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tv   Varney Company  FOX Business  November 11, 2021 9:00am-12:00pm EST

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time, i felt like new york was back. the energy, the crowds, the people, i get motional thinking about it still because i just feel like our city has been through so much, and we needed sunday, and we had it. and i'm just so grateful to my fellow new yorkers, and i'm also grateful to all the veterans out there. joseph, mark, thank you very much. that is it for me. varney ask company is up next -- "varney & company." stuart, it is veterans day, sir. stuart: yes, it is. good morning, cheryl. good morning to the sneaker king, mark tepper right there. indeed, good morning, everyone. let's go. first, on this november 11th, a message to all veterans: thank you. we will honor your service throughout the program, and we're very glad you could join us today. inflation and the president's response to it remains the focus of attention. the news is grim, i'm afraid. the fast pace of inflation has cut our standard of living. real wages are falling. the prime minister does not have a -- the president does not have
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a solution. he seems confused about the problem, apparently believing if we pass another massive social spending bill, inflation will be controlled. the federal reserve has a dilemma. rein in money printing thousand or later? if in-- thousand or -- now or later? big selloff yesterday when that inflation news first came out, a very modest rebound this morning, and it's led by big tech. the dow's going to be up 23, s&p up about 17, but look at the nasdaq. that's where big tech the comes in, up a strong .8%. big tech doing very welled to. the inflation threat has pushed interest rated just a little higher, the yield on the 10-year treasury now at 1.55%. crypto backing off a bit, but bitcoin is holding around $65,000, 64,8, to be precise. and ethereum keeps on getting closer to $5,000 a coin. there are companies in the news,
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i mean, big news. after rivian's spectacular debut yesterday, the stock's up a little more today. this is an ev company which does not yet have a car on the road, but it's still got a market value of $90 billion, worth more than general motors. disney is way down, down $10, 6%, that is. they've got got a problem with streaming x. there's a big selloff in beyond meat. it appears plant-based food is not selling as well as expected. beyond meat was at $200 a share, now it's 78. yes, it is veterans day, thursday, november 11, 2021. "varney & co." is about to begin. ♪ ♪♪♪ ♪ ♪ don't blame it on the
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moonlight -- ♪ stuart: all right, let's get to it. the president and inflation. president biden says, he claims that the supply chain crisis is because people have more money. roll tape. >> families have been able to i buy more products. and, but guess what? they're not going out to dinner and lunch and going to local bars because of covid. so what are they doing? they're staying home, they're ordering online, and they're buying product. with more people with money buying product and less product to buy, what happens? the supply chain's the reason. stuart: i think that was rather a rambling economic analysis from the president. but come on in, jason chaffetz, joining us this morning, please. the president doesn't seem to have a solution to this crisis. go. >> well, his policies that he it this place are exacerbating the situation.
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the labor rate participation is not nearly where it needs to be. the federal government is spending records amount of money and more on the way, and the president's promising even more on that. the energy sector in particular, i think, is just causing ripples all up and down the chain and what people are having to deal with. but i think the labor rate participation is probably as big as anything. people can't get the labor that they need to do what they need to do to supply the products, to proside the services that this -- provide the services that this country needs. stuart: this is a political problem as well as an economic problem. what does the president do, what do the democrats do if this inflation runs into next year, the federal reserve has to act at some point and you get a downturn in the market and a downturn in the economy? that's political poison for this president at this moment, right? >> i totally agree. but i think, again, the policies that they put in place over the
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first nine months of this administration are going to make these things worse, not better. i don't see anything that they're doing to help fight and curb this back. they're just not doing those types of things. we're going to see more federal workers out there in the marketplace. you're going to see more regulators, more regulation. but that's going to put an increased burden and cost on businesses along the way. at the same time, they're making it more difficult for individuals to start their own business, be a sole proprietor, have their own llc. these are not labor-friendly. they're union-friendly positions the administration's taken, but they're not, they're not employment-friendly. they're not friendly to entrepreneurs. and politically you're absolutely right, going into 2022 i don't see any solution from the president. i don't think he has a grasp of the problem. i think their policies are making it worse, and i don't think they have any solution going into the next election. stuart: you got it.
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jason chaffetz, thanks for being here on this veterans day. see you again real soon. thanks, jason. the other big story of the day, i'm talking tesla here. musk, elon musk sold more than 3.5 million tesla shares. lauren, good morning to you. >> morning. stuart: do we know if he's going to sell any more this. >> i'd make the argument, yes. why? he's cash poor. the $300 billion man is cash poor? yeah. he doesn't take a salary. he's paid in stocks and options, and he often sells shares of tesla to fund spacex, right? so this share sale that happened monday, tuesday and yesterday was the first one in five years, and it was valued at nearly $5 billion. now, yes, part of it was the related to the twitter poll. but he already had a plan in place to sell some shares when options expired. either way, this confirms him as a tesla seller and anticipates that more share sales could happen. it could weigh on tesla's
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near-term stock price. that's not happening today, it's up 3% in the remarket ask, yes, he owns 17% of the company. that's, what, worth $180 billion. [laughter] stuart: i lost track of the numbers, but they are huge, and that's a fact. good stuff, lauren, thank you. bring in shah gilani. are you -- elon's selling, are you buying tesla stock? >> i missed the first one, stuart. id had bids in at about 40% below the highs given monday and tuesday's action, about 16% off of the highs, so didn't quite make it. i think the stock can go lower if he does plan on selling more stock, i think there are others who are going to take profit, so i think the stock can go lower. if the market drifts lower, the stock will certainly follow it. stuart: at what price would you buy? 900? >> my bid right now is 903.
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i would buy it all day long. i've got large orders to buy at 903. i don't have it down, but i'm going to work -- i had some a little bit higher than that, but, yeah, down towards that level, that's an a all day trade and hold for me. if. stuart: okay. big picture for a second. that was quite a dip we saw yesterday. do did you buy that dip? i mean, you've been buying the dip for ten years. did you buy yesterday? >> no, it wasn't a significant enough dip. it was a blip in my book. when interest rates pop based on a poor treasury action on the 30-year, i think we saw a large sell program right around 1:04 p.m. in the afternoon. i don't know that those programs are over, i think there are going to be a few more. so, yes, on a significant enough dip -- which yesterday was not by any means -- yes, i would be buying more stock, absolutely. stuart: okay. i read your stuff, as you well though, and you're talking about tina.
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there is no alternative. fomo, fear of missing out. yolo, you only live once. what are you talking about? [laughter] >> i'm talking for the most part about retail investors chasing stocks higher in terms of the yolo. there is -- as far as yolo goes, there's this attitude out this retail whether it's cryptocurrencies or whatever it is that they're going after, there's nowhere to go but up, so they want to continue to chase these stocks up. go after it, there's money to be made, don't leave it on the the table. and also again you have, driven by retail, you have this fear of missing out because as the market continues to go higher, retail traders are missing out, so they continue to jump in. that pushes stocks higher can, of course, as far as tina goes, right now it doesn't heart that the yield on the 10-year is 1.55, there's still not going to be any kind of challenge for we
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can i thinks because there is -- equities was there is no alternative vis-a-vis any fixed income return. stuart: all right. the momentum is there, says shah gilani. see you again real soon. i've got some unfortunate news on taxes. the irs says it will be updating tax brackets for next year because of inflation. lauren, does that mean higher rates for most taxpayers? >> no, i think it's the tax brackets automatically adjust for inflation, so the income threshold goes up. so let's take a married couple. it rises to about $648,000 for them to be hit in the top 37% federal tax bracket, and you can see it on 540,000 for individuals. so it's an increase of about 3%, $20,000. this is what you'll use to rare your 2022 tax returns that you tile by april of '23. stuart so inflation is a bonanza
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for the united states treasury. more people will pay more and there you go. lauren, check those futures, please. we're going to open the market this 20 minutes' time. it's looking like we're going to have some green across the board, especially the nasdaq. pay close attention because that is a big tech bounce. you may not have heard of her yet, but the president's nominee for a top treasury job has i'd say some outlandish ideas. roll tape. >> here what i'm thinking about is primarily coal industry and oil and gas industry. a lot of the smaller players in that industry are going to probably go bankrupt in short order. and we want them to go bankrupt if we want to tackle climate change. stuart tooth fascinating. she wants oil and gas companies to go bankrupt. the prime minister wants her to over-- the president wants her to oversee all of our banks. one media outlet trying to make the case that inflation is good
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♪ show me how you do it. ♪ stuart: you're looking at branson. i almost said brandon, missouri. i'll correct that, that is branson, missouri. clear skies, 50 degrees. that looks really beautiful to me. futures, about 14 minutes to go until the market. we're looking up across the board, but a big gain coming for the nasdaq. inflation hit a 30-year high. people are are looking to the fed for what to do about it.
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we really need an economist, and we've got one. art laffer joining us now. art, let me get to it like this: the fed is in a real dilemma. their current plan is to print another half a trillion dollars in the next eight months. can they keep to that plan in the face of 6% inflation? >> you know, i just don't know what the fed's doing or why it's doing it, stuart. they're way out of control. you know, the way they historically have controlled inflation is by having required reserves and the monetary base and then reducing the monetary base so that banks would be required to withdraw and reduce the amount of demand deposits and money supply. but there is no longer any connection whatsoever between the monetary base and required reserves, so there's no control the fed has over money except that it's buying all the government bonds that are being issued, all the deficit, and they are doing just like you said, expanding member banks' goes sents at the ted.
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and it's the crazy. deposits at the fed. it's crazy. i don't know what they can do. stuart: i see big trouble coming. do you? >> me too, yes. i see it's really big trouble. they have no control over money supply or anything else anymore. and what they do is basically irrelevant except they can keep those rates low by printing more and more and more and more member bank deposits. they buy the government debt, and then they buy it with member bank deposits held at the the fed which just monetizes all the debt that they've got. the long-term bonds have virtually disappeared from the capital market, long-term government bonds, and so they have no controls whatsoever on monetary the, and they're in deep trouble and so are we. stuart: okay. now president biden has three picks for federal reserve board members. he can replace chairman powell, he can -- he's going to move to replace two people who have resigned and left.
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now, what happens the he picks doves -- if he picks doves, people inclined to go along with more printing? doesn't that make it even worse? >> yeah, i do think it does but not very much, stuart, because the federal reserve board is pretty close to unanimous on wanting to support whatever biden is doing. i think the only reason he would replace powell is because powell literally was appointed by trump x that is a bad mark on him. powell also is a person, stuart, that they can just foist off all the blame on him and make him the scapegoat and then get rid of him, and then they can put someone in and hope things get better. but they aren't going to get better at the fed. the fed doesn't have the ability to do much and it doesn't matter very much who the board members are. stuart: i find that very troubling, and we'll have more throughout the program today. art laffer, thanks very much for being with us. >> i love the story of brandon -- i mean, branson, missouri. [laughter] you're wonderful, stuart, thank you. stuart: i shouldn't have done
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that. it was a complete mistake, really. >> i just loved it! you're brilliant, and i love you dearly, and you do a great show. and i feel like i've been banned for a while from the kingdom of varney, so i hope -- i'm glad to be back. it's fun to be with you. stuart: how could i possibly ban a great grandfather older than me? good god, man. >> i don't know, i don't know. i've been waiting and waiting. good to hear your voice, stuart. stuart: it was a fine performance. well done, art. we will see you again real soon. >> thank you, sir. stuart: more on inflation. i've got a headline for you. this is from the intercept. it says inflation is actually a good thing. you want to explain this to me, lauren? >> i'll try. i read the article about six times. so the spin is inflation boosts wages, and it gives workers market power, right? the writer i says that's actually bad for the 1% because rich people prefer high unemployment because it keeps them powerful. class conflict. the article goes on to say it's
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no big deal that prices are up 6.2% in the past year because wages for regular people are up 5.8%. so wages are up close to the rate of inflation, so don't worry, your purchasing power isn't eroded. i don't get it, but that's the argument that they're making. class conflict, it's good to have high unemployment, says the rich. stuart: economic nonsense, but that's wonderful stuff. [laughter] thanks, lauren. now this. democrats are holding firm on keeping the affordable childcare plan in the big spending bill. however, there are new warnings about this. hillary vaughn on capitol hill. hillary, could this plan make childcare more expensive for some families? >> reporter: yeah, it could, and that's because it's raising how much income these childcare workers are making which, of course, is going to make it more expensive. it also switches the system from a single-payment if, user-based fee, you're paying for the childcare that you're getting, to a co-pay system where if you
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are under a certain income threshold, the government picks up the rest of the tab, you simply pay a portion of the co-payment. but for the first three years, if you are just a little above the heed january this many, you're not -- median income you're not eligible for any of these subsidies, so the government is not helping you out. the expense it's going to increase is a lot. one group estimates that childcare costs could increase over $13,000 a year, that's from the people's policy project. they're also saying this about it, quote: there will be many dual-earning couples cannot afford childcare if both of them continue to work but could if one of them quit their job and dropped their family below. under this plan, they have to quit their job in order to afford childcare. and here's the breakdown from the center of american progress. these are estimates from there. the current cost of childcare a
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year is $15,000. under provisions in the house version of the build back better reforms, it would increase costs to $8,000. the current -- 28,000. the current salary right now is $25,000, but under build back better, it was be over $60,000. so if you're increasing the pay these workers are getting, that means childcare is a lot more expensive, and people who don't get subsidies are having to pay that much more expensive cost. stuart: thank you, hillary. next check on futures, i see plenty of green especially for the nasdaq which is going to be up over 100 points. the opening bell is next. ♪ ♪
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one of the things that i like right now is the strength in those technicals. i had some good fortune to buy them on a bigger part of their dip. here's what's happening. back in july the technicals slowed down. nasdaq, technology stocks, those mega-stocks we talk about, closed down relative to the rest of the market. for tour months they lagged the market -- four months. this week their momentum, their rate of change has picked up again after a long four month underperformance. when that happens, stuart, the nasdaq typically outperforms in the following year and is up on average 19% when we have that big dropoff in momentum and then recapturing of it. i'm bullish right here. stuart: so you say you bought the nasdaq. does that heene you bought the qs? triple q? if that's what you bought? >> that is correct -- [inaudible] stuart: okay. are you buying or considering buying rivian? >> at some point in time.
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right now, stuart, premarket i just checked before we came on, $110 a share. i think that this space, you want to be a participant in this space. with tesla, rivian, there are going to be more coming, and to have a small piece of several of them is probably a really good idea going forward. i think you're going to get a chance to buy rivian a lot lower than here, stuart. i will be on the show and tell you when i want to put it in portfolio, but it's the not quite this morning. stuart: so what would it have to drop to to get d.r. barton the involved in buying it. >> i believe we get back down around the ipo price, up a little above that $78, get in the 80s, mid 80s, somewhere in there. i think that we will get that dip, stuart, and at that time i will be a buyer, and i think that, you know, having a little bit of all these is going to be very good for your portfolio.
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stuart: okay, t.r., if -- d.r., the you bought the qs yesterday, you're going to do very well because that nasdaq's up about 120 points. we will talk to you real soon. they're going to ring that bell -- there you go. i love to see it every day. normality, isn't it? 3, 2, 1. we are now in business. thursday morning, it's the veterans day, november the 11th. we're started, and the market is up right from the start. you've got the dow back above 36,000. in fact, it's close to 36,100. the hater of the dow 30 are in the -- majority of the 30 are in the green. if s&p 500 up about one-third of 1%. not a bad bounce. but the nasdaq, here's where the action is this morning, up .80. show me the big techs because i'm sure they're all up with the nasing damage up 120. concern nasdaq. microsoft, apple, alphabet,
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amazon, meta platform ifs all on the upside. let's get to tesla. we know musk sold about $5 billion worth of shares. hey, susan, good morning to you what's new on tesla morning in. >> no tesla sold off -- so tesla sold off this week after elon musk tweeted out asking if he should sell 10% of his tesla stock. well, it turns out he already had that plan in place to sell his stock in mid september. that's when he planned it. and he planned to sell the stock this week, so it wasn't a big surprise really for him, and maybe that old wasn't the reason -- that poll wasn't the reason why he's offloading some of his tesla stock. take a look at the capital gains he has to pay, that's the main motivation for this stock sale. he told 4.5 million shares at $1,000 plus. he only paid $6.24 for those options, so you do the math, stu, on that monstrous tax bill
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that he has to pay. this has to do with those expirings in august of next year as well. you you know how it works, right? you use them or lose them, so think about another big sale to come probably in the next eight months or so. stuart: another big sale to come, that's very interesting. >> more. stuart: let's get to rivian. terrific debut yesterday. the momentum seems to continue today, up another 12%. i've got to tell you, the traction of rivian, to me, is amazon's involvement. but i'm not sure that amazon's involvement justifies a $90 billion capital value for the company. >> well, okay. i think you have a guaranteed buyer, right? 100,000 plus of those electric vans that have already been ordered by amazon. amazon itself owns about 20% of rivian. but i would say a lot of people agree with you. it's too frothy for rivian to be bigger than general motors, bigger than ford. $90 billion plus in market cap, look at that.
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12% bounce this morning and not a whole lot of realized sales, right? they haven't delivered a lot of cars, less than 100 of those pickups. they still need to ramp up the suvs, and as i said, $90 billion. but the nios, the first connectors -- fiskers, there's been a reset, stuart. you can argue there might be a retake on valuationings. should you be placing in more future sales into these electric car names. stuart: we shall see. affirm. i believe that's a significant winnerred to. they've got this buy now, i pay later. that's what they are, that's the kind of company they are. they've got a relationship with amazon. tell me how it works. >> everyone has a relationship with amazon today. [laughter] yeah. so this is a big deal because, look, affirm is the exclusive partner of amazon, and when you're the sole provider to the biggest online seller in america that manages 50% of online
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sales, that's a big deal, right, this e-commerce. amazon will also integrate affirm into their digital wallet so can be used on purchases over $50. and as a result, in those earningses yesterday they're still losing hundred, they're not profitable, but they're saying business is going so good that they're going to raise their outlook for the the rest of the year and maybe beyond. stuart: talk to me about beyond meat. way, way down today. i remember when this was at $200 a share. now it's 79. >> yeah. stuart: are we eating lesses plant-based food, that that's the problem? >> i think there's a lot of competition out there. you have other choices. impossible's up there. but beyond meat losing almost three times money that it anticipated. sales were not great, and they're also saying we're going to see weak sales ahead as well. weak grocery demand, higher costs are cutting into profits, and that supply chain glut.
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just overall a bad three months for beyond meat. stuart: okay. we've got a flood of big name companies in the news. look at disney. down 7.5%. i guess that's slowing subscriber growth for the streaming business, is that it? >> yeah. way less so than wall street forecast. so wall street looking for something closer to 9 million new disney plus subscribers, they only signed up 2.1 million. and profit missed as well. the ceo said, look, i already guided for this low subscriber number back in the summertime. still, you know how wall street work r works, they were hoping that was maybe a conservative guy dance from the -- guidance, but they're still affirming they're going to get to 260 million disney plus subscribers by 2024. have you looked at the parks? the parks are rebounding. all of them were open in the summertime which is something we haven't seen since the pandemic
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hit in 2020. and i would say probably just how much money you're taking -- you're getting from each and every disney plus subscriber, because that actually went down 9% in the summertime. that's an important metric for wall street. stuart: it is. yes, very much so. and that 7% loss in disney, it's a dow stock. it's shaving 90 points off the dow industrials. so without disney, the dow would be many positive territory. all right, susan, thanks very much. have a look at the dow winners if we can, please. we've got that list for you. the dow's down 42. salesfor the is the top -- is the top winner. s&p winners, tapestry. i forgot what the name of that company used to be. can't remember it. democratic luxury, as i recall. anyway, top of the list, up 3% -- 7%, actually, very nice gain there. nasdaq winners, and it's the semiconductor, nvidia, in there again.
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do you see that? that thing is on an absolute tear. $301 a share right now. the big board shows a loss of 68 points. the 10-year treasury yield is 1.55%. gold responding a little to the inflation news, reaching 1862 per ounce. bitcoin, $65,200. oil, has it recovered back above 80? barely, $81 a barrel. nat gas this morning, is it still below $5? yes, it is the, 4.92. and the average price of a regular gallon of gasoline in the united states is $342. as -- 3.42. $4.65 in california. question: what do china and climate change have is this common? the pentagon says they pose if equal threats to us. roll tape. >> which is a bigger threat, the climate or china? >> both are equally important, both are challenges that the secretary wants the senior
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leadership at the pentagon to be focused on. stuart ollie knot is here this -- ollie north is here this veterans day. florida's governor says if the administration keeps flying migrants to his state, he'll bus 'em to joe biden's state, delaware. the surgeon general claims thousands of children have been hospitalized with covid, but weren't they vulnerable to begin with? dr. marc siegel breaks it all down next. ♪ ♪ as an independent financial advisor, i stand by these promises:
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stuart: the administration will investigation $785 million into areas hit hardest by the pandemic. the money will be used to expand vaccine access to groups with lower vaccine rates. the surgeon general says
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covid is dangerous to our children, and they should be vaccinated. roll tape. >> many kids have have died, hundreds of children, thousands have been hospitalized. the vaccines have shown in trials are more than if 90% effective. they're remarkably safe as well. stuart: all right. dr. marc siegel joins us. doctor, many churn have died, thousands -- children have died, thousands have been hospitalized. but weren't many of them vulnerable to start with, obese or suffered from chronic conditions? >> absolutely, stuart. over two-thirds of hospitalized children with covid-19 had pre-existing conditions like obesity, like diabetes, like, god forbid, cancer. all of those issues play a huge role in this, and i think the surgeon general is excellent, but i don't think he's right to go to the fear mongering here. that never works. fear to control never works. you don't these to be afraid of
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covid if you're a kid, because chances are you'll get a mild case, and you don't need to be afraid of the vaccine either because the vaccine has been given to over a million children. i think the idea is no coercion. talk to your pediatrician, talk to your parents and make a decision about how much covid is spreading. now, i am somewhat concerned about loss of smell and taste and maybe some confusion, you know, some brain fog that can occur after covid. that's a reason but not all these scare tactics. stuart: okay. moderna is now defending its vaccine after reports showed it has a slight chance of causing heart issues particularly in young men. their defense is that it might cause those problems, but there are fewer breakthrough cases than pfizer. where are you coming from on this one, doctor? >> well, it may explain, stuart, why moderna's down 3.5% coming into today and pfizer's up 3.5%. pfizer has that magnificent pill, and they're doing very well with vaccinating children
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and the boosters. moderna has a problem. in france they're giving it to 12 to 17-year-olds, and they're seeing 13 out of 100,000 myocarditis cases. here's what the fda is looking at, stuart. can they decrease the dose? it may well be they're giving too much of it to teens. we need to give less. teens need to get less. i believe this is dose-related and moderna has to adjust. stuart: you've got a new op-ed, and you argue that the vaccine versus natural immunity debate is driven by politics, not medicine. hi question is, doctor, why isn't natural immunity allowed as an out when you've got a vaccine mandate? >> stuart, you always ask the really great questions. you're 100% right. in israel it. accounts for six months of immunity. you get a green pass for having had covid. european union, same thing. here in the united states, we're ignoring it.
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there's an issue with mandates in general, but vaccine mandates appear quite rigid when you don't have a testing strategy and you don't allow people a delay at least for natural immunity. maybe down the line they could get one shot, but when you say we're not going to talk about that, that's politics. stuart: so are we going to allow natural immunity at some point as an out for a vaccine mandate? do you think that will come? >> that better come, and the more we talk about it, the more that should be on the table. other countries are doing it successfully, and studies show that natural immunity provides protection. and if you get natural immunity plus one shot, you have a more substantial immunity from the vaccine alone. neither is completely durable. both have breakthrough cases, so excluding one is not good public health. stuart, i think we're going to get there, and i think we should get there now. stuart: that's good news. doctor, thank you very much for being here, as always. we'll see you again real soon.
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a staffing shortage forcing some seattle schools to cancel classes tomorrow. lauren, this must be the vaccine mandate behind the shortage, i presume. >> it's definitely part of it because they don't have enough substitute teachers to cover the 600 public schoolteachers that requested off tomorrow. why do they request with off? they want a four-day weekend, so they have offed to, veterans day, and this way they get an extra three days. they're burned out, right? i feel bad for teachers teaching in masks all day. if you don't have substitute teachers to fill their positions, the poor if parents, little notice, can they go to work tomorrow now that their kids have to stay home? so they're home today and then they're home tomorrow. this is what seattle did, they mandated all city staff get vaccinated by october 18th, so you have hundreds of the unvaccinated now on leave not able to work. stuart: it hurts, doesn't it? that's real pain when you do this. all right. thanks, lauren. hold on, we've got more for you.
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[laughter] okay. a group of states challenging the president's mandate for health care workers. which state? i bet they're all gop states, republican states. >> yeah. and mostly rural states. there they are. those ten, arkansas, iowa, the dakotas, wyoming, they're suing the federal government. so this is partially different than the business vaccine mandate that also was challenged. this suit says the mandate forces their health care facilities and about 17 million workers who work at such a facility, they say it's an unreasonably broad one. it could jeopardize the quality of health care especially in rural areas and even impact volunteers, right? if you're going to make a volunteer get vaccinated, they're going to say why bother helping you out, you don't even pay me, right? so they're worried about a shortage. stuart: absolutely. there is mass confusion about vaccine mandates, mask mandates, school boards and governors. it's a patchwork quilt of rules ask regulations, and very few
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people can get to grips with it. >> and it keeps changing. stuart: yes. >> i think people headache their decision, okay, i'm going to do this, then something radically changes, and they back off and just wait it out. everybody seems to be waiting it out. stuart: the texas school mask mandate ban has been struck down. in pennsylvania the mask mandate itself has been struck down. >> yeah. stuart: complete contradiction, it seems to me. anyway, thanks, lauren. if you want to go to space, here's your chance. virgin galactic selling a hundred seats on its commercial space flight. we're going to tell you how much it might cost. from space to just strange. vice president harris apparently tried to mimic a french accent while in paris. roll tape. >> we campaigned with de plan. upper case de upper case p. stuart: it's not the first time she's used a different accent
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stuart: here comes holiday travel, and airline staff are stretched really thin. but, you know, they're ramping up the schedules to meet the demand. grady trimble at chicago's o'hare airport. grady, i bet the pilots don't like this ramped-up schedule. >> reporter: not only are they frustrated by it, stu, but now there are concerns that this cancellation chaos that we saw in october and over the summer is indicative of bigger concerns regarding safety. we saw many of the airlines short staffed right now because of those fur if allowings, layoffs -- furloughs, layoffs and early retirements during the pandemic. that led some to leave an industry that was already projecting labor shortages even before covid. now i'm talking with former ntsb chair jim hall. he is sounding the alarm. if airlines ramp up too quickly,
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it could have cats tick the consequences comparable -- catastrophic consequences comparable to the 737 max crisis. >> the boeing problem was self-induced, and i think the aviation industry could have a similar problem, self-induced, unless it slows down and takes the time necessary to be sure that safety is not forgotten as they ramp back up to meet the new demand. >> reporter: we also talked with the southwest pilots' union president. he provided us numbers on fatigue polls; that is, pilots removing themselves from flying because they're fatigued. the numbers in october, they tell us, are seven times higher than the historical average during october, way higher over the summer as well. american airlines' pilots union says they're experiencing something similar. both of those, stuart, have blamed the uncertain scheduling, last minute adding of flights to
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their workloads in addition to the vaccine mandate which is impending for both of those airlines and adding to the stress, stu. stuart: i've got a good mind to drive to florida for christmas, and that's a fact. grady, all good. see you later, thanks a lot. still ahead on the program, it'll congressman michael waltz -- florida congressman michael wallace, jack keane, lieutenant colonel oliver north and chris kovak. 10:00 hour of "varney" next. ♪ if this is it, please let me know. ♪ i want to know ♪♪
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♪. stuart: good morning, everyone. it is 10:00 eastern. i go straight to your money. the action this morning is in big tech after a nasty selloff yesterday. a rebound, mod. amazon up 59 bucks. they're all up half a percentage point or better. how about tesla? jumping after a two-day selloff. it is back to $1070. it is just worth over a trillion dollars. rivian after a stellar debut it
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is worth $90 billion, a little more than that. which is more than general motors. the 10-year treasury yield is below 1.%. it is actually 1.55. now this. there is big trouble coming to the financial world. it is called inflation and inflation is spiking. what are we going to do about it? this is where the trouble comes in. there is no easy way out when it comes to killing inflation. it is the federal reserve's job to get it under control. they do that by taking money out of the economy and raising interest rates. the question is, when are they going to do that? if they wait the inflation may get worse. f they do that, the markets are likely to take a hit. look at politics. the biden doesn't look good if the economy tanks and we go into recession. among other problems that would be a political disaster before
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the midterms. he will be tempted to keep so-called doves to the federal reserve board. people that key spending to finance his spending plans. congress is planning more big spending. a cold winter means energy inflation gets worse. no easy way out. i go back to the last time we had the inflation spiral late in the 1970s. it ended when the federal reserve jacked up interest rates and pushed the economy into severe recession. ronald reagan and paul volcker took the bold action to return america to prosperity. but the pain was extreme. today's inflation means that trouble is indeed coming. second hour of "varney" just getting started. ♪. stuart: brian brenberg is with us and we me for the neck next hour h hour.
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>> good to see you, stuart. stuart: art laffer says we got trouble. we have trouble coming, what do you think, do we? >> time for a little leadership, stuart. by the way we don't have to have a severe recession to get out of this. you are right to refer to the early '80s, ronald reagan and paul volcker made a tough call. we don't need to make a tough call to get out of this one. this one lies squarely with president biden. if he abandons the spending plans he is talking about. if he stops attacking the energy industry and brings more capacity back online, if we solve some of the labor market problems, many which are catalyzed by the vaccine mandate that created confusion across the economy, you get rid of those things, stuart, you start to deal with this problem. it doesn't mean it will go away right away but this requires biden's leadership. he can't pass this on to somebody else. stuart: he has got, must be strong leadership too. because to turn around from the massive spending plan, to turn
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around from that completely, to turn around from the hostility to the energy industry that is virtually impossible for this politician to do? >> he has to stand up to his own party, stuart. he has to look at the people with energy in his party, the people on the left, to say i'm sorry, this is not the time for your program. you came up with these ideas, three, four years ago, it was a different environment. today's environment cannot with stand more money, more spending, more government control. it is absolutely the wrong prescription. he has to fight against his own team if he is going to win for america. it is not the other team he is fighting against. it is his own team right now. stuart: okay. we've got a resurface video from march of this year. president biden's treasury nominee, says energy companies going bankrupt will help tackle climate change. she is all for it. hold on. roll tape. let's see it. >> and here what i'm thinking about is primarily the coal industry and oil and gas
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industry. a lot of the smaller players in that industry are going to probably go bankrupt in short order, at least we want them to go bankrupt if we want to tackle climate change, right? the way we, we basically get rid of those carbon financeers we starve them with their sources of capital. stuart: she is the nominee to run the banks? you have to shake your head, brian this is crazy. >> i'm shaking my head, stuart. pull that nomination. it is this kind of stuff that makes the american people say, sir, you're not interested in mr. president, in fixing inflation, you have somebody nominated to a key post in the treasury who wants to bankrupt players in that industry. my gosh, this is self-inflicted problems the president is dealing with right now. he has got to find new advisors who had what is really going on in america. stalking starving energy
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companies of capital. we tan talk about starving. food prices are going through the roof. people find it hard to get things they need. this president has the wrong policies, and it is showing in really, really dangerous ways right now. stuart: stick around brian, we have a lot more for you in the next hour. i want the to look at inflation hedges, the kind of investment you make when you try to hedge against inflation that we've got. first of all, gold, it is up again today, $1863 an ounce. bitcoin, another inflation hedge. it is at $65,000 per coin. bill buruch joins us. bill, is bitcoin a better inflation hedge than gold? >> i don't think, i think under this pocket of time it can. i own both. i look at bitcoin on a technical basis. has to close on weekly basis above 68,000. a month ago that is the level we
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need to see. gold it really showed up yesterday and i think that is important to notice. you can't ignore that, that with the inflation numbers, that came out, gold actually gained ground. in the past year it was subdued after those type of inflation numbers. gold broke a big downtrend at the 1836 level. as we see the rally, it is holding ground pretty well. i wouldn't chase either at these levels personally, going back to the fed meeting last week, they are terrified after october 2018 moment again. that right there made them more dovish t was a net zero taper. from there, you talked about these policy mistakes in washington. they're stoking further inflation. these two narratives are going to collide. gold and bitcoin are places to be. stuart: do you think we'll run into a really big problem when we do tackle inflation, the fed
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tackles inflation a big problem next year? >> yeah, we're starting to see the yield curve flat renn pretty heavily. look at the five-year against the 30-year yield curve, it is 70 basis points, making new lows. we could really keep seeing that flatten out. what i'm watching closely too, the 30-year closing this week around 1.9% f it closes below 1.9%, or closes back above 2%. that will really affect risk assets. you saw when the yields rose on the 30 year yesterday it ultimately really cratered the nass dak. these will be the problems we'll have to tackle over the coming months, are these inflationary tailwinds going to push yields higher and hurt the risk assets. stuart: it has to be tackled in the next couple months. that is a fact. bill baruch thank you. come back soon. lauren, looking at movers. bumble down 13%? the dating people, what is the
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problem? lauren: they're paying users, 2% in the quarter. why? lockdown. well if you're locked down wouldn't you want to meet people online more? no. because the dating app costs money. if you have a premium subscription it is $13 a week. not everyone wanted to pay that. open door moving in the opposite direction, up 20%. open door gives cash offers for homes. they raised their guidance. thriving on home flipping as zillow exited the market for now. open door says they sold 72% more homes in the third quarter than the second quarter. the housing market remains red hot. tapestry up 9%, better-than-expected profit and sales. raced the out look for the year. added one billion dollar stock buyback program, stuart. stuart: okay, take another look at rivian. customers who ordered -- if you preordered a vehicle, you got a sweet deal during the ipo. what was the sweet deal, lauren?
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lauren: first dibs on the car. first dibs on the stock. so if you put a thousand dollars down for the preorder you got a chance to buy into the ipo yesterday. the max up shares were allowed 175 at the 78-dollar ipo price. shares are 111 and change. those customers and shareholders made a lot of money. i just contacted someone -- stuart: makes sense. lauren: i contacted my cousin. he preordered the other rivian with the truck and specifications. has no idea when he is getting the truck, but he now owns the stock. stuart: lucky guy. justice department is suing uber. what is this about? lauren: this is a tough story, they're being sued charging wait time fees for the disabled. uber gives people two minutes to get into the car.
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often takes disabled people longer to do that. they refunded 9 fee. this is why i was charge the. they never intended to discriminate. but they did. they have a process that you are disabled so the fee is automatically waived. nonetheless hit with the suit. stuart: got it, uber 43-dollars a share. "wall street journal" editorial board says inflation is all senator manchin needs from stopping his party's build back better. will he stop the spending bill? big topic on wall street. florida's governor desanities is had it migrants secretly flown to his state. he has a plan. roll tape. >> there is no notification to the state of florida. this is done really in the middle of the night. if they come here, we'll provide buses and provide them.
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i will send them to delaware. stuart: okay. can he actually do that? i will ask florida congressman michael waltz 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 what's strong with me? what's strong with me? i'm so glad we did this. what's strong with me? what's strong with me? with me! with me! what's strong with me?
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call, click or visit a store today. stuart: the markets are in the green for the most part. although the dow is down another 80 points. 36,000 right on the button there. nvidia, oppenheimer, that is an investment firm, they think the price target is going to $350 a share. it is 300 now. they think it is going to 350.
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nvidia ceo doesn't see the global chip shortage ending anytime soon that may be to the nvidia's advantage. sheriff of mateo county, california, he says he will not respond to any requests from i.c.e. he says to protect the safety of his residents. >> his community had sort of a town hall last week. the people said they were negatively impacted by the feds asking local police to transfer, illegal undocumented criminals. so now the san mateo, california, sheriff says he won't do it. he won't accommodate i.c.e. his job is to protect the public, and uphold their trust. stuart: i got it. not sure i like it. waiting to see october's numbers. bill melugin in la jolla, texas what is the latest from there?
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reporter: good morning to you, the activity is starting to ramp up again, very similar what we were seeing over the summer months out here. border agents on the ground are starting to notice the exact same thing. look at the video we shot early this morning. this is group of 150 migrants crossed illegally into texas. this is 1:30 a.m. family units, men and women, pregnant wives, walk down the road and give themselves up to border patrol. this journey is very at attractive for the families because they know under the biden administration policies most family units are released into the united states with a future court date. they will be able to travel anywhere they want to in the country. look at second piece of video. this is what we shot an hour ago from where we are. another large migrants came across mixture of family units and runners. family units in the foregrand. background you see single adult men, wearing camouflage.
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they are runners who come across and do not turn themselves in and not be captured. likely title 42ed back to mexico. this is out of roma, texas. "breitbart news" a private citizen had enough of smugglers bringing migrants over on rafts. he made his own make shift grappling hook, throwing at the rafts coming across in an effort to sink the rafts with smugglers on them. he did not succeed but discussing out the smugglers. the smugglers were welling back at him. all with the national guard standing there watching. look at the last photo this is a member of the northeast cartel who was arrested by border patrol in laredo. the northeast cartel is offshoot. this cartel member was involved in a police pursuit. he bailed out and jumped into the rio grande in an effort to swim back to mexico. didn't work out. he got caught. goes to show you any day down here along the u.s.-mexico
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border in texas. cartel members are working, operating on the u.s. side of the border. we'll send it back to you. stuart: we hear you. bill, thanks so much indeed. stuart: governor of state of florida of will not just sit back and let migrants fly into his state. >> there is no notification for the state of florida. this is done in the middle of the night. it is clandestine. we have no say in it. we'll figure out what we can do in the immediate term to protect folks in florida. my view, if they will come here, we'll provide buses and provide them, i will send them to delaware. stuart: okay. kind of tongue-in-cheek right there, senator joe biden's state. congressman mike waltz, republican from the state of florida joins me now.
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congressman, i'm not sure the governor can actually do that. he would have to take control of these migrants, force them into the buses to take them up to delaware. i'm sure you would agree with him he would like to do it and want to do it but i don't think he can do it. what say to you? >> governor ron desantis is a fighter. if he can't bus them out, he will find another way to fight this, stu. unfortunately these are federal contracts from federal agencies to these aviation firms that are flying them all over the country. and then to a number of charities who are housing them in group homes. as the report noted, they get notices to appear for court for their asylum claims, sometimes three, five, seven years from now. good luck for them showing up and meanwhile, not only is the state government not being notified. the mayors are not being notified. the sheriffs are not. the stress and strain putting on our hospitals and our schools and on the rest of our
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infrastructure and services is out of control, stu, they're on track to have two million migrants come across the southern border just this year. eight million if that continues in biden's term. meanwhile in florida, the coast guard, the border patrol are only able to intercept about 10% of what they see coming across the ocean. human traffickers. fentanyl coming from the sea. for that we don't have accounting at all. stuart: you have an op-ed, hearing is titled, biden's terrorism complacency. you're saying the u.s. must act to counter those threats. what do we do to counter the threats? what should we be doing? >> well the first thing is, we have to secure our border because we now have at least 5,000 hardened terrorists from al qaeda, isis and the taliban that were released from bagram.
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the u.n. is estimating at least 8 to 10,000 foreign fighters are now migrating to the taliban caliphate which is a mecca for jihadism. if you look at what we did after the full withdrawal for iraq, that led to the isis caliphate in 2014. at least, stu, we had bases, local allies on the ground. over in afghanistan our allies are being hunted down. we still have no bases. they have $80 billion of weapons. we need to at least begin establishing the infrastructure, working with the indians, working with our other allies to get ready because the defense department is now saying isis will be able to hit us again within six months. what is biden doing? falling asleep at climate conferences. i'm not going wait for another 9/11 until congress acts.
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stuart: congressman, i want to close the interview like this. you're the first green to serve in congress. on behalf of all of our viewers i want to thank you for your service. stuart: >> thank you, stu. we'll keep up the fight. stuart: good stuff, thanks, congressman. come on in, again, mr. brenberg. your thoughts on desantis saying he will bus migrants to delaware? >> can he do that, probably not. i think it is tongue-in-cheek. this is moment where states like florida, states like texas, saying if we don't push back. if we don't take advantage of rights we have in a federal system, we'll run over by an administration that will simply not do his job. bill melugin at the border, the biden administration is not doing his job at the border. sending migrants in the dead of night without any notice to florida, dumping them there? how can you do that? not at least tell the governor of the state here is what is going on?
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that is inexcusable. if we get control of these problems that the federal government won't address, states have to step up and push back like florida's doing. stuart: and they are. good stuff. brian, thank you. the president will meet with china's leader xi xinping. it is a virtual meeting. it is next monday. big question will biden hold china's feet to the fire for their aggressive military actions? have a look at china stocks. mark grant warned under the circumstances to stay away from them. is he sticking with that advice? mark grant, is actually a birthday boy. he is on the show next. ♪.
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stuart: the outstanding feature of the market is solid rebound for the nasdaq composite. way down yesterday. back up 100 points today. big tech, by the way, is doing well. uber are going to hike prices 10%. that is in london. they're trying to attract more drivers. uber down a fraction, $43 a share. susan, come back in again please because i'm pretty sure the chip-makers moving again. go through it please.
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susan: nvidia, amd, xilinx really leading the advance today. chips are up with nvidia getting a target price hike from susquehanna calling nvidia a 3 poo dollars a share. oppenheimer says nvidia is worth $350. boosting prices and demand. it is singles day, november the 11th. and we talk about the fan fair and all the hype in china for the biggest shopping edevelopment on the planet. notice this year? a lot more subdued after china's crack down on alibaba and retailer here on this side, dillard's hitting record high, making twice as much money than anticipated. sales are up last year. e-commerce, more foot traffic with bricks and mortars. that is because of the reopening play.
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that is encouraging. stuart: i went past a dillard's the other day. a lot of people in the car park. susan: did you go in? stuart: no, i didn't go in. hard to get me new a mall or shopping center of any kind. susan: we will try. stuart: susan, see you later. let's stay on the china stocks and bring in mark grant. are you still saying no to china stocks of any kind, don't touch them with a 10-foot pole, is that what you're saying? >> the reason i'm saying, stuart. the reason is they have no rule of law in china. they have no due process in china. you don't know what they will do. it is all governed by the chinese communist party and they can make decisions politically as they want but i don't think any investor should have money in china right now either in equities or in debt. stuart: how about the other way around, mark? how about american companies with a big stake and businesses in china? i'm thinking apple, disney, tesla, what about them?
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>> i have no problem with them because they're governed by american law where for instance, china, china guaranteed, or evergrande guaranteed bonds a company called "fantasia". was never declared in any financial statements. they don't pay their debt, all of sudden evergrande is on the hook. if a company in the united states did that, stuart, people would be in jail. in china they overlook it and shrug their shoulders at it. i just think china has, you just can't invest in china. you don't even know what you're owning and you can't believe the figures of the financial statements because they could all be concocted. so my attitude is totally stay out of china in terms of chinese companies. american companies doing business in china, that's fine. stuart: okay. you just celebrated 71st birthday.
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it was yesterday. i made a mistake. i was saying to the audience, it was today. it was yesterday. congratulations. you're a mere child compared to me, mark. last word to you? >> i'm running as fast as i can to keep up with you, stuart. stuart, i want to say one other thing, honored ant privileged to be on the board of wounded war i can't remember family services. i'm the chairman of the investment committee on the board and i want to thank all the veterans in the united states for what they have done for us and i wanted to take a second to say that. stuart: i will second that. our thanks to all of our veterans. mark grant. >> yes, sir. stuart: see you later. thanks a lot. >> thank you, stuart. stuart: brian brenberg, come back in again. president biden, china's xi xinping they are going to hold a virtual summit monday next week. speculate for me, do you think biden would be tough on xi? >> if he was tough on xi he would have to ask tough questions about taiwan, covid,
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do you think he will ask any questions about that? i doubt it. they will talk about climate change, big promises china will never deliver on. china goes headlong toward build back better, to undercut our energy industry. this is the area where we get our most nervous about the president. is he up to these kind of encounters? is he up to dealing with international leaders like this? i hate to say it but i haven't seen it. stuart: okay, i'm actually with you on this one, brian. back to you in a second. let me go to this. if you want to go to space you're in luck. virgin galactic now selling seats on its commercial spaceflight. we'll tell you how much it will cost you if you wish to go. pentagon says climate change poses the same threat to national security. watch this. >> when is the biggest threat china and climate? >> both are equally important. both are challenges that the secretary wantings senior
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leadership in the pent gone to be focused on, as well as many others too. stuart: equally important? lieutenant colonel ollie north will respond to that in just a moment. ♪. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent
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stuart: pentagon spokesman says china and climate change are quote, equally important national security threats. watch this again. >> which is a bigger threat, the climate or china? >> both are equally important. both are challenges that the secretary wants the senior leadership in the pentagon to be focused on as well as many others too. stuart: well, well, look who is here on this veterans day, the man himself, ollie north. sir, it is great to see you
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again. may i i ask you this, climate change, china, equally important threats? what do you say? >> i think the communist chinese are laughing at this point in beijing. xi xinping intends to become the leader of the most powerful country on earth, there is no doubt about that. he actually said that the party that runs that party, single party, has given him dictatorship. this is the kind of thinking they love to hear back in beijing. in taiwan, they have to be shaking, south korea, japan. all of them are vulnerable to the communist chinese, as are. to have this story out on veterans day is stunning to me because it is that kind of thinking that brought us a thing called pearl harbor. you may remember back in the 1930s, and early '40s, everybody was thinking it would take japan at least couple more years before they could attack further east than they already
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were. then we had pearl harbor out of it. this kind of thinking is dangerous. this kind of administration that will lead us into a catastrophic war. the whole idea of having a u.s. military, by the way, there are 17 million plus veterans out there of every war from world war ii onward. 17 million people who served in our armed forces who got to be rolling up their sleeves right now saying, what's wrong with these clowns? the clowns i'm talking about are those running our government today. it is wrong. it is dangerous. it is the kind of things, our military exists to deter war, and win one if we have to fight it. now they have got hypersonic weapons that can overfly and washington, d.c., eliminate the 30 minutes of warning time we expected for years, warning of an attack on the united states. 30 minutes is now 30 seconds, hyper velocity weapon. stuart: i would call that a much more severe and immediate threat than climate change. i would agree with you on there.
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you're a veteran. >> i would think so. stuart: probably one of the most famous veterans in the united states. you served as a platoon commander in vietnam. my question is, why the marines? >> well, i had a lot of uncles that served in the marines. my dad was a soldier in world war ii. first hero i ever knew was my dad. all my uncles served in world war ii, korea, both in some cases. i look at that era of americans, 16 1/2 million who served in uniform world war ii. the population of the country at that point was 178, 179, almost half the size of the population as it is today and what you have got out of that were people who came and served their country willingly, even though they got a yellow note in the mailbox saying greetings from your draft board. today we rely on the fact since 1973, there has been no draft. yet we have the finest military today of any country on earth.
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they're brighter, better educated, better trained, bigger, tougher, remarkably fit. all at minimum are high school graduates. after age today coming into the armed forces is 13 1/2 years of education. the armed forces of the united states today protect us from the worst kinds of things that can happen. we got to make sure that we fund the kinds of programs that will keep that going. that is why i respect what fox is doing to honor the veterans because if we didn't have veterans, not only, if we didn't have support for veterans, you would have a hard time recruiting the next generation of americans who we need to serve our country as volunteers. every single person who serves since 1973 has been a volunteer. stuart: i just want to leave 30 seconds to tell the audience about your new book. it is hearing is titled, "we didn't fight for socialism, america's veterans speak up." i literally have 20 seconds, ollie, tell me in 20 seconds
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about the book. >> the socialism these guys are worried about is governing this country right now. we in virginia started changing things on november 2nd. i'm hoping that 49 other states will follow our lead. we've got to replace the congress of the united states with responsible leadership. we got to make sure in 2024 we elect a president who can really be a commander-in-chief. this book is all about that. you can get it at discount below amazon by going to oliver thanks, stuart. semper fi. stuart: discount. i like the sound of that. i really do. ollie, you're all right. we thank you for your service. we hope to see you again real soon. >> god bless you. stuart: thanks, ollie. indeed. veterans day we're highlighting veteran-owned businesses. one of those is nori shoes, founded by bronze star veteran natasha standard. lydia hu with the story from brooklyn. reporter: hi, there, stuart.
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i'm delighted to be joined by natasha standard on veterans day. she served in the army. happy veterans day to you. you launched beautiful shoe line after you got out of the military. what lessons in the military that you learned ha helped you pursue entrepreneurship? >> leadership an tenacity two things you need to be a business owner. reporter: natasha, only 6% of small businesses are veteran-owned. that is a prepandemic statistic it. we're waiting for an update. you're enrolled in the nyu camden school veterans future lab. it is incubator for veteran-owned businesses. what schools are you hoping to acquire to make sure your business is successful. >> the incubator helps business, gives them what they need to start. you need an attorney. you need business act cue mean. all of that is available at the future lab.
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reporter: only 20 seconds left. tell stuart about the combat boot for women. that is special. >> this is equal footing. equal foot something designed with the female foot in mind. you would be surprised women are not wearing boots sized for men, not women. reporter: natasha says military boots are designed for a male foot. has a military female boot. check them out. as natasha, we wish you a very much veterans day. stuart: thank you very much, natasha. thank you, lydia. we're moving on. this veterans day fox news, business business teamed up with u.s. vets make camo your cause campaign. dedicated to ending veteran's homelessness. to purchase camo merchandise or to donate, go to >> quick programing note. my new show, "american built," tonight at 10:00 p.m. eastern. it is about michigan's football stadium. here is a preview.
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majestic ambitions. >> he was getting pictures of the roman coliseum. >> the stadium at pompeii. stuart: a relentless coach. >> i think he might have have had blinders on. >> it became an obsession. stuart: an uphill battle. >> absolute disaster. stuart: ancient design to cutting-edge technologies. >> this is extremely modern equipment. stuart: how they built the largest stadium in the world. >> that is the best place to watch football in america. stuart: college football is as american as it gets. michigan stadium, the big house. the show is really all about america as a can-do society. you can watch "american built" tonight at 10:00 p.m. eastern. new episodes on mondays, 9:00 p.m. eastern, right here on fox business. more pilots than ever taking themselves off the schedule because of fatigue. pilots union says the vaccine mandate is adding to the stress. could it derail your holiday travel plan? the report coming to you from
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chicago shortly. the spacex falcon 9 rocket finally blasted off after more than a week of delays. we'll take you to kennedy space center in just a moment. ♪. at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit
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>> liftoff. >> laboratory in orbit. the international space station. stuart: that was the spacex crew 3 launch late last night. it took off more than a week of delays. matt finn at the kennedy space center. the restaurants arrive at the space station tonight. what is their mission while up there? >> stuart, that we're told they brought hundreds of pounds of equipment and materials with them so they can conduct research and experiments up there, even some experiments and space how much effects it has on the human body. >> i heard this equated spending a cowell of weeks at a university to perform research. now you can fly up to lower
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earth orbit. could be a commercial space station. not just the international space station and give scientists the opportunity to go perform research. reporter: the rocket launch was one of the most speck lack events you can witness. first you have the blast of light from the rocket, light up the night sky, like the morning sun. there is a delayed thunderous sound of the explosion. to think four humanses are in the middle of it all. >> five, four, three, two, one, zero. >> off-camera, show you something live. >> liftoff. now its on its way to -- laboratory in orbit. reporter: we want to show you now a live look at some type of major device from blue origin here on the kennedy space center. what looks like a massive rocket, although might not be an
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actual rocket. it is slowly being moved across the kennedy space center. this thing is four stories high, in comparison to cars. one of those things only in nasa, traffic stand still with a vessel like that in middle of the road. we'll send it back to you, stu. stuart: we'll take it. very much indeed. still on the subject of space. virgin galactic, they sold a 100 seats for future commercial spaceflights. the price tag, lauren? lauren: $440,000, an increase of 80% from the last time they were selling tickets. virgin galactic has 700 reservations with people putting down $150,000 to reserve their spot to go to space. virgin galactic commercial service, they plan to launch at the end of next year. this is the new frontier, and yes, there is interest. stuart: hey, brian brenberg,
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$450,000 per seat, do you think we'll ever get costs down to where ordinary folks can take a ride or a thrill? >> i was thinking, stuart, if you could lend me the $450,000 i would be willing to try it. maybe we can talk about that in the break. yeah, this is how you get ordinary people on their flights. you start with ad ven rouse people, people with money, try this stuff. they figure out how to bring costs down, eventually the rest of us get to go to outer space and look at the stars a little bit closer, don't you? stuart: what kind of interest rate would you be prepared to pay me if i loan you 450,000 bucks? >> stuart, i know you wouldn't charge me an interest rate. i know what kind of guy you are. lauren: yes he would. >> you are a straight up guy. i you would say, brian i want you to enjoy the experience. you're a kind-hearted man. i know that is what you would do. stuart: get out of here. profit and loss.
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good lord, man. you think you do financial show that last for three hours if you're a kind-hearted welfare guy. >> you have that charitable streak, stuart. i know it. i'm a great charity case. let's make this happen. stuart: whatever you say, i will move on. check the markets, please. do this thing. nasdaq go still up, 120 points. knock them flat. still ahead, mollie hemingway, heather zumarraga, former kansas secretary of state kris kobach, retired four-star general jack keane. more "varney" coming up after this. ♪. dad, we got this. we got this. we got this.
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control, policies they put in place over the first nine months of this administration are going to make these things worse, not better. going into 2022, i don't see any solution for the president. >> this problem lies squarely with president biden. he's got to stand up to his own party. i'm sorry, this is not the time for your program. fight against his own team if he's going to win for america. ♪♪ >> it's 11:00 on the east coast here in the united states. this is november 11, veterans day. would like to say thank you to our veterans and for your service. check the markets, please. we've got a mixed picture here. we've got a nice gain for the nasdaq composite, 70-point loss for the dow industrials. extending gains from yesterday,
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review is worth $90 billion even though it doesn't have a car on the road in fact worth more than general motors. big tech, all doing well because the nasdaq is up 125 points. the nasdaq is the whole of big tech, everybody is looking green right now. now this. barry in that inflation news yesterday wasn't even more troubling development for the democrats in the country. the standard of living for america's working people is declining. real wages are down wage gains swapped by inflation. why is this happening? "wall street journal" today lays out the case that it's largely joe biden's fault. the biden team has cut the supply of energy, imposed mandates that cut the supply of labor, failed to fix the supply chain and spent $6 trillion already since covid arrived. 6 trillion. the president wants to spend
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much, much more. he wants a gigantic social spending bill as if it would somehow cut inflation. that is planned, spend another few trillion dollars. this economic delays but the spending plan in jeopardy. senator joe manchin issued a strong warning. he says d.c. can no longer ignore the economic everyday. he doesn't want to spend another 2 trillion, he knows it would hurt. at the least, he wants to delay. the wall street journal goes further. today's editorial precludes kill the bill and rescue america's middle class. i'm with the journal. kill it, stone dead. now. ♪♪ molly hemingway joining us this
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morning. i agree with the journal, kill the bill, stone dead. what say you? >> i want to say happy veterans day to our wonderful veterans but yes, this is madness we are thinking about putting more money into our system one of the things we know, there are a lot of factors that go into economic problems but know about prize-winning economist famously said inflation is always and everywhere a phenomenon of monetary policy. we have too much money in the system outpacing the growth of output, you will have this situation. the idea experts alienating us putting more money into the system incomprehensible and why joe manchin said that in the tweet, why he is opposed to this. it's not transition very, something we have to deal with until we get a handle on it. stuart: is joe manchin in a position to kill the bill? i think he is but i'm not sure
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you know the political scene better than i do, can he kill it? >> he absolutely should and we should remember he's in that position because we are in an evenly divided senate and we have 50 republicans who already said they are opposed to this type of approach to having a tax and spend bill. he only has back bill because 50 senators are on board. he's set this all along, i think people thought he was just going to cave because that's kind of what he does but he has the power if he wants to kill it but there's so many more voices and after what happened last tuesday in virginia, with think that's might be worried about losing my senate seats and they might join him. stuart: if i was president biden, if i was a democrat, i would be worried about inflation because it could lead to a severe recession last year next year if they get around to
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tackling inflation. that's the last thing democrats want, a few months for the 2022 elections. i think they are in a bad politically. what say you? >> this is what i don't understand, so many of the policy decisions they are making don't make sense. yes, they are ways to reward and they make sense that way the idea energy costs are rising killer pipelines while you deal with water shortages and unconstitutional government mandate and in the midst of a global pandemic you have a radical open borders policy. a lot of these things will cause major political problems even if they are short-term political payouts and they might serve long-term political interest but at what cost? we are having real serious problems with inflation greatly expanding beyond wage growth something that's cost them power next year. stuart: my political opinion.
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great to have you on the show, thank you for being with us today on this veterans day. appreciate it. get back to the "wall street journal" editorial what they were saying about inflation. a quick quote from this inflation search is all the evidence senator joe manchin to stop his party from building back worse. congress and ignores inflation because it doesn't want to admit the policies are the leading cause, kill the bill and rescue the american middle class. heather is with us this morning. heather, do you want the bill killed? >> yes, i do. inflation is a hidden tax on americans and you mentioned senator joe manchin say we should kill the bill he will be the democrats saving grace. it's important to remember inflation, this runaway inflation is not just an accident, due to the biden administration reckless policies. we saw the consumer price index
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x.2%. as you said, your real wages are down when you're factoring higher cast of goods and services. stuart: we've got a 30 year high and inflation rate, the fed got to deal with this. i think we are going to be in real trouble when the fed does deal with it because what are they going to do? restrict the flow of money? raise interest rates? both of those things will hurt the market and really hurt the economy. president biden does not want anything like that at all. we got a real problem here. >> we really do but the federal reserve will have no choice but to raise interest rates when we have just inflation but perhaps hyperinflation problem. although they recently tapered their asset purchases reducing
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monthly bond purchases by $15 billion a month, we are still increasing, we meaning the fed from the monetary view are balance sheets keeping interest rates near zero which is exacerbating the issue. the fed has mandates, they are running over three times there inflation target of 2% as well as full employment and when we have unemployment at 4.6%, there's no rational argument for using emergency pandemic measures for 19 months into a recovery when we don't need it anymore so let's get americans back to work. labor is the key to our economy. stuart: what's your market outlook given this problem with the fed and inflation and tapering and rates? the market is going to have a problem, isn't that correct. >> the market will have a big problem. you've seen an all-time high
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everyday because of so much liquidity, there's no alternative. you can't put your money in a cd or bonds because you don't get any more, less than 1% if anything. your real return is zero when you factor in inflation so if and when inflation hit higher -- look at the tenure. the only reason tenure is so low right now is because federal reserve is still extending balance sheet over 100 million a month. there is no rational argument for that so if and when interest rates go up maybe our great rotation out of stock back into bonds or another class. stuart: should i sell now 2021, sweep sleep well night and wait for this to go over the cliff? >> i don't know if you still have microsoft you've had about a six half-century but i'm sure you have big gains on microsoft so you will have a capitol gains
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tax bill to pay but if you think capitol gains will be part of this reckless tax-and-spend initiative thing that why you might see people -- look at elon musk, what, a billing dollars of his tesla stock? it telling you where the government is going on the tax and spend initiative. stuart: $5 billion worth of tesla stock. big sale. heather, thanks for being here. we will see you again real soon. i'm going to check out some individual stocks starting with, that is china, they brought in a record or a $9 billion in the singlespaced shopping event 49 billy just for that. beyond meet, jp morgan just cut their price target after disappointing third-quarter report. they expect we can sales from
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demand slowing down. it doesn't appear we are eating that much plant -based stuff. beyond meet down to 80 bucks a share. coach and kate spade, save raid therefore your outlook, adding a billion dollar buyback, stock goes up. tapestry is up 9% as we speak. matthew mcconaughey firing back after the surgeon general gave him a lecture about vaccines. we will tell you what the actor is saying now. democrats want to spend billions of your tax dollars on childcare. the programs could make childcare more expensive than for middle class families. suing the administration over the vaccine medic, former secretary of state arkansas says we are at stake. stay with us. ♪♪
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democrats are pushing more affordable childcare part of their big spending bill. the plan, however, could wind up crossing middle-class families thousands of extra dollars brick number numbers for us. >> it could cost 13000 more figure for some middle-class families about that income threshold where subsidies are not given to them because they are not eligible for it. here's were under the bill back better bill, how much more expensive it would be. right now, these are numbers for the progress.
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$15000 currently under bill back better, it would be 28000 a year because the current childcare for a worker is $25000. bill back better would raise it to over $60000 so the people's policy project saying there will be many couples who cannot afford childcare if both continue to work the could afford childcare if one puts their job and thereby drop their family income below eligibility. normally people who quit jobs to take care of the kids do so to save the money to spend on childcare under this, they have to quit their job in order to afford childcare but some public policy experts say the bill right one just cost you more but could mean your daycare and church affiliated would not be eligible for grant money offered in the proposal. the bill back better bill says i was with childcare providers may not use funds for billing facilities used primarily for
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instruction or religious worship so ethics and public policy center says progressives are too concerned about a sense of federal funding going to expand his for sunday school they felt the need to include that provision which is where it's coming out so a lot of people are saying if you like your preschool, your childcare, you may not be able to keep it under this proposal because it's going to be a lot more expensive. stuart: fascinating. thanks very much, good stuff. by next guest filed a lawsuit against president biden's vaccine mandate, more than 100 people. companies have until january 4 to comply or face big fines. is correct, republican candidate for attorney general and kansas joins me now. can you stop this in time or for the delay? >> absolutely we can wrap it in time.
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the federal statutes governing this lawsuit allows us to go straight to the court of appeals so we took it to the court of appeals based in st. louis representing a group of north dakota employers and employees. the court of appeals already set a schedule so the case can be adjudicated quickly. there's a couple of other similar seats filed in other circuits which means it's probably going to consolidate all cases, federal judicial panel that consolidates all in one circuit. it will absolutely be heard before january 4. stuart: on what grounds are you fighting this? if you fight for smaller companies with more than 100 employees, are using is unconstitutional? >> there are multiple grounds. first of all, is unconstitutional because congress created using congress power and osha uses it to wrigley commerce.
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in the obamacare case, many people remember supreme court said you can't use commerce power to force people to do something they choose not to do. back then it was purchased health insurance, now it's a subsidized purchase of a vaccine. there is that that violates it but in addition, individual employees in the litigation have individual rights. first amendment rights to free exercise of religion but the right all americans have under the fifth amendment liberty interest to refuse medical treatment in a long line of supreme court there and you might say what about the exception, osha regulation allows employers to be tested weekly and wear a mask, that doesn't out of the bill of rights problem from the liberty problem because you shouldn't have to pay to exercise your liberties and get the cost of weekly testing, median cost which employees have to pay,
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$7600. stuart: ridiculous. you're going after the driver company vaccine mandate. can you do anything about the government worker vaccine mandate that applies to healthcare workers and police officers and firefighters? >> this particular lawsuit does not go after that. however, there are other lawsuits, one going after the federal contractors mandate five by several state attorneys general already and then there are some lawsuits on behalf of federal workers filed in courts around the country so it's litigation going on in multiple courts at once attacking each of the prongs of the biden administration's to force americans to get vaccinated against their will. people should get vaccinated if they want to, the whole thing is personal freedom, the people choose whether they want to or not. stuart: this is the united states of america. individual liberty and freedom
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it was built on. that's what i signed onto when i became an american citizen. we wish you the best of luck. come and tell us how it's going. matthew mcconaughey, he's firing back after getting elected started general about vaccine mandates for children. ashley is here, good morning, ashley. what did the actor say? >> mcconnaughhay -- he cleared up his comments after saying he wanted to find out more information before supporting any mandate that young children get the covid shot. the actor said he was referring specifically to five to 11-year-old, not all children, stated his 13-year-old son is fully vaccinated. but after he made his initial statement, u.s. surgeon general murphy responded by saying parents need to recognize that covid is not harmless in children and the vaccines are more than 90% effective in
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children five to 11. mcconnaughhay also emphasized he and his family have taken the pandemic very seriously and have relied heavily on at home testing. that's the latest from hey, hey, hey mr. mcconnaughhay. stuart: what you have on disney? they saw a big slowdown in disney+, did they have a streaming problem? >> more people simply returning to outdoor activities and returning to the office as the pandemic gains are starting to wane. the big streaming services. are they in trouble? i don't know but disney+ addict 2.1 million subscribers in the latest earnings report, that down from 12.6 million in the previous quarter so that's a significant slowdown. only netflix bounced back in the latest quarter adding more than 4 million new subscribers but even though pandemic gains may
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have slowed down, there's an upside from a production slowdowns and shutdowns have also ended will lead to a surge in new content role streaming services so new content is a good iade ain as w foreses. ts.nknk vi vide ade rsrs use then aenn ris. weigamigitititt?nmt? heenirhe thee whe itl i t mheayreeomhes ua she's sarngkedngd e peayonslectrilec vehiclhi partttt ofid b's b's b ate e ight f a f w a f a a war w w renewable energy? general jacking is next.
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stuart: review quickly through the clouds, fed us chicago. 55 degrees and it's raining. a great day that. on the market, check them out. nasdaq holding onto a strong gain. 115 points up. susan, you're watching tesla, what new? >> that was great music. let's talk about tesla and elon musk making news telling on confirming $5 billion worth of tesla stock. monday to wednesday, tesla stock pulled off monday after elon musk tweeted over the weekend asking if we should sell 10% of his talk. it turns out even though he frames it around the billionaires tax debate, he already had plan in place mid-september selling this week already.
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he needs the money to pay taxes on capitol gains stock options 2012 compensation package, formed a half million shares, $1000 plus current prices. you do the math from a $1000 plus he only paid 624 for them. that's a huge gain. he still has billions in stock options that will expire august next year and it's a use or lose situation so expect more stock sales the next eight months. just reading analyst notes this morning, they say thank goodness, they are saying get that out of the way, the pole position this morning. stuart: unless he sells a bunch more stock the next six months to pay the tax on this, it's a distinct possibility.
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>> the twitter pulse at 10% of his stockholder, sell 10%. he sold 5% for the $5 billion stock sale so 5% more to go. look at the real-life gains from a $6.24, only at 1000? at the great profit margin, don't you think? stuart: that's a profit to die for. not bad. good stuff. thanks very much. the military is urged to go green by fleets of electric vehicles. general jack keane here, thank you for joining us. we need your experience. can we fight a war using renewable energy? >> i doubt that seriously, to be frank about it.
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certainly solar technology is not there, when technology is not better. we obviously use clean energy for a lot of naval fleets in terms of nuclear power certainly but what we use for the other services, plant -based services and airpower is largely jpa fuel, the major logistical pacing item we have in terms of distribution and transfer of it. it is not much different than when eisenhower moves across europe, his number one logistic challenge in doing that is not so much the germans, it was the fuel to keep that army on the move. that's the major challenge we still have today so there are some technologies that can help us. hybrid electric has been around 15 years in the commercial market. we will see the military moving toward that in our vehicles. why is that? it makes sense.
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it reduces the amount of fuel we have to bring to those heroes and reduces logistics sustaining the vehicle because is not as many parts involved. whether get the full electrification, that remains to be seen whether you can establish tactical charging stations and other things to do and obviously will depend heavily on lithium batteries but the department of defense focus has to be on the enemy and his threat and our capabilities to deter the emily enemy. that has to be the focus. renewable energy cannot be the focus. stuart: you go to fight, you fight to win, energy cannot week the focus. speaker pelosi says our military is a major polluter. it sounds to me the democrats
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don't really support the military despite threats from china problem with taiwan. they don't seem to be supportive of the military at this time. >> there is bipartisan support in the congress, democratic and republican support that china is the number one strategic threat we do have problems though because budget we are dealing with the biden administration, it's interesting from others only two departments that have not received in this budget. one is defense department the other is the homeland security department, department of homeland security and defense department home and security protecting us from shoreline and at the pentagon defense budget protects us from shoreline out and they are not being by stuff. every other department is. that sends the signal as far as i'm concerned what the priorities are, we've got to
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increase defense spending if we meet this from china. the department of defense is not just about more money, it's how they use the money they use responsibility is here the focus that money on advanced technologies we need and have the courage to get rid of the legacy systems. we need congress to support that because often we are trying to get rid of a system we don't need anymore, congress fight the military over that because they want to keep that production in their districts. this threat is too serious to play politics with. stuart: will close like this, thank you for your service, we appreciate it always on this veterans day. thank you, general. >> thank you and also, god bless the 20 million americans who are veterans out there. thank you. stuart: now this. vice president harris appears to use a french accent during her
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trip in paris. bricks are having a field day with this. >> they are, the the vp is taking flack. affecting a french accent paris. washington examiner scribed as a attempt at imitating jack -- >> the campaign -- the plan we are expected to defend the plan. >> all right, call it pepper the pure. an effort to try to smooth over things from the french government still bitter about being excluded from washington's secretive nuclear act with uk and australia. overall, how say it one more time -- what's going on? stuart: fest high school front if i'm not mistaken. that's exactly what it is from
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your. >> it is. oh, for me? that's about as far as i got that would explain it. [laughter] stuart: good stuff. with you again in a short while. the word makes it worse created things could get worse as holiday travel season ramps up. we got a report from chicago coming up next. ♪♪
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stuart: filled out you to national airport, that's what you are looking at. 1.7 million people boarded planes wednesday yesterday. that number still much lower than pre-pandemic levels. product travel season will kick off in less than two weeks. your prompt travelers. chicago's o'hare international airport. pilots already calling out of work, could things get worse for the holiday season? >> they could. regarding seen happen with one weather event and staffing shortages causing mass cancellation and the concern is it could get worse because there will be more people flying holiday season and the pilot unions for american at southwest tell us they are spread thin right now. here are some numbers provided by the southwest airline pilot union. they say 738 people called out
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because they were removed, removed themselves from the schedule too tired to fly compared to around 100. seven times the historical average for october. they say some reasons, impending vaccine mandates combined with uncertain last-minute scheduling they are dealing with. stuart: >> come in expecting to do something and all of a sudden you're put off somewhere else and have to fly, go somewhere different and fly longer and along with everything, it's very fatiguing and it's the uncertainty. >> there are also concerns going forward this holiday season about safety in the skies. we know some of the most experienced pilots and flight attendants left the industry because of layoffs, furloughs an early retirement. i spoke with the former chair of the ntsb, he's sounding the
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alarm. he says the airlines ramp up too quickly trying to meet the demand from they might be skimping elsewhere and it could lead to serious problems, catastrophic problems. stuart: it raises the anxiety level from future travelers. thanks very much. quick programming note, my new foxbusiness primetime show, american built, it airs tonight. one episode will feature grand central terminal in new york city built by the railroad tycoon cornelius vanderbilt opening in 1971 and still is in use today. catch new episodes of american built monday night 9:00 and 9:30 p.m. eastern. thursday starting at 10:00 p.m. the dow 33 at a sense of the market after couple hours worth of business, a debt even split.
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the dow is down 45-point my next guest is a former navy seals who started his swimsuit in clothing line inspired by the military. as a veteran and founder of solar life. he's going to join me shortly. why does a navy seal start a swimsuit company? i will ask. ♪♪
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stuart: today is veterans day and honoring patrons who served. jeff, as a navy seals veteran he joins me now. jeff, going to get into your swimsuit business but tell me a story. why did you join the military? >> first, i wanted to be a navy seals for the challenge but two years later, 9/11, 9/11 happened and it reaffirmed 100 fold growth protect my friends and family, people i care about and go after the most able people in the world. stuart: you are part of seal team sink active duty, correct? >> yes, two deployments to the middle east first was iraq and
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combatives instructor after that. stuart: okay. he started a clothing company you sell swimwear in casual clothes for men and women. you know why i am smiling here. why did a navy seals get out and start a swimsuit business? >> i found it as an active seal, i travel to brazil the family was in resilient jujitsu and saw everyone wearing these down there and was like i need to share this with the rest of the u.s. created a swimwear brand about freedom and started moving more to ask leisure so i could just wear it with everything i did. i created my own camel pattern that honors the original plan who cleared the beaches of normandy and you with yuma and start partnering with amazing veteran foundations, which you see there swimming in the hudson
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river to honor our fallen brothers and support homeless veterans in new york city, diving and saving coral reefs and turtles throughout the area. amputee injured veterans in texas and numerous other foundations that are incredible and it gives me the why to be able to make my company more successful to give back. stuart: okay. let's see if i can help you a little bit. we have on the screen there, sales last you 500,000. eight 30,000 so far this year. are you an online operation? >> yes, everything direct to consumer, i sell everything on my website. i finished my mba anderson as well and they have incredible entrepreneurial resources that have really helped me through this process. stuart: so what's the website? how do i buy online?
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>> zumba and you go there from everything and it will ship out that day fits monday through friday weekends will be shipped monday and get there in two to three days and you will be looking rate, tag us on instagram. you're going to feel as good as you look. it's all about freedom, courage. stuart: i would give my right arm for a body like that but it's not going to happen they understand that. we think you are all right, we wish you the best of success is veterans day. this veterans day, foxbusiness teamed up with u.s. vets for the make camo your cause campaign dedicated to ending veteran homelessness. if you would like to purchase merchandise or donate, go to u.s. prince harry, on earth u.s. would veterans last night.
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he presented five awards to service members in the premise. prince harry, himself a veteran excessive he's on men and women living with invisible wounds of war. unfortunately, harry is making other headlines should what is the problem with this word exit? appearing at a virtual summit discussing the internet, harry said term was or is a misogynistic term created by a troll amplified by world correspondence and it grew and grew to mainstream media. he went on to say he lost his mother to media ruggedness and he's determined not to lose the mother of his children to the same thing that he called the scale of misinformation on the internet terrifying thing no one is safe and no one is protected
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from. that was the duke of sussex. stuart: okay. stay there, it time for a trivia question. there it is. what was veterans day originally called? will take your guest after the break. when we come back, we will have the correct answer for you. back in a moment. ♪♪
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. . . . dad, we got this. we got this. we got this. we got this. life is for living. we got this. let's partner for all of it.
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edward jones
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stuart: here was the question, what was veterans day originally called. do you want to have a guess, ashley? >> i would go for armistice day.
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stuart: and sir, you are right. no, you're right. it, it was armistice day. an act back in 1938 declared november 11th of each year to be known as armistice day. then in 1954 president eisenhower signed the first veterans proclamation replacing armistice with veterans day. in england, armistice day was celebrated in the 11th hour, the 11th day, of the 11th month of the year, 11:00 in the morning in november that's right, that's right. back then. ash, thanks very much. let me quickly go to the market before we close. look at rivian. soaring again. up another 21%. it is at $123 per share. it was offered in the ipo yesterday at 78. a few hours later it is at 123.
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by the way rivian at this point is worth well over $90 billion, much more than general motors or ford. it is "friday feedback" tomorrow. don't forget, varney viewers send in questions, videos, whatever you look at regrettably my time is up this thursday on veterans day. neil, it is yours. neil: thank you very much for that, stuart. for all the veterans out there of course, we remember you, we admire you, we are in awe of you, next couple hours we'll get a sense how much we're in awe of you, what is being done because of you, what is being done to return to the favor to you. welcome everybody, this is "coast to coast" on fox business. couple things before we get into political details unnerving wall street still. what is going on with the


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