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tv   Varney Company  FOX Business  November 10, 2021 9:00am-12:00pm EST

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woman's pain with these hen and, you know what? more power to them. i know i've gained weight during covid, so i feel for anybody else who has. dagen: i did too. these things make you sweat. it's really not pretty. [laughter] charlie hurt, it was such a pleasure to see you, frances, thank you, both of you. "varney & co." is up next. stuart, take it away. stuart: not easy to follow a discussion on spanx and girdles, but i'm going to give it my best shot, dagen. [laughter] good morning to you. you got it. good morning, even. all right. let's call this inflation day, because that is what the whole financial world is talking about. consumer prices rose 6.2% october this year compared to october last year, 6.2%. that is the largest yearly increase in 30 years. now, this is the inflation that people see and feel in their everyday lives. it means something. think trip to the grocery store comes as a shock. i got this from the agriculture
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department just for an example. ribeye steak doubling in price from a year ago. bacon up $2 a pound. go down virtually any aisle in the supermarket, and you'll see the same kind of thing, prices going straight up. and as we tell you every day, the national price for a gallon of gasoline has gone to $3.42, and that is up more than $1.30 from this day one year ago. that's the inflation news. that's what's shocking the whole marketplace. and here is the market's reaction. actually, it's rather ten build. the dow industrials are going to open down maybe 50. the big loss comes from the nasdaq which is down over 100 points. let's go to cryptos, some consider an inflation hedge. bitcoin at 67,9, ethereum at 47,9, so there you have it. this afternoon pride ifen takes
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a short -- president biden takes a short helicopter ride to the port of baltimore. perhaps he'll claim a win. what will he say about today's inflation news? that's what we're waiting to hear. big show coming up, congressman adam schiff confronted. he pushed russia, russia, russia, and that has been entirely discredited. you will see "the wall street journal"'s kim strassel on the president's national security adviser, jake sullivan, who is also mixed up this russia, russia, russia. and if president biden gets his way, wealthy americans will be paying the highest tax rates in the world. wednesday, november 10, 2021. "varney & co." is about to begin. ♪ ♪ these are the good times. ♪ leave your cares behind ♪♪
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stuart: all right. let's get straight to the big news of the morning, that is the cpi, the inflation rate. 6.2%. prices higher compared to a year ago a. break it -- good morning, lauren. break it down, please. >> it's the largest increase since 1990. it is happening in very visible categories like food and energy. food costs up 5.3% in the past year, energy up 0 -- up 30%. gasoline, 50%. if you even strip out those volatile categories, inflation still the rose 4.6% from a year ago, and that's the most since 1991. you can't sugar coat this stuff, and you can no longer say it's transient. it is now a political discussion and problem, stuart. stuart: you've gotta right. it is also obvious. anytime you buy anything you're confronted by inflation. let's bring in mark tepper. mark, what do you see of these
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numbers? what's your reaction? >> whoo, it came this hot, stu, very, very hot. much higher than expected. up 6.2% year-over-year, the can'tation was 5.if 9 -- expectation, and that's up from last month's number of 4.5. as lauren mentioned, this is no longer anything that's even remotely close to transitory, it's persistent. once you hike rent, once you raise wages, that stuff's permanent. and, look, this is less quality of life. with wage not even keeping up with inflation, it's tough for people to keep their heads above water especially if you're lower income. it's a tax on lower income people or if you're a small business owner, it kills margins which are already razor thin. so expect your quality of life, if this isn't dealt with head on, to go down in the future. stuart: so why am i not seeing a stronger negative reaction on the stock market?
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dow futures only down about 70. okay, the nasdaq's down over 100, but that's not a huge drop compared to the enormity of this inflation news. why is the stock market not reacting more negatively? >> all right, stu, so i'm going to go out on a limb here, and i'm going to say because the market is already pricing in a more dovish fed for 2022. so regardless of whether or not jay powell gets reappointed, the members of the fed are going to be less hawkish as it relates to inflation. they're going to focus more on full employment. so the market has become addicted to fiscal stimulus. it's become addicted to 0% interest rates, and none of that, unfortunately, is going to go away anytime soon with the trajectory of the fed. stuart: that seems strange to me, because i thought it was the fed's job to maintain the value of the dollar, and you don't maintain the value of the dollar in a high inflation time. i don't get that.
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unless the fed if is now completely politicized and is there strictly to fund joe biden's spending program. they a may be what's going on here. >> yeah, could be what's going on. so, yeah, they've always, you know, supposedly operated on that dual mandate of full employment and price stability. but then over the course of the last few years you could unkind of throwing up propping up asset price or keeping the stock market elevated as well. stuart: true. >> obviously, yes, joe biden wants to tax and spend, tax and spend, tax and spend. i think he's completely unfit to be running the country as it currently stands. but, or yeah, his policies are, you know, very, very unfortunate for the people he claims he's trying to protect which are lower income people. stuart: wait a minute. you just said the president is unfit for the job. unfit to be running the country. that's strong stuff, mark. you want to justify that? >> yeah.
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so, look, he's mr. flip-flopper, right? i mean, a week or two ago he said he's going to give the migrants no money, and then he flip-flopped and said he was going to give some migrants money. he's obviously, stu, he's not running the show. nor is he actually being kept in the loop. so that begs the question, who is running the show? we all know it's not kamala harris. we know it's not joe biden. who's running the show? who's calling the shots? it's not a good look for america, stu, not a good look at all. especially when you see what china's doing, you know? they're testing hypersonic missiles, right? and we're not dealing with them head on like trump was doing a few years ago. instead we're just kind of rolling over and letting them do them. stuart: point taken, mark tepper. strong stuff this morning and good stuff too. thanks very much, mark, we will see you again soon. all right. i want to talk about a couple of corporate stories here. we've got, what, meta, that's
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the formerly known as facebook. we'll deal with that for a second. they are updating their advertising policies. this, apparently, is a big deal, and i want more information on it so, lauren, what have you got for me on meta? >> no more micro-targeting on topics like politics, race, health, religion and sexual orientation. this is an about face for mark zuckerberg who last year did not ban targeting for political ads when other platforms like google had banned that. so advertisers pay, obviously, a pretty penny to reach a very specific part of, a very specific demographic. and right now their wings are getting clipped. but what does facebook need to do? they need to clean up their image, and this reduces the risk of confrontation on its site because the advertisers can't micro-target specific populations. stuart: understood. all right. thanks, lauren. i've got to show you a headline -- it's not a headline, it's an op-ed in the thy post.
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joe biden just keeps on lying to the american public. miranda devine wrote that piece, and she joins me now. that is very strong language, the president keeps on lying. justify it, please. >> hi, stuart. well, i mean, i wouldn't have said it if it weren't true. i mean, we've seen it with our own eyes. just in the last week we've had joe biden come out and tell requires that story that his administration was considering paying $450,000 to illegal migrants per person who had been separated from their families you should the trump administration -- under the trump administration. that is going on. he denied that report in the "wall street journal," he said it was garbage, it wasn't going to happen. and then a couple of days later and he shouts at the same journalist, and he says of course it's happening, and it's the moral and just thing to do, and it has to happen because donald trump's such an evil
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person. more recently we had this week his press secretary comes out and says, no, it's not true that this report that his administration was considering closing net another pipeline in the middle -- yet another pipeline in the middle of a world wild energy crisis. so, you know, that was a true statement as well, and they had to walk that back again. we've seen this passion, i mean, just recently -- this pattern. just recently we have been told over and over again that the border is closed. it's obviously not closed. this is a real situation where we are seeing with our own eyes millions of people streaming over the border. we have seen with our eurozone eyes the -- our own eyes the administration flying illegal migrants around the country, we saw this florida one of these illegal migrants allegedly murdered a father of four. and yet the biden administration is pretending that there's not a problem. that's a lie. stuart: look, do you think
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there's panic in the white house? i mean, they can see their approval ratings really fall sharply. crisis after crisis. are they panicking? do you get a sense of that in your reporting on the white house? >> well, yes. and, obviously, i mean, joe biden's polls, opinion polls, approval is in freefall, and there doesn't seem to be any floor to it. and the odd thing, however, is that, you know, in a normal administration you would say there would be course correction, there would be really a concerted effort especially after the drubbing that the democratic party had in the last elections. there would be some attempt to the listen to the people and course correct. and yet that doesn't seem to be happening. if anything, they are doubling down. joe biden -- stuart: true. >> -- he's spent his entire life being a fantasist, and i think
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he's in fantasy world again not really absorbing the fact that he's not popular, he's not a unifying president, and how can he be when he's sending his justice department after anybody who opposes him? stuart: we're not in a happy a place. miranda, thanks very much. >> thanks, stuart. stuart: quickly check those futures, please. we've got a lot of red ink on the floor this morning. we had a negative inflation report, bad news on inflation about a half hour ago, 45 minutes ago. but it's a limited downside move for stocks thus far today. one of the chief promoters of the the trump-russia collusion narrative is in the hot seat. no, not on capitol hill, but on "the view." watch this. >> you may -- >> the president -- >> -- this information yourself for years by promoting this. >> well, i completely disagree with your premise. stuart: yeah, well, don't -- you'll not want to miss the full exchange, and we will play it
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for you. france telling its young people to avoid the moderna jab and go for the pfizer jab. should we be doing the same thing here? i'll ask dr. marty makary, johns hopkins professor, after this. ♪♪ feels good to be free ♪♪ 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.
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♪ it's a beautiful day. ♪ stuart: all right. niagara falls, that's what you're look at. new york, of course. sunny, brisk, 44 degrees. and to this, pfizer is asking
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the fda to expand the use of their booster shot. so, lauren, who's eligible for it now? >> anyone over the anal of 18 if -- age of 18 if they want it. it essentially gives all adults an extra layer of security as the weather gets colder, winter is upon us. people go indoors. so far 24 million americans have received a booster shot. pfizer says make it open to any adult who wants it. stuart: got it. thanks, lauren. now, take a look at op-ed. it's in the "wall street journal." it reads: should you vaccinate your 5-year-old? good question. marty makary wrote that, and marty makary, the doctor himself, joins us now. answer your own question, doctor. should a parent vaccinate their 5-year-old child right now? >> good morning, stuart. so 50-60% of kids in that 5-11 age group have already had covid, and that's based on the cdc's own estimates and
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extrapolated for after delta. to the child has had covid, i would say no base with the on the data we have today. for those who have a co-morbidity, those are the ones who get into trouble, and i would say, yes. i would not recommend the second dose, three or four weeks, but after three months. and, yes, parents want to see more data. and as matthew mcconaughey recently said is, he's not comfortable getting it done until he sees more data. we've only followed 1500 kids and made these sweeping, enthusiastic recommendations for all kids. stuart: so is that your advice, to parents of healthy kids, wait for more information, don't rush into it now? that's basically what you're saying. >> yeah. i think it's reasonable for healthy kids to get one dose, but if they had it before, no. and is remember, san francisco's already drafted up policies for vaccine mandates for kids 5-11. we just need to slow down a little bit and let parents make
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this decision. stuart: did you say -- i've got to go back to this. did you say that 50-60% of young kids have had covid? is that a valid number? >> that's right. yes. stuart: half of all kids have had covid? really? >> that's right. the cdc presented to the fda advisory committee the data that 42% of kids 5-11 is are estimated to have had covid in june, and then you had the delta wave. it's north of 50, maybe 50-60%. stuart: do all of these kids though they're had covid or presumed? >> presumed, most kids are likely to have asymptomatic cases. also professional athletes in the same category. stuart: okay, doctor, we hear it. much obliged to you. thanks very much. >> thanks, stuart. stuart: i'm going to show you the market one more time because we had this dramatic inflation news earlier today, and we've
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got reaction on the market. it's down, but it's not really way down. i'm talking about stocks now. in fact, the cryptos, they are holding up quite well. now -- there you go. it's on the screen now. 63 points down for the dow, 90 for the nasdaq. that's not a huge reaction to the inflation news. right. aaron rodgers, he was on your screen a moment ago, he's now speaking out about his own vaccination controversy. lauren, what did he say? what's he saying now? >> he said sorry, not sorry. here you go. >> you know, i made some comments that people might have felt were misleading, and, you know, to anybody who felt misled by those comments, i take full responsibility for those comments. and i'm excited about feeling better. i'm kited about moving forward -- excited about moving forward and getting back with my team and getting back to doing what i do best, and that's playing ball. >> i interpreted that as sorry, not sorry. so he told reporters he was
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immunized. it turned out he's apparently allergic to some of the ingredients in the vaccine, is and he has taken abler he can tin. the earliest he could return is this saturday for the seahawks game. we'll see. meanwhile, guess what? he got hit with a $14,000 fine for lying about his vaccination status, going unmasked and attend thing a halloween party. the packers were fined $300,000 and, stuart, they were warned the this happens again, you're going to lose, likely, a draft pick. stuart: really? okay. we've got more on this vaccination thing. the pfizer chief, the ceo of pfizer, he's got some harsh words for people he says are spreading vaccine information. what did he say? >> not for the professionals that spew bad data. here you go. >> there is a very small part of professionals which they
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circulate misinformation. those people are criminals because they're literally costing millions of lives. >> he seems and sounds frustrated, to me, right? i think everybody's frustrated, whatever side that you're on here. and the science does keep changing which adds to the mistrust and the distrust and the polarized feelings. stuart: also it's extremely complicated to know which vaccine, which dosage, which booster. it's not conflicting information, it's just a lot of information which you can't always process. that's where i'm coming from. okay? all right. let's check futures one more time. the opening bell is going to be ringing in about six and a half minutes' time. we're going to be going south but not that bad bearing in mind the inflation news. we'll be back. ♪ give it up, give it up, baby,
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we are the leader in 5g and a partner who delivers exceptional customer support and 5g included in every plan. so, you get it all, without trade-offs. unconventional thinking, it's better for business. ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ stuart: gotta check futures right before the market opens, a lot of red this morning, but it's not that bad although the
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nasdaq's down 100 points as we seek. eddie ghabour, market watcher of the moment, i want to talk to you about the federal reserve. president biden has three picks. he can replace the chair if he wants to, and he's got two other picks as well. what happens the he chooses a dove, someone who will print a lot of money to fund the president's spending plans? what happens to the market? >> well, look, initially we'll probably get a spike in the market, but i've got to tell you, this is very, very concerning to me. i mean, our fed has already been dovish enough, and look at the inflation. we've been telling clients and sharing with your viewers that inflation's going to continue to accelerate. we're now at acceleration rates we haven't seen in 30 years. if you put a dovish fed that doesn't put a stop to this inflation and make us add more money and lose monetary policy, this is a ticking time bomb that we will hope we only see a 15-20% correction next year. because if they let this bubble
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continue to get bigger and bigger and bigger from an inflationary standpoint if, it's going to wreak the backs -- break the back of the the market, and most importantly, americans who are having a hard time right now paying for higher gas prices, food costs, housing and rent, i mean, look, just take a step back. can we really afford to put more money in fuel and make things more inflationary than they already are? it'll be an absolute disaster. so i hope they stick with who we have now, because at least we know the path they're going to take. stuart: it reminds me of the late 1970s, a buildup in inflation and then you have to do something about it, and in comes the federal reserve with a massive stop printing money. that could be a repeat performance, do you think. >> i really do. and here's the other thing, stuart. inflation has been a tailwind for risk assets, and we mow that. we've -- we know that, and we've paid handsomely for it. next year it's going to be a headwind.
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the consumer cannot continue to take on these hikes, so the fed is going to have to accelerate tightening while gdp is decelerating. that is, again, the worst combination the market could ever want, and that's the path we're heading on x. if they get more dovish, all that's going to do is make it even worse. so we have to address it now when it's already a problem. stuart: all right. we have been warned. eddie ghabour or, thanks very much. and we see the inflation numbers and it is, indeed, spiraling upwards. the market is now open. the opening bell rang, now we're open, and we're immediately down about 100 points on the dow. we were expecting this. the inflation news, 6.2% consumer price inflation october this year compared to october last year. that's a huge jump. not that negative an opening for the dow. down 78 points. the s&p though down nearly half a percentage point, and the nasdaq composite, that's where the big drop's coming, down .8%,
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132 points. it's back below the 16,000 mark. i'm pretty sure with the nasdaq down that much, big tech is also way, way down all across the board. that is the case. microsoft, apple, alphabet, meta-- the as in facebook -- down from the opening bell. good morning, susan, tell me about doordash. way, way, down -- >> way up. stuart: no, it's not -- sorry, way up. >> this is an $8 billion dealing all stock here, and this helps doordash internationalize and expand around the world because wolf operates in 23 countries, 10 million customers. you had a wider loss in the summertime the. sales did go up from the peak and that bump that seemed to be drying up, but this is a good move according to wall street. stuart: let me get this right,
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please, coinbase. >> yeah. stuart: i see them down 7 what's the problem? >> the good news is we're trading close to 381 which was the peak right after their ipo earlier this year. the bad news is that sales went down in the summertime, and so did the number of monthly transactive user meaning the accounts each month, that number went down to 7.4 million in the summer. that's down from here to 9 million in the springtime. you see a slowdown quarter on quarter. but also remember coinbase already warned crypto trading would slow down because of falling bitcoin and crypto pricing. it looks like from what i see, this is really surprising, you have bitcoin account for a fifth of coinbase's trading volume. ethereum accounted for more than that, almost a quarter. so maybe ethereum might be the more popular trade. stuart: it shows you that the top two cryptos really dominate the crypto market almost entirely. >> correct. stuart: good tough. >> yeah.
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stuart: let's get to tesla. they lost, what, close to $200 billion in the last couple of days. looks like they have not yet stabilized. >> we're down below $1,000 a share, worth two days in 14 months, as you mentioned, losing almost $200 billion in market value, and that all started, and you could say maybe he shot himself in the foot with elon musk on twitter asking if he should sell 10% of his stake. musk is $50 billion less rich this week, worst two-day drop in history, and that's even worse than bezos after the divorce in 2019 when he lost $30 billion overnight. don't feel sorry for musk, he's still richest man on the planet. i do want to those that bank of america came out with a note this morning, and they're saying tesla should trade 17% higher from these current levels, and they've raised their outlook on lucent and fisker is worth 24.
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stuart: got it. how about poshmark? i know this, i know this. [laughter] why is it down so much? >> you have great style. you always look fantastic. you probably don't need poshmark's service, stu. but surprising that poshmark came out to say that they were being impacted by apple's privacy changes on the operating system. i guess they track less customers, and they couldn't see where they were buying ask and also target recommendations for them because of those privacy changes, and that means they're attracting less new customers. not a good sign, by the way, and that's why wall street's really punishing the stock despite the fact you had poshmark making a surprise profit instead of losing money. stuart: here's the one i really want to talk about. what do we know about this in. >> so launch. ed its ipo, and i can't wait to
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hair whether or not you think -- here whether or not you think it's worth the valuation. sec biggest ipo since alibaba, pricing way above their indicated price range. now at $78 last night, so you can tell there's a lot of interest in this. valued at $70 billion but no delivered sales of those flagship trucks. that's actually just $10 billion less than fort. so i'm wondering what you think of valuation because it's all based on future sales, right, stu? amazon's a big factor, they already ordered 100,000 of those delivery vans, but is it worth it? stuart: well, i'm not this a position to i say if it's worth it or not worth it, but i do like the idea of a company that's backed by amazon. amazon's got a big stake in them -- >> yeah. stuart: and i do like the idea of how long they can go on a charge. don't they go for 500 miles on a
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charge, the rivian? >> you talking about the pickup trucks? they also have an suv that they're starting to deliver possibly at the end of this month as well. stuart: yeah. >> yeah, the technology is impressive. i would like to see more delivered sales. it's not on the books right now, it's potential that people are really bidding up right now, and this is a very expensive, steep pricing that you're paying for not real sales yet. stuart: definitely. a $70 billion introduction to the stock market, that's a big deal, indeed. have you got thinking on fubo-tv? they reported recently. >> yes, they did. is so here's the good news is that maybe you're part of the one million subscribers now that few woe-tv counts six years after it launched but the problem with this report card is because they saw a wider loss than anticipated, i would say the revenue was actually better. you always want to look for the growth side of the equation, it's run up so much that people
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are just taking profits. but still, the numbers project a growing business theren including stu or starny, so that stays something -- stu varney. stuart: not yet. i'm not a subscriber at this point. >> but you watch. you use it. stuart: yeah. in a sort of a way, i do. i watch it, i watch some soccer games -- >> yep. stuart: and i think it's in spanish, that's how i watch it. >> sorry, just to -- you know, we were talking about the rally that we're seeing? stuart: sure. >> you know that bull markets don't die on their own. it's usually policy mistakes or unforeseen events like covid, and i think you were right to start off the bell with that discussion. stuart: okay, thank you. we're looking now at dow winners. these are the winners hong the dow 30 -- among the dow 30 stocks, cisco systems leads, a small gain, 1%. mastercard, cigna and gilead sciences is in there too. now the nasdaq winners, there
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are some, even though the nasdaq is way, way down. gilead sciences, fox corporation, monster beverage are on that list. and there's this: matthew mcconaughey is not saying all right, all right, all right to vaccinating his own kids. watch this. >> i couldn't mandate having to vaccinate the younger -- i still want to find out more information. right now i'm not vaccinating mine, i'll tell you that. stuart: we'll give you the full story. look at headline. moderate democrats want to rebrand as, quote, normal. that's interesting. congressman jim jordan will take that on. and it's not just the administration. " time" magazine is now blaming you for the supply chain crisis. we've got a lot more on inflation and the markets after this. ♪ ♪ chain, chain, chain, chain of fools. ♪ he can ♪♪
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♪ stuart: president biden heads to the port of baltimoreed today. he'll tour the area and then give a speech about the benefits of that trillion dollar infrastructure deal just passed by congress. he's off to the port. that speech will come as the backlog in or thes, some places, continues to worsen. and that, of course, produces inflation which we've reported on this morning. kelly o'grady is at the port of los angeles. kelly, that port's been open 24/7 for about a month now. has there been any relief? >> reporter: you know, stuart, there hasn't. there are nearly as many ships in this harbor as there were a month ago even with the new fines being imposed, and the director of the port told he just because they're operating 24/7 doesn't mean the port is humming at all hours. this early morning shift is the hardest to fill, and it's been pretty quiet since i got here. on top of delaying packages,
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it's leading to rising inflation. a vessel here on average is anchored 15 and a half days because tankers aren't unloading fast enough because of truck driver shortage. to complement matters -- complicate matters, demand is sky high after a year of monetary stimulus, rising wages, and that. bees a vicious -- becomes a vicious cycle. there just aren't enough ships to pick up the ordered supplies. >> shortages of empty 40-foot containers because they're not coming back from the united states. so they don't have empty boxes to it merchandise in. that is not going to change anytime soon. >> reporter: now that drives up costs even further, and the inflation cycle continues. these supply chain bottlenecks may not change unless we see some alterations to monetary policy, and if that wasn't
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enough, cargo theft is up 42% with all of these containers in the port. so, stuart, your holiday presents are on attack from all angles. tour stuart i can see that -- stuart: i can see that. kelly, thanks very much, indeed. consumer price inflation, 6.2% from this october back to last october. 6.2%. dramatic stuff. john lonski is an economist. he's with us now. john, are we on an inflationary spiral? seems to be getting worse. >> it is going to get worse. inflation is a hot mess. it's troubling that prices are up 6.2% from a year ago. worse yet, wages rose by a slower 4.8% yearly. so we find that the purchasing power of wages and salaries is declining because of this unexpected, shocking surge by inflation. that shows no signs of letting up. stuart: will you comment on the the federal reserve?
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because the fed, when it sees this kind of inflation rate, should surely be taking some kind of action to stop it. will they? >> they can go ahead and stop inflation very quickly. however, cost of stopping inflation can be quite high. if the fed wants to go ahead and increase interest rates aggressively, they would risk pushing the the u.s. economy into a recession. and if you have a drop in demand, inflation is gone. it's cooled off considerably. i don't think the ted wants to take that risk -- the fed wants to take that risk, and we're now looking at a very rapid rate of monetary growth since covid began. and it takes a long time for the inflationary impetus of rapid monetary growth to wear away, to fade. and we could be looking at a problem with inflation -- unless the fed tightens aggressively,
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this inflation problem will be with us perhaps 2023, 2024. stuart: can you -- that's a long way in the future. can you explain why the 10-year treasury yields at this moment, despite the inflation news, the yield's only 1.48%? i would have thought -- 1.49% on your screen right now. i would have thought that yield should have gone straight up when you get inflation news like this. explain what's going on. >> i think what's happening in large part is that there's still a demand for treasury bonds as a type of insurance policy in case the fed does tighten too aggressively and push the u.s. into a recession that would also involve an outright contraction of corporate profits. otherwise, you know, treasury bonds have no value right now other than an insurance policy that pays off in the event of an economic slump and a deep drop by profitability. stuart: can you explain why the
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stock market is not reacting more negatively? we're only down 20 points on the dow. >> i think they're going to continue to be supported by this bottomless ocean of liquidity. i mean, currently we have the money supply, cash bank deposits and money market funds about 90% of gdp. under normal circumstances, that ratio would be no higher than 75%. so we still have about 3-3.5 trillion of excess, highly liquid assets s and they continue to move into stocks, they go into cryptocurrencies, nfts, you name it. and they're also helping to fund consumer spending growth at a rate that exceeds our ability to grow real production anding, hence, we have a very high rate of consumer price inflation. stuart: i'll tell you, john, to me it's 1979 all over again. >> you bet.
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that tells me you should begin playing disco music during your breaks. half of laugh. stuart: we're not going to do that, john. we'll see you later, mr. lonski. good luck to you. >> take care, stuart. stuart: i've got something from -- sure thing. i've got something from "time" magazine here. they appear to be blaming the supply chain crisis on you, the consumer. lauren are, do you want to explain that from their point of view? >> >> look at the title of that article, how shoppers broke the supply chain. and then the article goes on to quote a trade expert who said this: americans have become singularly inpatient consumers. [laughter] unlike their peers in much of the rest of the world. and then the article points the finger at amazon's jeff bezos for convincing us we could all have our stuff delivered tomorrow. a very condescending tone. and, you know, i make the argument that "time" is doing the blame game for the white house right now. it's amazon's fault. it's your fought, right? it's our fault that turkeys,
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cranberry sauce, stuffing, whatever you put on the thanksgiving table, it's in low stock right now but it's our fault. stuart: it's our fault. fortunately, very few people read "time" magazine these days. lauren, thanks very much. and props from some of america's host iconic movies up for auction. the hoverboard michael j. fox used in back to the future just sold for over a half million dollars. the man behind the auction is here to show us what else he's got on that auction block. mr. speaker there
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♪ stuart: inflation dominates the news, and senator joe manchin just tweeted about it. here's what he says. by all accounts, the threat posed by record inflation to the american people is not transitory and is instead getting worse. from the grocery store to the gas pump if, americans know inflation tax is real, and d.c. can no longer ignore the economic pain americans feel every day. joe manchin. madisonal worth is at a supermarket in new york city. all right, what kind of inflation have they seen at that store where you are? >> reporter: they're seeing huge inflation here, stuart. it's happening in new york city and across america. the new consumer price index
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number's out, an increase of 6.2% from october of last year to october of this year. that is the greatest increase we've seen in 30 years. and there's certain categories that are contributing more than others. meat, that's up over 4.5%. bacon up over 20%. fish up over 11%. all of that adding to the americans' wallet with thanksgiving around the corner. i'm with the ceo of the grocery store right now. what are we seeing, right? greatest increase in 30 years. are you feeling that on your shelves? >> i think it's much higher. don't forget, social security went up 14.5% last month. we're seeing prices much higher than that. the cost of fuel, cost of gasoline, the cost of transportation is much higher. and i think it'll be realized in the next few months. inflation is here. that's hurting the poor and the middle class people.
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the cost of thanksgiving dinner is going up, and it's -- we're worried about it. i think we're woibd as far as all americans are concerned. higher prices. >> reporter: higher prices and, like we said, thanksgiving around the corner. the other issue, stuart, is if you can even get your supplies. these shelves are full in the front, but when you pull it out, it's hard to get any of those items. stuart, back to you. stuart: thanks, madison. inflation is clearly the story of the day. still ahead on this program, ohio congressman jim jordan, liz peek, deroy murdock and kim strassel from the wall "wall stt journal" editorial board. the 10:00 hour of "varney" is next. ♪ la, you've got me on -- leyla, you've got me on my knees ♪♪ we got this. we got this.
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inflation news earlier this morning. here is another response, the cryptos are doing very well. bitcoin hovering close to an all-time high, 68,000 bucks per coin. that is because the cryptos have become inflation hedges and we got bad news on inflation today. here is a very interesting item. the yield on the 10-year treasury gone up to 1.5%. after a report on inflation we got a few hours ago that is remarkably low yield. come on in lauren. you have the mortgage rate number. what is it? lauren: freddie mac, 2.98%. it fell for the second week. freddie mac says rates will remain low for the 2022. if the can find a home, rates are still low. stuart: the dow is up four points. now this, everyone. high inflation, high taxes,
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and a president who can't cope. that is the state of play and it is not good. price hikes, really unnerving. look at this, the numbers here from the agriculture department. their official numbers. they're not anecdotal. rib-eye steak almost doubled in price compared to last year. bacon is up $2 a pound. there are countless examples like this. big name brands announced price increases. lack look at them. del monte, mondelese, ikea, a long list of companies. it comes as a shock when you buy just about anything these days. then there is taxation. if the president gets his way, america will have the highest tax rates in the world. according to tax foundation, they will pay higher rates than denmark, france or greece. reminds me of the 1970s.
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40 years america was tormented by inflation and high tax rates. it was not a happy time. jimmy carter was the president. seems like today president biden is taking america back to the way it felt 40 years ago. he doesn't have an answer for inflation. he doesn't have an answer for rising gas prices. he lurches it seems to me from one crisis to another. in 1980, with inflation out of control jimmy carter was essentially fired by the american people. there are three more years to go before voters here can choose an alternative to joe biden. second hour of "varney" just getting started. ♪. stuart: our market watcher in the 10:00 hour is, bob doll. all right, consumer prices up 6.2% in october, the largest yearly increase in 30 years. i'm surprised that the stock market is not selling off.
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how about you? >> yeah i would have thought prior to what we've experienced these last few months the stock market would have a problem, stuart, but it is not because the market is buying the story rightly or wrongly. the number is going to fall from here. i'm going to agree with that, both related to some transitory factors and some solving of some supply chain problems but, we are not going back to 0 to 2% inflation where we lived for like the last decade. we're in a two to four inflation world in my view. i'm not sure markets have come to grips with that. i guess the other point i would make, stuart, corporate america in third quarter earnings were successful passing their cost pressures on to price increases, and therefore retaining profit margins with great earnings and the stock market likes it. stuart: but this inflation number, 6.2% that is like a tax
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on workers incomes and wages. it eradicates wage gains actually. so consumers are not much better off if anything and surely that will being reflected in the market at some point? >> i agree. at some point underline that. if you told me inflation was what it is and asked me where i thought the 10-year yield would be i wouldn't guess 1.50, stuart. i would guess a number higher than that. so at some point in time either the inflation number has to move down, as some are forecasting, or, the interest rate structure moves up. i think it is a combination of the two. stuart: got it, bob doll. always a pleasure. see you again soon. with the market down like this, this is not a huge decline by any means but come on in lauren, tell me about the movers you see. ring central. lauren: videoconferencing company. look at the stock, it is surging
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25%. after revenue increased 47% last year. they announced a partnership with mitel a broad base for connecting people and devices for video meetings. they have a 400-dollar price target from needham. wendy's another one, stuart. stuart: wendy's. lauren: this is your stuff. i forget the number on the menu, poor outlook. look at this. the stock is down almost 9%. their margins declined as labor and input costs went up. same-store sales growth 2.1% that was half the expectations this is a interesting story, perrigo, the maker of consumer products and medicines they cut full-year guidance. they blamed the truck shortage for supply disruptions. they increased prices on 75% of their products. stuart: all right. now to tesla. they have their worst two days i think in history. lauren: yeah. stuart: i guess that is because musk may be selling a chunk of
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his stock, that the reason? lauren: it is one of the reasons. it was a costly tweeted. twitter weighed in, musk, sell your shares. since then tesla lost $199 billion in value. in the same two days, elon musk himself lost $50 billion f we're still counting, he is still number one in the world, the world's richest man. his net worth is 288 million. look at this, bezos is a less distant second at 206 billion. if we look at tesla shares they started to stabilize. i think he will be back up 300 billion soon. stuart: poor old bill gates down to the last 138 billion. lauren: what is he going to do? stuart: what do you do with 138 billion? a pauper. op-ed, progressive drubbing opens door to unlikely biden pivot, changing of the guard. interesting. the author of that was the one and only liz peek who joins me now.
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you don't think biden will pivot? >> i don't, stuart. let's consider what happened since the election on tuesday. nancy pelosi came out almost immediately talking about you who the big problem we've got to get this build back better program across the finish line. president biden is right there with her. it is a pretty astonishing reaction not just to tuesday but as i say in this piece a whole six months of losing elections forking progressives. progressives lost out in pivotal races all across the country, primaries i should say in special election. the primary in new york city, which is about as blue as any city can be. that is amazing reaction. polling shows, that voters are connecting the dots between big spending programs and inflation. what are we talking about today? inflation above 6%. don't think republicans are not going to hammer democrats with that in the midterm elections. by the way it is not going away anytime soon. jay powell can't pivot.
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he is running for reappointment. and president biden can't pivot either. stuart: i put it to you that the democrats are essentially run by their left-wing. it is the left-wing that won't let him pivot. they have got the votes to stop him from pivoting too. it's a disaster for the democrat party. that is my opinion. last word to you. >> you're not alone. look at "the new york times," to for heaven's sake, the absolute front porch for liberalism and democrat policies, calling for democrats to have more moderation. where have they been as elections are lost by progressives. as the party has been taken into dangerous and unpopular territory? there is no misreading this. progressives are out, moderates are in but they don't get the message and joe biden has not really got the message. stuart: if he lost "the new york times" he lost everything. >> really. stuart: that is the way it is. thanks, liz, see you soon.
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>> thank you. stuart: president biden's pick to be comptroller of the currency, that is the official title, may be in danger being blocked. democrat jon tester is objecting to this potential nominee saule omarova? lauren: yes. she would be regulating all national banks. she said in the past she wants to end banking as we know it. have the fed set prices? what that does give the government price control. it could give them control of allocating credit. how do you do that? in her world it might be based on social score. so i will read the statement we do have from senator tester. i think it is muted. he says this, some of miss omarova's past statements about the role of government in the financial system raise real concerns about her ability to impartially serve at the office of the comptroller of the currency. i'm looking forward to meet with her to discuss them. if she gets pushed through it will be tough.
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i think senators are going to rightly want to know, how much has she evolved if at all graduating from moscow state university and writing a thesis on marxism? you can't make it up. stuart: thanks, lauren. now this, matthew mccon hi speaks out of vaccinating children. >> i still want to find out more information. i'm vaccinated. wife's vaccinated. didn't do it because someone told me i had to. chose to do it. stuart: he says it should be a choice. we've got that story for you. no matter how you heat your home you will have to pay a lot more this winter. propane, heating oil, nat-gas, electricity, all skyrocketing. we have a report on that. speaker pelosi insists the house will pass the massive spending bill next week but we still don't know the true cost of the bill so how do you pass it? i will ask congressman jim
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stuart: surprisingly muted response on the stock market. to the inflation news of the morning. 6.2% inflation and the dow is only down 46 points. how about that? look at the 10-year treasury. that is responding to the inflation news. the yield has moved up but not that much. you're still around 1.49%. whose known is that? not mine. check the price of gold. you would expect that to respond to the inflation news and it is. it has again up to 1862 per ounce. bitcoin becoming something of an
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inflation hedge. bitcoin this morning right now actually at 68,600. that is either a new high or very close to the high. the price of oil, $83 a barrel. natural fast, this is morn as we head towards the winter, we're down. nat-gas is down nearly 3%. how about that? the average price for a gallon of regular, check that, 3.42. that is $1.31 more than it was one year ago. no matter how you heat your home you can expect to pay a substantially higher bill this winter. grady trimble is at a refinery in indiana. tell us, grady, how bad will this be. reporter: it is extremely bad if you live anywhere cold. no matter how you heat your home. here are the numbers, home heating with propane expected to skyrocket 54% compared to last winter. heating oil up 43%. natural gas, which is what most
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americans use up 30% from last winter. electricity up slightly as well from a year ago. these numbers, we should say, could be even worse if it is a colder winter than expected. part of what is driving up the prices is this mismatch we've been talking about between supply and demand for fuel. as we await concrete steps, energy secretary jennifer granholm will take to deal with the rising fuel costs many republicans are blaming the biden administration's anti-fossil fuel pro-renewable energy policies. here is one example. you were just talking in the last block about biden's pick tore comptroller currency. she also said earlier this year she hopes some fossil fuel companies get run out of business. listen. >> travel industries and serve are in transitioning. here what i'm thinking about primarily coal and oil and gas industry a lot of the smaller players in that industry are
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going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change, right? reporter: we've been talking about the new consumer price index numbers this morning. if you look at just energy, energy prices up 30% from a year ago. stuart, that is the biggest year-over-year increase since 2005. stuart: yeah. that is a big increase, 30%, huge. grady, thanks very much indeed. bring in congressman jim jordan, republican from the state of ohio. jim, it gets cold in ohio in the winter i believe. >> sure does. stuart: who are you going to blame when you have, who is to blame here for these astronomical, the cost of heating your home this winter? who is at fault? >> joe biden and the democrats. last week, stuart, in a committee hearing we had the ceo's of all the big oil companies, chevron, exxon, bp. ro khanna, democrat member of
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congress badgered each of these witnesses saying will you pledge, will you promise to reduce production? think about this. at the same time they're pressuring american companies to reduce production. you got the president of the united states begging opec to increase production. so this is how crazy the left has become and the consequences are going to be on american families particularly in our state and across the northern part of our great country this makes no sense. the democrats, we got record inflation. what are they getting ready to do? spend another trillion dollars. they passed a trillion dollar bill last week. everything they do has been a disaster. let's hope they can stop some of this, we can stop them from passing more spend and making the problem worse. stuart: let's talk about this massive spending plan because senator joe manchin, he tweeted about inflation this morning. that has something to do with the big spending plan they're trying to vote next week. manchin says inflation is not transitory. he says, look, it is getting
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worse. speaker pelosi, she wants a vote on this big bill next week. is that going to happen with manchin talking like this? >> probably a vote in the house. i think only way to stop this is senator manchin and senator sinema hopefully will stay no and not let this crazy thing pass. the democrats plan is dumbest plan i ever heard. lock down the economy, pay people not to work, but for everybody working, they will pass a bill this week which raises the their taxes. such a deal to the american people. to add insult to injury, pay people that broke the law to enter our country i $450,000 for breaking the law. everything they do is ridiculous, crazy, it will only make the situation worse. i hope joe manchin the tweet out today. i hope that is a good sign and he stays strong against the package when is it gets to the senate. stuart: speaker pelosi want as
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vote on the gigantic spending bill next week but we won't have a score from the cbo as to how much it costs by next week. how do you take a vote when you don't know what it is going to cost? >> yeah. that has never stopped them before. she is the one with the famous line we have to pass it to see what is in it. referring to obamacare 10 years ago. they never let that restrain them from doing their crazy spending and doing their crazy policies. so a few of the members asked on the democrat side, god bless them we like to know what is in it what it costs before we vote on it, imagine that. so we'll see but i think they probably have the votes. i hope they don't in the house. i think they probably do unfortunately. i think it will come down to senator manchin and senator sinema on the senate side. stuart: that is not good news. all right. one last one. >> no it is not. stuart: i got a headline. moderate democrats want to rebrand as normal democrats.
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new label for moderate democrats normal. woe you like to comment on, jim jordan. >> there are very few of them i would quote as say moderate or normal. think about where we were 10 months ago and where we are now, from a secure border to chaos. from regular stable prices to inflation, to energy independence, to the president begging opec to increase production, so it has been anything but normal or moderate. and let's hope a few of them get back to that, maybe being a little more moderate a little more reasonable but i don't know it. i haven't seen much of it. as evidenced by the package they just passed last week, what they will try to do next week. stuart: got it. congressman jim jordan, great stuff. thanks for joining us, sir. we hope to see you again soon. >> thank you. stuart: next up, bill nye, the science guy, teaming up with the white house. lauren, better explain it. i'm sure this is about climate change, right? lauren: it is and selling the
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infrastructure bill. so bill nye, very popular, he has 11 million followers on social media, he is going to be taping a special with president biden to highlight that this spending is good for the environment but, they have to convince people that it is actually good for them individually. and as families and they might have to do so before the midterms, because if you look at the infrastructure spending and build back better, a lot of that is not shovel ready. it is going to be ready after the midterms. so if you want the voter get on board as you sell your plan, you got to speak to them about when this is going to happen before they go to vote. stuart: got that. all right, lauren, now this. democrat congressman adam schiff confronted for his role in promoting the now discredited steele dossier, he was confronted on "the view." watch this. >> the president -- >> information yourself for years by promoting this. >> well, i completely disagree with your premise.
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stuart: i'm sure he does. we will show you the full exchange. president biden heading to the port of baltimore. he will taught his infrastructure plan there, but avoiding the ports with the biggest problems. edward lawrence has that story after this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones
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scheduling process instead. turned down double pay. they want the schedules better. susan, come on in, please, i know you look at the cryptos all the time. they are doing very well today. susan: not seeing the 6.2% inflation read in the stock markets but look at crypto and look at gold. the highest inflation in 30 years, that means the inflation hedges are very popular trades today. bitcoin is passing $69,000 in the past hour. grayscale trust, the other crypto plays on bitcoin, ether, square is spiking and riot blockchain. bank of america upgrading its call on other electric car plays. tesla is worth to them 17% more. why you're seeing the stock higher. lucid is worth 60 bucks an fiskar worth $24. beloved microsoft is teaming up with facebook.
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integration with face bob team, zoom killer, conferencing product. megacap companies can't find a explanations to collaborate together. not winner-take-all necessarily in technology. stuart: not winner-take-all. i will remember that. thanks, susan. president biden will visit the port of baltimore today. he will taught his infrastructure plan. edward lawrence is there. edward, that port doesn't really have as many supply chain issues as the california ports. is that why he picked baltimore? what do you say? reporter: yeah, we're only about an hour from the white house here. he doesn't have to go very far from home. he will be here later on this afternoon. take a look, this is a smaller port as you mentioned but there is work still going on here and the bipartisan infrastructure money here will immediately go to raise the height of train tunnels so containers can be stacked higher as they go through the midwest.
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brian deece told me, the money will unclog the supply chains but could not give the exact date. this shows the white house is doing something about the supply chains. >> we're moving record amount of goods to our ports to shelves. we understand frustration americans feel when they see backlogs or delayeded goods. today's announcement build on the steps we've already taken to address the supply chain challenges we've seen globally because of that pandemic. reporter: the port backlogs are driving inflation. recent e-commerce adobe study found out of stock messages come up 172% more than january 2020, 3690% now than january of 2019. >> what is on peoples minds, the fact they may not get the things they need for thanksgiving f
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they do, it will cost more. if they travel it will cost more. this infrastructure bill again, especially the one the president still hopes that congress passes will do nothing except make those problems worse. reporter: that representative from maryland also saying that the president will be safe when he comes to the port of baltimore but the people that live here are dealing with rising crime. in fact, baltimore is on pace for 300 homicides for the 7th year in a row now. back to you, stu. stuart: all right. thanks, edward. we always are talking about a shortage of truck drivers so let's talk about self-driving trucks. kodiak robotics unveiled its next generation autonomous truck, that is, a self-driving truck. don burnett is the founder and he joins us now. let's great straight into this, don, how far away are you having a self-driving truck that can drive, say, to the port of los angeles to pick up a container. how far away from that?
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>> stuart, we're only couple years away from that level of capability of our system. we demonstrated that the technology is safe and reliable. we've been testing in the state of texas between dallas and houston over the last several years. and our technology is already proving that it can drive entire long haul routes without any intervention from the safety driver. we still have drivers behind the wheel. within the next couple hearse you -- years you see long haul routes without any driver in the seat safely and efficiently. stuart: when you say long haul route, it is not going to be used in congressed areas, not in cities, not in suburbs, that kind of thing? it is for the huge highways of texas and california, the open road, that is what it is for, right? >> that's right. and this is going to be a gradual rollout of this technology. i think it is first going to appear in the long haul, on those interstate highway environments as you said. then we'll gradually move more
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towards congested areas. stuart, the main point here everybody feeling the impact of supply chain crisis. autonomous, self-driving trucks have the ability to drive twice as far within the same amount of time as human drivers do. imagine moving your goods in half the amount of time we canada. it is incredibly efficient and will have a dramatic impact on the supply chain issues, and while reducing prices. stuart: having tested in texas, are you seeing results that make it okay to get authorization to actually use it for real, your technology, within two years? the test results are such that, yeah you can say confidentially, two years out, we're on the road for real? >> well, i'm not going, i'm not going to say confidentially two years but certainly in the next, next several years for sure. from a regulatory standpoint we've been working with stakeholders at every level of government from the
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municipalities to the state level, to the federal level. there is broad support for self-driving technology. everybody at every level recognizes the benefits that self-driving technology is going to have on the entire supply chain and overall transportation and safety. they're excited about that. yo, there are many states today we can actually take the driver out as soon as we're ready. stuart: okay, don burnett, i wish you could speed up the whole process to help us out at the ports real fast. but we'll wait. we'll wait. kodiak robotics. good luck, sir. education was a top issue for voters in virginia. one. reasons why they handed glenn youngkin in the governor's race. parents in loudon county, virginia, they're one step closer to pushing the school board officials out. joe rogan is defending aaron rodgers after he was criticized for lying about his vaccination status.
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roll tape. >> he is literally following the cdc's recommendations on their website. the reason why he hasn't gotten vaccinated he has a legitimate allergy to one of the ingredients in the vaccine. stuart: and rogan says rogers is a smart guy. we'll bring you the full story. ♪. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time,
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but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit your shipping manager left to “find themself.” leaving you lost. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit (rhythmic electro rock music) (crowd cheering) - bito, bito, bito, bito! - [announcer] bito, the first u.s. bitcoin-linked etf. ♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things that weren't there and believing things that weren't true.
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that worried us. during the course of their disease, around 50% of people with parkinson's may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. ask your healthcare provider about nuplazid.
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stuart: all right the main news of the day, the financial news that is, the highest inflation right in 30 years, 6.2%. what you're looking at the left-hand side of the screen is remarkably muted response of the stock market. dow down 30. nasdaq down 50. that's it. i was expecting more. nfl quarterback aaron rodgers has come under fire for
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lying about his vaccination status. joe rogan came to his defense. what do they say. lauren: joe rogan says aaron rodgers is not a conspiracy theorist. he has real concerns about what is in the vaccines. >> he is literally following the cdc's recommendations on their website. >> right. >> he is not a dummy. he is a [bleep]ing smart dude. the reason he hasn't gotten vaccinated he has a legitimate allergy to one of the ingredients of vaccine. only look at it one way, you got to get vaccinated. not looking maybe they should expand treatment. lauren: joe helped him develop his protocol how he would immunize himself if you will. joe said speaking of treatments and other options, nfl players should take monoclonal antibodies if they test for covid-19. stuart: okay. there are stricter rules in the nfl. see if they follow them to the
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letter. lauren, thanks. now this, the union representing federal workers is urging the biden administration to delay the deadline for staff to get the jab. they want the deadline pushed back from november 22nd where it is now, all the way back to january the 4th. that is what they want. still no word whether they get it. on vaccine mandates, matthew mcconuaghey speaking out about the mandating the jab for children. what does he say. lauren: i have a 8-year-old, 11-year-old, and 13-year-old. i'm hesitant. i need time. >> i couldn't mandate having to vaccinate the younger kids. i still want to find out more information. there will come a time where you will have to roll the dice one way or the other, where are the numbers in my favor. i'm vaccinated. wife's vaccinated. didn't do it because someone told me i had to. chose to do it. lauren: look at that stuart. he carved out a middle ground. i trust the science. i just need time.
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he also said this he has the money to do so. he uses a heavy amount of covid testing. he constantly swabs his kids, right? if you take responsibility in this day and age, you do testing. maybe you use some treatments t doesn't have to be so black and white that could be better than mandating vaccination. stuart: you are with matthew mcconuaghey. all right, all right. >> i like the way he said it. i see a governor run for texas in his future. he is carving out like i said that middle ground. stuart: i believe he is polling better than current governor abbott. i think that is the case at the moment. lauren, thank you. in loudon county, virginia, a parent group has obtained enough signatures to recall the school board chair and vice-chair. aishah hasnie joins us. last night was the first school board meeting since youngkin won. how did it go? reporter: good morning, to you, stuart. how do you think it went? things got very heated again last night as angry parents
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showed up. they shouted and they informed the school board that they have indeed collected enough signatures now to file a legal petition to recall the remaining school board members over what they call quote, a breakdown in trust. >> i would encourage you to resign because when you're recalled and removed from office it will be much more satisfying. see you in court. reporter: see you in court she said. this was the first loudon county public school board meeting since virginia voters handed republican glenn youngkin a victory in the governor's race over his stance against teaching critical race theory in schools. it comes as the district hired a law firm to conduct a independent review of student sex all misconduct at two of those schools. the superintendent originally denied reports that 15-year-old boy wearing a skirt rape ad female student in a bathroom but then later admitted to it. the district deny as coverup.
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parents bead began collecting signatures a long time ago after reports first surfaced that a private facebook group called antiracist parents of loudon county was compiling a list of opponents of critical race theory to try to dox these parents. so they were not happen about that. according to local reports, stuart, chairwoman brenda sheridan responded to the position saying it is not always easy or popular but she will see the process through. more to come, stuart. stuart: aisha, stay tuned the is the message there. speaker pelosi says america is back to curb climate change. how much will that cost? we'll figure out a number. do you remember this christmas classic. >> okay, people, tomorrow morning 8:00 a.m., santa is coming to town. >> yeah. oh, my god! santa is here here? i know him, i know him.
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stuart: that "elf" costume that will ferrell wore has been sold for nearly $300,000. and there are more iconic movie props up for auction. we're going to show them to you. after this. ♪♪
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stuart: modest losses on the market so far. we're waiting for the first trade of rivian, the electric vehicle maker. they indicated they will sell 153 million shares. the offering price was 78 bucks but we've got an indication that the first opening price, the first trade will be around $122 per share. that is a big deal. now look at this these are iconic movie props that just sold at auction. michael j. fox's back to the future 2 hoverboard. that went for 506,000 bucks. tom hanks, castaway volleyball. 308,000 bucks. will ferrell's buddy the elf
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costume, $295,000. the prop store founder steve lane is conducting the auction. he joins us now. what do you have left? >> we have plenty left. we're only day two of three days. in total just under 1100 lots. we have 700 lots still to go. it has just gone live today on day two. we're excited for next couple days as we were yesterday. there were fireworks yesterday for sure. stuart: yeah, there were. what about the gas mask used in "breaking bad"? i understand you got that for auction too? >> yeah. we have. got this just on the table in front of me. this is brian cranston's, walter white gas mask, his respirator he wears in the first season. this is memmably worn by him running around in his rv wearing not much more actually than just the gas mask this has estimate of 3 to $4,000. already over that. i think at $4250 today. also got a great piece down
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here, from casinoroyale, james bond chip. that is million dollar chip you can pick up from the prop store auction. that is coming up later on today. that has an auction estimate of about 3 to 5,000 as well. it is about 5500 already. there is lot of bidding activity taking place. stuart: i'm fascinated by the what seems to me be very high prices but my question is, who owns these items and who gets the money? >> well, they're owned by the consignor. these come to us from private collectors all over the world. they come to us from crewmembers, cast members, who worked on productions. we also work hand in hand with production companies and studios as well. so an auction like this with many losses takes us a year to cure rate and pull together. we never know what we have each year. there are truly wonderful items. that is where we see the excitement of demand. it is based on the quality, fantastic pieces we had up for
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auction. stuart: well, we wishing you the best. wish you the best of luck. stephen lane, thanks for being with us today. i'm astonished at the high prices. best of luck. >> thank you. stuart: now this, netflix's "squid game" has taken the world by storm for sure. has a second season been secured or confirmed? lauren: not confirmed n discussion. you can bet on a season two though because the creator said, how do we not? there has been so much demand for this south korean drama. they have to do a season two, right? 111 million netflix accounts watched "squid game," most ever. disney reported after the bell. they're coming after netflix in asia. disney plus launches in south korea on friday. so there is a big market for south korea drama. and disney is getting into it. stuart: yep. okay. good stuff. quick check of the market, if you're just joining us, the big
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news of the day is the inflation rate of 6.2% from october this year, back to october last year. muted reaction on the market. yes, we are still waiting for the first trade in rivian. bring it to you as soon as we get it. still ahead, christian whiton, kimberly strassel from "the wall street journal" and deroy murdoch. plus elon musk has a big dilemma on his hands. he is the richest person in the world but doesn't have any cash. he has a multibillion-dollar tax bill coming his way and he needs cash for that. that is next. ♪ ♪♪
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with chase security features, guidance and convenience, banking feels good. chase. make more of what's yours. >> who is running the show? we all know it's not kamala harris, we know it's not joe biden. who's running the show, who's calling the shots? it's not a good look for america. san francisco's already drafted up policies for vaccine mandates for kids 5-11. we just need to slow down a little bit and let parents make decision. >> and it takes a long time for deflationary impetus of rapid monetary growth to rare away. this inflation problem will be with us perhaps 2023, 2024.
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>> progressives have lost out this pivotal races all across the country. voters are connecting the dots between big spending programs and inflation. ♪♪ this is gonna be the best day of my life, my life. ♪♪ stuart: all right. it's 11:00 eastern time. i'm going to go straight to the cryptos, because they are doing some very interesting stuff this morning. we had bitcoin hitting a new high. i believe it hit $69,000. it's actually now down at 68,3, still way up there. ethereum also hitting a new high, 4847 is where it is now. okay. so that's the very significant movement in the cryptos this morning following the inflation news, 6.2% inflation. big tech not doing very well. amazon is the only winner, the rest of them are all on the down
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side. as for the 10-year treasury, it's moved up again. you're now at 1.51%x that's, that's not helping the nasdaq at all. if higher rates -- higher rates on the news of higher inflation. now this. elon musk is the richest person in the world, but he doesn't have think cash, and he doesn't take any income. now he's to got a dilemma. he has a big tax bill coming, and he needs cash. you see, he's got a stock option. and when he cashes it in, it is considered income and, therefore, taxable. "the wall street journal" calculates a $9 billion tax bill, maybe even more than that if california, where he used to live, stakes a claim as well. this is what all the fuss is about. to raise that kind of money, he would have to sell some of his tesla stock, and he probably has to do that sale this year to avoid an even bigger tax bill next year. it is ironic that tesla's stock should have taken such a tumble in the last couple of days.
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tesla remains by any standard one of the world's great companies, yet its stock takes a $200 billion hit to pay a $9 billion tax bill. musk is himself, to put it mildly, exasperating. his tweets regularly upset the stock market, the crypto market, and yet the regulators -- and not to mention investors. but he's also a genius. the outstanding executive for the age in many ways. he's not going away. he only just turned 50, and with a personal fortune in the hundreds of billions of dollars, he's going to be the center of attention for a long time to come. watch out, world. third hour of "varney" just getting started. ♪ ♪ stuart: i want to hear what david nicholas has got to say about tesla, and he joins me now. this is a big selloff. do you think it's an overreaction to the musk tweet?
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>> you know, stuart, i think it is. i mean, you know, there's a lot of people reacting to husk putting this out there -- to husk putting this out there, but i think you have to be a special kind of genius to have investors cheering you on to sell stock. but that's why the stock is going down -- i don't think this is why the stock is going could be, i think it's shareholders freeing up capital to look at rivian today. the i think it's no coincidence you've got a competitor like rivian going public, that money's got to come from somewhere. i think you're going to see weakness in some of these companies like tesla. i think that's a big driver of it. stuart: okay. are you buying the dip in tesla? >> we've already said this morning if tesla gets below $1,000, we're going to buy it. we missed it, we didn'tic if it up. but if it gets close to 1,000, we're going to be buyers again. stuart: let me remind you a couple of weeks ago when you
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were on the show you said ford motor company was a screaming buy, and i believe you predicted it would go to $20 a share. well, it hit $20 a share, so where do you think it's going from here? >> ford trucks, baby, they're on fire. the excitement right now is all about rivian, they've got the ipo today, but there's one king when it comes to trucks in america, and that's ford. when they announced their f-a 150 lightning, their all-electric truck, they had 160,000 orders. it's not enough just to have electric vehicles. within ten years, all cars could be electric. you've got to have autonomous investment. ford's investing $7 billion in the next five years, a little side fact, about an $8 billion profit when rivian ipos today, so essentially rivian's going to pay for if ford's autonomous driving research over the next ty years, which is pretty incredible. this amazing james bond-like accent, you strike me as the kind of guy that would drive an
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aston martin or a range rover, but you've got to tray a ford truck. -- try a ford if truck. it's life-changing. i think the stock's going higher. stuart: by the way, i do drive a ford f-150 truck, so i do know -- >> all right. that's what i'm talking about. stuart: david, i'm afraid that your video is breaking up a bit, and we've got to move on. we'll get back to you at some point in the future when we fix that video. got that. now, lauren, you've got the movers for us. i don't think -- have we got a first trade in live yet? >> no. -- rivian yet? >> no. when it does debut on the nasdaq, it's riced at $78 -- price ared at $7ing. so we're talking about a 60% increase which gives it a market valuation of about $110 billion. that's more than general motors and more than ford. so the point here is that tesla no longer has its own lane when
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it comes to evs. rivian's electric truck goes 314 miles before you have charge it, and it starts at $60,000. mastercard expanding their buy now, pay later program. it's up over 3%. 0% interest, you pay in four installments. more merchants can sign on, and they can get the scale of mastercard. and finally, newmont mining, a gold miner, teaming up with caterpillar, a mining equipment maker, to achieve zero emissions mining. they're investing $100 million to do so. newmont mining up 3%. stuart: all right. thanks, lauren. now this. speaker pelosi says the u.s. military is a major polluter. roll tape. >> speaker pelosi, you just presided over a large agreement on the pentagon budget, already massive. the pentagon is a larger or
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polluter than 140 countries combined. >> recognizing what you said, we recognize that as well. and a big user of fuel. stuart: all right. former state department official christian whiton joins me now. she said that on the world stage at the climate conference. why are you laughing? [laughter] >> well, you know, what this is, it's progressives talking about their religion. i mean, how absurd is in this the? of course the military's the biggest carbon emitter. some of us don't actually think that carbon is a pollution. but the idea, what, are we going to have electric-powered m-1 tanks? there's another reason, it has really old equipment. look at the b-52 bomber, the last of those head in the 1960s. this is not exactly a lightweight, carbon-fiber, you know, product. so, yes, the million military, if you want it to be able to do things, has to emit carbon, i mitt pollution, and i bet if you
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stack it up against the russian are or chinese military, it's actually cleaner. stuart: probably. one thing that really troubles me about this conference which ends on friday, by the way, is that poor countries want rich countries to pay a fortune to them, literally trillion dollars a year or more, to help them clean up their act, clean up the fossil fuels and cover damage and loss that they've already suffered. can you see this administration giving away a trillion dollars a year, part of it goes to china? can you see us doing that and getting away with it? >> not unless they do it in the next year because i think if you have the likelihood of a republican congress -- this is the problem with the democrats trying to enact the paris accord under the obama administration and the kyoto under clinton. eventually, you bump against congress which has the power to appropriate funds. so you might be able to push a little bit foreign aid here and there from one account to another, but the type of large scale transfers to poor countries that they are
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promising to please their climate god just are never, ever going to get through the u.s. congress. they probably wouldn't even get through the current congress divided as it is in the senate. stuart: okay. we leave it right there. christian whiton, thanks for joining us this morning. see you again soon. now this. the president's build back better plan would make america's top income tax rate the high in the world. we'll get into that for you. china's military conducting more drills right before xi and widen meet virtually next week. will biden be tough with xi? democrat adam schiff was challenged over the steele dossier. roll tape. >> you made -- >> the president -- >> -- information yourself for years by promoting this. >> i completely disagree with your premise. stuart: well, we've got the full clip coming up, and that will be next. ♪ ♪ that you only meant well,
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really? yep! so while you handle that, you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at stuart: morgan ortegas confronted house intelligence committee chair adam schiff about him pushing the discredited steele dossier. here's the full clip, roll it. >> you made -- this information yourself for years by promoting this. >> i completely disagree with your premise are. let's not use that as a smoke screen to somehow shield donald trump's culpability for inviting russia to help them in the election, which they did, for trying to coerce ukraine into helping them in in the next election, which he did, into inciting an insurrection, which
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he did. none of that serious misconduct is in any way diminished by the fact that mr. steele lied. >> no, i think your creditability is. [laughter] stuart: just your credibility. kim strassel joins us, "wall street journal" lady. all right, kim, do you think schiff owes the country an apology? >> oh, yes, absolutely. and not just for his behavior over those years, but even for that interview where he once again, everything he said was at odds with reality. he kept saying in there, oh, you know, i always said we should investigate these allegations. the history is that he actually spent four years blocking every republican effort to get to the bottom of the dossier, blowing up hearings and depositions and slacking for the people who were ones who put that document together because he wanted it to be true. john durham, he sat down, he got to the bottom of this, and maybe if adam schiff had been in an interest to get to the truth, we
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would have learned all of this a lot earlier than we did. stuart: according to two sources, national security adviser jake sullivan, he is the torn policy adviser -- foreign policy adviser mentioned in the durham indictment. spell this -- you've written extensively about this. what does all of this actually mean? >> well, i think, first of all, he's the connection to the clinton campaign, right? so what this latest indictment tells us is that the clinton campaign was all over this dossier. we now know that not only did they commission it, but that they had someone close to their orbit who was giving some of the information that went into it. and then the question becomes how much did the clinton operation know about the status of this dossier, how involved was it directly in feeding it to the fbi and getting out there to the public, to the press. and the fact that jake sullivan was aware is a really big, flashing resign and this is one of my points i've been -- red
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sign. democrats would like you to think there was one or two people who might have known about this, and they were independent operators. you know how things work this washington. the notion that this was a secret is kind of ridiculous. how widespread across democratic firmament was the knowledge of this dossier? and ask including, by the way, to members of congress like adam schiff. stuart: do you expect any indictments moving up the food chain, higher-ups getting indicted? >> i think we're going to have more indictments. there isn't much way you look at the text and the content of these recent indictments from durham that he's laying out such a broad story that it seems to suggest there is more to come. whether it goes up to, for instance, a guy like comey, i keep telling people not to get their hopes up. one thing that people forget, jim comey is a lawyer and a very smart one. and a lot of these guys have been very careful as they went
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along through this to make sure they covered themselves to make sure they couldn't be found on the wrong side of the law. but i do think there's going to be more people that get put in the spotlight. stuart: they messed up the first couple of years of president trump's presidency, and, you know, it looks like they really got away with it. last word to you. >> yeah, they did. at least for thousand. for now. what hearts now is we get the real story so there can be at least some public accountability. stuart: wouldn't that be nice? kim strassel, "wall street journal," thank you for being here. always a pleasure, kim. >> thank you. stuart: next case, president biden can china's president, and i, they're going to hold a virtual summit -- when's this going to be in ashley, good morning to you. >> good morning. it is next week, but the exact date still being negotiated, we are told. observers say despite the fact that both sides have sparred over taiwan and the expansion of beijing's nuclear arsenal, ties between the u.s. and china have,
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according to them, modestly improved in recent months. the white house says it wants to agree on guardrails as he calls it to insure competition doesn't veer into conflict. biden has met xi numerous times over the years, but don't forget during his presidential campaign he called the chinese leader a thug who doesn't have a democratic with a small d bone in his body. xi, meanwhile, recently said he's willing to deepen cooperation, manage disagreements and put ties back on the right track. in other words, they're happy that they don't have to deal with donald trump them, i think. -- anymore, i think. stuart: think you're right there. china's military conducted combat readiness drills very recent -- >> yeah. stuart: these took place just as the congressional delegation arrived in taiwan. take me through that one. >> yeah, somehow i don't think it was a coincidence at all. a delegation, as you say, of u.s. senators and members of the house arrived in taipei on a
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military plane at the same time china conducted combat readiness drills and taiwan's defense ministry said six chinese aircraft, including tour fighter jets -- four fighter jets, entered its air defense zone. a chinese military official stated taiwan is part of chinese territory and it, quote, must and will be reunified. just the latest incident, stu, of saber rattling from beijing over the island. the pentagon says the visit by congressional delegation just part of normal routine. stuart: more on china. the poverty crisis there appears to be worsening, but beijing is saying something different. what are they saying, ashley? >> well, basically nothing to see here, move along, please. but there is growing concern that china's property developers are facing a debt crisis that could see a number of the country's property giants collapse into bankruptcy. money is becoming harder to find because the cost of borrowing is
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skyrocketing. fewer people are buying apartments in china, and the value of property is falling anyway. according to one estimate, property companies have $40 billion of payments to make to foreign investors alone over just the next two months. it was just weeks ago, of course, global markets tanked over the possible failure of china's evergrand, that's the most indebted property developer in the world where more than a million home buyers, by the way, are still waiting for unfinished apartments. it's a real mess. analysts say if evergrand is the can canary in the coal mine, beijing is being faced with some very difficult questions. stu. stuart: got that. all right, thanks, ash. let's turn to the cryptos. they're making news this morning. we've got a new high for bitcoin. it reached $69,000 earlier. ethereum is at 4,841. so the news on the markets this morning is really coming from the cryptos more than the stock
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market, which is just modestly lower. yes, we are still waiting for the first trade in rivian, the electric vehicle maker. this could be one blockbuster of an i, for o. they're going to sell 153 million shares. the going out price was $173 million, but we are indicating that the opening price will be around $122 per share. that is a blockbuster ipo. we're waiting for the first trade. speaker pelosi plans a vote on the build back better plan next week. congresswoman ilhan omar says that's not gonna happen. we'll follow up on that one. moderate democrats have a new campaign slogan. they're calling themselves normal democrats. deroy murdock will join us. what does he think about that, normal democrats? we'll be back. ♪ that's not my name, that's not my name, that's' not my name ♪♪
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streamlined benefits, and savings. you can start taking advantage of it all right now. better yet, you can do it for as low as zero dollars. because at wellcare, we offer our members: zero dollar or low monthly premium plans zero dollar copays for primary care visits and prescription drugs, dental, vision, and hearing coverage. free grocery and prescription delivery and access to in-home visits and 24/7 virtual visits. so whether you know you're eligible or suspect you might be, call the number on your screen to request our free all-in-one guide to medicare. or visit us online at wellcare. it's medicare done well. ♪ jealousy -- stuart: atlanta, that's what you're looking at, where it is sunny ask 66 degrees right
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now -- and 66 degrees. just getting this coming to us. the white house says this: nearly 900,000 youngsters age 5-11 have received their first jab of pfizer's vaccine. nearly 900,000 already got the jab. big deal. susan, we're still waiting for thetist trade this rivian. the first trade in rivian. >> and it makes you wonder with 30% expansion in the money supply if, all of this chaseing everything from cryptos to i if p os -- ipos rivian, the anticipated open is 122 was the last price i saw, priced at $78 a share, so that's an implied valuation of $108 billion. and that's up 50% plus from their offer price. remember, this is an electric truck company that's based purely on future sales. it's now worth more than ford, gm, volkswagen at $108 billion, and all three of those
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companies, by the way, sell tens of millions of cars each and every year. so far rivian has only delivered from what i see less than 100 of those r1t pickups, and they're still trying to ramp. you do have future orders, amazon has ordered 100,000 of those electric trucks. amazon owns 20%, ford owns 12%, but this is all based on future hopes. stuart all right. i think you've got some other movers. let's start with fubo-tv. >> we were down 20% at the bottom and i think in terms of losses, yes, they widenedded in the quarter, but sales actually did better and went up. also you have one million thousand subscribers of fubo- now subscribers. stuart how about palantir? >> down dwraild,rbs is call it
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an underperform, disappointment in the earnings report we got yesterday. adding 30 clients which is a big deal for a company like palantir, that's not a bad thing. stuart: i'm still waiting for that first trade of rivian because that, to me, is an absolute sensation. that's really something, isn't it? >> it is. stuart: all right, susan, alled good. thanks very much. see you later. i've got a headline for you. biden's bakers' dozen, deroy murdock joins he now. you're talking about those 13 if republicans who voted for the infrastructure bill. they saved the democrats, didn't they? >> completely, stuart. it's good to be with you today. nancy pelosi was able to lose just 3 votes ask get this bull passed, this massive -- this bill passed last friday night, about 11:30.
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she lost 6 votes. the republican party was in a position to have the squad basically crash that bill, infrastructure bill had i died, this much bigger build back better act would have chanced. and joe biden and nancy pelosi would have been in a situation to say, look, the only way we're going to get anything out of here onto the president's desk is sit down with mitch mcconnell and kevin mccarthy and come up with something that is middle of the road and centrist, the basic platform on which joe biden won the white house. and instead we had 13 if republicans running to the rescue. they're the ones that provided the actual votes to get this across the finish line. we have a vote next week on this much more obnoxious bill, and there's this new sort of head of steam that wasn't there, and they can thank the 13 republicans for that. very shameful and very destructive, very short sighted and not good for the country or the gop, for taha matter.
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stuart: surely no republican in the house will support this gigantic social spending plan which is supposed to get a vote next week. i can't see any republican supporting that, can you? >> no, i don't see them supporting it, but that bill would be dead, and the infrastructure bill would have been dead had kevin mccarthy and steve scalise whipped the republicans, they all stayed in line, all the republicans had a stayed in line, the vote would have killed the infrastructure bill, if the infrastructure bill had died, i think the much bigger socialist bill would be dead. if it weren't for these people who came in and rode to the rescue and basically untieded biden and pelosi from the railroad tracks where a locomotive came in, gop would have been in position to say, look, you need to be centrist like you said you would be, and instead we're back on the the road to socialism. very sad, very unnecessary. and by the way, thanks for
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nothing. in exchange for that they said we want this, this and this and maybe they'd voted on something else. they got exchange for nothing just like the senate republicans did when they voted on this bill and also when they approved -- increased the debt limit in exchange for nothing. republicans are the worst horse traders in the way. they give these massive gifts away to the democrats and get nothing in exchange. it needs to stop. there's this notion that we just have to be nice, we'll be nice to democrats, they'll be nice to us, it never happens. it needs to stop and stop immediately. stuart: have you seen the headline from axios, new label for moderate democrats, normal? we have virginia democrat abigail spam berger said bind was elected to be normal and stop the chaos, another pennsylvania democrat calling himself a normal democrat. this relabeling of moderates would surely just increase and deepen the divide among democrats, wouldn't it?
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>> i think it would. it suggests if you're not one of these so-called moderates, you're an abnormal democrat. if i were on the squad, i wouldn't appreciate that label. but it suggests that the so-called normal democrats are moderate. i took a look at the american conservative union rating on average in the house, and back in 1990 they voted 20%, let's see, 20% apt c. rating -- a.c. meaning 20% of the time they voted conservatively. 2010, 6%. and in 2020, just 3% of the time the democrats voted on average in the house as conservatives. so the democrat caucus has moved further and further and further to the left. so the idea of normal means that you've got, basically, the far left saying we're not as bad as the the far, far left. this is not your father's normal democrat party anymore. stuart: got it. delaware roy, thanks for being here. we'll see you very soon. >> thank you very much. stuart: next, a very extraordinary story about taxes.
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you realize that the u.s. could have the highest tax rates on income in the world if the build back better plan goes through? ashley, come back in again, please, and break this down for us. >> yeah, and they are eye-watering. until hike the average top tax rate on personal income in the u.s. to the highest level in the developed world, how about that for a starter? according to the tax foundation, the build back better plan would end up raising the average top tax rate to a whopping 57.4%. but it gets even worse at the state level, especially those blue states. the top tax rate this new york would be a staggering 66.2%. california comes in at 64.7. and new jersey, stu, yes, new jersey, 63.2%. and, by the way, even residents of low-tax statements, places like wyoming, washington, texas, they will still face a top income tax rate of at least
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514%. one word, outrageous. stuart: absolutely outrageous. i think it's absolutely wrong for any government to take more than half of any person's income, and i don't care how much -- >> oh, yeah. stuart: just plain wrong. all right. we're always in agreement on this, ashley, and that's a damn good thing. >> oh, yeah. [laughter] stuart: let's give everybody a sense of the markets. the stock market, that is. here's the dow 30. an even split between winners and losers, more winners than lose arers, and the dow is down just 38 points despite the extraordinary inflation news, highest inflation rate in 30 years. dow's only down 30. the spacex crew launch is finally set to blast off tonight following more than a week of delays. my next guest's 3d print critical -- guests 3-d print critical engine parts. the ceo is next.
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♪ ♪ stuart: you're looking at port canaveral. that is just a couple of miles away from cape canaveral where the spacex rocket is scheduled to take off later tonight. it's cloudy and 77 degrees right there right now. right. i want to get back to susan and the markets. you've got some earnings reports after the bell. the big one today, i think, is disney. what are you looking for? >> obviously, disney plus subscriber growth. i think estimates are looking for a 13 million sub-add in the summertime. right now that would add to the 116 million global subscribers
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across disney plus channels, but remember netflix reported dishall new subscriber numbers -- dismal, so some are thinking maybe there might be disappointment there disney's side as well. the ceo had guidance for a slowdown when it comes to new subscription numbers in the summertime. stuart: how about beyond meat? i'm seeing them move this morning. >> they're probably going to widen their losses by close to 40%, never a good sign, and we've been hearing from analysts on the stock when it comes to sales may not be outcompeting its other competitors. so there's some concerns there on beyond meat. stuart: sofi, tell me more. >> yes. we're looking for the online lender to add new subscribers, new members and users because we've seen eight straight quarters of accelerating growth. they need to continue this
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streak. and also remember, sales are going up, but they're still losing money, so that needs to narrow in the summer. stuart: all right. we're still looking for that first trade in rivian and, susan, i'm sure you'll bring it to us as soon as we've got it, and we'll get it on the air. thanks, susan. all right. after almost two weeks of delays, spacex will send four astronauts to the international space station. they're supposed to blast off tonight. ashley, what's their mission once they get up there? >> well, during their six months the space station crew 3 astronauts are going to be helping perform scientific the research among which includes fiber optics, growing plants without soil and how astronauts' eyes change from exposure to space. and, of course, other experiments. fascinating, i guess. they will also do multiple space walks for may not nance. by the way, the original launch was halloween night, october 31 1st, but delays happen. the next launch window opened
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just after 9 p.m. eastern time tonight with backup opportunities on thursday and friday morning. see how their eyes, whether they bolt or not in space. [laughter] stuart: can't wait to find out, ash. all right, ash. we've got bello 3-d, that's a company that 3-d prints critical parts for space exploration. their founder and ceo is benny bullard who joins me now. you print engine parts used in the spacex rocket, your parts on the rocket that goes up tonight? >> i don't think so. thank you. happy to be here. we are collaborating very deeply with saysx, but -- spacex, but on the raptor engines powering their starship. this is the new, big and really the big vehicle that will get us to mars and to the moon, and there will be a big
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transformation in space exploration. stuart: what kind of parts do you 3-d print for this huge rocket engine? >> so i cannot say in too much details, but what i can say is that the engines for this starship are extremely revolutionary and advanced, and we have a lot of parts on those engines -- stuart: in what way are they revolutionary? >> yeah. so the finger, if you want, about engines, rocket engines, is the efficiency of the engine, the power density, how much power, how much thrust you can get for given the engine size and variability over those engines. and in all those metrics, spacex has pushed limits with its engines beyond thinking that was
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possible, even imaginable, three years ago. stuart: i know you can't tell us much about your parts, but can you tell us what it's like working with elon musk? >> yeah. so elon musk and spacex is an extremely innovative company and very relentless and very creative. so they really do not accept no or impossible as an answer. and they are, they're always pushing the limits, and he was recognized the the disruptive nature of what our technology can do for the manufacturing on parts very early on, and they have been pushing us ever since. we have been working with them for more than three years now. very, very innovative company and very out of the box thinkers. i only have the best things to say about them. stuart: okay, good. benny buller, thanks so much sister joining us this morning -- for joining us this morning. >> thank you. stuart: look at tesla, please.
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they're regaining some ground that they've lost recently. of course, recently they lost, what, $199 billion worth of value. a little bit of stability coming in today. they're up $39, 3.8%. all right. their biggest one-day selloff. ashley, what's the latest on tesla in. >> yeah. well or, you know, it's interesting, as you pointed out, up nearly 4 if % today, but -- 4% today, but the stock has seen its value plunge by close to $200 billion. but despite the dip, let's point out that the automaker's shares are still up now 51% as we see year to date. the market valuation still above a trillion. it did dip below very briefly this morning when the stock price fell to 987, but now it is back. what's been going on for this past week? elon musk, the ceo, agreed to abide by a twittering old if, we've talked about that, that called for him to sell 10% of his stake in the company.
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shares had fallen more than 16%, there was also a report that his brother sold some shares just before the poll. some analyst say this stock is extremely overvalued, but others say, wait a minute, the selloff is part of a normal and healthy pullback. and today the allback is over, and money's -- the paul back is over and money's going into test test -- tesla. stuart: got it. now this, despite all the crises the administration is facing, speaker pelosi says there's one area where president biden is doing a great job. we'll tell you what that area is after this. ♪♪ you're as cold as ice, you're willing to sacrifice our love ♪♪ (naj) at fisher investments, our clients know we have their backs. (other money manager) how do your clients know that? (naj) because as a fiduciary, it's our responsibility to
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stuart: speaker please city is praisinge administration for tackling climate change. ashley, what exactly is she saying? >> well, the house speaker says the u.s. has rejoined international initiatives to curb climate change after the, quote, trump years. speaking at that u.n. climate summit in scotland, pelosi said the biden administration is leading by example when it comes
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to fighting climate change. she says, quote: i think they're doing a great job. the president has been a leader on this subject since the '80s, so he understands the challenge and has been very persuasive and courageous. by the way, pelosi is calling for iting women ask girls at -- putting women and girls at the center of the earth to fight climate change. why? a u.n. report estimates 80% of those displaced by climate change are um women. stu. stuart: where cothey come up with a number like that? how do they get -- >> i don't know. stuart i have no idea. all right -- [laughter] neither to i. all right, ash. speaker pelosi's making more headlines at the u.n. climate conference. she's saying something more today, i believe. hillary vaughn joins me. what else is she saying? >> reporter: yesterday she was asked why the u.s. military is not at the table in these climate talks when they are a
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big luter, and she -- producer, and she agreed -- polluter, and she agreed not only should they be, but also that they are contributing to pollution. >> the pentagon is a larger polluter than 140 countries combined. >> we recognize that as well. and a big user of fuel, there have been many initiatives over time more successful with more technology to convert from fossil fuel to other sources of fuel to run the military. >> reporter: the department of defense announced this week military vehicles are going green, and it's not just non-combat cars and trucks, but also tactical vehicles will use a mix of electricity and fossil fuels to run. and that's good news for climate activists that push to get decarbonization and demilitarization on the agenda at cop26. the conflict and environment
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observatory saying this: militaries are huge energy users and contribute significant emissions as well as causing wider, averse environmental impacts from training, activities and operations, militaries and the industries that support them can no longer be viewed as exceptional and must take urgent and significant action to reduce their emissions and environmental boot print. but i talked with a former b-2 stealth pilot who told me that while the u.s. may be going green with their military, our adversaries like china and russia certainly are not worried about their carbon footprint when it comes to their military operations which makes us less safe here. stuart. stuart: not sure i'd want to be in an electric tank, but that's another story entirely. all right, thanks. it's kind of -- you laugh about it, but it's not really funny. hillary, thanks very much, indeed. great stuff today, we'll see you again tomorrow. now, it's wednesday trivia
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time. today is the u.s. marine corps' 246th birthday, so here's the question: their motto is latin for what? ash, i'm going to ask you to take a guess. i had to take an exam in latin when i was a teenager, so i do know the answer. ash, you're on deck after this. ♪♪ i'm so glad we did this. i'm so glad we did this. life is for living. let's partner for all of it. i'm so glad we did this. edward jones . . .
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i've spent centuries evolving with the world. that's the nature of being the economy. observing investors choose assets to balance risk and reward. with one element securing portfolios, time after time. gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. stuart: here was the question,
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the trivia question this wednesday morning, the u.s. marine corps motto is semperfidelis latin for what? make a guess, ash? or are you a latin speaker? >> i took four years of latin in brighton college. it is always faithful. i appreciate taking latin. but in later life i'm so grad i did. stuart: me too. so english words have a latin derivation. semper fidelis. a lot of dogs are called fido, faithful. the marine corps adopted the term as their motto back in 18834. now you know on the marine corps 246th anniversary. thank you, ash. see you tomorrow. we're still waiting for the rivian first trade. it is indicated to open $114 a
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share. they're selling 153 million shares. the offering price was 78. looks like it might be 114. that would make rivian an absolutely blockbuster ipo. probably the biggest of the year, probably the at that price around what? guessing just shy of $100 billion, for an electric vehicle maker which has yet to put a vehicle on the road. time is up for me. neil, it is yours. neil: helps to have friends like amazon and ford backing you up. man, oh, man, that will come storming out the gate. stuart, thank you very much. welcome, everybody, i'm neil cavuto. this is "coast to coast." we're following a number of developments on wall street but not as big as one as you expect given the inflationary data. one key measure, we're back to levels we had when ronald reagan was president. we'll explore that, whether this is now gaining some traction. the president will be addressing that later


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