tv Varney Company FOX Business November 4, 2021 9:00am-12:00pm EDT
we did. >> i think if i would've added raisins, i would've gotten negative reactions of personally this might be one of the things like putting french fries and frosty it when he said it turns out good but let's not forget the finest use of grapes is not to shrink them into raisins, it is to use them and ferment them into wine. see tip crazy both in great to see you. >> a good morning everyone. stuart: the democrats are still sorting through the after math of this weekend trying to figure out what went wrong they appear clueless in the left say that it was the failure to get the massive social spending bill passed in the moderate say is far less politics and they are at each other's throats and we were supposed to get a vote on social spending to date but it is in doubt in the rules committee has yet to rule on whether social spending can be
talked about the house today were not sure exactly what is in it. so fashion told barrett that he doesn't want any new programs that we can't pay for braided what a mess and perhaps it is all best on the front page of the new york post, is awake now, sleepy joke, voters don't like him but clueless biden is still blaming everyone else. well all of this is going on, the stock market climbs tomorrow record highs, that is been the story of the month and pay off in dc and records on wall street. notify the federal reserve will have a little but will probably waited to lecture to raise the rates and after that, the dow is down in your voice, the s&p is up six but another new high for the nasdaq composite pretty well above 16850-point day at the opening bell today rated the interest rates are holding fairly steady as the ten year treasury still well below 1.6 percent with 56th moment pretty come to study at 61000
vehicle yes 619 and missouri and 4500 politics money, that is what we do because that is what you want and we have plenty of news on both. thursday november the fourth, 2021, varney & co. is about to begin. ♪ ♪♪ ♪ ♪♪ biden: i think that it should've passed before election day but am not sure that i would be able to have changed the number of very conservative folks who have turned out in the red districts
work trump voters, i was running his donald trump predict. stuart: the president is rejecting the blame that the loss the agenda and with me for the alibi by the way, in your opinion, is mr. biden in part to blame the losses this week pretty. guest: more than a partner might i think primarily responsible for it and look what a great candidate yet pretty good candidate on the republican side but i'm not trying to disclaim him here but how often have you seen a private equity guy become a rockstar in a short of a period of time and the reason is and he alluded added at the top usually is that we will give the people what they want news politics and glenn youngkin gave the people what they want and they're upset about this critical race theory and the economy in virginia and glenn youngkin gave them that in the meantime biden and democrats nationally are not giving the people what they want and you spoke to one person in america that likes what is in these two bills the infrastructure the
social spending bill. stuart: yes, a couple. guest: the average person or the worker in america, is saying that this is awesome the democrats and joe biden want to be americans what they want and this is a pushback rated two of the democrats are standing by their agenda by the way despite the election bosses were hearing they could vote on this massive spending plan today or tomorrow. what is a story here, it is not clear is it printed. guest: we started out talking about the actual politics now we will get into the weeds here on how this whole process works in reporting the house rules committee was the site pressing the social spending bill and possibly before a floor vote on both the social spending and infrastructure today. but 1230 this morning was without approving of rules or social spending build up and on the floor that if the house lacked a rule to establish the parameters of debate, it cannot bring up the bill of this moderate democrats there said that their party leaders are
putting them on the floor without a full score for price tag is you and i would call it braided. stuart: i think the voting people are really upset about this chaotic approach in the major legislation and it does not go down well. twenty-five for selling in the lives or not. stuart: governor phil murphy has claimed victory in new jersey in a tight race you know the story, what is a jack ciattarelli campaign say pretty. guest: murphy, in the new jersey governor race by the republican jack ciattarelli smashing it and not ready to accept it yet in his campaign tweeting out that if he responds over the media to make this call the new jersey secretary of state is not a minnow have any ballots are left to be counted in regarding the state does not have an automatic recount triggered by such a slim margin is in stage ii but jack ciattarelli can request one. stuart: also new jersey, this is quite a story, is really amazing, the state senate steve
sweeney, is been on this program many times is a heckuva guy is currently losing his race against the trump driver claimed outward and how much did he spend his campaign, millions, i mean, 153 bucks, this guys on the verge of upsetting the democratic senate even though the powerbrokers there in new jersey having only spent between 100 - $200 on the campaign, listen. >> governor murphy went and blocked us down and ignored the people's voice and the senate sweeney, chose to do nothing for those 18 months and the people were angry pretty. stuart: he set by 2000 votes over in, and longtime democratic leader sweeney received nearly $3m dollars in contributions and is thereby doing it. here we go in here we are, it is amazing in this the talk of the
election. stuart: i think that would be greater than glenn youngkin i thank you hear something important, the vaccines news we been waiting for this for a long time and we are the details on the vaccine mandates and you have seen it saw the roles. guest: here's what we know that it deadline of january 4th for compliance and osha will help employers develop a vaccine and testing standard that means your employer will get this info from the fence. they're not any commensurate with any other osha penalties, they will fully are violating the mandate, penalties higher roughly 40000 bucks for violations and it could be set little times and so test out options for healthcare security and is in this one, listen up, inconsistent statement and local laws including was a banner limited employers authority to require vaccinations but also start, masks or testing, we are not heard the last from the lawyers on this one.
sue and i do not know where you get your energy from. guest: i just had a coke. to an ischemic to the futures, kind of a mixed picture this morning to the stand out in the nasdaq where we are looking for dane about one third of 1 percent some of yesterday's record high and with us next, i want to give you credit here because you have been predicting this melt up and i think we have a melt up right now. obvious question, where to next. guest: well stuart never tells us that it's usually fairly decent guy, we have more upside to the end of the year, eight weeks are among the strongest of the year, are the strongest seasonal periods of the year heading into the end of the year and i love this time to put new money to work stuart even though we are at these all-time highs. i think will see strong retail
and i think lou will continue to see strong energy consumption and we are sing that with pre- oil prices i think we are going to see more of this melt up. stuart: that's a concern to you with the feds. guest: i think we saw that the market was prepared for something worse when we got the statement from the fence, we gotta market moving a little bit negative to a positive territory and i think that what is telling us is that the fed is not going overboard in doing any of the tapering and yes are going to taper, but they said interest rates will sustain for a long period of time and i think that gives the market comfort to let some of the economic things like through. there's a lot of pent-up demand at their printed sue and give me a stock that i could buy today that would go up for the rest of the year and maybe into next year as well, what is your stock.
guest: their home as i would love to give you but when i like right now for seasonal reason is best buy, i give you best buy on august 4th at $110, it is now 11205 and i think it will go up 10 percent by the end of the year and is already done that and it's already got another 10 percent before it is done. so if you want to hold something for a couple of months or two or three months i can go up another 10 percent and make money on that holiday shopping season comes in, that is a strong stock, they don't have too many competitors when you can go in and touch and feel things. suet to be a stock that i could buy today and honor for the rest of my life. guest: that's right when you and i have talked about many different legacy stocks in those things that you want to buy now and i will give you to because i love one and the other one i
cannot ignore, i love amazon the long-term and i think their transition in healthcare is going to really beget a big deal and i also think they might have the opportunity to slide off some of their businesses after that would be good too - 35 years from now the second one report is that we don't want to think about, but you gotta have it in your portfolio, ali baba, they are the amazon of china and they are going to go up at some point in time despite all of the ugliness on the company. they just have two big of this market share in the two strong locally. sue and will you been bright so far, check the futures again and now were all the green all across the deck there and up 66 in the nasdaq deposit in new york city newly elected mayor
eric adams jumping into the hot button issue of the vaccine mandates. >> were going to suggest the vaccine mandates and i stated that that would go into monday morning cornerback the mayor and he has to make the decisions printed sue and he's going to revisit the mask mandate encoded the liberal event, that is new york city, be in the brink of real change come january the first, good question will try to answer it my first considering paying migrant separated at the border 450,000 bucks per person. stuart: . biden: is not true pretty $450,000 per person is that's what you are saying, that will not happen printed sue of the aclu is calling biden's bluff and they say that the planets very much in the works and we have that story for you next.
sue and democrats actually doubling down on these of the huge spending fans despite the election buses may now reviving leave in getting back into this massive bill in the capitol hill, i'm sorry yes, hillary, joins us now, a mix of the script there. now the experts say that the price tag for this whole onslaught that, is much more than $1.75 trillion and how much is it. guest: a lot more, it could be as much is 3.9 trillion this coming from the budget model that is reviewing the bill under the build back better package
that has all the social programs in it and the argument are making is that these programs are made permanent the true cost, is double by analyst here in congress are trying to say the price tag for the packages for and it also even if you take price tag at face value, is closer to 1.9 trillion, not 1.75 trillion and also the budgetary offset, pace for this is still comes up short in the martin model said that it would only increase revenue by $1.56 trillion and that ten year budget window. so some of that social programs will probably stick around once implemented in your looking at believe in universal pre-k, expanded child tax credit childcare subsidies to name a few of those are all social programs that people are going to vote to keep in place once the government puts them in place. in the budget model coming from you look at the biggest part of the package, one of the biggest
points that they are counting on getting cash from is to close the irs tax got through investment in the irs in the white house and we will get $400 billion from that but the analyst has said it is really hard to predict how much more money you're going to keep up by just investing and more auditors and doing more audits, pretty much a big gamble for that system or the bottom line is that even modest estimates say that this package is not fully paid for in the program in it are probably going to be permanent and stick around it and that balloons the cost to almost double. stuart: republican from pennsylvania joins us now, carson their part to try to put paid leave back into the bill and during the house boards and means committee and i understand that the republicans will file a bill this morning. our this is a separate issue, which want to kill this paid family leave and if so, what you want to kill it because it is
popular. guest: first of all i don't know if provided vote on the 2100 page bill today, they saw an hour before they went into the committee room yesterday. they were there until past midnight we don't know yet what is and is bill. and we have before and for the democrats are in chaos, we have been waiting on the floor for votes several times already this year so we don't know what is in the bill, nor do we know whether we will vote on it to your point earlier, it is just unbelievable to me how they are reacting to the vote on tuesday. it was a complete repudiation by the american people of the biden agenda and the socialist agenda here the house and their reaction, that the ship is sinking, is taken more water instead of bailing. it is a massive misread of the situation a massive miss read of where the american people similar to the bighorn so it is
just unbelievable that they think that the american of people love us. they just don't think were passing this fast enough. there are multiple things that have been discussed this bill, one his family leave and i served . stuart: there's one more thing, i'll jumping into this, this massive bill, the salt deduction, they're going to raise it there in the capuchin the salt b-uppercase-letter race to 72500 up bucks and also that is a find out giveaway to the rich democrat donors and yet they stuffed it into this bill. guest: quick point on family first you don't need to be employed to get family leave, it's unbelievable, continues to this incentivize working for the federal government which is what the market people do not want and salt by the way, which is a massive giveaway to their wealthy donors and to the people in new york city and san
francisco, they have not had this in the bill before and we went through four days of markups in the waiting and can committee and they've not had in the bill, because they knew that it was a giveaway to the wealthy donors and they knew it would not be popular with the middle income americans across the heartland. now to try to stick it in the last minute and talk about the wealthy, not paying their fair share this is a massive giveaway to the wealthy braided. stuart: and that's coming from the democrats which is really extraordinary stuff. i want to get back to the full soundbite of the presence response to paying illegals 450,000 bucks apiece and role that take place. biden: if you said that garbage out, yeah but it's not true, four and $50000 per person is that what you're saying. >> separated from a family number of the last
administration. biden: that's not going to happen predict. stuart: were learning that the house gop will introduce a bill today to block the administration from paying out those are and 50-dollar payments to illegals and is all happened than the sea back to the future so fast, the market in seven minutes time, nice game for the nasdaq coming up in the opening bell is next.
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c1 that is a look at futures up to the nasdaq and that's a big pointing at 50 gain their look you is here now david joins us, i always liked your dividend pics, they've always been good for me so i don't you start which your dividend pic number one pretty. guest: yes it is one of the only names that i took a drop here in this last earnings season so we like the entry point and you come in and only 15 times the earnings and of three and half percent dividend yield and they groaned that dividend 12 percent
per year for 25 years and national defense is not an industry this going away anytime soon. h&r block is a tax advising unit that a lot of people are familiar with but they started to buy a lot of the companies there's getting into other spaces and they were losing much money, they started to sell off those assets as new management, the really have revenue growing in the right way, a form that have percent dividend yield of the site was up over 6 percent yesterday and we really h&r block pretty. stuart: that dividend dividend is secure not going to go away reduce anytime soon pretty. guest: yes they have solid earnings and that's the one thing that always say is we don't by companies unless the dividends secured by cash flow. sue and i hear you have a new book out, there is no free lunch, my comment would be, you don't like socialist do you
david. guest: i don't like socialism or the don't like the idea that free enterprise is being miss representative is an ideology of greed and i believe that we have got to defend free enterprise morally, we've got to make the claim that it is the best system for the human person and created the best opportunity for flourishing and i believe god created each person with dignity and will try to make an economic argument that's rooted in that philosophy. stuart: individual freedom, you're required to bring you real prosperity through capitalist, you've got have individual rights predict. guest: that's right is a condition for flourishing and unleashing the creativity of the human spirit and humans are made with it a lot of capacity for being creative and productive but they have to be free in order to do so.
c1 believe me i noticed the difference when i experienced the socialism in the 70s, see you again real soon and the opening bell is coming up, a guy reaches down at in about ten later, good morning and ten seconds later you've got yourself a market and here we go, three - two - one we are up. it is thursday morning, we open with a 50-point, well it did that margin should we put it like that, even split winners and losers but look at the s&p, another all-time high. but it is opening on the upside and that is the s&p, 46 and 68 right there, how about the nasdaq, i don't know if that's a new high, so the new high of another 34 points and maybe one quarter percent and 15 and eight is the reading there not presume
the big tech is doing okay the nasdaq is doing okay, not bad and microsoft is down and amazon is down and the rest are up and there's not that much price movement for big tech today, and susan has been looking through the earlier reporters and look at that. guest: so moderna is down and not going to sell as many vaccines as they headed to spade which i found kind of surprising get there's a lot of demented there, low income countries, they're dying to get their hands on more moderna vaccine the problem they say is don't surprise you is the reduction issue, the supply chain problem and gave the vaccines out pretty and around 15 or $18 billion for vaccines and they came in my for the quarter as well the prophets. and no gaming is a bigger industry than entertainment and two of these game publishers take interactive, and makes
benefit while making more money and even raising the guidance. stuart: about cbs pretty. guest: streaming did well, they added a lot of subscribers, a total of 47 million global sign-ups over the pinna plus and showtime and opc and the rest of this was flat so the future is streaming. sue and that's been a future for a long time and susan, the covid-19, they have approval for the covid-19 in britain. guest: the first country to do that and i think it's playing off of the moderna down 6 percent are ready and the uk is the first and this prevents death by over 50 percent in the fda approval should be coming by the end of this year. but for pills for twice a day for this bill to work.
see what i can do that, no needles. i would definitely do the jab, they don't bother me. guest: even my mom, she had to get a booster shot in the second dose really just for her from the pfizer vaccine so there are concerns. stuart: so i should be very careful getting my vaccine booster shot it could be tough and thank you very much. roku, i will bet they are the event, eight are down 3 percent from their huge streaming company, if it sells successful where they down printed. guest: they are hardware company they have a supply chain issue that means higher component pricing and inventory issues and logistics delays and that's why roku has lower sales over the holiday. it was looking at the numbers, did you know that 18 billion hours of streaming was done and we really need to get out.
that's globally but one point $3m active accounts just shows me that streaming is as you heard from netflix, that this is going to take over cable and broadcast this decade. stuart: back in the '90s, there was something called cleaners, people who did better and they would say qualcomm, here he comes animate they've got an inch of because that thing is of 13 percent. guest: they always have an inch of because they refresh every year but it is 5g revolution and that's what is really driving that they have the chips but on 40, the modern ships and also the patents in the technology and onboard boom. let me finish, on the board on the internet, that's how you connect to the internet, lt and etc. and 5g will be with and they say the worth $194 to buy it from europe's.
tesla by famous quotes out my favorite star but it's everybody's these days. i would say it's on the record hi there and we just got news this morning about that first deal, it looks like tesla nursed is finalizing that order of 100,000 cars and there were discussions because you heard that must tweeting that this is none of deal, apparently they're looking at 10000 vehicles every year being delivered to pretty. stuart: he's coming close to three and 40 billion pretty. guest: have a say so he owns 25 percent of tesla, market cap air is close to a trillion point to now so yeah. so 311 billion last count yes pretty. stuart: that is amazing a third of a trillion dollars by one human being.
guest: the richest to walk this planet they remember rockefeller was worth about 4 percent of u.s. gdp and so yes, three or $40 billion. it's not 4 percent, we are not at 4 percent but it's incredible is in it pretty. stuart: mgm is up something on about half of the strip in las vegas. guest: will be on less than one can see note today, the mirage. stuart: it was financed by wall street in the 80s and wall street money moved into vegas to replace the mobs that's what happened pretty comes after the 80s back in the 80s pretty. guest: go other ready in the 80s property so the depreciation there through all that time however they just made the announcement they do plan to
sell it they have not disclose the potential buyer but the mgm you for las vegas is offloading some properties on this trip as well. stuart: they had that gigantic tank with fish right behind the sign of desk. but the bellagio was not built in the 1980s. guest: are looking at market we just talked about that, first approval from the uk and the drug and visa up and s&p 500, technologies as i mentioned it and having one of his best days in the records sales there, and the nancy animosity. and i believe they are a company again sensors for self driving cars pretty. stuart: nasdaq winners. guest: video nest that new
world's biggest chipmaker at least myself so will be given main for the meta- verse read see when a reporter asked printed it in the present biden and vice questions, watch this pretty. reporter: how can you avoid similar in november and the republicans are not running on these issues and. [inaudible]. and critical race theory. c1 pbs's the organization that employed a reporter and pbs is supported in part by taxpayer funds and we've been talking a lot about big cities and causing vaccine mandates and los angeles counties are refusing to enforce it is that as a threat to his department the sheriff is on the show. in a sign that the hot housing market is beginning to cool a little maybe and willis real estate experts next.
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stuart: that's kansas city that you're looking at and is 42 degrees right there for speaker pelosi just arrived on capitol hill and said a few words to the reporters printed. guest: this ain't gonna be no party this weekend policies on the capitol think she has an update and press conference and coming up at 1045, so in about an hour from now was some sort of answer as to whether or not this thing is happening today are not innovative as tour i would say no because we have been saying is going be happening for five months now feels like and nothing to show
for it. stuart: will go there soon and still was trying to sell 7000 homes and i said they were shutting down there house flipping business and with us match, 7000 homes for sale, which by any of them and if not, why not. guest: i think bill do institutional buyers because it's only way to unload that many homes and i think it bunch, $8 billion worth of homes for the bigger question is, the broker an online broker in home flipping business in the first place and whenever the brokers decided we know all the stuff about real estate, let's start investing, that is when they get out of their traditional business model and they are in the service industry and they should not be in the capitol deployment industry i think they got themselves . stuart: will of the time seemed like a business opportunity the market was doing really well they had the capitol, japan and by and redo and let braided what
is wrong with that, did it just not work. guest: i don't think it was woodwork will blame on algorithms and i think that an algorithm did the work or didn't work with the reality is who are they competing with, is there a buyer people are going on cello and get information to potentially buy a home for you competing with this elephant at home and that is the thing that is a little interesting because think about all of the information they have about all the buyers what buyers were clicking on so it is a sticky story but i think they're just going to unload it quickly and take a loss and move on. c1 is there any sign at all that the housing market is cooling, anymore pretty. guest: i think the supply in the demand is there to say and i don't think we can build homes quick enough to the extra supply for all of that demand and they're still $3 trillion were
the people savings and an accountant checking accounts money market accounts so there's a lot of capitol gathered by homes so i think it is days but what we are saying, sellers and other homes on the market yet getting a little nervous with some of these inflated asking prices. in the reading to lower the asking prices so they can sell their homes and not being as greedy as they have been. sue and there's nothing wrong with greed. guest: but if they want to get out and they want to move on and holding out for the back of an extra $10000 of they can make a deal, they're just try to make a sale in itself printed. stuart: they really love the fast offer and big profit and walk away pretty. guest: housing or eating the market in the bidding wars are still there the problem is there's not as many bidders so when there were ten vendors whom another is five, so the sellers are getting a little nervous in the brokers are pushing them to make that next deal as well.
i will say that florida is still the hottest market. and i do have just in jacksonville and i was emceeing an award ceremony. i'm talking to a lot of homebuilders even there, the top of the state, they marketed is on fire and everybody is saying the same thing i love to sell my house and cash in on it but couldn't find anything else to buy some just going to stay put. stuart: there still refugees coming from new york and maybe illinois braided. guest: my opening remarks, but i'm a florida driver's license a them and i said i am a recent homeowner in one of the 95000 people for the refugee from up north of your home values with it, you're welcome. that's what became the conversation, the number of one-way trips to florida is not stopping anytime soon however it's not just there, it's illinois, and california.
and there also going to east coast of florida with formal, you would think that the california's we go to the wesco coast of florida. but the reason is the state you live in brentwood and unit million dollar house in brentwood, and is mediterranean in and we are, that is a lot of money by selling house, i can buy same house on the east coast of florida for $5 million with a look at florida is being the chief alternative and in the have no state income taxes. stuart: police coast of florida draws people from the northeast, new york new jersey massachusetts, the west coast of florida draws people from the midwest, principally chicago and illinois pretty. guest: historically that is shifted considerably, my block in florida, the guy across the street from texas and the guy down the street is from illinois and the people next door, from new york and the guy in silicon valley but at the end of the
street pretty. stuart: i love this, mitch thank you and i appreciate it and this scene ends man jones, do you know him coming at some choice words for the democrats, what are they say pretty. guest: here's was seen in had to say, tough love listen. guest: there annoying and offensive and out of touch. guest: he added that the core campaign especially with his comments about parents involvement in education and we need democrats joe biden and literally over many else to recognize this as well printed sue and picture this place, i will show it to you, the world's largest community, three d prind homes and is happening here and you are looking at it, three d d and democrats, why did they lose
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stuart: in three weeks since president biden open california the 24/7 early seems trying to, but little is change the backlog of the sports remains in the manufactured here in america, take advantage of that. fitness gear footwear of nutrition products, here's my question lydia, can they hire enough workers. see that they doubled their workforce during the pandemic because they keeping up with demand and expanding, interesting part is the ceo said that experience in the troubles in the hiring is accompanied for now, because they say they find workers that believe in the mission to make the product right here in the united states were driving out by ceo mr. roberts, what you see in
terms of demand for made in america products pretty. guest: the pandemic is really open the eyes of american everybody is asking why, what is happened and why have we lost all of this and why cannot we buy this year as i think that is just like that awareness that is happening that is been really driving ourselves in our growth guest: what will come next in terms of expansion and growth, it doesn't seem like doesn't seem like this is the moment for you now. >> yes and we been planning this for ten years and we build a factory and we saw thousand timbers and we had a factory and we just well as far as going the supply chain keeping a strong, we need to continue moving throughout america on the east coast down the east coast for the north carolina, in the south closer to our supply chain where
there is cotton and other things we need to grow. guest: we wish you the best the workers behind you are making denim jeans and you can't get much more american than that. guest: the date again for the nasdaq, about half a percentage point and i just want to say thank you so much, your energy is extraordinary and don't know how you do it. still ahead, wall street journalist dan another's in in the 10:00 o'clock hour, that is next.
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talk to your pharmacist or doctor about protecting yourself with shingrix. shingles doesn't care. but we do. ♪. stuart: good morning, everyone. it is 10:00 eastern. get straight to the money. the story, another rise for the nasdaq. another new high for the nasdaq. now up better than half a percentage point. getting closer i should say to 16,000 on the nasdaq. big tech, mostly doing well, but there are a couple of exceptions. microsoft is the exception. but only down just 55 cents, that's it.
amazon, meta, that would be facebook, alphabet, that would be google. they're all up. let's look at bitcoin and the cryptos. 62,400 is the price of bitcoin at the moment. the 10-year treasury still holding well below 1.5%. mortgage rate time. ashley webster with the number. what is the number, ashley. >> i live for this number every week. 3.09% according to freddy. that is actually down from last week which is at 3.14% getting a little lower. freddy said strong economic data, fed pulling back on stimulus will see an uptick on mortgage rates. however that said they're still below prepandemic levels. again 3.09% for a 30 year fixed mortgage. i will take it.
stuart: me too, ashley. that is a flat-out bargain. for 30 years. thank you very much indeed. all right, everyone, now this. democrats are doing a postmortem why did they lose so badly this week. the president says, quote, people want us to got things done. he didn't get the gigantic increase in special spending. that he thinks explains it all. i really question that. there is a lot more to the democrat debacle than failure to legislate socialism. the rot goes a lot deeper. for start democrat candidates appear lost in the post-trump world. in virginia mcauliffe campaigned against trump and lost. youngkin kept trump at arm's length and he won. as they concentrated on trump they failed to relate to everyday people. parental rights in schools, price hikes for everything, vax mandates, all those issues took a back seat to voting rights and
race. democrats were flat-out of touch. i have to go go back to something difficult to talk about. the president's ability to do the job. it is not good that the president's cognitive ability is publicly questioned. it is not good that he stumbles, lacks focus, has no energy. frankly he fell asleep at the climate conference. the president's performance was another factor in the democrat's defeat and the far left, inflexible, dogmatic extremism. i will close from the quote for the man that engineered bill clinton's win 30 years ago. here is james carville. remember him with advice for the democrat party now. roll it. >> this stupid wokeness. don't just look at virginia and new jersey. look at long island. look at buffalo. look at minneapolis. look at seattle washington. this defund the police lunacy. take abraham lincoln's name off
the schools. people see that, it has a suppressive effect all across the country. democrat, some of them need to go to woke detox center or something. they express language people don't lose. there is a backlash and frustration at that. stuart: there certainly is. the new democrat party is socialist and woke. that's why they lost. second hour of "varney" just getting started. ♪. stuart: all right. i want to go back to something we played earlier just to demonstrate the president's performance. i want to get back to the exchange between peter doocy and the president yesterday. roll that tape again, please. reporter: there are reports surfacing your administration is planning to pay illegal immigrants who are separated from their families at the border up to 450,000-dollars each, possibly a million dollars
per family. do you think that that might incentivize more people to come over illegally. >> if you guys keep sending that garrage out. it is not true. reporter: so this is a garbage report. >> $450,000, that is not going to happen. stuart: jason chaffetz joins me now. jason, it didn't seem to me like the president heard about the plan that has been hashed within his own administration. >> yeah. it is sort of like that submarine deal that he was oblivious to. i don't have a whole lot of confidence that he is actually in the loop because the department of justice and white house had days and days to refute this "wall street journal" report. they never did so i think it is garbage. i hope the policy would be but i think those wheels were in motion and the president was out of the loop and we need more. we need something in writing i think out of the department of justice and certainly the senators need to extract something more solidified than
that and, do so soon, it is so offensive on every level. stuart: do you think the president's ability to do his job, i'm revving now to cognitive ability, do you think that was a factor in the elections on tuesday? >> i do. i think, for instance, in virginia, you have a massive amount of people who have served in the united states military. that played a factor how the perception of democrats was because, you have so many people with military backgrounds, they saw how ine we were pulling out of afghanistan but the president himself, he does not exude energy, enthusiasm, a grip on what's happening. look, they tried in virginia and these other states. they brought in the president and you know what? it doesn't get much help either from kamala harris. she is one of the worst communicators out there. they have to put her on videotape and she is still ineffective. stuart: speaker pelosi will have an update on this hour, the massive spending bill, when they will vote on it.
don't hold your breath, jason. that is what i say. don't hold your breath. >> they have blown past an awful lot of deadlines. if they had the vote they would be having the vote. i told you several times, stuart, i really think this is a december 21st, december 23rd type of vote if they get to it. they will probably get something over the finish line. the pelosi i saw up close and personal in congress, she will wait, she will garner the votes in the third week of december when america is not paying attention. stuart: that is an interesting forecast. jason chaffetz. always good. thanks for being with us, sir. appreciate it. >> thank you. stuart: ap called the new jersey governor's race for phil murphy. ashley come on in again please. what did jack ciattarelli's campaign about what was a fairly early call? ashley: well the ciattarelli campaign called it basically irresponsible arguing that the associated press was wrong to make that very early call in a very tight race. now in a tweet the ciattarelli
campaign said this, quote, with the candidates separated by a fraction of a percent out of 2.4 million ballots cast, it is irresponsible to the media to make this call when the new jersey secretary of state doesn't even know how many ballots are left to be counted. the ap called the race by the way for incumbent democrat governor phil murphy last night. ciattarelli carry ad lead overnight of tuesday just over 1000 votes but saw that lead evaporate as remaining ballots broke mostly in murphy's favor. even so the razor-thin margin in new jersey still considered a political win for republicans ahead of next year's midterm elections. very close indeed, if you. stuart: how about long island, new york, did they see a republican surge? after all it's a deep blue state. ashley: it really is. it was a red wave. republicans bruce blakeman
candidate for nassau county executive and they are declaring victory over democrat challengers although blakeman's democratic opponent is not conceding the race yet. donnelly's victory confirmed, she would be the first republican district attorney elected in nassau county in two decades. district attorney in suffolk county defeating the democratic incumbent. the republican national committee, amid the spike in crime, new york voters rejected democrats and their crusade to defund the police. very interesting stuff. stuart: it is, ashley, thanks. we'll be back to you shortly. check the markets. we'll be open for 39 minutes. the big story is, a gain on the nasdaq, up nearly 100 points. michael lee with us this morning. are we in a melt-up situation right now?
>> absolutely, stuart. seasonal alty, momentum, at least until the end of the year, possibly longer. i said it before, i will say it again, what can be more bullish than new highs. you have no holders of an asset at a new high that has a loss. new highs typically beget new highs. stuart: we have numbers about the wall of money coming out of wall street which i think is a big part of this rally. we have $2.2 trillion in bank accounts. we have $4.5 trillion in money market funds. you add that up, you're looking at $6.7 trillion of money that can be spent and invested. i've never seen so much money around in my time before. sure it is a factor on the market? >> stuart, i think that's, that's your bottom. that is what is going to stop any meaningful selloff. the selloff we saw month ago only went 3 1/2, 4%.
it just snapped right back. until that capital is deployed, i think inflation, which i have been saying for the last year, up until a few weeks ago i thought that would pass, doesn't look like it will pass. we have the problems with the supply chains, look like they're going to persist. what is one of if not the best way to hedge against inflation, stock ownership. the principle reason for owning stocks is a hedge against inflation. we haven't seen it yet, at some point six to 12 months, we'll see fomo with the cash on the sidelines that your purchasing power is being depleted. you need to participate in the equity markets. we could see another double-digit year of returns next year. stuart: look, you've been right so far and we relately hope you're right again. that's write a prediction, michael. another double-digit rate of return next year. hope you're right. michael lee, good stuff. thank you very much. >> thank you, stuart. stuart: minneapolis voters rejected an effort to defund the
police. republican sicily davis is hoping to replace one of the biggest supporters of the defund police movement. congresswoman ilhan omar, the biggest supporter of defund the police. sicily davis will join me in the 11:00 hour this morning. democrats determined to jam through the social spending bill despite the stunning losses. chad pergram has the report from capitol hill. there is this, cnn, msnbc are blaming terry mcauliffe's loss on racism. roll it. >> the coronavirus or that the virus was a very -- >> not important. >> to many voters. it was education. which is code for white parents don't like the idea of teaching about race. >> some of it was dog whistle racism. stuart: dog whistle racism. very interesting. utah congressman burgess owens will respond to that forcefully i hope next.
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♪ stuart: the four tops. like them a lot. lynchburg, virginia, chilly, 45 degrees. democrats determined to move the social spending bill despite the results on election day. chad pergram on capitol hill. chad, 64,000-dollar question, will the vote happen today? reporter: big question today, the democrats could vote today on both the social spending bill and infrastructure plan but we heard that before. moderate democrats don't want to vote without a complete price
tag on the bill. democrat joe manchin supports waiting especially with democrats present the 1200 pages yesterday. he is just learning about the tax plans in the bill. >> i never thought the 400,000 should be there again. do tax reform, do tax reform. tax on nicotine, that doesn't make any sense whatsoever. reporter: the math is important. democrats can still only lose three votes and pass a bill on their own, even as the house adds two members today, a democrat and a republican. democrats are concerned about more delays. >> i think every week that goes by there is always some increased risk. it could be marginal but it always brings increased risk. they are going as fast as they can possibly go. but if it is pushed too quickly it could end up in a bad result. reporter: democrats are realing from tuesday's election results but doubled down on their agenda. >> the american people do not want this country to be
transformed in the way you want to transform it. we didn't think you would learn much from what happened yesterday across this country and it sure does appear that you haven't learned much. reporter: house speaker nancy pelosi does not lose votes on the floor. if she calls the votes chances are the bills will pass. we expect nine to 15 republicans to vote in favor of infrastructure. stuart? stuart: okay. we're supposed to have the hear from the speaker in about a half hour. we'll see if thatps. reporter: i will be there. stuart: i know you will. chad, see you later. republican glenn youngkin won the virginia governor's race. cnn and msnbc blamed racism. watch this again. >> coronavirus virus, not important to many voters there. it was education. which is code for white parents don't like the idea of teaching about race. >> the real ominous thing is
that critical race theory, which isn't real, turned the suburbs 15 points. >> the republicans are better playing this game because essentially white identity politics. >> some of it was dog whistle racism. stuart: oh, please. all right. congressman burgess owens joins me now, a republican from the state of utah. congressman, this is really beginning to annoy me. they are just throwing out blanket charges of racism and i don't like it. how about you? >> stuart, first of all good talking to you, my friend. start off by saying you heard the voice of racists. what made our country so unique so special we believe in something called a simulation. we've done it throughout the century. we are the people, no matter where we come from we call ourselves americans. we leaning towards things that keep us all on the same side. god, country, family and sports. when you see from the left, call the hard left, marxists, it is
all about division, divisiveness, trying to destroy those things that keep us on the same page. what they did not expect for parents to finally realize what they're doing to our kids. i've known this for decades. i've seen what it does for the black community. americans across the country, don't step in this area, no matter what party we're loyal to, that becomes our priority. i thankful they took it a bridge too far. we found out who they truly are. they don't love our nation and and our kids. we're seeing it. don't care whether democrat, republican we're all in to make sure our kids are safe and moving forward, we're successful. we're own the same page thank goodness to find the things in common. i'm looking forward to that. this racism charge, the more they lean in, the more they're going to lose. i look forward for them to continue to do that. people don't like the darkness.
stuart: i look forward to the midterms next year. kevin mccarthy made a bold prediction for the midterms, congressman, watch this. >> if you're a democrat, president biden won your seat by 16 points, you're in a competitive race next year. you are no longer safe. it will be more than 70 democrats that will be competitive. stuart: i will repeat that. over 70 seats held by democrats are at risk. that is from kevin mccarthy. congressman, how are you feeling about the midterms? >> i never have been more excited about our country than i am today. america needs the time to see contrast. we live in a freedom bubble we always expect great things because of rule of law. we don't have chaos, safety, the ability to dream. we're seeing the last 10 months, that has gone away totally. we cannot expect anything that the we have in the past. we have this chaos, administration destroying everything it touches, doesn't matter what side of the aisle you're on, inflation gets you,
at the border, no rule of law, kids being attacked by crt, all those things add up. because it does, they don't mow how to change, they don't know how to pivot. they always think their right, that is what marxists do. we'll be excited about 2022. our country going back in the right direction. we focus on the things that great nation made us always. stuart: sounds like you can't get to the next november. burgess owens. >> thank you, stuart, take care, buddy. stuart: pbs white house correspondent made a bold claim about critical race theory. come on in again, ashley, spell it out. what did she say? ashley: supposedly unbiased pbs correspondent revealed her bias questioning glenn youngkin's surprise victory in the virginia gubernatorial race. take a listen to this question. >> republicans are now successfully running on culture wars issues and false claims
about critical race theory. what is your message for democratic voters especially black voters who see republicans running on race, blind about critical race theory and worry democrats don't have effective way to push back on that. ashley: lying about critical race theory. democrats have to do better job talking about the issues and explaining them. critics panned pbs reporter, calling taxpayer-funded journalist a hack. another example of mainstream media. stuart: well-said young man, absolutely right. thank you, ashe. president explained why he mentioned trump's name so many times talking about terry mcauliffe. trying to explain that. count that. >> the reason i mentioned trump, the issues he supports are affecting their lives every day and negative impact. stuart: glenn youngkin kept his
distance from mr. trump and won. is that a strategy, a winning strategy for republicans in 2022? good question. michael jordan sneakers from 1984 just sold for 1 1/2 million dollars. there is a platform called racer, lets you invest in heightly sought-after speakers. former nfl player, jerome sapp is on the show and explains how the sneaker platform works. ♪.
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ysalaltslist f. (oth maner ersoououo au yau he h? ? aj? we, o au bo iau bo thg d s enjoajocoablrerereti. (oer(oon(o mon(o )unds le lbire (n(none e do wn't n'ta lit'it'w. sp resibility. stuart: almost an hour into the trading session, the standout story thus far is the nasdaq composite getting closer and closer to 16,000. up 3/4 of 1%. that is 323 points. show me big tech at home with the nasdaq. interesting story, from my point of view, soft open in the red, as i recall. just turn around, yet another intraday high. susan: amazon up 2.25 percent, microsoft is the focus. stuart: absolutely is. i'm going to be consistent. come on. tell me about google.
i think that is moving today. susan: google as you know outperforming this year. just announcing a real interesting deal with the cme. google is investing a billion dollars of future of the exchange. did you know the cme is the world's most valuable exchange on the planet close to $80 billion? you know why? i would imagine a lot of crypto trading takes place on the cme. stuart: what's google doing for the chicago mercantile exchange? susan: you say it so better than me i just say cme. google has a financial services client that handles trillions of dollars of trades each day. that is important. financial services industry is a tough cloud to attract. the world's money flows, right? >> you get a big cloud contract and your stock does well? susan: yeah. stuart: more details on the hertz-tesla deal. susan: i love this deal. it is going back and forth. it is 100,000 cars, how quickly
hertz gets it. the latest report, hertz will wait like everybody else for their electric cars. they do not get ahead of the line. it will take 10 years. if it takes 10 years to get 100,000 cars for the hertz fleet. no discounts. rental fleet you're given cars at a discounted price. not the case here with tesla and elon musk. stuart: he can sell any tesla he can produce. use. susan: why give you a discount. stuart: benefit of to his stock just announcement of 100,000. susan: not the demand problem. stuart: domino's pizza, what is the story? the stock's up. susan: using more robots and drones. feeling inflation on the labor front and earnings as well. stuart: their stock is up 2 1/2%. good news. wayfair. susan: furniture seller as you know. surprise profits. sales are short because
customers go back to bricks and mortar shops. it may take a few quarters to return to normal levels of growth. stuart: in a furniture store you like to touch it, feel it. susan: sit on it. jump on the bed. stuart: whatever. if you get it sent to you, three awful words, some assembly required. kiss of death. thanks, susan. cost of cotton climbing with a lot of other stuff. decade high levels for cotton these days. grady trimble, we have him in a cotton farm in louisiana. what are the higher prices going to mean for clothing prices? what is happening? reporter: cotton prices up 50% so far this year. you can bet likely means that the cost of clothing that has cotton in it will go up as well. that is also partly because of the supply chain issues, transportation costs going up. ted snyder is a cotton farmer. you know this as well as anybody. how much are we talking in terms of the the cost of clothing goip
because of cost of this product? >> the cost of cotton is a small component of a shirt or pair of jeans. pair of jeans has two pounds of cotton in it. gone up 60 cents. if it was just the jeans, $1.25. reporter: it is everything else. >> cotton is shipped by containers to los angeles, china, asia, different countries. the container cost has gone from $2500 to almost 25,000. that has a big -- reporter: speaking of china, demand is way up for exports of cotton. of u.s. cotton. that is part of what is driving these costs. why is demand so high in overseas markets? >> one of the main reasons china is buying u.s. cotton. they're trying to live up to the phase one of the trade agreement that trump negotiated with china. the biden administration is
staying with that, thank goodness. china is using a lot of u.s. cotton. reporter: good to hear for folks like yourself. a buck 20 in a pair of jeans doesn't sound much. you're a frugal guy so you don't want to pay anymore than you have to. stuart: you were just a couple words of away from calling me cheap but i will take frugal any day of the week. grady trimble, you're all right. how about this, i'm told the sneaker culture, the sneaker culture is exploding. our next guest created a platform that allows people to invest in sneakers, not just buy them, invest in them. former nfl player gerome sapp is the founder of racer. he joins me now. how does it work? how do i actually invest as opposed to buy, invest in sneakers. tell me. >> well, that is a great question. first of all, thanks for having me on the show. racer is actually the first sec regulated marketplace that allows you to invest in your favorite collectible sneakers.
we take the sneakers, have it qualified at sec securities and exchange commission, same governing the stock market actually securitizes these sneakers. allow you to invest in fraction al ownership in them. stuart: wait a minute. we showed earlier with the michael jordan sneaker 1984, $1.5 million. >> yep. stuart: if i go in your platform, could buy 10%, 5% or 1%. could i do that? >> absolutely. you can buy one share for $25, or buy 25 shares for tens of thousands of dollars. our goal own a piece of the shoe. own a piece of history. fractional ownership. most people can't afford to pay $1.5 million for a sneaker, or five thousand dollars for a sneaker. we allow you to own a fraction of that sneaker through fractional ownership. alternative asset marketplace. stuart: is this really new, a market for sneakers where you
can buy a fractional share? i never heard of this before? >> it is pretty new. it is brand new. it is essentially taking the street culture, blend it in with wall street and making investment fun and making it relatable. really playing off the old adage people invest in what they're comfortable with. a lot of people are comfortable with sneakers at some level. we're offering them a chance to own a piece of these collectible sneakers when i say collectible sneakers, sneakers $5000 or higher up to $1.8 million which is the most expensive sneaker in the world and we own it. stuart: i think i understand, jerome. that is one remarkable idea. well-done, sir, that is really cool stuff. gerome sapp, racer. we'll have you back to talk about sneakers. >> thank you. stuart: the los angeles county sheriff warning of a workforce mass exodus over the city's vaccine mandate. he is refusing to enforce it. that sheriff will join us in our
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stuart: repeat myself. standout indicator today is the nasdaq which is up a very strong 140 points. big tech, technology companies, doing very well today. look at that level. the dow, nasdaq, is at 15,950. then take a look at this. this is a letter from the archdiocese of new york, and i'm quoting now, thus far there have been no vaccine mandates for any students of any age in new york
and the catholic schools and the archdiocese have no plans to mandate vaccinations for any students unless there are government orders to do so. the superintendent of new york catholic schools is michael deegan. he wrote that letter and he joins me now. the public schools are doing this mandate to vaccinate. why not you? >> well, stuart, as you know, thank you for having me on this morning. as you know that the catholic schools here in the archdiocese have been open 100% open since september of 2020 and we have put in place a very rigorous and substantial set of protocols and procedures to keep our children safe and our faculty safe and healthy. and when the vaccines became available, as you know, the holy father and cardinal dolan have said please, get vaccinated. we want you to be vaccinated. it is the moral thing to do. if you choose to do so.
so therefore my job as the superintendent is to do everything that i can do to make sure that our children are safe. and we are recommending that families choose to get their children vaccinated but, stuart, the primary health choir provider for our children are our parents. they know what's best for their children. and while we may encourage and recommend did, i am not mandating it because the city government has a very specific agenda in mandating vaccines throughout the city and that is to get as many people vax senated -- vaccinated as possible. stuart: what about masks, are children in catholic schools required to wear masks? >> they are because that is a state required mandate. stuart: okay. >> so the city government has insisted on mandatory vaccinations because they want
that to be their goal. my goal is to insure that everyone of our children is safe and we're confident that we can do that with the protocals that are in place while encouraging and not mandating that our children be vaccinated. stuart: i'm sure this is very popular with parent, am i right? >> well it seems to be a reflection of what parents are looking for with respect to taking care of their children. one of the distinguishing features of our catholic schools is that we partner with our parents every single day. we have a great relationship with our parents so when i make informed decisions about the health and safety of their children, it is with them in mind and in partnership what they think is considered best for their children and their schools. we have virtually no
transmission of the virus one our school system. stuart: okay. what are your thoughts on critical race theory? it is being taught in catholic schools in new york? >> it is not being taught in our catholic schools. remember, we follow the teach, of jesus christ and the gospel. what we teach as part of our church history and our history here is infused with the gospel values and the teachings of the church, particularly the united states catholic conference of bishops who have informed the way in which we should be teaching history, religion, and what has happened over the course of our history here in this country. stuart: okay. last one, you were open throughout the pandemic. your schools were open. have you had a very significant increase in enrollment? >> yes. we have been the beneficiaries, stuart, of an increase of
children who are coming from public schools, charter schools, because we have remained open, healthy and safe and i should mention because we have been open for the last two years the academic rigor and the academic excellence that catholic schools in new york are noted for continues. stuart: sure. >> while we have some children who are new to our schools that have revealed or shown learning losses and learning lags we're addressing that, and we are proud our test scores indicate we are still on the same trajectory before the pandemic even happened. stuart: you stand out. that is terrific. michael deegan, thanks for joining us. >> my pleasure. good to be with you, stuart. stuart: god bless. >> thank you. stuart: staying with new york, eric adams was elected as new york city's new mayor. come back in again, ashley,
sounds like he is making, may make changes to the new york vaccine mandate. what do you say? ashley: he is making these promises. mayor-elect adams vowed to revisit the covid-19 vaccine mandate for municipal workers when he takes office and he says to reach a resolution on that matter. take a listen. >> we'll revisit how we're going to adjust the vaccine mandates. i stated i did not want to monday morning quarterback the mayor. this is his time to be the mayor and he has to make the decisions. ashley: well for now, adams, a former nypd captain is urging current mayor bill de blasio to meet with union leaders to find an agreement. if that doesn't happen, adams says he will find the solution when he takes office in january. this is interesting, stu, he is promising to make the city business-friendly, cutting red tape, cutting spending, rather than raising taxes. oh, my goodness.
adams, says instead of going into a business figuring out how to close it down, his administration will figure out how to keep the doors open. stuart: amen. that is a 180 from what wave got now. absolute 108. good stuff. thanks, ash. we told you about restaurants struggling to find workers. that is very accurate. they're struggling. one company is helping restaurants connect cashiers who work from home. remote workers work for restaurants. not sure how this works. the cofounder of bite ninja who started the service will join me next hour to explain it all. is the defund movement dead? we're on it with seattle guy jason rantz next. ♪.
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swept liberals who were called to defund the police. jason rantz joins me now. the movement, defund the police movement, would it be accurate to say in seattle it was absolutely gutted? >> no. that is the unfortunate reality. here is where we stand right now. three of the four more moderate, moderate by seattle standards, those candidates lead by double digits. however unlike the trend nationally where republicans tend to vote at the last moment, day of the election, here it is the opposite, it is activist class. we expect things to tighten some. i don't think that the mayor's race will tighten enough for the defunder to win. nor do i think one of the at large council candidates will end up pulling this out. however the seattle city attorney is within 17 points which generally would be seen as too far to overcome but not in seattle. we're holding back just a little bit on that. needless to say things definitely will change. the problem is, right now we
still have even with these results we'll have a majority council that supports defunding. the question becomes, will they start to moderate their message since the seattle voters very clearly spoke out against this kind of stuff. obviously when you have got a republican potentially city attorney first time in three decades, a republican was actually elected here, that is instructive how bad it has become. the people up for re-election the remaining council. they will probably moderate or try to prove their positions are the right ones, even lean in harder over the course of the next year. we don't know where they are will go just yet. stuart: i'm surprised there is not a more dramatic response. as i understand it, the crime rate in seattle, the personal one-on-one sky rate just skyrocketed? >> yeah. the homicide rate last year hit a 26-year high. we're trending a little lower than that thankfully this year. we're still well above the 10-year average here in seattle.
we just hit 40 homicides this year so far. unfortunately likely to see more of that. at the same time you and i talked about this a lot. the seattle police department has been pretty much gutted. well over 1000 officers who are deployable. we expect to see another pretty significant push out of these vaccine mandate firings are still going through the process. in the interim they have been taken off the streets. so crime -- stuart: if you got 1000 now how many police officers did you have say 2019, 2018? >> even back then we were still low. we were closer to 1200 or so. this is a city that experts believe, the department believes, we need 1500, 1600 police officers to properly keep the city safe. we've been well below for a while, mostly because of the attacks that the council has put upon the cops. now the vaccine mandate. stuart: i was disappointed. i wanted the movement to be gutted. >> it could be gutted at
4:00 today, hopefully. stuart: thank you, jason. >> thanks, stuart. stuart: still ahead, sean duffy, candidate for u.s. congress in minnesota sicily davis, l.a. county sheriff, alex villaneuva and dan heninger. president biden thinks climate change is existential threat. i say the world isn't prepared the price to be forced to go green. that is my opinion. that is "my take" next. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. ..
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>> when youngkin gave people what they wanted the democrats and president biden are not giving americans what they want this is the pushback. >> if history is a guide and it is usually a decent guide we have more upside to the end of the year and i love this time to put more money to work even though we are at all-time highs and we are going to see more of the celtics. >> a complete repudiation of the biden agenda, the socialist
agenda. there reaction, the ship sinking, let's take in more water instead of bailing, a massive miss read of the situation. >> the pelosi i saw up close and personal in congress will wait and garner those votes in the third week of december when america is not paying attention. . stuart: check the markets please, the dow is down 80 points, the nasdaq up 125 points, kind of a split, down way down, nasdaq way up, show me big tech, microsoft hit another intraday high, microsoft is at 334. it hit 335 earlier. the yield on the 10 year treasury is down to one.25%. that's why big tech is doing well. there's a correlation between the two. 152 on the 10 year. now this.
the great climate conference in glasgow has all the scary talk we are used to from the climate crowd. how could president biden fall asleep when world leaders were warning of armageddon. the secretary-general says fossil fuels are pushing humanity to the brink. britain prime minister boris johnson says without climate action mankind is at one minute to midnight it if we don't act, worldwide anger will be uncontrollable. president biden thinks climate change is an existential threat, a threat to our whole existence. i -- in my opinion it is meaningless. which countries apart from the united states have met their carbon reduction goals and which countries are going to commit to cuts in the future that will meet the un's goal?
very few and if they did meet those goals many of those world leaders would be voted out of office, consumers the world over are not prepared to pay the price of being forced to go green and wait till this winter. another 10 days of talks still to come but that is all it will be, talk. it is a charade, by off big corporations with corporate climate welfare, pledge trillions to poor countries but won't deliverance signal our virtue with empty promises. climate has become a trojan horse to take our money and end our prosperity. third hour of varney just getting started. stuart: sean duffy with us this morning. i'm not averse to tackling climate but i am a verse to
solutions the don't work. >> i couldn't agree with you more. i to be a good steward of the environment, i like clean air, clean water, everybody does but when you implement policies that are supposed to affect the weather but they affect my ability to put gas in my car and food on the table and then you do things like crime and open borders and indoctrinating my children as opposed to educating my children all of a sudden the fundamentals of my society have gone to garbage and i care about that more than i care about the weather and what it will be 150 years from now. that's why politicians are getting it wrong. we live in the same globe and breathe the same air. if we have really aggressive regulations, businesses, manufacturing leave americans go to china and india where they have less stringent rules so we don't have a job and they have a carbon emissions and this is idiotic. stuart: watch what happens when peter doocy questions the president about why he keeps bringing up trump. role tape. >> you mentioned trump a couple times. when you want to help terry
mcauliffe you mentioned trump 24 times. do you still think voters want to hear you talking about trump more than issues affecting them every day? >> president biden: the reason i mentioned trump, i didn't count the times, was because the issues he supports are affecting your lives every day and leaving an impact. >> then he turned around and walked away. he mentioned trump 24 times in his speech. youngkin won virginia without much help from trump. will we see more people keeping trump at arms length but getting support of trump supporters, is that the pattern for the future for the gop? >> it depends. a place like virginia were donald trump lost by 10 points you want his support but don't want him to come to virginia because to win independent and democrat voters. in a district like mine you are begging him to come to wisconsin and help you out. it depends where you are and
where your voters are but in the end to win elections you have to win the trump vatican have to win independents and often democrats. that's walking a line it often times trump is trump and has great policies and been a great politician but in the end you can't run as trump, you got to run as your own man, your own policies, your own vision for your state of your district, that is critical and what youngtin did really well. he was talking not about national issues or national elections but virginia. what matters to virginia voters, they are seeing prices go up and that's not trump's fault, inflation is biden's fall, open borders biden's fall, afghanistan withdrawal biden's fault. they listen to biden, you're blaming this on trump but these were all your policies that have failed and it is your fault. >> let's bring up the subject again, we talked about it before. i think trump is running in 2024. i don't want them to because i don't think he is going to win. react to that.
>> i agree he his going to run, he's only numerous times he's going to run but a lot of voters who said i don't like how mean donald trump is a fight to get into so i will go with a nice octogenarian who is left of center, joe biden. they see his policies and donald trump was amazing. i love trump's policies, i would kill to get back to that economy and they will rethink how they vote. it is not personality anymore but policies that make the country great. think about that, donald trump is my man. i don't think we will run in the 2020 cycle but the 2024 cycle of the mindset of the american people will be different after four years of president biden and democrat policies and spending, ready for something new. stuart: let's not rerun the election of 2020. >> we can agree on that 100%. stuart: we will see you again
soon, thanks much. check the markets please because i am looking at some red for the dow but a nice chunk of green for the nasdaq. heather is going to join us for the whole hour. the fed says it will begin reducing its bond buying program, won't raise rates until next year. what your reaction as a market watcher? >> it is great they are reducing the bond buying program because there is no rational argument for buying mortgage-backed securities right now. they are inflating another asset bubble outside the stock market being a housing market and i think that's a positive that they are reducing their purchases by $15 billion a month starting in november, also continuing in december and let's get that down to 0 and they are holding rates near 0 so that is why the markets are down a little bit today but they are not tanking because with interest rates near 0 they are saying people are still
borrowing money, money is cheap and there is no other place to go except the market so that's why you are seeing the stock market, didn't have a big reaction yesterday. stuart: at some point the money dries up, what happens on the market then? >> once the liquidity dries up from the federal reserve from a monetary standpoint and government. from a fiscal standpoint, we know that's not happening anytime soon with the two bills, trillion, multi-trillion dollar bills on the docket, the stock market will sell off and you will see head windss if and when interest rates rise, they can't stay at 0 forever and you will see borrowing costs go up. you talk about the federal level and national level going to skyrocket and company is not going to have access to achieve easy money like they have for many years. stuart: sounds like you agree with a lot of analysts on this
program that we keep going up for the rest of this calendar year and then start coming down at some point in 2022, sounds like you are in that camp. are you? >> if interest rates rise that is the key. as long as interest rates stay near 0, we see the stock market head hi. stuart: what do you think of bitcoin kim jung uns around 61,$000 as we speak. i can't remember, are you into the coin and cryptos at all? >> i would be driving a different car, i would have a different house. ethereum is trading around $4,500 on the screen right there. and here is why. i think the threat of regulation is coming. although i do love the inflation hedge, you look at bitcoin which is the king of
inflation hedge because they tapped their supply at 21 million, ethereum has no limits of a an annual amount of $18 million. but it is unlimited. using crypto as an inflation hedge, bitcoin is the way to go, not ethereum for the other cryptos. the biden administration said there could be a viable form of payment but in order to be a stable coin you tie ethereum to the price of national currency like the dollar and the banks issue and that defeat the purpose of buying crypto. charles: we will get back to you shortly. now this was republicans in texas just flipped the house seat in a district where biden won by 14 points last year. we've got the story. the president published his vaccine mandate rules, nearly
every republican state attorney general vowed to sue. we have a report on that as well. squad member ilhan omar, one of the vocal advocates of the defund the police movement. watch this. >> need to completely dismantle the minneapolis police department. the minneapolis police department is run to the root. stuart: minneapolis just rejected a police overhaul. of the defund movement over? i will ask a candidate who is running to replace omar. ♪♪ ♪♪ i have a new attitude ♪♪ my worries are few ♪♪
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stuart: voters rejected measures to defund the police in big cities from coast-to-coast. brian, is the defund movement in new york over? >> i think from a local elections perspective, city council in new york city i don't think it is completely over but this week proved to defund the police is not a message that's going to win you elections generally especially when crime is top of mind for voters in cities nationwide but according to the fbi saw 30% spike in murders in 2020, the largest when you jump ever. democrat eric adams, retired police captain easily won new york city's mayoral race, bringing back plainclothes african police units and cracking down on gangs. in buffalo, new york democratic
incumbent mayor byron brown was not even on the ballot but managed to win by defeating india walton, self declared democratic socialist. walton ran on defunding the buffalo police apartment, voters responded by writing in brown's name and electing him instead. >> it clearly is a rebuke of defund police, a rebuke of socialism and i think there were those from outside the city of buffalo that underestimated the buffalo community, they tried to come in and tell us who to vote for, the people thought back and we won. >> reporter: minneapolis where the defund the police movement began after george floyd as murder voters rejected a proposal to abolish the police department. in atlanta the mayoral race will be a runoff between two
democrats promising to increase the number of police officers and in seattle, the progressive mayoral candidate who voted last year to cut the city's police budget in half lost by 30 points, 47% of americans want to increase funding for police, 15% want to decrease funding. all of that according to a recent pure research poll that came out last tuesday. stuart: that tells the story. to minneapolis, 5 city councilmembers who supported defund the police were just voted out. a republican running for congress in minnesota, you want to replace congresswoman ilhan omar. she had an overwhelming when last time around and she is defund the police. what makes you think that you can beat her next time around? >> this is next time around, not last a run. 50% of citizens made it very clear they do not want to defund the police, they want more police presence, not less. that tells me demographics do not determine destiny and i'm leading a movement and the people very much made it very
clear that they want more police presence, not less and their voices have been heard and common sense rained on tuesday night. stuart: is your movement broader than funding the police are going against defund the police, is a broader movement with other issues involved? >> it is. it is kitchen table issues, police reform, public safety, education, revitalization of minneapolis and it is about what is in your paycheck, how you are paying your bills and if you have enough money to do so. those are staples of my platform and get more information on that on my website but it is much broader and i can tell you at 57%, moderates more than the base made it clear that if you put socialism on the ticket they will reject it every single time. stuart: can you win if you oppose crt taught in schools? >> every candidate who has
pushed crt has lost. this tells me anyone who is supporting critical race theory is ignoring the voice of the people, wants of parents and taxpayers, they are completely tone deaf. anyone who wants to double down on critical race theory, i can guarantee you across the country and very much in minneapolis that will be rejected. parents have the right to decide the curriculum and what their children are being taught in schools. stuart: you are republican, do you support donald from running in 2024? >> i will support me in my run. i will support the very best candidate that comes forward. stuart: sorry to interrupt but would you take support from donald trump if he came and supported you would you take it? >> i would take any support from anyone. i believe that i deserve that. i believe right now that this district cannot be ignored. i believe people are open to common sense. if anyone whos to support me
would put that support behind me i would support them provided they are all about kitchen table issues. stuart: a pleasure, thanks for being with us. appreciate it. an update on a race we have been following in san antonio, texas. republican john lukeham won for the texas state house in an area that is 75% hispanic. president biden won the district by 14 points. that congress and flipped it. let me back heather, developers released plans for the largest community of 3-d printed houses in austin, texas. they will print 100, single-story houses out of concrete. each will take a week to build, no word how much they will
cost. would you buy or have any interest in 3-d printed houses? was it the future? >> i'm not sure i would buy, try before you buy, i will let somebody else move in first. what is shocking is this is a visionary. lennar and icon, 3-d printing company, 100 single stories homes and one week, this is coming because of all the supply and demand imbalance in the market. if you are looking to buy house, there is a balance meaning a lot more people looking to buy a home than homes available-for-sale and that is why they want to break ground on these projects next year but i could see someone like elon musk coming out with this idea are backing a project like this but i am not quite sold yet. stuart: maybe the wave of the future. let's get to zillow, trying to sell 7000 homes after they said they are shutting down their house flipping business, the stock has been clobbered but
has come back a little bit as of now. moderna down big today 17% down, they cut their forecast for vaccine shipment. they blame production and supply chain issues. big-name stock way down. merck, the uk just became the first country to approve the covid pill that prevents the virus from replicating and spreading, could get fda approval at the end of this year. that would be in america, merck stock of 27%. here's a headline. the biden democrats lose it, progressives disastrous overreach fosters any merging republican coalition. dan heninger wrote that. he's on the show. los angeles sheriff's department could lose thousands of workers because of the vaccine mandate. >> homicides will go up. a lot of things will go up and response times get longer and longer. stuart: that sheriff, alex the waiver says he will not enforce the mandate.
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stuart: i am looking for the sears tower because that is chicago. >> right there on the left hand of the screen. stuart: thank you very much. let's check those markets, still have the nasdaq not doing as well as a was a few minutes ago. it is up 57. it had been up 120 and the dow is down 120. costco up 2.5%, a major gain. >> your favorite lunchtime apps. costco announcing their october sale us comparable sales are up 17%, online sales were up the same from last year so
e-commerce is booming and so is foot traffic. eight analysts raised their target prices as a result of this preannouncement for october. stuart: when you like a product and you like the location why do you invest in it? costco has gone from 200 to 500. >> discount selling has been a great thing during the pandemic. the bantams are back. stuart: pen national. >> they blame hurricane ida, the delta the variant slowdown but they are not liking these numbers. stuart: tell me about nvidia which we've often talked about. >> this is america's biggest chipmaker, retire in the last hour or so. we are on track for a close, the seventh-largest company and
it will be the biggest chip supplier and beneficiary of the move to the meta-verse. chips a booming business, record quarter for qualcomm. they make the chips for 5g phones worth $194 according to goldman. stuart: amazon. >> amd part of the tailwind in chipmakers and the rally we are seeing, amazon doing good business this morning as well and i was throwing tesla. the next drop to the lowest since july, the volatility index, the fear gauge. a lot of fear. look at the treasury yield, mary the two. if you go down doesn't that mean people are buying into us treasuries? a safety play for treasuries. i'm trying to marry those metrics. stuart: you are beyond this. when do we have to say
meta-instead of facebook? >> now i believe but aren't you excited for the meta-verse, a whole new world augmented. stuart: meta-verse is on the way. >> you could live in the meta-verse theoretically forever. stuart: move on. the mayor of los angeles, eric garcetti, tested positive for covid. he is isolating in his room at the un climate summit in glasgow. he's fully vaccinated, his office says he's feeling good. the la county sheriff's department could see a mass exodus over the vaccine mandate. 3000 deputies could lose their jobs. los angeles county sheriff alex villanueva joined me now. is la prepared to lose thousands of deputies? >> the sheriff the permit is
working on contingency plans, the board of supervisors doubling down on a reckless path without planning things first and announcing the mandate so you have this chaos which is artificially created by the board of supervisors. stuart: 3000 officers you could be short. >> yes, 3000. the numbers are not vaccinated. we are trying to encourage voluntary thing but i'm not going to pull a health requirement on my deputies. i am vaccinated but it has to be a decision of each person. stuart: there is a clash coming. if you don't impose the mandate and the mandate is imposed by city council there is a clash coming. when does the class come? >> they keep moving the goal posts. every single mandate people set in the deadline when they get near the deadline they push it back further because the mandates are wonderful political theater but in reality when it comes to boots on the ground the impact of it you have to study the
stakeholder analysis, get involved in understanding what you do before you pull the trigger. the board of supervisors are shooting first and trying to aim later and that's the crisis we have now. stuart: if you are vaccinated could you be fired for saying you will not impose the mandate? >> i am elected by the residents of la county. that a to the residents. stuart: that is a good question. will the residents support you? because you will be officers short and might not be able to offer public safety measures. >> the question, if you have a choice between water and food which will you go without? ultimately you need both. this is a question that is going to be in front of orders. stuart: am i right in saying only, i use the word advisedly, only 42% of the deputies are vaccinated and if that is the case why is that number so low?
>> there's a lot of mistrust particularly when the vaccine is not foolproof. you can contract the virus, you can transmit the virus with the vaccine, it does great at lowering the impact on your body if you get the virus but that is not a strong selling point, keep pushing the message it is a safe thing to do, sorting to do but ultimately it has to be individual decision. stuart: i believe there have been 31 officer involved shootings in los angeles this calendar year. that is more than in each of the past two years. violence, crime, big problems. are officers getting any support or are they still under attack from the defund movement? >> in la county the entire
nation has rolled back, all the elected bodies have rolled back, new york, chicago, rochester, seattle, portland, the la county board of supervisors is really body the double down in continuing to defund the sheriff the permit. even the city of la reversed course and fully funded the police department but the damage is done in terms of efforts of politicians to discredit and delegitimize law enforcement and we are seeing increased shootings, violent encounters between law enforcement, bad guys are not going to submit to their authority. stuart: why everywhere else getting metaphor opposing defund the police, what is special about la? >> they live in a woke parallel universe where they think they were loose on the street. increase in homicides in grand
theft auto, in the wrong direction doubling down on stupid. stuart: planes leaving for florida every single day of the week from several airports in la. it is great having you on the show. come back soon. the dow 30, winners and losers, the dow is off 113 points. being replaced with people working from home. watch this. >> how can i help you today? great choice right there. stuart: that man is taking the order from a remote location. could this change the restaurant industry significantly? we are going to deal with that.
stuart: fast food restaurant cashiers can work from home. this company called bite ninja which connects restaurant with people who want to work on remote, they can take orders on their home computers and do this from virtually anywhere. the bite ninja cofounder joins me now. i've got to go through this. as i understand that i can apply to do remote work at bite ninja and compete for the shift that i did. i can bid on a shift that i and someone else can outbid me? >> that is it. in the old days you had a manager making the schedule,
and the restaurant workers, people making schedules and they say i don't want to work this weekend, got to go to the lake but you get a lot more freedom. stuart: if i come to you and work for you. i understand if i get paid immediately, you pay me, is that accurate? >> there is no more waiting 2 weeks for payday. as soon as you clock out money is in the bank. it is an automated process. stuart: changing the restaurant experience. when i walk up to the counter i want to see a smiling face. i like relating to faces as opposed to electronic screens and electronic voices. you know what you are doing. >> i am a third-generation restaurant owner. i grew up in the restaurant business and in some ways we are changing the game from a customer point of view at pillsbury national. if you pull up these drive-through lanes you are talking to speakers. the person on the other end of
the speaker the first the us is why weren't we doing this all along. no reason for that person to be in the restaurant. we when your remote worker could be in britain or south africa or australia or anyplace else. that is something actually. >> we benefited by the pandemic bringing attention to restaurants having trouble hiring but this is tackling a problem restaurants have always faced and that is how do you staff a business, not just a little bit busier during lunch hour, it may be 20 x bigger, it is short, mainly before and hour. if you are in management -- stuart: how do these people work for bite ninja at this moment? >> it is thousands that are asking to be on board. we had a few hundred complete the training and ready to be deployed in a restaurant.
stuart: you really launch it, in the process of getting it all together and launching and pretty soon bite ninja will be working with remote people all over the place but not just yet. >> we've been running shifts for a little over a year, quietly under the radar but the accelerator that launched air b&b, door they-, part of the summer 2021 -- stuart: sounds like a good idea but -- bite ninja, we will watch it. we appreciate it. take a look at this. a robot called flipy, robotic fry cook, just got an upgrade. now there's flipy 2. it can take over an entire fry station and is also smaller and faster than the original
version. flipy 2 on your screen. i think technology is revolutionizing the whole cast in business and the pandemic speeded everything up. >> bite ninja has a job for you if you want after this job, this life, flipy the robotic fry gadget getting a big upgrade. white castle has said they are very happy and impressed and pleased with the productivity gains flipy has brought to them but you still do need a human to load the uncooked food and unload the cooked food when it is done. the moral of the story, not completely replacing humans just yet. i think it is addressing the labor shortage according to the national restaurant federation or association, nearly four in five restaurants are short of workers so flipy trying to tackle the labor shortage we have right now. stuart: only a matter of time.
when i bring you a headline, biden democrats lose it, progressive disastrous overreach fosters an emerging republican coalition. dan heninger joins me now. why won't the democrats shift their strategy? >> one simple answer. they are progressives. i don't get it, don't fully understand it. might be psychological no matter what goes against them politically the progressives won't change course. we have a case study in new york city with the election of
eric adams as mayor. he ran against progressives. he defeated them. what the american people are seeing, every place the progressives come into power they are incompetent, they wreck it. they are in charge of almost every major northern city in the united states. new york, chicago, philadelphia, los angeles, san francisco, portland, oregon, seattle, all of those cities are a mess and i'll run by progressive mayors and progressive prosecutors. they don't get it and the only way they get it is if the voters turn against them and that is what happened tuesday night in virginia, new jersey and new york city. stuart: if they don't change strategies and stay with the socialism that spell disaster in 2022, doesn't it? >> it does indeed. if you want to be bloody-minded about it you could say like nancy pelosi is now struggling
to get a vote on whatever it is, $1.75 trillion welfare spending bill today or tomorrow and one can only say go for it because it keeps driving them deeper into the ditch. what it comes down to is the progressives understood they thought they would get bigger majorities in the senate and house in the last election, they did not and i think the smartest among them know that this is there once in a lifetime opportunity to get these things done and for them it is do or die and in terms of the welfare spending, they would be happy with that even if they lost control of the house next year which i think they most certainly are going to. stuart: you are having far too much fun. you are all right, grand old party, see you later. president biden just unveiled the details of his federal
vaccine mandate. can you spell out in a simple ordinary a easy-to-understand way the new rules? >> it is very civil and impacts most of the workers in america. we are talking 2 thirds of the employees in the united states. when it comes to this vaccine mandate it was first in september but now we are getting those rules, let's outline them for you right now. under this requirement from the occupational safety and health administration, employees in companies with over 100 workers will be required to be fully vaccinated by january 4th or provide negative covid test every week. who is paying for those tests? the employees. this covers 84 million workers in america. if a company is found to be noncompliant there are hefty fines. the first line starts at 13,$000 and that is for one infraction. all healthcare workers at facilities that accept medicare
and medicaid will be required to be vaccinated. that is another 17 million workers. they don't have a testing option. clicks of these mandates say government overreach and there are no legal grounds for forced vaccination. 3 dozen senate republicans announcing they will use the congressional review act to challenge the new set of mandates. stuart: >> the permit of labor, osha comes forward with a relation saying you have to force these mandates on your employees or terminate your employees. essentially the cre would say no, you don't have that authority, that goes way beyond your authority. stuart: >> this is coming at a time we see a lot of issues in the labor force, hiring and retention. this vaccine goes into effect january 4th after the busy holiday work season. stuart: a date to remember. guess what, time for the thursday trivia question. which us city has the most
hours of sunshine per year. you can play this too. san diego, reno, phoenix, yuma, tell you after the break. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire (vo) this is more than just a building. matching your job description. it's billion-dollar views. perfectly located. an inspiration. and enough space to start an empire. loopnet. the most popular place to find a space. i order my groceries online now. shingles doesn't care. i keep my social distance. shingles doesn't care. i stay within my family bubble. shingles doesn't care. because if you've had chicken pox, you're already carrying the virus that causes shingles. in fact, about 1 in 3 people will develop shingles, and the risk only increases as you age.
so what can protect you against shingles? shingrix protects. . . shingrix does not protect everyone and is not for those with severe allergic reactions to its ingredients or to a previous dose. an increased risk of guillain-barré syndrome was observed after vaccination with shingrix. the most common side effects are pain, redness, and swelling at the injection site, muscle pain, tiredness, headache, shivering, fever, and upset stomach. talk to your pharmacist or doctor about protecting yourself with shingrix. shingles doesn't care. but we do.
i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones stuart: which u.s. city has the most hours of sunshine per year? heather, take a guess. >> i will say yuma just because i've never heard of yuma. the only city i don't know of. stuart: that is outrageous. i'm an not american borne guy i
know it. madison? >> other arizona city. go with phoenix. stuart: reveal the answer. yuma, arizona. it is sunny 91% of the time. having said that, don't forget to send in your "friday feedback." friday's tomorrow you know. varney viewers @fox dot-com. that will reach us. we want your questions. neil, it is yours. neil: following a development, "wall street journal" planning on. at&t and verizon plan to delay the december 5th rollout of some 5g services at least a month. there had been a back and forth with the faa over some of these services and airplane safety concerns. don't know much more about it than that. but at&t and verse sown are delaying this rollout to make sure all the is are dotted, ts are crossed, there is nothing that would get i