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tv   Varney Company  FOX Business  November 16, 2021 9:00am-12:00pm EST

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american christmas out this week. >> you get the great stories from your youth when you were growing up in the family restaurant and you see how rachel and i do christmas. so many fox favorites. maria: great to see you both. have a fantastic day, a rally underway. stuart: good morning, everyone. the virtual meeting went on for three hours. president biden and china's xi jinping. they agreed to manage their differences, biden docked trade, xi talk about supporting taiwan, no breakthrough but one thing stood out. biden did not press for answers on the origins of covid. we are expecting an announcement imminently on who will chair the federal reserve.
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this is a big deal for investors. if the president chooses lyle brainard to replace jay powell that might signal awareness to keep printing money. freaking viewers of this program know that i'm reluctant to get into fed watching but when that decision comes out the market will react. the big deal on the financial markets is a total between gold and bitcoin to be the best inflation hedge. bitcoin dropped below 60,$000 earlier, gold keeps going up. it is close to the $1,900 per ounce level, up another $4 at $18.70. stocks little changed, the dow up 48. nasdaq down 24 points. next picture for the market, interest rate in the narrow range. the 10 year treasury going up to one.63% and that hurts the nasdaq on the downside. how is the consumer doing as we head to the holidays spending plenty of money?
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retail sales went up 7%. looks like consumers got a jumpstart on holiday spending worried about the supply chain crisis but those sales were strong. designed retailers walmart and home depot reported this morning and both did well in terms of consumer sentiments. consumer is spending despite rising prices. in 2021 game "varney and company" is about to begin. stuart: let's get down to business. >> when was the last time you were in the club?
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>> 20 years ago. >> 55 years since i was in the club. shall we get started? all right. a bit coin is where we start today. it dropped below 60 grand a coin and now it has edged back to 60,600. any idea what is behind that? >> the first the negative comments, ned siegel said investing cash and crypto doesn't make sense, then you have regulation. part of the infrastructure package has a provision that requires brokers to report crypto transactions over 10,$000, definition, pretty open-ended. china stepped up the mining crackdown, crypto very volatile, just last week you have bitcoin and either at record highs, after a 7-week rally you are singable back? >> any idea brokers have to
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report bitcoin trades, that brings up the tax, are you going to pay the tax on crypto gains? >> if you are a minor or a broker. stuart: retail sales up one.7%, fairly strong. >> a full percentage point driven by early holiday shoppers nervous about the supply chain, no matter the cost. high gas prices factoring in. compiling fourth-quarter gdp it suggests we will see a end of the year with them. stuart: check the futures, we will open up a mixed picture, nasdaq down 20. michael lee is here. we call him mister super bowl,
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the bull market continues, goldman sachs continues into next year, looking at a 9% increase in the s&p to reach 1500. right now is at 4400. are you with that by the end of next year? >> that might be a little conservative. we are seeing strong economic rebounding numbers with the empire state manufacturing survey. they are calling for massive multiple contraction because the story we are seeing out of the pandemic is earnings have been too low. at the end of june estimates for the third quarter were 24% growth. at the end of september the estimates for the third quarter were 27% growth and we are
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talking 30% earnings growth so earnings expectations of 9% earnings growth are too low so if we see 12% or 13% earnings in the s&p 500, for us to have any sort of massive selloff or contraction of earnings multiples we need interest rates, we need to go wild. the taper is not going to be done until next summer. the fed has not discussed the balance sheet and maybe we get one or 2 rate hikes so i think there's plenty of room to run. stuart: you do this to me every time. i introduce us mister super bowl. i set a target for the s&p and you come on and say that's too conservative. more than that. every time you are on this program you do it and you have largely been right, one last question. supposing president biden appoints lyle brainard to be the new chair of the federal reserve, someone who would print a great deal of money? is it possible the market would like that? >> i will be interested to see how that plays out.
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it is my expectation lyle brainard will be the next fed chair. she is part of the mmt crew, it will be interesting to see the reaction to that but i think a lot of inflation problems we are seeing our supply chain driven and increased q e, under find the economy, that $4 trillion in cash that is worth 6% more than a was a year ago will find its way into financial asset. i'm thinking the stock market. jerome powell did no favors by playing both sides of the fence. i have no idea how the market is.
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stuart: you still deserve the title of mister super bowl and you are back again very soon. >> 3 hours long, any take aways? any drama? >> it is virtual but 12 topics over 3 hours. no pressure from president biden, boarding an investigation. president xi said encouraging taiwan independence, overall, we don't expect any breakthroughs. managing their differences, both presidents are stumbling on the international stage. the withdrawal is hurting president biden. he is dealing with covid as its president xi, human rights
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abuses, and spreading it to the world, they don't look good on the world stage. stuart: the president should press hard on the origins of covid and he didn't. that is the take away. this is an article from the new york times about the coast of the social spending plan. embracing lawmakers for disappointing estimate from the budget office which is ugly to find the cost of the package will not be fully paid for by tax revenue over the coming decades. if the cbo estimate is not that high, surely huge spending plan has to change or it won't go through. >> i hope it gets defeated. they tried to argue the economy is on fire, inflation is
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transitory. the all-time record highs. when president biden and kamala harris, the ideas of this will not cost anything anybody it doesn't make sense. democrats want to tax and spend more. sound like a cliché but it is a cliché because it is true and i don't think you will find moderate people in the democratic party willing to fall on that sword for president biden in a package of it is not needed, not popular. most people don't understand what is in it and if they had the votes it would have made it happen already. this is a terrible green new deal just packaged up and trying to be solar something i don't think the american people want. stuart: what are the odds here? i hope this package is killed stone dead but given the odds on it surviving in some form or other and we spend
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$1.5 trillion i think the chances are slim. what say you? >> they may further reduce it. they see money on the table and may take it. look for december 20 third to push through at the last moment, an insatiable desire to spend, they can't help themselves and they will do it when america is not paying attention. stuart: it is no way to run a government. thanks for being here. running to the opening of america, the dow is up 60, s&p and nasdaq on the downside. elon musk's selling spree continues into a second week. tell you how many more shares he uploaded. tesla at $1,000 this morning. the white house says no need to worry about the trillion dollar spending bill causing more inflation.
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watch this. >> why should americans not be concerned injecting $1.75 trillion or more would further raise inflation? >> know economists is projecting this will have a negative impact on inflation. stuart: many economists are predicting exactly that. congressman brian stiles is here to take it on. he is next. ♪♪ we got this. we got this. we got this. life is for living. we got this. let's partner for all of it. edward jones what's strong with me? what's strong with me? let's partner for all of it.
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stuart: industrial production in october, one.6%. i hate expectations but that was double the expectation. inflation and supply chain problems gripping the country but democrats turning the focus on climate change. how does talking about clean energy fix the supply chain crisis? >> lawmakers trying to focus on how to get more clean and green energy product in the us now there is more demand in part fueled by cash being set aside for clean energy products in the infrastructure package he signed into law yesterday, $65 billion for related investments, $7.5 billion for the national network on charging stations for electric vehicles and a variety of witnesses including the union for steelworkers who will tell in his prepared statement there's a lot of skepticism about what this will mean for
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their jobs and communities and skepticism is well-founded because so many policies after manufacturing facilities hollowed out, they will warn that there have been government policies like holding leasing on federal lands, the cancellation of the keystone pipeline and the potential cancellation of line 5, causing delays and threatening north american oil and gas production, and when people supply these products they have a lot to benefit from, in a statement, the circular supply chain for q and clean energy product in the us is a win/when allowing the country to counteract environmental risk while creating economic security, tens of thousands of jobs, bolstering supply chain and injuring billions of dollars that will be invested in the battery industry happens in the us but republicans argue democrats are worried about the
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wrong thing. >> every committee hearing is a committee hearing for some type of green project. we've got these problems in the supply chain right now mainly because of overregulation and labor shortage due to democrat policies paying people not to work but they want to talk about supply chain solutions. >> there will be hearing talking about the supply chain specifically labor shortages that are contributing to the problem while green energy is the focus today they are looking at other factors causing these problems. stuart: so glad to hear that. do it again tomorrow, thank you. let's bring in congressman brian stiles, republican from wisconsin. welcome back. good to see you. same question. how does climate change going to fix the supply chain crisis. >> the democrats priorities are so misaligned with with the
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american people need. president biden signed an infrastructure bill that has $0 to secure the border of the united states of america, billions of dollars for electric vehicle charging stations. inflation running away yet they want to dramatically increase the size of the welfare state. the list goes on and how disconnected the democrats are from the needs of the american people, they were punished in virginia and failed to learn the lesson the american people want to see workers get back to work, get our way of life back, return to normal. stuart: i don't think they are going to pivot, and editorial on that coming up shortly but you are a member of the financial services committee. i did your comment on this was an analysis of the bills back letter plans as it will cost $5 trillion assuming all the programs become permanent. once you have an entitlement program you can't take it away. that $4.9 trillion price tag is legit and should surely count the build back better plan out.
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>> at washington dc running programs for a year or two and complain they are saving money. we know that trick. what they are going to do is run the program forever. once a program starts in washington dc it never ends but the fuzzy math of the democrats try to claim this will cost less then $2 trillion is a flat line. we have multiple sources coming out, we all know the truth. this is a $45 trillion bill and come after all americans to pay for it through higher taxes directly or the pocketbook and the impact on inflation is going to be significant. stuart: handicap it for me in 20 seconds. what are the odds we get nothing, that the bill was killed. what are the odds? >> that's the hope that we can
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kill this thing. look like they will try to show that through the house, watch it go through the house again, 2:00 or 3:00 in the morning, that is when nancy pelosi seems to something through the house, then the senate. can we kill it in the senate? the more the american people learn and know about this bill the better the likelihood to kill this bill. stuart: appreciate it always. there is this. jen psaki pushing back on reports that inflation will go higher. >> nbc reporter presser on legislation, doesn't build back better potentially make inflation worse? >> they are seeing a paycheck stretched? why should americans not be concerned injecting $1.75 trillion would further raise inflation. >> no economist, that this will have a negative impact on inflation. >> former president obama's economic adviser larry summers on cnn says must the fed policy changes odds are we are going to have inflation of the kind we haven't seen in 30 years and indeed cpi at the highest level
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since 1970. stuart: larry summers said the same thing in an editorial. watch out for inflation. and he is an economist. >> the democrats policies, their own policies are endangering the policies they want, you keep putting money in the system stoking inflation, stimulus checks and spending and trying to do more spending, counter each other because we are feeling the effects of it. stuart: check futures please. we have a narrow market ahead, 58 up for the dow, 28 down for the nasdaq. "the opening bell" is next.
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stuart: on your screens the retailers bearing my retail sales show one.7% strong gain for october at walmart and home depot have strong sales to consumers. i am calling that one.7% gain in october pretty strong but i
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said to go forward to november. looks like november will be a real blockbuster. >> a big inflation components, we know inflation has picked up a lot. people are paying more for gasoline. november is going to be a blowout. on long island, actually pretty representative of what happens, a good leading indicator. the place is mobbed. what is happening here is consumers are petrified that if they don't shop right away for their holiday presents there is not going to be anything available in december. we are getting a lot of advanced buying here. with price increases, buying in advance. stuart: the rule is these days
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with the supply chain problem if you see it and wanted you buy it now, that is why you go to the brick and mortar shopping malls. did you have trouble finding x box for one of your relatives? >> yes. my son wanted a x box and we can't find them. there are $1,000 and should be $500 so there is a shortage of everything. stuart: do you have a favorite retailer? >> know. i do a lot of shopping online. it a lot easier. stuart: we are looking forward to a blockbuster november. we will check with you next month and see if you are right. i am a shareholder of microsoft so i encourage a good search for x box.
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see you. >> what is your favorite retailer? stuart: walmart. >> i thought it was costco. stuart: the producer - absolutely right. it is just a great story. a discount hotdog for one dollar and $0.50 for a drink, you can't beat that. let's get serious. it is now 9:30 eastern time and the market is off and running, not running up very much. on the left-hand side of the screen the dow 30, fairly even. more buyers and sellers and the dow has opened with a gain of 76 points. the s&p on the upside but only just, and the nasdaq is down 0.08%. i call it a flat opening. big tech, always check this as
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the market opens. that is where the money is. microsoft is up. apple is up. the only other gainers amazon am a mixed bag, not that much movement. big retailers reported this morning. good morning. home depot. >> this is advanced decline for the internal dynamics oh home depot, i thought they benefited from better sales, better profit, foot traffic, 3 times higher than wall street forecasts transactions. when they came in, ticket size increased so customers are spending more when they go into home depot up by 12%. stuart: that gain is a dow stock that accounts for 100 points on the dow. >> multiplied by 37 points.
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stuart: it is 2898, 100 points. >> sharp as ever. stuart: walmart. >> a pretty strong report card. if you look at the stock they priced in may be all of the good stuff has been pre-bought so we have grocery demand and that is why we have comparable sales up 9%. they raised their prices and in the retail sales report it was pretty strong, shoppers are running into make sure they get their needs for the holidays with concerns over chip shortage. and the impact of the supply chain crisis. stuart: you see it and touch it. do you know how many shares elon musk has sold and how many more he's got to sell to meet whatever reasons he's got? >> $8 billion sale for the last
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6 trading sessions and a taxable of $10 billion raising cash, a stock option granted in 2012. some of these stock sales, long-term stocks since 2010, and long-term capital gains, elon musk is probably paying an effective tax rate of 26%, text at regular income over 50%. stuart: these sales this year. >> this year. >> to exercise his options. stuart: with ordinary income with a higher tax rate the text your this year. >> depends what democrats can push through. esters activate%. stuart: what i enjoy talking
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about is the electric vehicle market. tesla is one thing and lucid, what is it this morning? >> ipo at $78. than it was vertical. and $1 million in actual recorded sales, you have some preorders here substantiated at 17,000, up by the end of the summer so roughly three months people i continuing to add to their lucid delivery, production will hit 20,000. they are still losing money but lucid and other electric car companies perceive growth and not sales. stuart: those four on the screen seem to be the winners. >> would you say there was an infrastructure package you for you with $7 billion? that didn't hurt.
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the main tesla competitor, their sedan addition his motor trend's car of the year. >>, sans. look at it now. >> it is going up and they are raising cash somehow in this environment and need it after stock drops 70% on the year. they have a dismal outlook. they cut sales target by $1 billion and investors are dumping over the stock, and over the third point, supply chain issues, that's not really exciting a lot of people, subscribers for pellets on. stuart: royalty pharma. >> the buffet touch may have,
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the excitement, each and every stock, berkshire and buffet advancement, i don't feel he has that cash anymore. people do not drive in droves with the buffet touch so berkeley is up half $1 billion. stuart: buffet doesn't like or understand them or doesn't invest them and these industries are providing mammoth gains to so many investors. >> apple wasn't a tech play. it was 8:00 pm, buying back $100 billion of stock and increasing dividends. stuart: we've got to get to cryptos. there's been a lot of selling today. utility why. >> people are trying to figure this out. bitcoin below 60,000 and numerous factors here, strong dollar at play, clampdown with the reform commission saying we are going to cut energy to any potential crypto minors but that has an effect on a lot of coin based -- the riots and marathon digitals.
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stuart: something in the infrastructure package which suggested brokers have to report the sales. >> they have to report that but the definition of a broker, even minors are consider brokers and you are going to sell off 1000 people, how can you be responsible for them reporting sales purchases to the irs, it is untenable so i think rethink, spearheading some language changes. stuart: i'm looking at axon, they make tasers, look at the jump in that. fantastic sales and profits in the latest quarter, this goes to show with violent crime at its highest in 40 years people feel they will take safety into their own hands and buy more of these tasers. stuart: stocks are 15%, we've got the dow winners headed by -
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>> home depot, intel and the like and nike up there. stuart: strong retail sales. s&p winner. >> interesting the retailers are back given americans are shopping again. tesla is up there. stuart: a long time since i saw big tech on the big winners list. tesla, i wouldn't call them big tech. >> netflix is up there, paypal. a when you're ahead of me because i can't read it. thank you very much. not only virginia voters turning on the democrats, watch this. >> the values of those in washington dc are not our values. today i am announcing i will probably be running as a republican. stuart: we are going to introduce you to the texas
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democrat who says he's had enough of the policies coming out of the white house, that man switching parties. woke on campus forcing a longtime professor to hand in his resignation, the universities are sacrificing ideas for ideology and he is on the show. will you be hitting the road next week? gas buddy says it will be the most expensive thanks giving day for drivers in eight years.
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more human way to healthcare. stuart: the highway, that is north carolina, sunny and 50
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degrees. the average price of a gallon of gas $3.41, down. has the president gotta plan? >> there is the idea of relieving refiners, to blend biofuels into fossil fuels. something in the double digits but critics say that saving is completely overstated and bad optics for the president who is campaigning to climate change after 26. stuart: iowa is a big corn producing state and the iowa corn farmers would be annoyed if they stopped doing that. that's not going to happen. >> he is in a pickle. they are admitting prices are too high.
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stuart: gas price today is up about one dollar and $0.30, from this time last year a big gap. come on in, patrick d on who joins us now. do you think i gas prices will keep people home this thanksgiving, they won't drive because of high gas prices? >> complaining on social media, it is close to the priciest thanksgiving on record. it will continue, the price is $3.44 a gallon, and was we are seeing with gas prices up 60%
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from last year at this time. if there's a reason, they are furious. stuart: explain to me, the average price of a gallon of regular hit a new high, for regular in california. this can't be just about special boutique refinery -- >> so many things. they have lack of refiners, difficult to do business in california. they import crude oil from overseas. the california resources board, its own blend of gasoline, we
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call that carbon management program. remember and trade paying for carbon emissions and the highest gas tax in the country, they are in a league of their own and won't come close to them. stuart: when you go to california teslas are everywhere. >> absolutely and there is growing infrastructure, solar panels in california and having that congestion people don't like burning expensive gasoline when sitting in the interstate icy you made that adoption in california but the national average is $3.41 and it is starting to trickle down. in the backdrop oh pick is increasing production. we will feel the relief between now and christmas or sentiment could deteriorate further. stuart: covid cases are on the rise, not by much but there's a
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rising trend, 80,000 cases a day as opposed to 70,000 last week. does that have any influence on the price of gasoline at all? >> absolutely especially when you see covid cases starting to go back up and the response has been to restrict some of those movements are telling people to stay home, closing down businesses again, and it makes it more difficult so that would have a direct impact on oil demand and that is why oil prices, we have been range bound between 80-$85, covid concern in the backdrop of their mind. stuart: i never linked the two, see you again soon. imagine this was a parent bill of rights have a say in their own children's education. we will see what this is about.
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inflation hitting the heartland harder than the rest of the country. grady trimble talking more for wealth.
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stuart: inflation hitting the heartland facing price gains. grady trimble in st. louis. >> they have gone up 7% in the st. louis area impaired to a year ago, the national inflation rate of 6.2% and same goes for the midwest, you name it they are paying more for it whether it is food, gas, car insurance and i will show you food at restaurants, nationally that has gone up 5% from a year ago, it is got up 11%. at the same time wages of gone up 3% compared to nationally 5%.
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people are frustrated, the rising prices and people on the coast, east and west, specifically washington dc don't understand what they are experiencing. >> don't think they are in touch with reality. it is a turnaround from when donald trump was in. i am a pretty conservative guy and i was worried about it and what i was worried about his come true. >> in a report from republicans on the joint economic committee founds they are hit harder by inflation in general because they spent a bigger percentage of their income on things like food and gas and in rural areas driving harder and paying more compared to people who live in cities. stuart: a lot of information on
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inflation is anecdotal. personal examples when you run into this, you start. >> in the grocery store, it is not worth it. i can afford to buy meat but it is so expensive. in massachusetts at a diner it was 11:30, can't order from the lunch menu. stuart: to the local town on the weekend, a crowd of people outside a bagel shop. i asked what is going on, turned out these folks had ordered their bagels online, but no bagels. supply chain, no delivery. >> were the customers forgiving? i feel if you see a restaurant
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can't handle it this is a pandemic but at what point do we get fed up? stuart: these people waited half an hour. one of our producers was in dc over the weekend, went out for a meal, no waiters in the restaurant, everything was done on the phone. you wanted extra catch up, no waiters, couldn't get them. >> carry your charger forever. i went in for a couple items, $222, the lady behind me was complaining this is the only lane open. the self checkout aisles are over there. they had one cashier. stuart: same thing happened to me. we have senator mike baran, congressman craig steube, and the ceo of playboy. the 10:00 hour is next.
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♪. stuart: good morning, everyone. 10:00 eastern. look at the dow jones industrial average this morning. surprise gain right there. look it, it is getting closer to another new high. it is up 172 points as of this morning. home depot is a dow stock. its doing very well. i believe contributing 100 point to the dow's gain.
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bitcoin all over the place. actually hitting 61,000 right now. earlier this morning it was below 60,000. there is a contest going on here for which is the best inflation hedge. maybe gold is a better hedge than bit goin at this moment. gold getting pretty close to $1900 an ounce. the 10-year treasury, despite all the inflation news coming in at 1.61%. fairly retrained if you ask me. latest read on homebuilder sent me, if you would please. lauren: 83. up from october. despite the ongoing supply challenges. we are seeing homebuilders are optimistic from that 13-month low we hit in august. it has come back every month, come back pretty sharply. stuart: jerry howard is on the show later on and he is going to tell me how long they have to wait for various appliances. lauren: there are work arounds now i think.
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appliances with fewer chips. the old-fashioned kind. stuart: that is the ones i like. all right, everyone, now this. the democrats don't seem to have learned much from the elections. they are not going to pivot, the campaign operation, preparing for 2022, put out a road map for the midterms. they think they can win. how? it is all in the memo, by quote, fighting for american workers and families. that is the far left socialist build back better plan. by fighting for american values like voting rights. by crushing covid-19 and rescuing the economy with gigantic government spending. this is what they were saying before their defeat two weeks ago. they haven't changed the message. it is not what most voters really care about, is it? education, inflation, crime, quality of life, personal freedom. not being told what to do, ordered around. republicans did so well because their candidates addressed those concerns but the party is still
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dancing to the far left drum, the democrats that is. they are in echo chamber who levels out the crucial independent voter who decides elections. read further in the memo, they're still trying to run against trump. does that work? some voters may object to the former president's language and chaotic management style but his policies worked and joe biden's don't. in the first year of his first term president obama plowed ahead with obamacare and lost the midterms of 2010 by a landslide. the democrats are doing the same thing now. plowing ahead with a far left out of touch agenda. they're not going to pivot. they risk the same drubbing next year as obama democrats did before them. second hour of "varney" just getting warmed up. ♪. stuart: matt schlapp joins us. all right, matt, you listen to
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this please. democrats are warning voters that republicans are just too dangerous to run congress. there is a memo from the dcc. it says quote, the stakes are clear. house republicans are too dangerous for american families. the moment washington republicans felt their grip on power loosened they unleashed a full assault on american democracy. you want to take that on? you're just being too dangerous, matt what do you say to that? >> this is all language about the one six committee and the idea that republicans are insurrectionists. we learned from merrick garland, that parents go to school board meetings and get rambunctious are domestic terrorists this is the theme, these americans who love america are dangerous. i just want to remind everybody, look what is going on in new york city. you have this democrat liberal mayor who is saying something crazy. he wants to stop crime.
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he wants to prevent people from being murdered. now the head of black lives matter saying he will set the streets on fire. they did this previous to this summer. we had dead cops, and dead people on the street and peoples business closed. we had jazz and chop. they threatened that the republican party makes you unsafe, i just want to remind everybody, they literally set our cities ablaze, the left did and they're threatening to do it again if we take steps to prevent crime. i will not be lectured to about violence. stuart: democrat in texas, state representative, ryan guillen he says he is switching parties. his party, democrats no longer align with his values. have you any indication, you have a very close touch on politics at a local and national level, any indication there are more democrats prepared to switch sides? >> yeah. i think that's, i think that's right. at the national level it is harder for democrats to switch pause the party has become this
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socialist party. there used to be a little more proximity between the two national parties. that is less so now but what you will see in states like florida and texas especially, these states that were battle ground states that were jump ball states turning very strong red as people move from broken blue cities into these states, you're going to see more party switchers. stuart, the thing you brought up in your monologue which everybody needs to hear, no humility from joe biden or kamala harris on the fact that they got their butts whooped in this election. all over the country, even cities like minneapolis and seattle. they lost everywhere on critical race theory, what is going on in our schools. lost the governorship of virginia. almost lost the governorship of new jersey. not one word how they heard the voters. the rumors they will give terry mcauliffe some sweet gig in the administration. as you said they are doubling
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down on losing in the midterm elections by embracing their policies. it is just simply being rejected by voters. stuart: but it music to your ears, matt schlapp, i can tell. >> i'm heartbroken. i'm heartbroken for america but i'm happy for my party. stuart: i can tell. matt, see you again soon. thanks for being here. >> all right. stuart: the irs will start didn'ting distributing the 5th round of payments from the es anded child tax credi lauren, how much are we talking about? lauren: monthly 300, annually $300 per child under the age of six. payments started rolling out yesterday. check your mail or go straight to direct deposit. the amount tapers off when the family has income over $150,000. stuart: $15 billion going out now. lauren: 15 billion. stuart: and another 15 billion, probably in that neighborhood right before christmas. lauren: 10 days before
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christmas, about $15 billion going out again. this is popular stuff with voters, really is. get free money in the bank account. stuart: can't take it back. lauren: it could. stuart: you can't take it back. once the government gives you something, you can't take it back. here comes the money, coal prices have surged, didn't realize this, coal is at a 12-year high. scott shellady with us now. what does this say about energy price inflation, scott? >> well, regardless of the price stuart, we'll use more of it this year than we did last year, first time since 2014 that we actually increased our usage. for all of electricity that the u.s. makes, 20% of it comes from coal. this year we're going to use 24% from coal. so for all those people out there wanting to go down the path of the green new deal and trying to shun fossil fuels it isn't really working. i have another headline for you, nobody really talked about, stuart, the week before the climate summit in europe, you
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realize big endowments, pension funds, portfolios, all banded together to either pledge or full or partial abstinence from purchasing coal, gas, oil stocks. those endowments pension funds, portfolios equal $40 billion, which is bigger than the combination of the u.s. and china's gdp. they pledged full or partial abstinence from buying coal, oil, gas stocks. that is the world we live in. even though they did that, we'll use more coal this year than last year. stuart: amazing stuff, isn't it? i like your comment on gold please. it is at a five-month high. is now that the inflation hedge as opposed to cryptos? >> yeah. well you know i've been saying it all along. you know i think cooler heads are prevailing. crypto benefited from a place to park your money, at least go against the dollar getting cheaper, right? everybody wanted to use that as inflation hedge. easier to use that, a lot of
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people use that from all other countries around the world. a lot of different things like robinhood would facilitate that for you. we're finally coming back to what dennis gartman would say, if you drop it on your foot it hurts. cooler heads are saying fold is undervalued compared to the cryptos. you're seeing more people go into those metals, especially gold because of what is happening with the inflation rate. i'm not surprised. actually for me it took a little longer than i thought what it would take. at least i feel some of the old rules are being abided. stuart: my oh, my. ain't that cute. scott thank you for being here. always a pleasure. see you soon. we're looking at market big movers especially for home depot. what is the story? lauren: for home depot blowout earnings. on the call just now an executive said comp sales
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rising. this is leading the consumer discretionary sector which is leading the market. stuart: home depot is a dow stock. the dow getting a boost from home depot. travel stocks, what is the story. lauren: discretionary sector so strong i'm surprised norwegian down 7%, american and carnival down 3%. i'm not sure the exact reason here. they are volatile plays but the economy is looking okay for the fourth quarter. stuart: yeah. two years into the pandemic, one year into vaccination, and the cruise industry really hasn't recovered to anywhere near where it was. i don't think it has at least. advanced auto parts. lauren: so obviously the car market is very strong. a car parts retailer. the stock is down 2%. how is that? fixing cars to drive them longer so we don't get a new one. increases from brokerages. they seecom sales for the full
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year by 10% this stock is down. stuart: met at that platforms, formerly known as facebook. they have done very well lately. have they got a legal suit against them of some sort? lauren: sued by the ohio attorney general misleading securities laws misleading impact of facebook's impact on teenagers and children. seeking 100 billion. stuart: 100 billion? lauren: filed on behalf of met at that investors and ohio public employees system. meta's response the suit without merit. they will defend themselves vigorously. stuart: a lawsuit you aim high but a fraction of 100 billion. lauren: they calculated what they lost around the facebook trials and the investigation came out. that is how they got the filling. stuart: this, migrant apprehensions hit a record high t was a record high for october i should high. 128% higher last year compared to last year. bill melugin has a report coming
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from the reporter for you. president biden met virtually with china's president xi xinping 3 1/2 hours long. why didn't he confront xi on the origins of covid? edward lawrence has a report from the white house after this. ♪. [energetic music throughout] what's strong with me? i know when i'm ready for a rest day. ...so i can be ready for anything... tomorrow. find out what's strong with you with fitbit sense and daily readiness. new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today.
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when you bring your own phone. or get a samsung galaxy a42 on us. call, click or visit a store today. ♪. stuart: that music simply tell you you're looking at lake charles, louisiana, sunny, 72 degrees. check those markets, please.
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look at the dow industrials, heavily influenced by home depot which is a dow stock and it's up sharply but overall the dow is up 143 right now. rivian, got to show you this because the rally keeps on going. now rivian is at $159 a share. up another 6 1/2%. that is a stunning gain for the ev company. president biden attended the long-awaited virtual summit with china's president xi xinping. edward lawrence is at the white house. edward, tell us straight, why didn't our president press xi on the origins of covid. reporter: it might have been a missed opportunity because covid came up and how the countries can help the world but the origins of covid did not come up and china's role in that. this conversation lasted 3 1/2 hours, discussed a lot of different topics with this. when you take a step back on this conversation, you look at it, the chinese in this, put themselves on a equal level of a superpower as the u.s. now the difference in the two
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readouts on this call came in taiwan. both sides agreed that they would agree to the one china policy when it comes to taiwan but the readout from the u.s. president says that biden reiterated the status quo. the chinese side says president biden agreed not to support taiwan independence. senator ron johnson on the foreign relations committee, says he is not liking what he heard out of this meeting. listen. >> we have a very weak president. he is just eminating weakness. his actions are weak and weak invites aggression. you achieve peace through strength and this administration is doing everything the wrong way in terms of making america stronger, to really achieve the type of peace and stability we need in the world. reporter: on the videoconference the president also talked about human rights abuses by china including in hong kong. the leaders of the two largest economies spoke but you know
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trade was not a big topic of discussion here. in fact the white house press secretary jen psaki even admitting that china is not following through on the phase one trade deal. listen. >> there are areas of course of concern as it relates to the economy where the president will certainly express his concern, express his view, that china should be playing by the rules. that the rest of the global community expects. raise our concerns with a number of their actions and discuss areas where our interests align. reporter: but not a big topic of discussion there. also the olympics in beijing did not come up in this call. back to you, stu. stuart: edward lawrence thanks very much indeed. i want to bring in your own china expert, that would be gordon chang back with us on "varney & company." gordon, did xi win this virtual meeting last night? >> oh, certainly, stu. china has been maliciously attacking the united states.
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it deliberately released the coronavirus. 764,000 americans dead. it spreads fentanyl to our shores t subverted our country by inciting violence. it steals our intellectual property by billions of dollars, perhaps $500 billion. we didn't hear what president biden should do about it. he should be imposing costs. the chinese like to cost, because while they talk we don't do anything to protect ourselves. stuart: president biden says this new infrastructure bill which he just signed will help the u.s. outcompete china. watch this, gordon, roll tape. >> we risk losing our edge as a nation and china and the rest of the world are catching up. our infrastructure sector used to be rated best in the world. according to the world economic forum we rank 13th in the world. that is about to change. things will turn around in a big way. because of this law, next year will be the first year in 20 years american infrastructure investment will grow faster than
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china's. stuart: gordon, come back in again, do you think this massive spending package will actually allow america to outcompete china? >> no. for one thing this is the chinese full employment act. more than half of the world's steel, more than half the world's cement are made in china. that is where we will be buying it. china makes more pvc tubing than any other country. by the way when you start talking about green infrastructure that actually negates america's competitive advantage which is cheap energy. so this is going to be another big win for china and that is why i'm sure xi xinping was enjoying last nate's phone call among other reasons. stuart: okay. gordon, sorry we're out of time. i wish you could stay longer. come back to see us real soon. gordon chang, do not be a stranger to this program, please. thanks, gordon. >> thanks, stu. stuart: a fascinating story from the international space station. astronauts had to seek shelter, had to get into a particular part of the space station. lauren has an understanding why
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it happened. lauren: russia conducted a missile strike on its own satellite, with no advanced warning, the strike caused a debris cloud that forced the astronauts on the iss to seek shelter, okay? can you imagine? the state department calls this action downright dangerous. >> this test will significantly increase the risk to astronauts and cosmonauts on the international space station as well as to other human spaceflight activities. it's a reckless and dangerous act as we said that threatens the interests of all nations. we are going to be working with allies and partners around the world to make very clear that this behavior is not something the united states will tolerate. lauren: all that happening in outer space. can you imagine, warfare essentially in outer space if this goes unchecked? stuart: that is a taste of it. lauren: national security effort. stuart: good story, lauren, indeed. now this, no money, no support.
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some republican senators won't back the massive spending bill if it doesn't include funding for the border wall. indiana senator mike braun is one of those senators. he will join me shortly. you can use bitcoin to buy coffee, cars and now real estate too. i just don't get this. a couple of properties just hit the market but they're only accepting bitcoin. i don't get it because it varies in value so much. we'll try to explain it next. ♪.
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that can't be comfortable though. shipgo.com the smart, fast, easy way to travel. stuart: quickly, we'll go through the markets. there is plenty, well, there is some green. the dow up 100 points. nasdaq up 13. s&p up nine. green on the screen. homebuilders confidence jumped to a strong reading i will call it strong, 83 in november. look who is actually here in new york city with me on the set no less, jerry howard, the man who knows all about this stuff. supply chain problems, you're a homebuilder. you're in the home builder association. supply chain problems don't have impact on sentiment?
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>> not on sentiment. the demand so strong and supply is so low, our guys see if we get the supply chain fixed we have real good years ahead of us. supply chain is a real headwind but demand is so high, stuart. stuart: what is the delay, i don't know how to phrase this, what is the delay now built into your contracts when building a mouse for someone? >> well there is a delay in there. you try and get the consumer to pick their products right up front. because if you're building a new house, sometimes it takes a year, usually don't pick the appliances and finishing touches until later in the process. now you try to get him to pick it right away. get him locked in. get the orders in. can take six, seven, eight months to get products in? >> six, seven, eight months. washing machine. >> oh, yes. stuart: generator. >> six to eight month. yes, sir. it is at the point now, you not only put in the delay if you have to, you have to add
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potential increase in costs. so you come in say, this is what i want. this is what it is priced at today, but i got to tell you six months from now when it comes in the price of this refrigerator or this generator may be significantly higher. you have to be on the hook for it. we're confident. there is usual circumstances we've never seen before. stuart: one more thing. i know you went to glasgow for the cop26 event. i know you were there. you were a homebuilders. what were they saying to you? you're a homebuilder. what were they saying homes of the future? >> they want all homes carbon neutral by 2060. there is acknowledgement you have to retrofit existing stock to make that happen. there is no way to enforce that in the united states. you will tell people who own their homes that they have to make these significant changes? and i raised the question with them housing affordability and i think these people are well-intentioned but they're living in their ivory towers not
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looking at practical realities. one man told me thought americans moved too much, that our planet could not afford for america to be such a mobile society. i said good luck changing our culture in 20 years. stuart: yeah, you're not going to do that. i understand, they have a plan. this administration has a plan, the green new deal. you get an inspector come to your house, all houses, all buildings to make sure that you're energy efficient and tell you what to do. i think that is the plan. >> i think that is what these people in europe were talking about, absolutely. that is for existing homes that are privately owned, just have the government knock on your door tell you change the way you live. stuart: were you popular at cop26? >> i've been more popular other places. stuart: we're glad to have you here in new york city. >> thanks, stuart. stuart: thank you, jerry, we hope to see you again soon. looks like crypto is coming to new york city real estate. there is a question mark at the
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end of that sentence. lauren, i don't understand how you can buy property with crypto whose value goes all over the place. lauren: try to explain it. magnum real estate group, they are selling a 29 million-dollar new york city luxury apartment complex in bitcoin. i thought it was a gimmick but it is not. the company says there is booming market of luxury goods being paid for in crypto. if you look, until today, you've had cryptocurrencies, ether at a record high. a lot of people made a lot of money this gives them the opportunity to cash out. they say the blockchain is secure. it is fast. it is a seamless transaction. it is pretty fast. stuart: are you telling me if you close a deal on real estate, and you use bitcoin, close something faster? lauren: i'm assuming it is. based on my interpretation of this. it also sounds a little gimmicky, i think these people are trying to prove you can live your life with cryptocurrency. it is not just an investment. stuart: jerry howard, still with
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us, still has a microphone on, would you accept bitcoin for one of your houses? >> i would rather see united states dollars. stuart: i knew that is what you were going to say. thanks very much, jerry. glad you stuck around for that. susan, are you with us please? looking at movers. one of them is quantum skate. susan: this is part of the electric car theme and go grown technology. a potential solid state battery maker, quantumscape being downgraded by morgan stanley. according to them it is worth 40 bucks. you have a little bit of upside but ms is skeptical that quantumscape will get to full commercial production of its battery tech. lick at rivian. market cap approaching $130 billion. almost 1 1/2 times ford and general motors. here is the good points, they beat tesla, gm and ford with the first fully electric pickup on the market. they expect to have 10,000 vans delivering amazon packages early
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next year. there are positives there. lucent, reservations up to 1thousand. that is a $1.3 billion order book. it has been named "motor trend" car of the year for 2022. stuart: this is a very hot group of stocks right now. electric vehicles. susan: go green. stuart: valuations are extraordinary. rivian how much are they worth now? susan: 130 billion in market cap. ford has a 4% stake in rivian. it is going vertical. stuart: amazon has what stake? susan: 17 to 20% stake in rivian but they ordered 100,000 vans over the next few years. stuart: how about nio. i know that is a chinese based ev. they are active today. what are they doing? susan: they're up as well. i would say a lot of go green, clean tech has a lot of future profits and sales being priced in right now. i think there is euphoria over the ev infrastructure bill of 7 1/2 billion dollars. stuart: there is loads of ev
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companies, companies attached to the ev industry. susan: yeah. stuart: are we beginning to see a shakeout and real winners emerge? susan: that is a good question, if you look at the space tesla is up today, rivian, lucid. i was looking at xpung. nio is down, but as a thematic play out there, sector investment there is a lot of money chasing a lot of these green energy plays. i say that to you, there might be a esg component here with trillions of dollars buying clean energy names like rivians. stuart: good point. susan, thank you very much. rivian 159 as we speak. now this, we've shown you parents getting into heated arguments with school board members over critical race theory. senator josh hawley proposes a bill to defend parents rights in their children's education. we'll cover that for you. budget experts say the true cost of president biden's massive social spending bill will be a whole lott more than
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1.75 trillion. chad pergram has the report what it really might cost after this. ♪
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stuart: tell me what did i do? is that the name? that is austin, texas, right there. it is rather cloudy and 70 degrees. austin, texas, state capital. check the big board. dow jones industrial average sup 114 points. 36,200. check the 10-year treasury. yield coming down 1.6%. gold, 1863 per ounce. bitcoin 60,000.
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is it 60? show me? $61,000 per coin. oil, 80 bucks a barrel. nat-gas 5.26 per million british thermal units. the average price of a gallon of grass actually came down one cent to 3.41. but in california it went up one cent. this is regular. new high, 4.69. president biden's spending bill dropped a key child tax credit requirement. let me sort this out. lauren, does that mean that illegals will get the child tax credit or will not get the child tax credit. lauren: they will. a lot of money going to pay that. there is a provision that repeals the social security number requirement for families to get up to 3600-dollar child tax credit per year that means illegal immigrants were eligible even if their kids were not born here. a researcher at center of immigration studies estimates that payout if approved, could cost taxpayers $10.5 billion.
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he says this, this is the ramification of this, the decision to reward illegal immigrants cash payments very likely to encourage more illegal migration into the country. 600,000 unaccompanied minors crossed the border this fiscal year. stuart: that is going to be an issue. definitely that will be a issue. lauren: 10 1/2 billion dollars. about 2 billion for the illegal children and eight billion for the illegal children born here. stuart: let's not forget, the 450,000-dollars per person, separated from families at the border. separate from that. that is a lot of money. thanks, lauren. president biden says his vast social spending plan would cost 1.75 trillion. however, budget experts are digging into this and some say it could actually cost double 1.75 trillion. give me the numbers. >> experts are the committee for a responsible federal budget. if the programs like universal prehk, do not sunset, made
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permanent, the real cost, it is $4.9 trillion. guess what, there are no pay-fors for that. talking about the child tax credit. if you extend that, it goes from $130 billion, to $1.1 trillion if you extend that indefinitely that is the real cost. stuart: that is a big number. speaker pelosi says she wanted to hold a vote on this vast spending bill this week. as of now we don't have a vote. fox news congressional correspondent, the extraordinary chad pergram who is writing by the way, the writing i recommend to anybody who can read it, this guy can write, i digress, chad, is this vote this week still on the table? reporter: the plan is to vote this week in the house. house majority leader steny hoyer will debate wednesday, but earliest a vote could come is thursday. one senior leadership source to expect a repeat of week ago friday.
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that is when the house approved the infrastructure bill just before midnight. that came after weeks of dithering. >> the that we'll have a vote this week t will be a long week but we'll get this done. reporter: moderates insist first having numbers from the congressional budget office. the cbo evaluates the cost of the bill. fox is told the house could vote before the cbo release as complete score. >> we want to see what the cbo usually does. not an abbreviated one. let's see what they have been. we'll see what we'll be voting on. we'll see what comes out by friday. reporter: a bad score could rad he will moderate democrats could persuade them to oppose the package. whatever passes in the house changes in the senate. one senator is truly in charge. >> all roads lead through manchin and legislatively senator manchin is going to be in a position to determine how this story ends if there is not a deal that has widespread
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democratic support, there is no deal at all. reporter: non-partisan tax policy center nearly 1/3 of all middle class household was pay more taxes under this plan. the president says they would not. the senate may not get to this until after thanksgiving. stuart: chad, let me read between the lines if i may. the moderates are in the house are not happy if they don't get a cbo score, the moderates in the senate are not happy if they don't get a cbo score, reading between the lines, sounds like this bill may not see the light of day. reporter: they need a cbo score in the senate. they have to go through the byrd bath to scrub it. they can't edge act, until think get a cbo score. it is more of a political decision in the house. that is why the moderates are holding out. we're told they might not need the full cbo score. they just might need to see the numbers and some of the tables.
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stuart: possible they can pass something something through even we can't afford it? >> very possible. stuart: chad, thank you, we'll see you real soon. the los angeles school district mandating the jab for all students 12 and up. got to do it, religious and personal exemptions not allowed. outraged parents staging sitouts in protests. we have a report on that. trading ideas for ideology, a professor who worked at portland state university after a decade quit because of wokeness that professor is on the show next. i promise - as an independent advisor - to put the financial well-being of you and your family first.
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stuart: now for the benefit of our radio listeners, i guess you could say, let me exactly tell you what is going on in the market right now. at the moment the dow is up 866 points. 36,171. let me show you some dow winners please. let me get through a list of the stocks we got. home depot is the standout stock of the day.
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they reported very strong earnings and sales this morning. foot traffic, really, really strong. that is a dow stock it is up 4 1/2%. that is really adding manying, many points to the dow industrials. united on that list. there are big dow winners. these are the nasdaq winners, tesla up there again, moving beyond -- well, it is up $1046 a share. that is $33 higher. amd is on the list and so is ebay. the s&p 500 winners, etsy i call them the tchotke stock. i don't know why i but i do. up 5%. home depot on that list as well, up 4 1/2%. lowe's very similar company to home depot up 3 1/2, 4%. senator josh hawley is introducing a new bill. it will defend parent rights in their children's education. tell me more. lauren: a parent bill of rights, granting parents eight rights, ability to sue schools if any
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rights are violated and punish schools from federal funding. i quote, whether joe biden's justice department attempting to classify parents as domestic parents or activists funded by dark money to seek to quietly introduce critical race theory into school curricula, education has taken a back seat to radical politics in many schools and parents are taking notice. tile to give control back to parents, not woke bureaucrats. all of this is that righted the day after glenn youngkin defeated the democrat, the incumbent, terry mcauliffe for governor. he said he would do this bill. now he is doing it. stuart: parents rights, education are now a big plank in the republican's drive to win in 2022. it is their issue. they got it. why not? more on education, our next guest has been a philosophy professor at portland state university for the past decade. he just resigned. let's bring in peter who joins us now. peter, you were there for 10
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years. why have you quit? >> institution has been idealogically captured and i couldn't take it anymore t was ideology mill. stuart: you're a philosophy professor. >> i was. stuart: i'm sorry. you're a man who knows a lot about philosophy. put it like that. where did they go wrong. what were they making you say or not say in your class? >> they were not making me say anything. they were controlling levers. they were weaponizing offices of diversity. they were, there was a certain idealogical line that people had to tow, if you didn't tow it there was an issue. this was really for example, trans rights, there were things one could and could not say, positions one could not advocate, the consequences were consequent investigations, thefts of time, other forms of rank bias. stuart: can but i have me an
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example where you ran afoul i guess what you're calling woke wokism? >> sure. many examples. i brought in several speakers to engage ideas of the dominant moral orthodoxy which is wokism and boy, there were, christina hoff summers, dave reuben, heather hine. there were fire alarms pulled. there were, the s.w.a.t. team with tactical security had to come in. there were constant threats. i found posters with my, with a big pinocchio nose saying that i was a trump supporter which by the way i was not. so basically it was, anybody who didn't tow the line about certain issues and then there was the constant threat of investigation. i was investigated so many times for so things and those investigations were used to keep people in line. or even the threat of
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investigations. stuart: do you believe somewhat similar situation in other colleges and universities? >> i do. i do. i think portland state is a particular cesspool of this but i think it is definitely throughout the english speaking world this is a problem. that is why we started the university of austin in texas, which will be dedicated to truth and open inquiry and -- stuart: wait a second. i didn't know that. are you going to be part of this new university in austin, texas, you're part of that? >> yes i am. i'm a founding faculty member along with kathleen stock who was hounded out of her job at sussex in england. stuart: but it is not going to be a right-wing university? >> correct. stuart: you're looking for, not the middle ground but searching for intlex all ideas and intellect all exchange. that is with what i want at my university. >> i'm so happy you said that, stuart. that is correct. it is not a conservative university. it is what every university
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should be. promise to explore. there is no idealogical agenda being pushed on students. stuart: excellent. peter, we wish you the very best of luck with that project. >> thank you so much. stuart: we'll see you again soon i do hope. thank you, sir. still to come florida congressman greg stuebe, indiana senator mike braun and yes, the ceo of "playboy." there is this too. the white house is banking on the idea that giving the irs an extra $80 billion will bring in an extra $400 billion in revenue to pay for build back better plan. i say the democrats are dreaming. that's my take. it is next. ♪. ..
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♪ ♪ traveling has always been our passion, even with his parkinson's. but then he started seeing things that weren't there and believing things that weren't true. that worried us. during the course of their disease, around 50% of people with parkinson's may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion.
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now this is something we want to see. don't wait. ask your healthcare provider about nuplazid. >> earnings have been too low. we are in good shape. there's plenty of room to run. >> inflation running away but they want to increase the size of the welfare state. the american people want to see workers get back to work and get our way of life back. >> democrats want to tax-and-spend more. sounds like a cliché but it is a cliché because it is true. >> if they had the votes they would have made it happen already.
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democrats have an insatiable desire to spend. they can't help themselves and they will do it when america is not paying attention. >> you know -- no humility from president biden or kamala harris that they got whipped in this election. they are doubling down on the midterm elections by embracing their policies. ♪♪ stuart: twisted sister sounds wild for me. we've got - selecting the right music. >> going with the stories. 11:00 eastern time. the nasdaq is up 40.
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how about big tech. microsoft is up, the rest are down. the 10 year treasury moved above 160, 161 and the cryptos not doing well. bitcoin is back to 6700. ethereum at 2000 top 546. now this was the administration is hoping, actually praying that giving the irs $80 billion will bring in $400 billion in extra revenue to pay for the bill back better plan. the official been counters, all that money for the irs would only bring in $120 billion. this is important because it means the plan will not be paid
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for. will not cost $0 and will add to the deficit so where did they get the money they need? joe on -- manchin opposed big tax increases and won't vote for a bill which adds to the deficit. to get this through the democrats have to have discipline, they've got to be on board. the administration down paying this, congress should simply ignore the official cbo numbers was hard to see every democrat member of congress passing a bill that will not get paid for. another attempt to ram through complex far reaching legislation using financial sleight-of-hand. this time around there will be no republican support and it would take monumental arm-twisting to get moderate democrats to support such if i left program. ironic that the irs is the sticking point for socialism. third hour of varney about to
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begin. republican congressman from florida greg steube joined me now. is there any republican support in the house and senate for the massive spending bill? >> you will not see any republican support the bill in the house or senate. to have encapsulation of the cost of this we spend $11 trillion, in a covid bill with no republican support at the beginning of this year they passed another $1.2 trillion in infrastructure and now they want to do another $2 trillion over 5 years if you look at the numbers saying we will get the cbo report friday, 45 trillion. we only taken $3.5 trillion a year. when i first got elected to congress the deficit was $21 trillion. it is almost $30 trillion and
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this led to the inflation we are seeing across the country as to the price of goods at the grocery store and not the direction we should be going. stuart: if the cbo comes north of 4 trillion or 5 trillion i don't see how this could get through the senate. >> don't see how it gets through the senate and pelosi can only lose 3 votes in the house. moderate democrats the large number in the cbo report, they will be reluctant after the spending bill on top of what we spent in january, a lot of the moderate democrats will think twice before spending in voting for something, in 2021. to increase spending in an inflated economy.
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>> the former obama education secretary praising the decision, austria, to lockdown unvaccinated citizens. if you are a danger to yourself and others you must remain at home. if you aren't, you are free to roam around the country. austria is on to something was would you like to respond to that? >> we have freedom in florida. we believe in the constitution and we believe in freedom which is why people are flocking to florida because they want their kids to go to school and classes and not be masked or have their businesses forced to vaccinate individuals and if you want freedom come to florida. that's not the direction americans want to go in this country and we shouldn't be following european countries, the direction and policies of the united states. stuart: which part of florida do you represent? >> i represent 9 counties. we call it the heartland of florida. it is god's heartland in south-central florida. stuart: i was in naples last week. i've never seen anything like it.
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it was booming and i take it is the same in sarasota. >> district north of tables and i lived in florida my entire life and my family has been there, never saw the growth we are seeing now in the state of florida. stuart: 1000 people a day. >> it used to be 1000 people a day. it is more than that. unbelievable growth and a lot of these people were fleeing democratically run states and cities because of the policies they put in place. stuart: are they bringing their politics with them? >> these are conservatives, sick of the policies in democratic run states that are finally fed up and want kids to be in school, and do the things that make america great and florida is at the epicenter of that. stuart: i am on my way. greg steube, thanks for coming. check out bitcoin on the downside, 60,000, earlier this
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morning it hit 59,000, pressure on bitcoin. mike murphy normally covers stocks but we asked him to cover bitcoin. do you see a big drop coming? >> it had a huge run up, some sort of selloff makes sense. the question is if the drop is in place down to 60,$000.55 or back to 40. for people who are investing in bitcoin it is a long-term hold, fluctuations shouldn't matter. for people trying to trace this stuff at home best of luck to you. i don't trade it. i don't invest in it but there's a lot of money to be made elsewhere. if you are just heading into bitcoin or any other crypto currency be careful, know that
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with big ups can come big downs so be careful. stuart: it is a gambling ship too many people. what do you think? >> exactly. hard to say fundamentally, not like a business with underlying earnings where you put multiple on it and leave this business is worth this in the next year. with currencies a lot of it is speculation and i will get hate mail for this but i hope everyone makes a lot of money. i'm not invested in it but that doesn't mean i wanted to go lower. i hope everybody makes a great return but you have to be aware it is in my opinion a lot like gambling. people will lose a lot of money. stuart: i know you follow facebook. they changed their name to meta-. you can live in your experience as opposed to look at it on a phone. will that be a big winner this holiday season? >> i do. if you look at facebook trading
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just under $1 trillion valuation, there are still us 2 is the hands-down winner of the christmas season. we are he ordered them in our house, virtual-reality glasses we put on you go into the meta-verse, play games, exercise. there are so many things they can get consumers to do once they have these glasses on. these glasses have the ability to do for better or facebook the same thing, and give them a huge boost in their stock price so watch out, get it now before they are sold out but this could be a leg up for facebook. stuart: have you ever, the goggles, you have warned them. >> my nephew jackson brought them to my house this past weekend. myself and my kids using the man that prompted us -- stuart: but did you get
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seasick? i wore the man's got the sick. >> they improved the technology. if you look at the new glasses you would have a different experience. >> good luck with the goggles, see you soon. let's look at some of the movers starting with boeing. it is down. >> you have this exposé that i think is overshadowing the good news on the 737 but boeing built a bad plane, they cover it up and ultimately the training for deadly crashes. it could be because when you get a $9 billion order for 72 of your 737s that would be good news.
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stuart: et ses. >> look at that. they are ready for the holidays, 95 million active users ready to buy handmade items when you don't worry about the supply chain, probably figured out the supply chain. hope the post office or fedex can deliver it on time. stuart: tesla always in the news. >> tesla could be in bear market territory. decline of 20%, 1229 record highs. we got real close that it is up for the first time in four days up 3% and ilhan must continues to show shares which blows my mind. he exercise more stock options and doing that to meet tax obligations. he is very emboldened taking on bernie sanders, he is the richest man in the world.
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>> he commands attention. >> a contractor for the government, for nasa. it blows my mind how he is willing to do that. stuart: a gallon of regular gas, $4.69. starting today, placing unvaccinated workers on unpaid leave, maybe that will complicate your holiday travel. a group of republican senators training to withhold support from the spending bill because there is no funding for the border wall. senator mike braun wants to finish that. he is on the show next. ♪♪
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stuart: microsoft just hit a new all day high, and intraday high. microsoft closing in on 340. illegal migrant applications at the southern border surged compared to the same time last year. bill, is that the highest october number ever? >> uses in the number is not surprising because once again we had quite a bit of activity where we are standings this morning. we will get to the video and show it to you. we shot this this morning. 200 migrants showing up in la jolla, texas. they cross illegally, they give themselves up, mostly family units.
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they walk down the road, look at this other piece of video we have from the air and the ground and once they cross illegally they walk around the incomplete border wall, it is called military road and they are in smaller groups, they arrive at this ballpark and this is where they turn themselves in but it is not just these family units costing illegally, there's the runner element, this started at 5:30 a.m.. look at this video we shot of a group of 30 runners who were apprehended by border patrol, single adult men, single adult women who did not want to be caught, they do not turn themselves in. border patrol rounded them up, and apprehended them. most of those runners will be sent to mexico via title 42. sometimes people will have criminal records. these runners are the ones who end up being the got aways. look at this graphic.
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hit them one more time. in october, october of 2021, 164,303 encounters compared to october of 2020. it is a 120% increase year over year. what those numbers do not account for other got aways that they see on the cameras or sensors but never able to get to because they don't have the manpower. to give you some perspective just over the weekend on saturday in a 24-hour period in the rio grande valley sector a source tells us there were 262 known got aways. one day, one sector, those are only the ones they know about. stuart: fascinating i've not seen any other media covering what you are covering. see you again soon. a group of republican senators
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will not supports a spending package that does not fund border security. one of those in indiana. it is not going to happen, is it? >> not only are they not going to finish it but they've got money and tearing it down. how do you do things that would be bad decisions on top of one another along the way. there were 18, 19 in march. we had the displeasure of going down to see what was happening. smugglers heckling border patrol saying we will keep coming and that worked out. it is triple that and there will be five of us and enough is enough. and if you put stuff back to
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secure the border and at least complete the wall which border patrol says it made their job easier than any time in recent history, proof was in the putting at record low crossings and this open border policy along with the fact that fentanyl is coming across at record levels, smugglers getting from 4000 to 20, 54 different nationalities crossed in the del rio section in march and it is 3 times as bad. stuart: if you look at the entire massive spending package i don't see how it gets through the senate because we are talking about real costs of school, maybe $4 trillion above the $1.7 trillion. i don't see how that gets through the senate. >> it shouldn't because kristen sinema made an issue about the financing part of not raising
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taxes, joe men -- joe manchin, when the cbo score comes out, they scored that at $1.5 trillion. i sent the cbo to reconsider that because that was a record economy. they better be honest in terms of the cost, what they are trying to do, remember spending is absolute. raising taxes is subjective and hopefully the cbo will put it out in an honest way so this gets scrapped in the first place. stuart: one could hope. thanks for being with us. one of the big airlines started putting unvaccinated employees on unpaid leave. good morning, who is this? >> united airlines unvaccinated
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employees including those who were exempt on religious or medical grounds will be placed on indefinite unpaid leave, a texas judge throughout a lawsuit from several of those unvaccinated united workers who claimed the airline failed to provide reasonable accommodation but the vaccine mandate is supported by united's labor unions and the carrier says 99% of the workers have received the covid shot. united's policy states the unvaccinated workers will remain on unpaid leave until it is decided the pandemic no longer poses a threat to public health. that is a tough mandate. stuart: i would love to know how they define when covid is no longer a threat.
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pittsburgh steelers player fitzpatrick tested positive for covid making him the second steelers player in three days to get sick. fitzpatrick's status for sunday's game against the la chargers in doubt. come back in again because you can now buy stock in the green bay packers. how much? >> i used to live there and this is a much prized item. $300 each with 300,000 shares up for grabs. the stock offering which is already underway, it comes with some unique provisions. for example packers stock cannot be soul and does not pay dividends. it can be transferred to family members, shareholders get to vote for board erectors but no one may by more than 200 shares and demand is very high as diehard packers fans want to own a small sliver of the team. the only team of the nfl, packers say the money will be used to raise money raised will
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be used for improvements. it is unique among all the nfl teams and having lived there, anyone who could grab a share of the team is a must -- much prized item. stuart: did you grab a share? ashley: i got trampled in the stampede. stuart: you probably would. now this. of students in los angeles don't get their second covid shot by mid december they can't go to school in the new year. parents are furious. we have a report. a new social media site called centerfold. the ceo of playboy is ben cohen laying out his vision for a sex-positive online space. what does that mean? i will try to find out next. he is with us. ♪♪ too sexy for my shirt ♪♪ i'm too sexy for malan new york and japan ♪♪
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what's strong with me? what's strong with me? with me! with me! what's strong with me? with me! with me. ♪♪ it's been a hard day's night ♪♪ stuart: for people on okay vision -- that is chicago.
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42 degrees. >> where is the series power today. stuart: you are looking at lydia. >> what a stock. they have overtaken the fourth-largest carmake a closing $130 billion in market cap, $1 million in real live hilton that has people on the valuation. it is bigger than goldman sachs, bigger than boeing and caterpillar. this is an electric manmaker, $130 billion. crazy valuation. stuart: this is happening. >> where is this money going and where's the momentum?
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stuart: the momentum is on the upside. they've got the big logo. >> the electric plane. stuart: tell me about pellets on. stock is below 60, below 50. >> when you sell stock you don't have a reaction like this because it is delusion but in palatine's case they need the money so the stock has collapsed 70% this year. raising $1 billion by selling stock and selling stock at a discount but stock goes up so shows how desperate they are for liquidity of cash, global third point selling. stuart: walmart big report this morning. >> that was a great point, the supply-chain crisis impact on inventory shoppers are buying before christmas but the problem is the margins, inflation, higher prices, not making as much for items sold which is a problem. stuart: take inflation out and they are doing well, but inflation in the have a problem. thank you very much. i will put on screen the playboy group surging 23%. they plan to launch a new creator lead website called
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centerfold dedicated to sex positivity. the ceo of playboy come big smile, what is sex positive content? >> thanks for having me. content the creators want to create. the company has a history with nudity. we think naked is normal. it is up to the creators we work with and have worked with for the past 70 years to define what type of content they want on the platform. the history of this company it is a company that drives $3 billion of consumer spending against apparel products. 2 thirds of the audience is over the age of 34, 50% were women. this is another way to engage in the community. stuart: you are doing well but you can't tell me what is sex
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positive content? what is sex negative you old-fashioned pornography and you're doing something new making it sex positive? you got to explain it to me. >> it is not pornography. it is about being comfortable in your skin and being bodily positive. that is something we've done is a company since i took over. stuart: what is body positive? >> self-confidence. owning your own sexuality and that is something this company has done for the past 70 years and when you look at what we have done since i took over, 80% of our employees are women at this company, over 50% of sales are 2 women and this is a platform but not only for women, this is a platform for men. we have signed unbelievable musician artists, former playmates etc. to the platform and we will be watching for years, over 300 million social media followers. stuart: how much? >> how much what?
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stuart: somebody was talking and i didn't hear this one. how much? >> we have over 300 million, our founders represent 300 social media followers. stuart: how much to get on this platform to see your sex positive content? >> we let the individual creators set their own price guidelines for content. it is not up to us. we as a platform feature a percentage of that but the individual creators decide their own pricing. stuart: hugh hefner's jet, that was 50 years old. you will bring one back for your content providers? >> this is the original lifestyle company in my mind, a pair of cufflinks, we brought
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it back, the big bunny and it will be used to engage the celebrity. stuart: will you have orgies on this plane then? >> we are not having orgies. this plane is a way to have the ongoing relationship with the creative community. we when you are very delicate. stock doing extraordinarily well. thanks for being with us this morning. lanny chen is a republican running for state controller. he wants to manage their money. can a republican win a statewide office in california. op-ed, i am a conservative immigrant ready to challenge the woke left and i won't go home. helena riley is on the show next. ♪♪ don't wake me up ♪♪ don't wake me up ♪♪
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is anything you couldn't explain? >> you are a wizard. >> mister potter. our new celebrity. stuart: today marks 20 years since harry potter hit the theaters. that first movie brought in $975 million worldwide in 2001. the cast made 7 more films after that. blockbusters. look at roku and walmart. the new roku streaming stick will look exclusively at walmart during black friday, the price will be $15. you can get it at walmart. a big gold medalist susan lee says she was pepper sprayed in her attack in los angeles last month. we is an asian american.
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she was waiting for an uber when a car drove by, people shouted racist slurs. one passenger pepper sprayed her before taking off. helen riley from the federalist joins me now. what is behind this rise in harassment of agencies? >> certainly imposed racial divisive ideas like critical race theory as they tried to divide us by skin color and that repressive ideology is behind this. stuart: you are ready to challenge the woke left. what is wrong with the woke left? >> the woke left -- what they really like our immigrants waiting to be the foot soldiers of their ideology, they only welcome immigrants who support the ideology, immigrants like
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me who are waiting to think independently, who went to speak up for those we disagree with and they want us to go home. i have a message. i'm not going home because the united states is my home. i'm a naturalized citizen with the same constitutional rights as everybody else. stuart: you left socialism in china. what do you think of what we call democratic socialists here? >> it is really just putting lipstick on a pig but it is still a pig. democratic socialism is an oxymoron. there is no -- it is responsible for the killing of over 100 million people. >> what has been the response? a strong stand here. woke is evil. what is the response to that? >> responded for me, getting a lot of hate mails, i've been
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called a white supremacists and there are people telling me to go home and steady and strong, we are naturalized citizens. we love the constitution and declaration of independence. the values of the founding documents and we come here to seek freedom and we will maintain freedom of thought and expression. stuart: what is the feeling in the asian community at large about what you are talking about? >> the asian community is very diverse. some of us are waking up to the harmful fact especially education as you see what is happening with the rise in crime rates in san francisco and oakland against asian communities. we need more conversations about ideology and not try to be so divisive especially being divisive based on skin color.
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>> you call things out of your position as the federalist. you will keep on writing? >> that's part of being american, speaking on ththings don't get to say when i was in china. stuart: i am a naturalized immigrant. i became an american citizen 4 or 5 years ago and glad i did. i don't care what you say you feel the same way. >> from an immigrant to another we are here to stay. that our home. >> we are here to stay. great having you on the show. tell everybody how you are doing. thank you for being here. back to the market briefly, show you the dow 30 stocks, pretty even split, dallas of half a percentage point, yesterday, a los angeles district mandating vaccines for
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all students 12 and up, no religious or personal exemptions, parents say this infringes on the right to choose some staging sit outs. a report from los angeles next. ♪♪ you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com if you used shipgo this whole thing wouldn't be a thing. yeah, dad! i don't want to deal with this. oh, you brought your
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stuart: all students age 12 and up in los angeles will be required to get vaccinated. kelly o'grady is in la. what our parents doing about this? >> trying everything from statewide to lawsuits, they go into effect next summer. two lawsuits from the la county school district, the vaccine doesn't eradicate that. one% of death, arguing vaccines like polio for in person learning, those vaccines have not been developed or tested often for decades before being mandated and why the rush when so little was known about
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long-term effects. they challenge this and goes beyond this narrative of anti-vax versus pro vax. >> with medical practitioners make decisions they think are the best for their child's health. parents decided to vaccinate their children, stopping the mandate and a parent's right for informed medical decisions. >> of these mandates take effect it begs the question what happens to isolated students and parents forced to homeschool children on top of other places in the country considering solar mandates. california may set the tone going forward. stuart: lanny chen, joins me now.
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you heard this report. if you became state controller could you do anything about this mandate? >> let's start with the fact that what you have in this state is a governor exercising emergency power to hand down all these edicts to make all this policy. first thing we've got to do is hold him accountable and one thing the controller can do is hold other state officers accountable for their exercise of power weather is the vaccine mandate with respect to kids and there's an argument to be made the parents need to be the ones in that conversation whether it is that are other policies we see in the state. you can have other state officials holding the governor accountable and that is one of the things i would try to do is make sure the governor is clear about the limitless executive power because the so-called state of emergency when that can come to a end.
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>> we think of california's deep deep blue, can a republican win estate ride race in california? >> a question i get all the time. the answer is yes. here's why. a lot of our state is independent. what you see in this state is one in 3 voters are independent voters not democrat or republican. they wouldn't what is best for their families and kids and they are open to voting for a candidate who can change the status quo in california. we've seen too many times in california, soaring gas prices, families struggling and looking for change and that's why there's an opportunity here. stuart: can you do anything about these soaring gas prices. a new high on the screen now, $4.69 on average, regular gas in california. that an astronomical price. if elected state controller can
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you do anything about it? can you directly do anything about it? >> the controller is the chief accountability officer. we need to get to the bottom of why gas prices are so much higher here, and you the controller can speak directly to. and why are sacramento politicians making things harder? that is something the controller can do, something i can do if elected next year. stuart: elected is next year, next november of 2022. >> a june primary and november. stuart: you've got to go through the primary against other republicans. >> we have an open primary system. no other republicans running for this office. democrats and republicans will
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fight it out in the top two next november. stuart: hope you have a shot. would like to season change in california. it was a pleasure. please come back and see us again soon. it is that time when we bring you the tuesday trivia question. i got this one right. which country is the most visited in the world? the answer when we come back. as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ i'm so glad we did this. i'm so glad we did this.
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stuart: all right, which country is the most visited in the world? ashley, you want to guess? ashley: yep. i will go with france, assuming it is not on strike. stuart: [laughter]. that's funny and you're right. france it is. 89 million people travel to france in 2018. however when it comes to which country tourists spend the most none any in. france is third. taupe of the list is america. where visitors spending 214 billion in 2018. ashley: wow. stuart: i just want to ask you this. mayor de blasio in new york city will apply people to attend the ball drop in times square, allowing that, again, but you got to be vaccinated and you have to show proof of vaccination to watch the ball drop. what do you think of that? ashley: i'm happy that they're actually having the event. i understand why they would require vaccinations but you know, i do, do i think they need it when we watch college football every weekend where everyone is packed in with no masks or anything?
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but it is a start. personally it is the last place on earth i would want to be, but hey, i'm glad the city is doing it. stuart: we're not teenagers any longer. we can't do that kind of thing, that's a fact. ash, great today. thanks for being with us as always. we'll see you again tomorrow. the market, i'm seeing some green. the dow is up 186 and the nasdaq is up 92. that's it for me. neil, it is yours. neil: stuart, thank you very, very much. a lot of green. we'll spell it all out. talking of inflation is a big worry but has not gotten in the way of consumers and their buying plans. we'll explore all of that. an interesting stat i ran into, chances are a car pops up on a dealer's parking lot will be there no more than 10 days. that is how quickly they go. we'll getted read on all of this from mazda's north american ceo jeff guyton. we have andrew wang, a mercurial presidential

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