans to visit the southern border? >> i guess i should go down, but the -- but the whole point of it is the i haven't had a whole hell of a lot of time to get down. stuart: fox did some digging and found he has spent 19 weekends at his home in delaware, 10 weekends at camp david. surely had time for the border. and then there's this, panning ma stopped 52 terrorists that were heading to the united states. we're all over that story as you can believe. next hour of "varney" rolls on. ♪ ♪ uh carl, are there different planning options in here?
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♪ ♪ stuart: at the cnn town hall, president biden was asked about his plans to visit the southern border. what was his response? >> i don't have the time. stuart: that's it? >> i don't have the time. >> do you have plans to visit the southern border? >> i've been there before, and i -- i know it well. i guess i should go down, but the whole point of it is i haven't had a whole hell of a lot of time to get down. i've been spending time looking at the $900 billion worth of damage done by hurricanes and floods and weather and traveling around the world. >> fox says -- go ahead. i know you want to say something. stuart: he said he'd been to the border. i don't think he has. i don't think he's actually walked up and down that border. >> and i think you are correct. stuart: and he's so busy, he can't go. >> yeah.
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look at this, 19 weekends in delaware, 10 weekends at camp david, 1 overseas at nato. he's not going to go to the border. why would he? it puts him visually in the crisis. that's an ad for the republicans come the midterms. so peter doocy pressed jen psaki, she said, well, why would he go to the border? why do you go to a hurricane, stuart? it's a pr moment, and you can talk to the people on the ground. if he goes to texas and he looks at the border, whether he has or hasn't, he can talk to border patrol, he could talk to the residents living there, he could see for himself. start stuart yeah. and jen psaki mentioned several times the broken border. who broke it, may i ask? there you go. >> that's why he's not going. stuart: congressman tom mcclintock, republican from the state of california. sir is, do you have any evidence that known terrorists are really coming across the southern to border. >> we know this, panamanian
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officials told congressman gonzalez they'd intercepted 52 individuals with known ties to al-qaeda enroute to the u.s., we don't know the precise details because the administration won't give them to us. what we also know is this: when biden unconditionally surrendered bagram to the taliban, we were holding between 5-7,000 hardennenned terrorists in the prison there. they were all released. we know where one of them went. ten days later, one of them admit nateed the bomb that killed 13 service members. we don't know where the thousandses of others are, but i think it's a pretty good bet more than a few are making their way to our border, and a lot of americans will die as a result. stuart: he's not going to close the border, sir. >> no. stuart: this president, i think -- look, in my opinion, they want an open border. >> this is quite deliberate. there's no other explanation for
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it. this is an attempt to fundamentally change the culture, the politics and the founding principles of our country. and they're doing it quite brazenly. we've seen more illegal crossings of our border this past year than we have in the entire history of our country. and this is just beginning, by the way. gallup warns us there are 42 million people living in poverty in latin america and the caribbean who intend to come to this country. no civilization has ever survived the magnitude of mass illegal immigration we're seeing right now. stuart: there's more than three years to go in this administration. you pressed attorney general garland yesterday to appoint a special counsel to investigate hunter biden's art sales. do you think this attorney general will appoint a special prosecutor to look at a sitting president's son? >> well, he should, but i don't
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think he will. and here's the point, it's not what the son was doing, this tawdry influence peddling, you know, the inflated numbers he's getting for his finger painting, i mean, you can go through all that. that's not illegal. what is very, very concerning, there are multiple e-mails and text messages from hunter biden to various people suggesting that his finances that he's getting through this influence peddling are directly comingled with the president's finances. in fact, there's one complaint in a text where he writes to his daughter saying that half of his salary's going to his father. that is a very serious concern because it directly implicates the president with the influence peddling of the son. stuart: i think there's a democrat trying to influence this interview is in the background. tom mcclintock, thanks for being here.
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attorney general garland was pressed on exactly how many illegal migrants the justice department is currently prosecuting, but he could not -- i don't think he could come up with answers. >> you know, 1.7 million were detained thisfiscal year, but how many were prosecuted? here you go. >> it is a federal crime to cross the border outside a port of entry, is it not? >> yes, it's a misdemeanor, that's true. >> your job is to prosecute federal crimes. how many have you actually prosecuted out of that 1.7 million? >> the justice department doesn't make those arrests -- >> no, no, but the justice department's responsible for prosecuting. how many are you prosecuting? >> i don't know the answer to that. >> who knows the answer to that, right? stuart: well, he didn't. >> exactly. where's the accountability of what's going on? they'll keep coming. stuart: they're here and they stay. check those markets, please. we're almost an hour into the trading session. dow's up 100, nasdaq's down 48. walgreens, this is important,
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walgreens is thousand offering moderna and -- now offering moderna and johnson & johnson boosters at its stores nationwide. interesting for all of us. facebook works on rebranding its image. mark zuckerberg is back on the hot seat. facebook's own oversight committee is demanding answers on how they collect and use consumer data. we've got a report on that. the wife of a former massachusetts senator is so fed up with the current state of politics that she's running for congress. so what pushed her to do that? i will ask her husband who just happens to be the former senator from massachusetts, scott brown. ♪ ♪ there goes my hero, watch him as he goes. ♪ there goes my hero, he's ordinary ♪♪
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all-time somewhere day high earlier -- intraday high. let's have a look at digital world acquisition, halted again. i believe this is the third of the day, up 117%. this is trump's, mr. trump's new social media spac. we've got some movers this morning. let's start with american express. nice move, nearly 5% if, look at that. >> yeah, really good numbers. what they see going forward, what they see from the consumers spending on their cards, really solid when it comes to travel and entertainment. that's the economy reopening and card use up 19% from pre-pandemic level. stuart: 5% gain is big for a company of that size. what's this marathon digital? i don't know it. >> this is your -- oh, this is the wrong one. this is marathon petroleum. marathon digital is, it's down, and it's down 3% right now. this is your cryptocurrency, your bitcoin story because we did have a big rise this week in the price of bitcoin which is
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now lower, at a session low today. stuart: tell me what's wrong with moderna. >> i don't know. okay, so walgreens is now offering the booster shots, and you can mix and match. if you got the j&j shot, you can get your booster from from moderna or pfizer. there was bad news on pfizer out of norway, norway is stopping giving 12 to 15-year-olds the pfizer injections. they don't use moderna there for that age group. yet moderna is taking the heat, down 4%. stuart: go figure. >> go figure. stuart: all right. facebook's own oversight committee is calling out how the social media conducts business. kelly o'grady is with me. what exactly are they flagging, kelly? >> reporter: stuart, it's really a lack of transparency. all of these issues come back to this root of concealment and a call for greater transparency from a company that impacts billions of people. now, i want to get into the specifics of this week's outcry.
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facebook's oversight board reprimanded the company for failing to provide crucial details, reportedly showing millions of vip if users drawing backlash from critics when ordinary members have been censored. the program was first brought to light when whistleblower frances haugen leaked documents to the "wall street journal." she'll testify on a range of matters she claims facebook has been lying about. but that's not all. ceo mark zuckerberg is now listed as a defendant in the lawsuit over the cambridge analytica scandal. it's been revealed the company agreed to a $5 billion penalty versus a proposed $106 million to insure there was no liability for the ceo. now, it's not just facebook that faces this greater call for transparency, but big tech as a whole. the consumer financial protections bureau has ordered these companies to turn over information on their payment business. with the explosion of e-commerce, they're demanding
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answers on data storage and consumer targeting. facebook is going to face investors at their monday earnings call. it's important to know that none of these accusations impacted the tech giant's stock this week until snap's earnings yesterday called into question the health of online ad revenue, so figure that one. we'll be watching how the company handles all these issues on transparency come monday. stuart: the stocks are all down, and that's a fact. kelly, appreciate it. good stuff. our next guest is a former massachusetts senator whose wife is so disgusted with politics that she is jumping right into politics. look who's here now, former senator from massachusetts, scott brown. mr. senator, i was on the set working with sean hannity the night you were elected, senator from the state of massachusetts. you took ted kennedy's seat. i remember it so well. that night was a very big night. welcome back to fox. good to see you again. >> well, thank you. thank you, stuart. it's great to be back, and don't forget it's the people's seat
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is, it's not the kennedyss' seat. [laughter] it was an honor to be able to serve under president trump as his ambassador to new zealand and samoa, and we got back the end of december. i'll tell you what, after afghanistan i come in, and hi wife is watching fox. she said, that's it, i'm done. i go, with me? no, you wish. [laughter] between the border, the debt, the deficit what's happening with the crt in our schools, afghanistan was the final straw for her. she says i'm a new grandmother, and i'm done. and if people want to learn more, go to gayle brown for because her, people like her and others need to get involved in the school board, school committee, city council, state rep, state senator, u.s. congress. because if we don't, respectfully, we lose and so does the country. stuart: if you're running from new hampshire, have you both moved to the state of new hampshire? >> oh, yeah. we've been taxpayers for 30 years here. i'm a ninth generation son of
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the american revolution from new hampshire. we've been here full time since 2013, haven't missed a local, state or federal election even while we were away serving in new zealand. stuart: have you completely left politics? >> no, i have another run, stuart. quite frankly, my wife has been with me for 21 races and, respectfully, it's her turn. good people like her need to get involved because you see what allege happening with nancy -- see what's happening with nancy pelosi and biden, respectfully, i wish the president was doing well because if he does well, the country does well. but he's not. gas prices alone up over 50%, 500% increase in natural gas prices and a lot of it the president, don't forget, was hammering, hammering the oil companies. and this new $3.5 trillion with the carbon tax and all the other restrictions, now he's begging them to start producing. he's begging opec to produce more when we were once energy
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independent urn president trump and exporting energy around the regions of the world. you can't make this up, stuart. stuart: no, i think your wife -- [inaudible conversations] i suspect that you and she are part of a groundswell that we're seeing all over the country. scott, thanks very much for being with us. i'm sorry, i'm out of time, but come again and see us. >> i just want to say hello and it's great to see you. stuart: okay. good luck, sir. see you later. california's trucking regulations may have had some impact on the port backup. did you know that all trucks must be 2011 or newer? that's because of california law. why do you think you've got a problem getting trucks to take away those containers at the port? they've got to be pretty new trucks. we're going to be talk about this with california guy steve hilton and what he thinks of the policies, the state's strange policies. steve's in the 11:00 hour. and the ceo of crocs is on the show next. they just reported blowout
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earnings. i want to know how they managed to get around the supply chain crisis. we'll be back. ♪ yummy, yummy, yummy, yummy, yummy -- ♪ yeah, you've got that rummy, yummy ♪♪ ♪ ♪ ♪ ♪ ♪
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traveling has always been our passion, even with his parkinson's. but then he started seeing things that weren't there and believing things that weren't true. that worried us. during the course of their disease, around 50% of people with parkinson's may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. ask your healthcare provider about nuplazid.
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stuart: we've already seen intraday higr the dow industrials and the s&p 500 early this morning. we've got a 50-point loss on the nasdaq, however. and then we have crocs. that stock soared after their earnings report. it really did, and it's up again this morning, by the way. is the ceo is andrew rees who joins me now. andrew, you've got a supply problem. how did you do it? i notice the crocs -- which you sent me, by the way -- they're made in vietnam. how'd you get around that problem? >> i'm pleased you got them, with all those things you know and love are. i'm not sure we got around it, right? if you look at the third quarter, i think we anticipated
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a lot of to it, right? so in our guidance and how we manage the business, we figured it was going to be difficult, there were going to be port delays. we also saw a closure of many of our factories in vietnam. so as we look into really the first half of next year, that's when that's going to impact us. we're using -- we're shipping, we've moved production out of vietnam to china, indonesia and other places. we're going to use quite a lot of air freight to bring goods in an expedited fashion. that's going to cost us quite a bit of money. we're being super proactive in how we manage it. and underlying that we've got tremendous strength in the brand. stuart: now, i know you want to be net zero in terms of carbon emissions. i mistakenly thought that your crocs were made of plastic. they're not. what material are you going to use to get to net zero emissions by 2030? >> well, a couple of things.
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you're absolutely right, they're not plastic. it's a molded foam which is different from plastic. and the first thing to know, the carbon footprint of that shoe is extremely lower. it's 3 if.94 kill -- 3.94 kill kilograms. a lot of what gives a high carbon footprint in a typical shoe would be leather or some of the other components. so what we're going to do to get to net zero, we're defining to cut the emissions -- we're going to cut the emissions of that shoe by half by using sustainable input. we can get the same ingredients from sustainable sources, so we're going to blend in those sustainable sources and get the carbon footprint if even lower, and then we'll use carbon offsets to offset the other component that we can't offset. zoo stuart the last time you were on the show, we talked about how aggressive you can be with lawsuits against competitors. we found a company that's making
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shoes that are very similar to crocs, but they are for dogs. they're on the screen right now, croc for dogs. are you going to sue? >> i don't think we're going to sue, no. that's not a competitive the use case. look, we have intellectual property that's very important to the value of our company, and so it's important that we protect that and we're going to be the aggressive and proactive about that. and i would say some of those, you know, lawsuits we talked about last time and the action we're taking to get a general exclusion order is going very well, indeed. but if somebody wants to adapt our shoes for our four-legged friends, they're welcome to it. stuart: where did you come up with -- they're so bright colors, really. i need sunglasses. where do you come up with those colors? >> a big part of our brand is the optimism, right? you see behind me a lot of the collaborations we do with a lot of different celebrities of brands, and i think the optimism
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we can bring, ther rev answer we can bring to the consumer, it gives them a real reason to buy. so we do use a lot of bright colors, and the consumers love it. stuart: i just wanted to straighten something out. you sent me two pairs of crocs, the right size and they do fit, and you've decorated them with hi name. you put a soccer ball on, you mutt money on, you put -- put money on, you put a little tree for my tree farm. i want to thank you very much, indeed. i tried them on, they're very, very comfortable. that's a fact, andrew, so i take back all that i said about them being ugly. [laughter] i take it all back, andrew. i take it all back. >> well, institute, i'm glad -- stuart, i'm glad we have a convert. that's what this is all about. i'm sure over time you'll maybe wear them out and maybe buy another pair. we would love them. stuart: my other half explicitly said don't ever wear them in public. what do you say to that?
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>> i guarantee you, stuart, that over time that will subside. you will be caught walking around, maybe going to the gas station from your tree farm or maybe down the streets of manhattan, but i guarantee you'll be out in public. stuart: if i wore crocs in manhattan, it might get complicated. andrew rees, you're all right. thanks for being on the show. best of luck. >> thank you, stuart. stuart: got it. only 60 of haunted house attractions, you know, they set them up every year, i think you pay to get in, only 60% of them were able to open last year. covid did 'em in. this year's different. madisonal worth is at the brighton asylum in new jersey. is that place sold out, madison? >> reporter: yeah, stuart. this place is really buzzy. there are still some tickets for tonight, but tomorrow is already sold out. it's been sold out for over a week. we're going to get a sneak peek
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if. i'm going to bring in the owner, rich, right now to talk about this as we head into the house. rich, last year you guys were open but with limited availability. what are you seeing this year when it comes to customers buying tickets and coming to your haunted house? >> people are extremely excited to come out this year, and we're having a really, really great season. we're super excited. >> reporter: so in terms of business, have you noticed an increase in profits? are more ready to celebrate after the pandemic? >> more people are definitely coming out this year and, yeah, definitely noticing an increase. it's definitely an exciting season. >> reporter: exciting is right, guys. when it comes to holiday spend -- [laughter] halloween is only second -- there you go. welcome to the asylum. halloween is only second to christmas. the spend of americans on this holiday is huge. in 2019, the last time we had really a normal halloween, americans spent over $8 billion, $8 billion. this year they're expected to spend $10 billion, and that's
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because of places like this, obviously, costumes and canty as well. candy as well. if you want to come out to brighton, it is limited availability. tonight is the night you want to come. back to you. stuart: people pay for that? extraordinary stuff is. madison, thank you very much, indeed. love to know how much. amazon launched a new option for shoppers who don't want to wait for their packages in the mail what's the option? >> they're working with their third party to go pick them up at a local store, so the physical store. it's called local shopping. i kind of like this beyond all doubt because it's a win-win. amazon keeps you on the site because they arrange the pickup at the local store, and it's a win for the merchants because they get your business, and you actually go into their store. maybe you buy something else. who are these her chants? to start, sears, best buy, mattress warehouse and a bunch of i've never heard of because they're local. stuart: good for them too. all right. thanks, lauren.
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former president donald trump launching his own social media platform. what will we see from trump's truth app? i'll ask his daughter-in-law, lara trump, coming up on the show. the dethe fund the police movement started in minneapolis last year. watch this. >> defund the police. no justice, no peace, defund the police. no justice -- stuart: okay. all right, that was june 2020. now residents in minneapolis are putting it to a vote. we're going to talk to a former sheriff from hennepin county next. ♪ -- calling out for help. ♪ sos, please someone help me -- ♪ it's not healthy for me to feel this -- ♪ you are making this hard ♪♪
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♪ ♪ there are beautiful ideas that remain in the dark. but with our new multi-cloud experience, you have the flexibility you need to unveil them to the world. ♪
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[background sounds] >> this is the craziest thing i've ever seen right now. [background sounds] [inaudible conversations]
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stuart: attorney general her ific garland says the justice department does not support defunding the police. i'm going to bring in the former hennepin county sheriff, rick static, who joins us now. sheriff, it's a different story in minneapolis. they're going to vote to defund the police. are they going to vote to defund? is it a yes on the vote, do you think? >> good morning. well, i believe that it will fail. i work with a group called fight for our which provides education to the minneapolis residents about why this abolish and defund movement is just a failed experiment as proven over the last 12 plus months in this country as crime rates continue to skyrocket. stuart: well, what's the feeling in the community? and by that, i mean in minneapolis. take the big picture for a second. do they really want to defund the police after what we've been seeing in minneapolis?
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>> you know, i think if you rook at the polling -- look at the polling, and i'm not a big believer in the polls, but the polls say this effort will fail. but take nothing for granted, there are people out there who are very commit. i've seen over a million dollars come into this effort rt to i abolish and defund the minneapolis police department and if yet only about 15% of those monies have come from minneapolis residents themselves. so this is, you know, this is a national movement. what happens here in-in yap lis will happen -- minneapolis will happen in other cities like l.a., chicago, portland, new york and others. and, again, i mean, if you just look at our crime rates and what's happened in the last 12-18 months in minneapolis, what else needs to be said? stuart: let me ask about vaccination mandates to police officers. minneapolis mandates the jab for all city workers, but the police department, as i understand it, is doing it on a voluntary basis. do you think police officers should have to get the jab to stay on the job?
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>> well, i think part of the reason that nuance is there is because minneapolis police are down one-third staff ising. so they've got -- staffing. so they've got, you know, just several hundred patrol officers out there to be answering those 99 11 calls -- 911 calls. the time should be about three minutes. when you call for help, you want it now, but it's taking over 15 plus minutes. so i think these officers will do the right thing, they'll be vaccinated. stuart: so wait a second. at the moment the minneapolis police department is not vax mandated. they don't have to do it, it's a voluntary thick, right? -- thing, right? they're doing that because they can't afford to lose any more officers? is that the state of play? >> i don't think they're going to tell you that directly, but i think it's pretty obvious when they're down over one-third of their staffing and the 911 calls are taking five to seven times longer to answer than they should, and people are dying in
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the streets. i think that's a reasonable, a reasonable play on it. stuart: sheriff, thanks for joining us this morning. appreciate you being here. rick static, see you again soon. thank you, sir. okay. check that market, please. not that much movement today, up 77 for the dow, down 76 for the nasdaq. if still ahead, steve hilton, west virginia senator shelley moore capito the, lara trump. elon musk is winning the battle of the billionaires, but it's not just because he's rich. i'll break down why i think he is the world's top business executive. that will be my take next. ♪ ♪ ♪ ♪ ♪ ♪
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(judith) in this market, you'll find fisher investments is different than other money managers. (other money manager) different how? don't you just ride the wave? (judith) no - we actively manage client portfolios based on
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our forward-looking views of the market. (other money manager) but you still sell investments that generate high commissions, right? (judith) no, we don't sell commission products. we're a fiduciary, obligated to act in our client's best interest. (other money manager) so when do you make more money? only when your clients make more money? (judith) yep, we do better when our clients do better. at fisher investments we're clearly different. >> inflation is on everyone's mind, consumers and investors worried about it. and government spending is making everything cost more. the dividend rate, growing year-over-year, neutralizes that impact you. >> could do is an asset class.
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crypto currency standard $2.7 trillion, investors have to ask themselves how to get exposure to this asset. >> americans want to do what is right but we are not going to be pushed in this regard and for the president to mark the idea of freedom is at the core of this, tells you what you need to know. ♪♪ american man ♪♪ the stuart: we are an american band, not too bad, 11:00 eastern time. here comes that weekend. the dow is up 89 points, new intraday high but early this morning hit a new intraday high.
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bitcoin retreating today, yesterday at 67,000, this morning at 61-5. elon musk is the world's preeminent business executive. in the battle of the billionaires he is winning hands down. he is the richest person in the world bar none, worth a quarter of $1 trillion. it is more than money. musk founded and runs tesla, the world's leading electric vehicle maker. tesla is worth eight times general motors, 13 times more than forward. space x is the leading private space industry. ahead of jeff bezos's blue origin and richard branson's virgin galactic. they do space tourism, musk lost thousands of satellites
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and plans to colonize mars. the boring comedy is a musk creation, a vastly expanded loop in las vegas, trying to revolutionize urban transportation. neural link working on linking machines to your brain. imagine what that could do for prosthetics. is a popular personality not just because he's rich but because he is the brash successful man of the future, colorful, entertaining. what a contrast with mark zuckerberg. senators warren and sanders, socialists don't like anyone with more money than them. a few years ago i characterized him as a showman a bit like the character harold hill in the music man, the movie. i got side of his minute relation of cryptos with his weird tweet but today those look like minor-league criticisms which you can't argue with success especially
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since he is not harming anyone. elon musk is king of the hill. third hour of varney just getting started. steve hilton with us this friday morning. elon musk, richest guy in the world ditched california for texas. >> how disaster loosely this state is going in the wrong direction because i agree about elon musk and for me he captures what is great about california, that mentality that says we will innovate and do things differently and take on different establishments wherever it may be. i remember meeting elon musk before we moved to california, working in the uk government and we came to learn what made california such a place for successful growing businesses.
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i will never forget seeing him, in palo alto, switched the meeting to la, gordis for space x, seeing just there you had like nasa, the launch control room and then the place where he makes the rockets. and and california is not for me. and we need to get that spirit of unleashing innovation, for the taxes and democracy joking the state to death. >> and in the port in los angeles and long beach, elon allowed to use those trucks which are newer than 2010, older than 2010. they've got to be know, they've got to be built in 2010 or
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later. older trucks can't be used and can use independent truck drivers to go into those ports, you shot yourself, not you but the california state is showing itself in the foot almost constantly. >> the hilarious thing, not hilarious the terrible something comical about this is they create these problems themselves with government edict and regulations, then when they create the crisis they declare an emergency as they have done in california to deal with the crisis that they created and that gives them even more powers to do even more damage, the whole thing is a ludicrous. stuart: where is it going? >> it is going -- the big structural advantage for the democrats in terms of voter registration, no question it is a blue state. what you see year-by-year is the working people of
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california, middle-class people of california, latinos, black californians saying we had enough. and the working-class collision. stuart: i can't hear this conversation. my ifb come out? sorry, steve. have to postpone this for a moment. i can't hear what you are saying is not sure you can hear what i am saying. steve will be on the next revolution, 9:00 eastern sunday night as always with steve hilton. i am sorry about that, my apologies. the man was in full flight. i stay on supply chain issues and bring in economist anthony chan. we've got logjams all around the world. why not bring manufacturing back to the united states? >> i love your idea. i would love to see the manufacturing jobs come back to the united states. we have 5 million manufacturing jobs in asia, love to bring them back, but we have 1
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million unfilled manufacturing jobs in the united states so when you look at those manufacturing jobs in asia, the average wage manufacturing in vietnam is $3.50 an hour, china, $6.50 an hour, the united states, $24.50 an hour. i don't think any but he wants to take those jobs from asia, lower paying ones and take those salaries and if we offer the prevailing average wages in the united states we can't fill them. when we have 12 million manufacturing jobs, 5 million out there it is difficult. are you got to do is look at what happened to the labor force. we still have a drop in the labor force from the peak before the pandemic of 3.1 million. labor force grows an average of 100,000 every month. that means we are missing 5 million workers when you take into account natural growth and
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people who dropped out. we don't have the power. stuart: what is your explanation for missing 5 million workers. what is happens? >> half of them basically retired. the federal reserve conducted a study that found close to 2.6 million of those retired, the bureau of labor statistics tells us almost 2 million people today are not coming to work because either they are sick with covid or taking care of somebody who is sick with covid or have childcare issues and other things so there are many reasons those people are not coming back. the good news is cases are coming down, more people are coming back. you see that in the unemployment claims statistics, it will get better but we have a long way to go. stuart: it is a good thing, labor supply shortage and strong demand for labor, wages
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go up and that is what is happening. >> it is great but not so good for corporate profits. right now the analysts are looking for profit margins to come down next year because look at the difference between the producer price index and the consumer price index, the producer price index is what it costs to produce something, consumer price index is what they get back. there is 3.2% gap, costing businesses more and that is getting worse. the more these wages go up which is 2 thirds of the cost of producing good or service. those profit margins suffer but not good for corporate profits but that's another problem we have to deal with. stuart: wait until you get a tax increase too. see you again soon. susan joined me. good morning. >> can you hear me clearly? stuart: the line is clear. you are following bitcoin futures.
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>> second one available today, just started trade and given the first bitcoin futures etf pro shares fastest eps to $1 billion, there's been a lot of demand, if you look where bitcoin is trading above 60,000, less interest today. watershed moment for the crypto community because when their futures, more people get in and more mainstream adoption for crypto currency and bitcoin it self. stuart: record high for tesla, potential battery supply deal with buffet backed -- >> based in china, this is a report that hasn't been confirmed yet but look at the surge we are seeing for tesla, that you have the 10 year treasury yield close to one.7,
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looks like tesla and elon musk and i love the great businessman and entrepreneur at the top of the hour. those are blockbuster numbers tesla delivered for records on the corner but $1.3 billion in cash, third straight quarterly record profits. it could be a battery supplier. stuart: i wonder what x would go for. >> the wealth of elon musk, $250 billion, 25% of tesla, 50% of space x. space x valued at $100 billion. $250 billion, we haven't even put in narrow link yet. stuart: what about google? >> the social media stocks, google takes 23% to 24% of us ad spending the go through systems, more than their rival
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visual advertising exchange. that is a problem if you are fighting antitrust lawsuits. stuart: the dow jones average up 100 points. attorney general garland grilled in a controversial memo to investigate parents protesting school curriculums. role tape. >> the attorney general sets up a snitch line, americans aren't going to tolerate it. stuart: lara trump is on the show. she's going to respond to that. 25,000 unaccompanied kids cross the border since biden took office, 125,000. senatoritoh take that on, senator manchin says the spending deal is going to happen anytime soon. report on that from the white house the next. ♪♪
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stuart: this is coming to us, fed chair jerome powell says high inflation would likely last well into next year and cannot rule out another covid spike this winter. a pretty negative the of inflation that is taken a toll on the nasdaq which is down 109 points. democrats working to reduce the $3.5 trillion spending plan to around $2 trillion. the programs they are proposing could have some hidden costs. hillary vaughan, tell me more about that. >> one analyst predicts the programs included in the reconciliation package are not
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expected to last as long as some progressives want but they will find a way to extend them and that is where the price tag goes from what is considered by progressives to be a very modest $2 trillion to possibly $4 trillion, that is one estimate from cornerstone macro who says the real cost of a 10 year budget proposal with these programs would be closer to $4 trillion. when you look up programs that are included not a lot is being cut out. a lot more for a shorter period of time, ultimately will have a bigger impact on the deficit and that is what we heard from president biden himself last friday. he said he wants to get a lot of programs on the table to establish the principle. if it does work, to stick around, that is a concern with people saying you are not
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cutting a lot out of the package but including a lot of programs for a shorter time. here's where things stand. right now childcare subsidies, universal free cake, four weeks of paid family leave are in the package. free community college, the clean electricity program and what was originally wanted, 12 weeks of paid family leave, vision, dental coverage for medicare on the rocks, that is something bernie sanders is fighting for but there has been a lot of back and forth how to come up with the money to pay for all of this, if that $2 trillion is the real figure. senator kristen sinema says corporate taxes are a red line for her so they are trying to find a bunch of ways to get the money elsewhere. stuart: thank you very much. joining us in studio, senator shelley mooreitoh, welcome to the show. joe manchin from west virginia,
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democrat, standing out for lowering the price tag on this thing. how close are you to him in your views? >> we are very good friends and have known each other a long time and we represent a great state. senator manchin is going after what is important for west virginia, green energy policies very harmful to our region when it cuts out and natural gas. i applaud him for that. he's trying to reach a yes and that concerns me. i don't think we spent another trillion, reducing the price tag to $2 trillion. we will see where he ends up and where they end up. all indications that they are reaching a conclusion. stuart: you cut the time frame so you cut the price and they last forever. that is a trick.
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>> there is no appetite ever in washington to ever cut a program that puts more dollars into somebody's pocket whether it is a childcare subsidy or something else to do, they know we won't do it. it is $4 trillion and that is the actual figure. stuart: 125,000 unaccompanied children crossed the southern border since president biden took office and 60,000 more migrants could cross the southern border in the next week. you remember the homeland security appropriations subcommittee, is there no end to this insight? >> there doesn't appear to be, 192,000 people apprehended at the border last month, 1.7 million over this fiscal year, the most ever in a year. what is most troubling to me is there is no plan, no way to stop.
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it is still open arms and that is what they are hearing, they are smart enough to know the coyotes and others bring them through. if you can get through you will be into the country. stuart: i have set on this program several times i think it is deliberate. they want open border. it gives them political advantage. what do you say? >> indications are they do once an open border. they started blaming donald trump like it is october. you've been a lot of to start policy, the remain in mexico policy, strengthen the wall, acting as a deterrent for people to come in, there is no deterrent, no penalty. you citations under the bridge in del rio. they are in the country for the most part. they will stay. very discouraging, why do you care in west virginia? 192,000 people coming over in september those agents working hard to manage that crisis have their eye off the ball, drugs
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coming through killing our people and the country are living. stuart: thank you very much. i wish we could drag you to new york again. thanks very much indeed. tragedy on the set of alec baldwin's new film rest, the actor shot a prop gun. it killed one crew member and wounded the director. what is the latest? >> that is the good news. the tragic accidents with alec baldwin. we know the director of photography was killed, pronounced dead after being flown to new mexico university hospital. no charges filed according to the sheriff's office but onset accidents, that happened years ago with bruce lee's son, he was killed by life bullet
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instead of a blank. it was supposed to be in place. stuart: to this one real fast. comedian dave chapelle says he is willing to meet with netflix employees. this is all about the walkout over the comedy special. >> this was mentioned not through dave chapelle himself, he is willing to have a dialogue with a few dozen netflix staff is a walked out in protest over his transgender joke, he listening and no more jokes about transgenders until we can all laugh together. chapelle is in london playing to a sold-out crowd and reportedly if his netflix special is pulled he would to her the us taking advantage of the controversy at this point. $25 million for the 6 netflix specials, this is data that was leaked as well. 25 million for one special. stuart: attack millionaires
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giving away free crypto currency. all you've got to do is let him scan your eyes. we will explain. donald trump is launching the new social media platform. what does he offer besides trump's personal views? laura trump has the answer and is up next. ♪♪ 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, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people
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we'll keep you ready for what's next. comcast business powering possibilities. >> that is chicago, 49 degrees. what the fed chair said about inflation continuing at a strong pace into next year, that had an impact on the market, the dow is down 12. it had been up hundred and the nasdaq is down 136. >> the 10 year treasury yield up to one.7%, people have pulled forward their expectations for the first interest rate hike. that might be clouding the
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broader market. zoom is being called by jpmorgan, reseller ration and growth worth $185. pretty good upside. stuart: moderna following of that earlier. >> 250 according to them but that is what you see with the cdc recommending booster shots. stuart: you've got to explain the snap tech gloom. >> snap looking at a record percentage decline and it said business slowing because of apple's privacy changes meaning facebook, google, amazon, shopify looking contagious across the technology space. stuart: you are our crypto expert. i to to know what is this about getting free crypto in exchange for scanning a rise. >> bitcoin falling below 60,000 today.
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that would be interesting, probably had technicals in the algorithm itself but interesting new world coin, whether it is one of the most famous and successful accelerator and incubator in the world. the cofounder, 130,000 get their eyeballs scanned for free, crypto, 60,000 of these have come in the last four weeks. the reason is they want to make sure you are not double dipping and getting more crypto than you have been allocated. stuart: what do they get out of scanning my eyes? >> free crypto currency. they get your iris scan which they will use to develop the iris or technology scanning devices. i would have privacy concerns about biometric, very unique to
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you, it is worth $100 billion, it is worth $1 trillion. there are some ways to go. stuart: shares of digital world acquisition surging again, they will launch donald trump's social media platform. that's what that is about surging 68%. it was a 350% yesterday. look who is here. if i sign up for this new site, what do i get besides being able to see your father-in-law's posts? >> you get to have freedom of speech which seems like it is lacking on a lot of social media platforms. the reason my father in law felt this was necessary is as president of the united states at a private citizen he has seen the way our freedoms of speech have been pulled back in a big way by social media
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outlets, by big tech and he wants a platform where people have the ability to come, say what they want without fear of being canceled or censored. that is what america is all about, sounds like a great deal. stuart: will he take an active role, an executive role in this new platform? >> he is chairman of the board i believe of the new company and anyone that knows my father-in-law knows he doesn't do anything he doesn't have his hands in so i assume he will play a role in this. i have not had a lot of intimate knowledge of this but knowing my father-in-law you can bet. stuart: let me change subjects. congressman jim jordan grilled attorney general merrick garland over his memo that ask the fbi to investigate parent protesters as domestic terrorists. >> attorney general of the united states, americans aren't going to tolerate it.
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the excelerator march to communism we now see. america will fight the good fight and finish the course and keep the faith because americans value freedom. stuart: i suggested your very much on board with what is going on in the schools in loudoun county, parents objecting to crt. where do you stand on this? >> i think congressman jordan is right. i think he said in his speech this was the tipping point for parents. when they saw possibly a domestic terrorist label that the applied to them if they wanted to find out more what was happening the child's school it is a frightening thing that someone would allow a memo like this in america to be send out and parents feel this is a deterrent for them and part of the reason they are
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so upset, we have a responsibility to find out what our kids to find out, the school board meetings have gotten very hot. it is because parents feel what they are learning, they are not happy with and they should have the. to voice their opinion but this memo was sent to deter parents from showing up at those meetings for fear of being labeled a possible domestic terrorists. what about people who were burning down police precincts, government buildings, those are real domestic terrorists but we don't worry about those people, parents who care about their child's future have this label possibly applied to them and are fighting mad and this sets them off even more, this memo. shame on our attorney general and justice department for ever
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suggesting such a thing and good on parents are fighting for their kids. stuart: lara trump, always a pleasure, don't be a stranger, thanks very much. look at southwest airlines, they are cutting their schedule for the holiday period because they have got to deal with staff shortages. that could make a mess of holiday travel. grady trimble has more from the chicago hub next. ♪♪ i did to fly away ♪♪ yeah yeah yeah ♪♪ 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. oh. their award-winning content is tailored to fit
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stuart: to liam people pastor tsa checkpoints yesterday, double the number from last year but still below pre-pandemic levels. the regional airlines guy west had to cancel 700 flights
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yesterday, internal computer system shutdown operations for more than 5 hours in your the rest of the airline stocks. they are all over the place but mostly lower. let's look at southwest airlines, cutting even more flights right before the holidays, dealing with a savage shortage. grady trimble is at southwest airlines's hub in chicago. how many flights are they cutting? >> reporter: they are cutting fourth quarter scheduled to be 8% down from 2019 levels and that is down from the original planned reduction of 5%. the reason they just announced this new reduction is trying to avoid another blunder like we saw earlier this month with that cancellation chaos, 2000 flights canceled over appear go of a few days. as you said that was blamed on the weather plus staffing shortages they are dealing with
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and southwest is not the only airline dealing with the staffing challenges right now. southwest is on its way to hiring 5000 employees by the end of this year. they are halfway to that goal but delta looking to add 1500 flight attendants as well. american wants to add 350 pilots by the end of this year, 1000 new pilots over the course of 2022. the other issue airlines are dealing with right now is the vaccine mandate because they are federal contractors. the pilots union for southwest and american pilots sent letters to their members telling them not to talk about it on the job because it is becoming a safety issue. this is a letter from the american pilots union, the latest hazard we face may be the hardest regardless of your personal views concerning the vaccine mandate. we are seeing distractions in the flight deck that can create dangerous situations.
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holiday demand is expected to be way up this year as people are less worried about covid than they have been earlier this summer and ready to get back to normal but prices are expected to be up to 2019 levels, jet fuel costs are going up and people are ready to start flying again. stuart: they will go up more than from 2019. thanks very much. let's give everybody a sense of the market, dow 30, clearly the sellers are in control. have to go back to what was said by the fed chair. he sees inflation running well into next year and two upticks in interest rates next year. that is important stuff but brought the market down. don't go anywhere please. we still have friday feedback and the trivia question of the day packed into the last part of the show. ♪♪
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stuart: begging, okay, begging you to watch friday feedback. here's susan and lauren to join me. this is from bonnie who says do, i think you should sell to microsoft and take lauren and susan on a trip to spain. >> a ticket on space tourism costs 250 grand. are you saying you have enough microsoft stock for two of those tickets? not sure we have the accurate info. stuart: you are not going to get info on how many of microsoft shares i own. if i did it would you come with me? >> yes. 100%. would you be that generous? stuart: know. besides, i don't want to pay the capital gains tax on microsoft. i have owned it for 20 years. i'm not going to do it. i am moving on. is that okay with you? holland right this. this is serious.
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my sister and i were polio pioneers. i appreciate your series covering the polio vaccine. covid fear in my humble opinion doesn't compare to the fear the polio inserted into our lives. i am the polio generation. it was the terror of my youth. we all got vaccinated and polio was eradicated and that was a wonderful thing. that appeared on my special, american built which airs every monday night on foxbusiness. >> compare for me the fear of today, covid, to polio back then. stuart: very personally i was terrified back then. it was sweeping the world and crippling young children. it terrified us. i'm not as worried about covid. i am much older and we have vaccines so i'm not as worried.
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that is an honest answer. i am not part of this fear of covid. i'm vaccinated and i will take precautions if i have to and that is where i am. >> the other difference is the vaccine 70 eradicated covid. not sure they ever can or will. maybe it is because i don't have a family or young children but i don't have that fear of covid. i'm young enough to survive and won't have that many symptoms and have been vaccinated so i don't fear covid that much. stuart: j bradford rights stop asking, begging, pressuring your guests authors for a free signed copy of the latest book, spend a dime, you have it. being a cheapskate on your own show is not a good look. >> that is your look. it is not a good look but it is your work. it is for you. me when you think i look cheap? >> know. that is your thing. everybody knows that you try to save money.
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like your whole platform. >> i'm not cheap, i am 50. >> you are frugal. i called him a scrooge mc duck a few times. stuart: it is never going to be forgotten. brad wants to know would you ever tell someone you are not all right? i've never seen that. you should have watched the show yesterday when i interviewed the latest runs the academy in miami which said if a child gets vaccinated they have to stay home for 30 days. >> that was a great interview. stuart: i cut that off short. that cabinet is being investigated. patricia says i saw you on fox and friends last week in jeans and sneakers, you need to ditch the white sneakers and white socks. perhaps lauren or susan can update updated sketchers for you. you were the one who told me you do not wear any socks with white sneakers other than white socks.
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>> did you read what she said? white sneakers, white socks. it wasn't the socks that offended her but the sneakers look in general but you don't wear white sneakers with black socks and that is my recommendation. everybody on the planet agrees with me. lauren: low socks, they don't see them as such. so we don't see the socks as much. stuart: what do you think of these? props given to me by the ceo of crocs, they have been decorated especially for me with my tree farm or whatever. >> your nicknames to rat. stuart: they misspelled stu rat. kevin says this. i have a problem with the phrase melt up. have you ever seen a snowman melt up? have you ever seen ice melt up? i enjoy your show, someone needs to find a new way to describe a stock price increase.
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>> float up. things float up. that makes more sense. >> how about a fountain spout. i'm looking for mobile -- stuart: the most awful suggestion. >> what have you got? >> i got melt up. >> come up with something else. stuart: it is friday trivia question. on this day of october 20 second 1962 resident kennedy announced he was imposing a naval blockade on cuba, one week after the soviet union installed missiles on cuba the question is how many days to the cuban missile crisis last? we will ask when we come back. . i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this.
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♪ stuart: all right, here we go. how many days did the cuban missile crisis last? now -- [laughter] susan, you watched the movie, so you know. >> i did. i kind of ruined it for everybody. sorry. stuart: and, lauren, you were listening to what susan had to say -- >> i would have been wrong. stuart: here it is, 13. the crisis began october 16th, on october the 22nd, kennedy told everybody about the missiles and that he was imposing a blockade. the crisis was averted on october the 28th when the
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soviets said they would remove their missiles as long as the u.s. didn't invade the island. i remember that distinctly. you weren't even born. >> correct. stuart: i was 14 years old, and all the kids were talking about it even. back then. >> i remember the movie, but i don't remember the actors. stuart: it was a good movie. it was called 13 days, budget it? okay. thanks, ladies. mr. asman, you're on. david: stuart, i remember my mother putting canned food in the basement. we were all kind of nervous back then. good to sigh you, my friend. welcome to "cavuto coast to coast," i'm david asman in for neil cavuto. markets trying to weather the port in the supply chain storm. nice turn of phrase there, with the dow and s&p losing ground after hitting all-time highs earlier today, and the nasdaq under pressure from weakness in the tech sector. plus, president biden saying there are no easy answers to the


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