tv Mornings With Maria Bartiromo FOX Business November 26, 2021 6:00am-9:00am EST
covid. if you want booming economy, simply all stay and i lake, it's a place for you. whether it's a private waterfront compound or a vineyard of states, you've got options. you decide and we will see you next time on "mansion g g g g gg ♪ dagen: good morning, i'm dagen mcdowell, it's friday, november 26th. your top stories at 6 a.m. eastern, out of touch words from the white house. president biden's holiday message declaring america is back as families see the most expensive thanksgiving in history amid skyrocketing inflation. taking a look at markets, futures are plunging more than 800 points over the new covid variant in south africa. today will be a short trading day with markets closing at 1
p.m. eastern, after stocks were mixed wednesday with. the s&p 500 and nasdaq both finishing up slightly following a tech rebound. the dow ending slightly lower. european markets are sharply lower today. we have losses across board there. in asia overnight it was red across board as well, hong kong the worst performer. the hang seng down more than 2.5%. and black friday is back without the deals. shoppers are facing higher prices amid fewer promotionings as retailers scramble to keep up with demand. we are on story all morning long. "mornings with maria" is live right now. ♪ ♪ let the good times roll ♪♪ dagen: shoppers may be facing an unexpected shortage this black pretty, deals, discounts amid
the supply chain crisis, shipping setbacks and empty shelves, retailers are limiting discounts at their stores holiday season. kelly to imraildly is live with more -- o'grady. hey, kelly. >> reporter: hey, dagen. i'm here at overnight shopping party at citadel outlet. stores opened at 8 p.m., so shoppers got a sneak peek. even though it's 3 a.m., looked at everyone. we've got people lined up looking for black friday holiday bargains. the thing is shoppers, as you said, may not be able to find deals in short order. 60% of consumers said that getting a great deal is the top reason for shopping at a specific retailer. higher prices and fewer promotions mean deals may be harder to find this year. only slightly deeper than last month. we spoke to the gm here who said
black friday could look a little different this year. >> i would recommend that people come out and shop early. if they already know what they want, why not just come and get it and stay out of the ruckus later on? >> reporter: now, retailers don't have to offer those deals because supply is in short order, right? now, that's not stopping the bargain shoppers here, but i've heard that the toy toes this year that are in high demand are barbies and legos, so i'm going to see if they're in stock, see what discounts are being offered. but actually just getting your hands on the merchandise might be the bargain this year. dagen? dagen: kelly o'grady, thank you so much, in commerce, california, with us. we will see you later, i hope. futures are plunging amid new covid variant peers. dow futures dropping more than 2%, down 800%. that's off the lows of the morning -- down 800 points.
world health organization is holding a special meeting to discuss the my strain detected in south africa featuring a large number of mutations making it different hand the original virus which vaccines are based on. nations are already reacting with the u.k. banning plights to south africa and neighboring countries and the european union saying it will weigh similar restrictions. joining me now is independent adviser, alliance chief investment officer chris zack rely, and also joining the conversation all morning long "wall street journal" assistant editorial page editor james freeman. great to see you, gentlemen. chris, tell me, do you think this is an overreaction of what's happening? >> i don't know if this is necessarily an overreaction. we saw with the delta variant earlier this year that's manager that derailed the recovery and slowed things down, so i think a lot of this is priced into markets.
whenever you get bad news, people start to worry about what are the impacts of that. over the long term clearly we've been able to develop vaccines against the original virus, and that seemed to be the effective against delta variant, so if the vaccines we have now don't work against this variant, i'm sure they'll develop new ones that will. in the meantime, we'll have to go through a little bit of an adjustment, and that's the way it goes with a pandemic. there's always going to be a setback, and looks like this may be another setback. dagen: isn't this an example of how market is wildly overpriced here? >> the market's definitely expensive, no doubt about it. we're trading around 21.5 times earnings for the s&p 500, so this is the higher end of his or call range. -- historical range. not as much as during the dot.com bubble, so we're not necessarily at all-time highs,
but it's an expensive market, and an expensive market is, you know, can be hit by unexpected negative news such as this. craig ceag james freeman, jump in here. >> oh, thanks. yeah, i'm wondering how you look at the supply chain and the inflation issues. are these issues of weeks, months, years? what do you see going down the road here? >> you know, what we've seen so far from a supply chain point of view is it's very complicated. semiconductors could take over a year to resolve, other issues in terms of parts people need in normal manufacturing that could be resolved in months, so it really depends on what you're talking about. but supply chain issues are going to be with us for a while. we've seen people who thought it would just be a few months who have been overly optimistic, so i think, unfortunately, the answer is varied depending on what part of the supply chain you're talking about. but in general, you should
expect some parts will take more than a year to resolve, and in this' going to be an overhang. dagen: i also want to welcome joel schuman from er shares. good to see you. >> good morning, dagen. taig ceag i want to raise this issue because the futures are plunge on this new covid variant. is the real fear though once again a wild overreaction by the government? again, fear equals control, control equals power. that is -- can so you will see this, like, knee-jerk reaction by the government whether it's new restrictions on our, you know, freedoms, everyday activity. isn't that a concern? >> well, i do think a lot of americans and people around the world have got to be exhausted with this what can seem like a never ending cycle of a new variant raising new fears and
then as you suggest new legislative or regulatory reactions. we had hoped by now to get to a point where people understand that to an extent we need to live with covid over long term. it will never be zero risk just as there isn't zero risk with anything in life. but if we were hoping to get that perspective, it's still, unfortunately, not universally shared among the people who can hurt us, and i think that's part of what's reflected. i welcome our guests' thoughts, how much of market reactions9 latest new variant is responding to the variant or to expectation that it brings with it government reactions whether it's travel restrictions, restrictions on activity within the sort of daily life in society, but this cycle never seems to end.
>> so, yeah, i think you make a good point. they're all intertwined. to the extent that markets are concerned about what government will do to lock down participants of economy or what consumers will do on their own because of the fears of what the new variant may bring. they've been combined. clearly, we've seen across the u.s. there's been a variation in how people have dealt with it, various governors in the south who have taken a completely different approach than what's happened in the northeast, let's take new york as an example. so i'm sure we're going to see varied responses as well. in general, markets are not going to necessarily focus so much on what the government's doing, but what are consumers doing and whether that impact is government-imposed or whether it's their own voluntary the decisions to avoid crowded areas. that's what the markets are concerned with what's the impact to earnings and future profitability. so it's an open question. you bring a new variant into the situation, you know, will
government overreact? if will consumers overreact? markets don't like uncertainty, and that's why anything that injects the question mark into the situation the first reaction from traders is often to sell. dagen: consumers are set to be spending big today black friday according to new data from adobe. consumers have already spent $76 billion online shopping. adobe predicts that consumers will add up to almost $6 billion online thanksgiving day in part to several major retailers closing their door on the holiday. chris, your reaction to the overall spending picture before we go. >> i mean, it seems like consumers have a lot of money in their pockets. balance sheets on average are in pretty good shape, so we were expecting a really large spending season, so some of the a statistics don't surprise us at all. we think there's going to be a lot of spending, and as the former person had asked me, you know, inflation was really something we were worried about before new variant approached. and so i think, if anything,
we're going to see really strong spending regardless of what we're seeing in the news today. so that's probably going to be the overriding factor at least in the short run. dagen: chris, thank you so much. i hope you had a happy thanksgiving. we'll see you soon. >> thanks, you too. dagen: just getting started this morning. coming up, it's black friday. we're live at stores across the country as retailers fight to keep shelves stocked. and with the majority of americans -- what the majority of americans believe about the biden's handling of the economy. plus, california rocked by soaring crime. we're talking to one san francisco business business othn about the im-- business owner about the looting, the thievery and the failed policies that sparked this rash of theft. don't miss a moment of it. you're watching "mornings with ♪ it has the power to change the way we see things.
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dagen: president biden slammed as tonef after telling nbc's al roker that america's back on the most expensive thanksgiving day in history. watch this. >> what's your message to the american folks on thanksgiving day? >> my message is after who years, we're back, america's back. there's nothing we're able to overcome, al. >> santa is coming, santa is coming, mr. president. [laughter] >> wait for santa. dagen: the biden family celebrating the holiday in nantucket the, massachusetts. they're staying in a mansion owned by david rubenstein and the carlyle group. this comes as the vice president is also receiving pushback after she is said to have spent more amid u.s. economic
uncertainty. james, you know, all presidents have rich funds, all presidents go to their rich friends' houses. i don't fault him for that, but i fault him for the poor, expletive, management of the economy and the government since he took office in january. what say you, james? >> yeah. i think he is responsible in part for this inflation. juicing the spending, i think if you look back to march, you could say it was that $2 trillion spending plan, was it really needed? you could look at what he's trying to do now, this government spending as we know has been aided and abetted by loose monetary policy at the fed, money creation. and so we have this kind of government juicing of the demand side of the economy and depressing of the supply side and not a huge surprise. you get too many dollars chasing too few goods. but i also wonder what he was talking about when he said two
years. he's been in office ten months. was he -- i'm not sure whether he was confused about how long he'd been in office or if he's going back to late 2019 and saying two years since covid merged and now it's -- emerged and now it's over, enough. no more restrictions and let's live our lives. i think that would be welcomed, but i don't think that's what he's saying, unfortunately. dagen: i don't really know what he's saying. joel, and i'll point out that because of this inflation real wages or inflation-adjusted wages are down more than 2% since january. >> right. right. so, i mean, when we think about wages and, you know, this is going to be a continuing issue, you know, through next year particularly as we're seeing mixed signals now. some prices have come could be just in the last 24 hours with the new covid strain is emerging. we're seeing oil prices drop and other things like iron ore and
aluminum and steel have declined for the last month or so, so it's kind of a mixed situation. at the end of the day, as you say, individuals are looking at how are their wages performing relative to inflation. and they're generally down. now, we'll see what happens next year, whether some areas catch up. we're seeing a lot of concern we're still seeing unemployment levels of 4.7%, they're not quite what we had three years ago. they hit bottom at 35% which is -- 3.5% which was the lowest in 50 years. to try to get back to that level is going to be the difficult, is so it'll be interesting to see how they navigate regarding inflation, unemployment and then the job growth which we're still trying to catch up. dagen: james, before we go, i noted on "the the five" on wednesday that david ruin aren steven actually worked -- rubenstein actually worked in jimmy carter's administration, so maybe biden is asking him am
i really as bad as carter? [laughter] is it gonna if end, is this term going to end the way that carter's did? >> you never know, but i do think the reason inflation is so powerful politically is because it really does just upend people's lives everywhere. and really disturbing reports this week, soup kitchens having more demand and having trouble the meeting it because food costs so much more. we look at stats, and the economy has been thriving. people in aggregate are wealthy, but when you start messing with the currency and destroying the value of it, it creates a lot of problems for people who suddenly may not be able to live within their means. dagen: my parents ran a very small wholesale grocery business, and they never, ever had a kind word to say about jimmy carter or, quite frankly,
richard nixon because of what the administration was doing or, quite frankly, lbj and his great society. [laughter] >> yeah. that failure of the '70s had a lot of fathers. we've been talking about the fed and president biden, there's plenty the of blame to go around here. but it's really, it is just the most destructive thing you can do when you start the messing with what is really a bedrock of society, the value of our currency. and let's hope they focus on solving that that problem. dagen: well said, james. hey, we got almost, we have more than two and a half hours, so save your good stuff the for later. i'm just kidding. thank you, james. coming up, biden's approval rating plunging to new lows. we get into the numbers. but no gifts under the tree are, a record number of americans are sitting out holiday season. we'll tell you why in this morning's hot topic buzz. ♪♪
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dagen: president biden's poll numbers p getting worse. the latest np r/maris poll finds his approval rating at just 42%. the president's numbers taking a hit from higher prices while also finding voters' top economic terms by far is inflation, look, at 39%. and then wages, which is part of inflation, are at 18%. labor shortages, unemployment, gas prices, that's all a poor picture of our economic situation. joining me now, washington examiner commentary writer tiana lowe. your thoughts. >> so for all that economists like to differentiate between core inflation and cpi, it ignores the fact that three factors -- transportation, housing and food -- comprise the majority of the average american's household budget, and those are all the figures that
have been increasing the highest in terms of prices. some of these are within the president's control, specifically oil which is up as we know 45% year-over-year as a result of, you know, onerous energy regulations. you know, allowing germany to become reliant on russian oil while depriving america of our own domestic independence. but some of these are, you know, general supply chain issues that it doesn't seem like the administration is eager to fix. the issue with this politically is that inflation is something that everyone feels. you know, climate change is a slower burn, quite literally. what happens abroad is abroad in a lot of american consciousness. crime is up, but not every american lives in an inner city. inflation though, that's across the board and disproportionately hurts the main streets that biden claims to care about. dagen: i want to get your reaction to failed democrat presidential candidate hillary
clinton praising president biden while slamming americans during an appearance on msnbc. watch this. >> a lot of people got, oh, i think kind of frustrated looking at the messy process of legislation. and hay didn't really -- they didn't really appreciate that within a year the biden administration has passed two major pieces of legislation through both the house and the senate. there is a real vulnerability in the electorate to the kind of demagoguery and disinformation that, unfortunately, the other side is really good at exploiting. dagen: disinformation. again, that $1.9 trillion package passed at beginning of the biden administration was pure inflation in it. and biden made similar comments earlier this month challenging americans' intelligence when he questioned whether people understand the supply chain. this is a new poll finds a
majority of voters actually blame biden for this supply chain crisis. your reaction to hillary clinton. this is part of the problem, the biden administration's response to everything is one, lie. but it's wagging of finger and they just assume that americans are too, are stupid, and they wag their finger and say you just don't understand. >> dagen, is there any political genre of complaint that is more irksome than politicians talking about how the people failed hem? no. they're public servants. they work for us. democrats and republicans are both guilty of it, but no one does it better than hillary clinton, and thank god she no longer has a political pooch in this country. sure, joe biden -- future in this country. sure inflation still amounts to about the same $4 trillion that trump passed, but they were bills not only that nobody wanted, but that that nobody can
even say what is in. that's one of the issues with build back better. you know, when hay try and sell social infrastructure, i'm sorry, what the heck is that? nobody knows what that is. all they do know is that we're infusing the economy with way too much cash at the same time as jerome powell's committing to this recklessly dovish monetary policy. dagen: hillary clinton's comments like you should be grateful for runaway inflation, for inflation running at the fast pace in two decades? >> enjoy your crumbs, peasants. that's what it really is. dagen: well said. before we go, i want to except your reaction to saule omarova's nomination, that it could be dead in the water already. again, she wants to -- i mean, she has communist tendencies in terms of her thinking -- >> yes. dagen: five senate democrats are now opposed to biden's banking pick.
this is for the office of the comptroller of currency. your thoughts on this. she said -- she talked about putting, making small oil producers go bankrupt. this is just part of the really odious commentary that she's delivered, and she did a really poor job when she was speaking in front of that senate committee recently. >> so look at the subtext of the back room dealings here. joe manchin is not one of five opposing. we all know that joe manchin is opposed to a literal communist becoming the banking police, but instead you have mark warner of virginia, you know, you have hickenlooper. the fact is votes are being traded to block the most radical parts of the biden agenda. that says something. we all isn't sinema and manchin to come straight out and defend things, but if it looks like manchin is trading votes, you know, to help out other senators
pretty create -- politically, that means they know the presidency's in crisis, and it starts with the staffing. dagen: i don't -- james, later in the show i want to get your thoughts on why would biden put this woman up for this job in the first place? like, you know -- >> yeah. dagen: real quick, james. >> it's stunning. i think question when you examine her writings is why is it only five senate democrats, and maybe tiana is on to something and hay just sort of strategized on who wanted to flock this one. yeah, it's absolutely amazing. moving all private customer bank accounts to the federal reserve? dagen: i know. she wants energy, small players in the energy business to go bankrupt, and she hates banks, but she's going to regulate the banks. really scary stuff. tiana lowe, great discussion, great to see you this morning.
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♪ dagen: welcome back, i'm dagen mcdowell in for maria bartiromo. it's friday, november 26th. a look at markets at the bottom of the hour. futures are plunging, down more than 800 points, over concerns about a new covid variant in south africa. today will be a shortened trade thing day. markets close at 1 p.m. eastern. this after stocks were mixed wednesday. the s&p 500 and nasdaq both finishing up slightly following a tech rebound, the dow lower by less than 10 points. european markets are sharply lower today, losses across the board. the cac down more than 3.5%,
steep loss toes this friday. in asia overnight, it was red overboard. the hang seng down more than 2.5%. some of the top stories that we're following this morning, world health organization is holding an emergency meeting today to discuss a new heavily mutated covid variant out of south africa. it's reported to be highly contagious even for young people. the united kingdom now announcing it will start banning flights from six african countries including south africa starting odd. a group of bipartisan lawmakers serve thanksgiving meals to u.s. forces stationed in south korea. some of soldiers haven't been home sense the start of covid -- since the start of covid, the beginning of 2020. the lawmakers then headed to taiwan for an informative trip, the delegation refusing to back down after chinese embassy demanded that they cancel the trip. chinese regulators are asking
ride-hailing app dede to delist from the new york stock exchange, regulators citing concerns from the company leaking sensitive data. it infuriated beijing when it proceeded with this offering this summer despite regulatory requests that it insure that security of its data before the ipo. possible plans include going private or a share float in hong kong followed by delist inspect united states. president biden reinstating trump's remain in mexico policy as early as next week forcing migrants to wait back in mexico ahead of their immigration court hearings. this coming as i.c.e. arrests are dropping to new lows with each i.c.e. officer averaging one arrest per every two months. joining me now, ron vitiello, former u.s. border patrol chief, deputy commissioner and former acting i.c.e. director. ron, happy thanksgiving. thank you so much for being here. what do you make of reinstating
the remain in mexico policy? will this do anything to stop the influx of illegal immigrants into this country? >> well, thanks for having me, dagen, and happy thanksgiving to you as well. yeah, the remain in mexico procedures, migrant protection protocols, work. itfectively ended the last surge in 2020, so reinstating it gives an opportunity for dhs and the border patrol to get back the control that they had at the border. once that program was fully up and running, it was working perfectly. maybe not perfectly, it was working very well until this january, on the 20th, when it was rescinded. all the people that were waiting in mexico were let into the country. we started mass releases at the border. we saw what happened in del rio with all the people from haiti who camped out on the side of the river, so we've doubled down on the nonsense in this
administration. and every chance they get to make a policy statement about this border, we're seeing the worst surge ever. but every time they get a chance to make a policy statement, they double down on opening the door and more releases and, you know, going soft on immigration enforcement inside the country as well. dagen: keep talking about that the, the soft immigration enforcement, the almost zero arrests by i.c.e. agents. this is by design. it's a way to make illegal immigrants here legal. like, they will never get arrested and deported. >> that's right. they a make statements about the priorities for detention and removal, and they're told employers they're not going to do worksite raids, so no fear of being arrested on the worksite, and then you also have strict priorities that if you're not a terrorist, if you haven't just crossed the border as some kind of threat to public safety the, i.c.e. is not even allowed to approach you.
and then we've told everybody or that if they're in the country illegally, that they're not going to be arrested just for the fact that they're illegal. you have no statement whatsoever about this administration, about these jurisdictions that fail to cooperate with dhs authorities and i.c.e. dagen: democrats are calling for expanded immigration protections in this new welfare monstrosity spending bill called, otherwise known as build back better, offering up to $3600 per year of guardians -- to guardians of all immigrant children. does this plan incentivize more people to try and get into this country illegally? >> a lot of the incentives are all wrong. all the children who come here alone based on the way the operationalized are going to stay in the united states. and so, yeah, if you make it a softer landing, if we don't change the policy or the law, you're going to encourage people. we have the largest single year of apprehensions in decades, 1.7
million at the end of the fiscal year in the government, and no end in sight. we've sent a signal around the world that it's time to come to the united states. not just the way the law is operationalized, but the rhetoric that says we're going to give amnesty to people, make it easier for people who are in the united states illegally to stay. dagen: will anything change the stance, the attitude, the mindset of biden and company? i think maybe midterm elections next year when the performance of democrats really blows up in a lot of these border communities and states maybe? >> it's possible. the root of this problem is the way the law is operationalized. so changes in the law by congress in something like giving the migrant protection protocols the weight of law so that it can't be reversed by policy as it is now. and then you have some of these states pushing back, and that's why this case is in court. that's why they've been ordered by the court to reinstate the
migrant protection protocols. dagen: ron vitiello, thank you so much for being here and, again, happy thanksgiving to you. >> you too, thanks. dagen: coming up, the former ceo of mcdonald's, ed renzi, joins us with his take on the state of the food service industry. plus, santa could be staying home this year. why many families will see fewer gifts under the tree. we'll tell you all about it in this morning's "hot topic buzz." you're watching "mornings with maria" live on fox business. ♪ just dance, gonna be okay. ♪ just dance, spin that record, babe. ♪ just dance, just dance, dance ♪♪ how about a throwback? ♪ liberty, liberty, liberty, liberty ♪ only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ ♪
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chain crisis? >> well, i this hi the american -- i think the american people are pretty wise, and they know exactly what's going on. this thing started in a serious way when the election was over and biden said he was going to destroy the oil industry. he said that in less words than that actually. but the fact of the matter is we need oil and gas to run this country. the supply chain is very delicate. it's a great system, works very well, but i can tell you right now truck drivers are having a terrible time in california even getting into the concludes because they have to have a transportation worker certificate, he was to have fingerprints -- they have to have fingerprints, they now have to pay $250 to get an escort in and out. i have a friend of mine who toll me he sat there for 14 hours and never did get loaded. his boss toll him to leave because it wasn't worth it economically to sit there to wait and get loaded. biden owns this problem from beginning to end.
he's a poor leader and a terrible manager, and he's being managed himself, i don't know by whom. but some of the decisions he's making are just insane. and it's getting nothing but worse. and now some of the solutions are worse than problem. i just look across the whole spectrum of what's going on. when i see chicken go from $38 a case to $175 a case, i'm looking at transaction counts and profitability in these restaurants are going down, the real indicator of growth in restaurants is transaction counts, how many visitors are you getting a day, a week or an hour. and sales are up because of inflation, but transaction counts are slowing dramatic9ically. in my experience, every time you raise prices 1%, you lose about 1% of your transaction counts. when you couple the labor issues with the sales issues, with the distribution issues, small businesses are getting absolutely brutalized. and on top of that, we had covid which caused all kinds of
employment problems and continue to do so today. st a nightmare. dagen: right. i always say that being the child of a small business owners who ran a wholesale grocery store, when some politician stands up there with their hands on their hips saying, you know, talking about the small businesses, small business owners are the backbone of america, they're essentially spitting in your face because they don't care, and they don't even understand what it's like to try to run a small business or compete against a walmart or an amazon or any of the big chains. speaking of amazon, workers there planning a global black friday protest demanding higher wages and tax accountability from the e-commerce giant. this as strikes are sweeping labor market all across the u.s. but this is -- aren't these protests usually planned by unions? ed? union organizers? >> no question about it. you have to think back whenville revolution hit united states --
when the industrial revolution hit the united states and worker safety was a priority. i grew up in the coal minus of eastern ohio, the steel mills. the unions did a great job of making those workplaces safer. i'm a big advocate of unions when they focus on those kinds of issues. but right now they're lost so many union membership and great dues-paying jobs in the automobile industry. look at ford motor company has made an announcement they're going to build a 6 square mile plant in kentucky and tennessee which are both right to work states. that's not an accident. you look at the ford f-150 lightning, that thing's almost all robotics, glued together trucks. ford's doing a great job. but they can't handle these labor unions. now starbucks getting pressure to have labor unions. what are they going to do for these workers? more osha controls workplace safety. the wages are really good for unskilled workers, it's a great way to get started in business
by working at some of these restaurants like mcdonald's and fat brands and starbucks. you learn a lot of job skills. these jobs aren't occupied by people that are 45 years old with families, these are young people that are in college, they need the extra money. unions aren't going to do them any good. only thing they're going to do is collect dues which means the price of coffee's going up, your favorite sandwich in a restaurant, the price is going to go up. they provide very, very little benefit to the union members. that's the reason why right to work states are flourishing. it's silly work rules they have. out of an 8-hour work day, you're lucky to get 5.5 hours because of all the breaks and lunches, those kinds of things. the work rules are just insane these days, and i just don't see where there's any benefit for a 17-year-old kid to belong to a union who's working at mcdonald's.
dagen: they'll learn young that the union doesn't stand up for you. [laughter] you're paying dues, and what are you getting? i was there, happened to me. last hired, first fired. wait, i work harder and i'm still going to get fired if there's a layoff? only time i was in a union. e., thank you so much. great to see you. ed renzi. happy thanksgiving, sir. no gifts under the tree. a record number of americans sitting out this holiday season. we'll tell you why next in this morning's "hot topic buzz." ♪ ♪♪♪ ♪♪it's a most unusual day♪♪ ♪♪feel like throwing my worries away♪♪
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any gifts this year. that report comes as some mt. mainstream media a trying to downplay how inflation will impact holiday season. one columnist saying the supply shortage may be a gift and that parents should ban together and slash the amount of presents they put under the tree. james, this is absurd. >> yeah, it's really a just sort of appalling strain of journalism we've seen lately. i don't know if we should call it journalism, but this sort of scolding of consumers that you've been pamperedded and spoiled, and now you're getting what you deserve in terms of diminished possibilities and short shortages and what not. we don't deserve this. this really shouldn't be happening. these are man made problems and politician-made problems that are largely to blame for the inflation and the shortages we're seeing. so, you know, i think the
important thing is to face the problems as they are and not kind of change the subject and try to sell people on the idea that shortages and inflation are really wonderful things we need to embrace. we don't. we deserve better. we enjoy what this free economy has always produced. and, by the way, people love to attack the u.s. consumer and this economy we have and demanding all these products. and, of course, it's not only good for us, this is what has pulled millions of people around the world out of poverty when this engine of the world economy, the united states, is thriving. dagen: absolutely. joel, and why -- i don't understand whyst so difficult for -- why it's so difficult for members of the state-run media, i jest, but they're in the bag for the democrats in the white house, and why is it just so hard to say, you know what? higher prices stink.
>> yeah, no, higher prices do affect everyone in a serious manner. it's, you know, certainly a wealth transfer from one party to another when you see higher prices. and, you know, going back to this issue in terms of what is the effect on in this holiday season, i think we're going to see some interesting dynamics here we're going to talk about in a few minutes in terms of of how people are going to see things. dagen: next block, that sharp selloff on wall street. we'll be right back.
may experience hallucinations or delusions. and these symptoms can get worse over time. nuplazid is the only approved medicine prescribed to significantly reduce hallucinations and delusions related to parkinson's. don't take nuplazid if you are allergic to its ingredients. nuplazid can increase the risk of death in elderly people with dementia-related psychosis and is not for treating symptoms unrelated to parkinson's disease. nuplazid can cause changes in heart rhythm and should not be taken if you have certain abnormal heart rhythms or take other drugs that are known to cause changes in heart rhythm. tell your doctor about any changes in medicines you're taking. the common side effects are swelling of the arms and legs and confusion. now this is something we want to see. don't wait. ask your healthcare provider about nuplazid.
dagen: good morning, i'm dagen mcdowell, in for maria bartiromo. it is friday, november 26th. your top stories at 7:00 a.m. eastern. out of touch words from the white house, president biden's holiday message declaring america is back, as families see the most expensive thanksgiving in history amid skyrocketing inflation. and taking a look at the markets, futures are plunging. dow futures are down 825 points at the moment on concerns of a
new covid variant in south africa. really concerns about the over reaction that you will see from government. here, there and everywhere. today will be a shortened trading day with markets closing at 1:00 p.m. eastern, this after stocks were mixed wednesday, the s&p 500 and nasdaq both finishing up slightly following a tech rebound. the dow ending slightly lower. european markets are sharply to the downside this friday, losses across the board. losses near 3%, more than 3% in france. in asia overnight, red across the board as well. hong kong the worst performer there, the hang seng down more than 2 and-a-half percent. and black friday is back without the deals. shoppers are facing higher prices and fewer promotions as retailers scramble to keep up with demand. we're on it all mornings long. "mornings with maria" live right now. some of the top stories that we're watching this morning,
falling for you, top oil producer saudi arabia and russia are considering pauses planned oil production increases, this comes as the united states and other countries announce plans to tap their strategic petroleum reserves in response to rising gas prices. the wall street journal is also reporting other members of the opec group including the united arab emirates are not convinced a pause is necessary. a group of bipartisan lawmakers served thanksgiving meals to u.s. forces stationed in south korea. many of the soldiers haven't been home or had families visit since the start of covid. the lawmakers headed to taiwan for an informative trip, the delegation refusing to back down after the chinese embassy demanded they cancel the trip. chinese regulators are asking ride hailing app didi to deliss frat the new york stock exchange, siting concerns over the company possibly leaking sensitive data. didi infuriated beijing over the
summer when it proceeded a new york stock exchange offering despite regulatory requests that it ensure the security of data before the ipo. possible plans for delistment include going private or a share float in hong kong followed by delistment in the united states. drug makers bracing for the most significant expansion of government regulation of drug prices in decades. last week the house passing president biden's build back better bill and in that it requires the government to negotiate prices for some older, high cost medicines covered by medicare. the bill also caps annual drug price increases at the rate of inflation. so far, the pharmaceutical industry has not pushed back -- pushed to stop the bill's passage. it heads to the senate next week. time now for the word on wall street, top investors watching your money this morning. welcome, joel's been here already for the last hour. joel shulman, lindsey piegza and
rose cliff capital ceo and managing partner mike murphy. mike, let me kick it off with you. happy thanksgiving, dear sir. futures unfortunately are plunging this morning amid the covid variant fears, dow futures are down almost 800 points, more than 2% as world health organization holds a special meeting to discuss the new covid strain detected in south africa, nation's already reacting. the u.k. banning flights to south africa and neighboring countries, the eu saying it will weigh similararigig resicon whke, okeouo mako mf o o t the off thishishida fy? , iow,s is w yhaanan to tppn the t t m anvi f se. u hink t t t t t firhehe ss lsf l l l .hereherere cohashahan bha biouseen asiseaas for the- sastdistorerst tir elo dow adew variantia,eould bebek,bek, c beekiki
ckdocks,s, tals,ve tlra t restrictstions, io tt'sha ooksnvrs.rs p s bac s bac s t t a look alo fro an a inves itm standpstanee have h 1e 1 1 rron here. it may result in 5 to 10% correction. but no matter what type of of variant we get, we are going to get affected from an investing standpoint. the life part is something that could potentially become a problem again here in the united states but if you're an investor at home, this is -- any sort of pullback here is a buying opportunity, especially when it's related to covid and its new variants. dagen: i'll also just point out that there have been more covid deaths of the virus in 2021 than in all of 2020, so just note, said joe biden said anybody who
is responsible for that many deaths shouldn't be president of the united states. we've seen how the restrictions haven't stopped the spread of the virus or deaths from it. let me talk black friday. you say buy now, pay later options will push black friday sales over the top. explain. >> you've been discussing all morning long how we're going to see fewer deals and higher prices and people have been encouraged because of supply chain shocks to buy early and buy big. now, there's an availability issue. so people are encouraged to buy soon, buy early and buy big, what do they do if they don't have sufficient cash, a lot of people don't have the cash and what do they do if they don't credit cards, two-thirds of millennials don't have credit cards. processing fees have gone up. people are shifting now to buy now, pay later. it's a global phenomenon. square just bought afterpay for $29 billion out of australia. we're seeing amazon have an exclusive with a company called
affirm, one of the hot ipos of 2021 and in fact visa -- amazon is saying we're going to get rid of visa in the u.k. so they're shifting to debit. they're shifting in some cases from visa to mastercard. but the big winner is going to be buy now, pay later. here you have consumers who are able to pay over a period of time, four to six weeks with no interest. we'll see these programs become very big and we're going to see it for black friday, the next few days and the next month, buy now pay later programs will be really huge and we're going to see a lot of consumers shifting over to this area and these companies, the stocks will probably perform well for the foreseeable future. dagen: lindsey piegza, before we talk about inflation, is this a good thing that there are new myriad ways, easy ways to am accumulate debt? >> consumers certainly seem the to think so. we saw the latest retail sales numbers, consumers to the earlier point are out shopping,
at least for now. amid the fear of we better buy now because not only will products likely be unavailable in the coming weeks or months but prices are likely to be higher. so i think in part, yes, it is some additional options to finance purchases but i think more than anything, consumers are very much aware of the fact that inflation is rapidly rising and it's likely to continue to rise to the end of the year. if you're thinking about buying those gifts, why not buy them now at today's lower price as opposed to waiting a month or two and getting it at a higher cost. dagen: is inflation, the expectation so embedded in the consumer that there's no stopping it at this point? that the federal reserve released the minutes from the november meeting, they're concerned about inflation but you've got consumer prices running at 6% clip, the fed targets 2%, even the core pce is running at the fastest pace in
30 years. so i don't care what the discussion is from the federal reserve. has it gotten away from them to the point in terms of consumer expectations that they will have to aggressively raise rates to stop it. >> well, i do think there's a lot of pressure on the fed to move into the second phase. remember, there's was widespread consensus among policy officials to initiate the taper process earlier this month but committee members remain divided on higher interest rates, half forecasting forecastingthe 2022, half forec. the market remains skeptical that the fed will be able to maintain the low levels of rate against the backdrop of extraordinary pressure in inflation. that being said, even if we do see liftoff on the sooner side, if we see a 2022 launch to a higher interest rate environment, that doesn't necessarily mean a rapid desession of additional rate hikes.
the fed is interested in controlling inflation and very interested in controlling inflation expectations but the fed is also very aware that the economy remains somewhat fragile and risks obviously do remain. they don't want to pull the rug out from under the recovery by raising rates too quick di. dagen: i guess if the inflation rate is above the interest rate we can inflate our way out of all of this debt. it's the tricky part is maintaining that at the federal reserve. they just keep buying up the debt, i suppose. thank you so much, lindsey and mike murphy. great to see you. happy thanksgiving. >> thank you. dagen: much more ahead this morning. coming up, california rocked by soaring crime, we talk to one san francisco business owner about the impact and the failed policies that caused it. and it's black friday, shoppers heading in search of deals, not going to be easy to find them this year. how the supply chain crisis is taking a bite out of one of the
biggest shopping days of the year. plus, a sneak peek at the hottest holiday toys this season, tips to get your hands on them. joining the conversation all morning long, joel shulman and james freeman. you're watching "mornings with maria" live on fox business. ♪ my mama told me you better shop around. ♪ you better shop around. ♪ [gaming sounds] [gaming sounds] [gaming sounds] just think, he'll be driving for real soon.
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broad daylight in front of customers and staff. but as many americans feel the burden of the democrats' soft on crime policies, here's actor seth rogen, privileged response to a youtube influencer's post about having a car broken into in los angeles. he tweeted, quote, it's called living in a big city. he went on to say, you can be mad but i don't personally view my car as an extension of myself and i've never really felt violated any of the 15 or so times my car was broken into. it's like even one guy accidentally left a cool knife in my car so if it keeps happening you might get a little treat. james, talk about scolding people. >> yeah, this tolerance for lawlessness in california unfortunately it's not just limited to the politicians who run the cities or even the state there but this expression -- you
know, it's odd because it really doesn't have to be this way and we look at the experience of new york city in recent decades, we know what works. we know how to make a safe city. and new york has gone away from that. a lot of california cities have gone away from that. it's not what most of the people who live there want. seth rogen notwithstanding. this embrace or tolerance for lawlessness is not what people in cities want. and you look at even places further up the coast, seattle and portland that were kind of epicenters of the protest movements of 2020, again and again you see when you pull the people -- poll the people who live in the cities, across demographic groups, they don't want crime and they specifically don't want their cars getting broken into. dagen: seth had row again doesn't have -- seth rogen
doesn't have to commute to a job every day. maybe he's going to a movie every now and then. but you walk out and your car's been broken into, you can't get to work and your boss might not be so forgiving. i can't believe that we have to sit here and explain why getting your car broken into is horrible. it's horrible. crime is bad. that's the insanity of this, james. i mean -- >> yeah. what can you say? you hit it right on the head. why do we have to explain why this is bad? the reason i just -- it may seem odd that i'm citing polling data for the -- to support the argument that people don't want their stuff stolen. but i think there was so much of a political and media campaign the last year especially but even now to suggest that most people and most people in cities view law enforcement as a bad thing and police as a bad thing and they don't want police on
their streets. no, that was never true. they want police. they want law enforcement. they don't want to be assaulted. they don't want their stuff stolen. dagen: joel, i don't mean to make light of it, but it's like saying well, 89% of people are against getting punched in the face by an assailant on the way to work and we have a conversation about about the other 11%. i'm making these numbers up but you get my point. >> it's unbelievable. for someone to shrug off crime like this, having a car broken into 15 times and laughing it out, we have to remember when crime happens it increases the cost to everyone, besides the other issues, invasion of your property and the inconvenience associated with having your car being unavailable for getting to work and so forth had. we've got to remember the costs are passed on to all of us.
as criminals do smash and grabs, steal products out of the apple store or luxury department stores, the insurance costs go up. the stores which already have a tough time post-covid, i mean, they're struggling here with higher wages and everything else. these retailers, these poor retailers are struggling and they have smash and grab taking away more money from them, it's only compounding the problem. so ultimately we're going to have a society with fewer stores, fewer products available, higher security costs, higher costs across the board and it's going to force more people to go probably to online shopping but it's really tragic what this is doing to these department stores and other stores that are putting out luxury goods or any type of goods and having them stolen, let alone your cars in the street. dagen: and thievery is bad, theft is bad, robbery is bad but when it comes to, say, drugstores, walgreens has closed -- it's approaching roughly two dozen stores just in san
francisco. that creates retail wastelands in lower income neighborhoods very often. but james, i just want to add one thing. the person, the youtube influencer who tweeted about his car getting robbed that seth rogen was responding to, he was calling -- he was criticizing la for that but he did say i want to tremendous appreciation and grad gratitude to the hard working of the lapd los angeles who not only arrested the assailant but they got all of our stolen goods back. so again, that's actually what people praise. what people want is law enforcement and police presence in their cities and neighborhoods ooh. i wanted to point that out to james freeman. robbery is bad. crime is bad. what were you going to say, james? >> kudos to those officers. i can imagine how difficult that job is when you don't have
political leadership behind you. dagen: right. george gascone, you want to talk about one left wing district attorney who is bringing crime into the city. or giving criminals a pass. coming up, democrats' social spending bill heading to the senate. new york congresswoman claudia tenney joins me next with her take.
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dagen: 's massive social spending bill is heading to the senate next week, it comments as a new poll was released on president biden's approval rating, dropping to lows of 42% approval. joining me now, congresswoman claudia tenney, sits an the foreign affairs committee and small business committee. congresswoman, always a pleasure to see you. does this spending monday spendy
have a shot, in your view. >> we used to call these big bills, a big ugly. there are so many parts of this, especially the part dealing with giving amnesty and free reign to illegal immigrants, that will probably come out with the parliamentarian. there's so much that will harm the business community, including 70% of energy will be taxed. that will affect people in the lower income levels and also our small business community. you're going to see this huge new corps of irs agents getting health care and pensions and going after the small business community. i've spoken to a few of them over the last few days, they're terrified of getting audited, they can't afford lawyers to protect them in this situation. it will be a nightmare for us. as we're here on black friday, you were speaking about the looting and the other problems that are happening with the small business community, pushing people online. this is also going to have a
devastating effect on our small business community and they drive our economy particularly in upstate new york, where over 95% of our business is actually-and our employers are actually small businesses. dagen: james freeman, jump in here. >> congresswoman, lots to be concerned about in this and i guess we've been talking about the spending surge of this era. this is really going to create more of it. and also the disincentives to work. i guess that's what i worry about is the surge in benefit programs. i know kc mulligan at the university of chicago and others have warned about, this is going to exacerbate this problem where you further discourage people from work, adding new benefits of various kinds. could we see an even tighter labor shortage after this thing passes, if it does? >> oh, i believe so.
and that problem is already a big problem after the pandemic. we have so many people who are choosing to not go back to work. in my business, we've never had a bigger problem getting people to work. it's the number one issue that is raised in the numerous small business roundtables we've held throughout the district over the -- the last several months is getting people to show up to work. the other thing that i was talking to a business owner recently, they have people that are actually working that are working incredibly long hours that are getting fatigued from just doing all the work because nobody shows up and it really isn't so much a wage problem as it is just the inability to even open up sectors of their business because they can't get people to work. and this bill is literally the biggest welfare system that we have put in place and i understand we have to have systems for people who are truly needy but this actually incentivizes people who are perfectly capable of work for
not working and this is going to be a problem for employers, it's going to be a problem for our productivity and growing our economy and somehow emerging out of this inflationary problem that we have that looks like it will be here for a long time, i don't see an end in sight with this amount of spending. we're normalizing trillions of dollars in spending instead of having organic growth through our economic incentives like lower taxes and less government but we're creating this, another massive amount of government. and a i mentioned the 87,000 new irs agents. they're going to be over 300,000 civilian climate corps government bureaucrats going out and making it impossible to do business. that's larger than the active duty marine corps right now. this will be hugely expensive, more inflation more high costs, less insense difficult for small businesses and others with innovation and businesses that are emerging with entrepreneurship, it will be a huge problem going forward. i think it's the single biggest problem when you see this amount
of spending and entitlement going into a bill. dagen: congresswoman, claudia tenney, i never will figure out why every democrat got on board with it except for one. nancy pelosi, the pelosi bus just ran you over. >> money talks. dagen: i know. great to see you, claudia tenney. thank you sow much. congresswoman, always a pleasure. coming up, online shopping sky skyrocketing, we're live inside a fulfillment center with a look at how your orders are getting to your door. that's next. ♪ go on, take the money and run. ♪ go on, take the money and run. ♪ go on, take the money and run. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back.
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over new concerns about a new covid variant in south africa. meantime, pfizer and biontech saying they're studying how well their covid vaccine protects against this new variant, that data is expected the next two weeks. treasury yields are moving lower, money piling into treasuries, buy, buy, buy, that means people are risk averse this morning. the 10-year yield down to 1.53%. oil also down, sinking 5% on this new covid variant and people are making bets that had the economy will slow or that these politicians will lock down the country again. americans heading to the malls today, surfing the web in hopes of cashing in on black friday deals as prices skyrocket. holiday shopping won't be as easy this year. consumers are expected to find low stock on store shelves and online as retailers continue to
grapple with the supply chain crisis. grady tremble joins us from ship bob's fulfillment center in sicero, illinois. love it, grady. >> reporter: good morning, dagen. this is the part you don't see after you hit click and after you click order now on the internet. the fulfillment side of things. and even though you mentioned those supply chain issues, higher prices, people are still spending this black friday especially online. adobe says americans will spend $9.5 billion on the internet today. they that is an increase of 5% from a year ago, which by the way 2020 was a record year. anthony watson, one of the he co-founders at ship bob, you guys have been busy filling the online orders. >> most definitely, we've seen a crazy year, post covid or i guess the last year and-a-half of e-commerce has just been nuts. we've seen an increase from all of our clients as well as new businesses starting almost every day. >> reporter: obviously, you guys
are not immune to the supply chain challenges. out-of-stock messages on the internet compared to pre-pandemic are up 220%. people are not able to find everything they're looking for. how are you dealing with these hurdles? >> so really we're just trying to support our clients as much as possible, helping them with direct line freight into out of china or actually helping them source manufacturers in the states as well which has been really important for a lot of them to be able to manage inventory more frequently for especially this holiday season because a lot of them have seen an increase in orders. >> reporter: you're a third party logistics company, you help direct to consumer companies fulfill their orders. you say they're changing the manufacture ring, bringing some of that to the state. >> some are. some are stuck with the current manufacturers. with the commentary about the ports in the us and inbound freight it's been tough to figure out how to manage their supply chain but we do the best we can with introducing them to new manufacturers here in the states, working with freight suppliers to help them get
inventory here quicker and when it does get here fulfilling as quickly as possible. >> reporter: good luck. we know you're busy, just like all the e-commerce fulfillment companies are right now. dagen, prices up 9% this year according to adobe but obviously consumers still spending in record numbers. dagen: grady, thank you so much for that you have a fun day today. grady tremble. joel, jump in here in terms of what you're watching. are shocked by the selloff we're sear anything morning on this new -- we're seeing this morning on this new covid variant. >> this being black friday, limited trading hours, tends to be light trading. as a result, markets are more vulnerable on days like today. we saw the selloff in asia and again this morning in europe. we've got to remember, this could be an overreaction and we've only seen a handful of cases, people are responding very quickly. we're seeing the traditional
groups, pre-covid, during the covid era drop significantly. so airlines are off and many others and we'll probably see technology fall less than the other indices and maybe even rise. we saw for example during the covid era, stocks like peloton, zoom video and so forth, there are a number of covid stocks, both pro and con, go up and go down that we're going to watch very closely. as numbers start to come out of south africa, we'll see the variants, whether or not our protections, our vaccines will protect us or not. that will be the swing variable. i wouldn't panic too much. it could be a overreaction light trading day. let's see the reaction over the weekend. this may be a good buying opportunity, particularly in tech stocks. dagen: james, i just think about like how government manipulates what's going on in the bigger world and i mean it
this way. that in short order you'll see biden and company trying to use this new covid variant to push through build back better because, again, the economy didn't need 1.9 trillion at the beginning of this year. we didn't need another 1 point -- over 1 trillion in infrastructure spending in the middle of the year. but that's what they do. they're always looking for an excuse to expand government and take away our freedoms. >> yeah, overreaction to covid is kind of the story of -- the sad story of the last year and-a-half here and as we're talking about this latest variant, it's probably a good time to note that you see even european countries that were very aggressive locking down are still battling this thing. it is something we just have to accept as part of life and manage risk as best we can and move on but not overreact.
there's a new paper this week from the national bureau of economic research, kind of confirming a lot of the accounts we've seen, the individual reports from different places on what a disaster lockdowns were for america's children, in terms of the low quality of distance learning, math scores dramatically down, language arts as well, especially for people who did not have access to in-person learning. so this is a cost that these children will bear for the rest of their lives in terms of reduced earnings and of course we have this massive increase in debt over this covid period which america's kids will also have to shoulder throughout their working lives. so let's hope as we get another spate of stories on variants and no doubt the effort to use this
to sell this new spending plan in washington, let's hope there are people saying enough. there are really huge costs to overreacting and let's stop repeating the same mistakes. dagen: and it's only when frightened and in fear do americans willingly give up our civil liberties and freedoms. again, they use scare tactics to take away those very freedoms and fear equals control and control equals power. so politicians are very willingly jumping to the fray an and manipulate people that way. you saw it after 9/11 and you saw it last year where you give into the government. it's like okay, you tell me to stay home, i've got to stay home. you tell me to shut my business down, i'm shutting my business down. even now, no more, i think there's so many americans are saying no more because they've
seen firsthand the damage done to their kids and the manipulation of those livelihoods, those children, by the unions again for their own of power grab. coming up, bitcoin under pressure, how crypto is feeling the impact of the global covid concerns, next. plus paying more to be last, why some people are shelling out big bucks to board flights at the end, not first. why? the answer might surprise you in this morning's hot topic buzz. you're watching "mornings with maria" live on fox business. ♪ we're beautiful like diamonds in the sky. ♪ shine bright like a diamond. ♪ shine bright like a diamond. ♪ shine bright like a diamond.
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dagen: bitcoin entering bear market territory this morning, down 20% from its all-time high of 69,000 earlier this month. investors reacting to the discovery of this new covid variant, really risk off day if you will. joining me now, overline ceo, former citadel investment group engineer, patrick mcconnelllog. good to see you. what do you make of this selloff this morning? it's not surprising, is you it. >> it's not surprising of. willing one of those things you can expect to see a lot of people repositioning their assets from bitcoin and trying to take advantage of the market's dip. so this is something that is a positive indicator for bitcoin in that people are using it as a pseudo store of value.
they're tiping into the honey pot and pulling out some of the bitcoin, selling it to be able to acquire things in the dow's dip here. dagen: what does overline do, what does your new company do? >> overline is a tool or technology to make sure that the internet works. so it's a wireless backup for the internet. where like bitcoin is something that you can keep fully decentralized and make sure as your personal private company. if you turn off the internet, you have no bitcoin. we assure you always have bitcoin because it's available wirelessly. dagen: how much are you concerned about the speculation that's in bitcoin. i've worked a long time as a financial services journalist, as a finance journalist and i lived through the first dot-com bubble and i lived through the housing mania and the ensuing collapse. i'm not -- i just -- in terms of people, i know a lot of people have just quit their jobs to go
trade bitcoin for a living and it does smack of i'm quitting my job to go flip homes. and it certainly -- i know that my gut feeling is meaningless when valuing an asset but it certainly feels like the manias that i've lived through and worked through in my 20 some odd years in the business. >> and so arguably that gut feelings is wisdom with 20 odd years in the business, right. that's not something to ignore. it's absolutely i think the right path forward. however, there are opportunities for people who want to get into this if they're supporting the infrastructure side. so if you're building tools that help people participate in the bitcoin bonanza, those kinds of people are the same thing we saw in the gold rush where you're the savvy merchant there, selling shovels. you're going to benefit because you have shovels, not necessarily because you have bitcoin. so like investing in infrastructure where you're building out even a mining operation or a green mining
operation is something feasible that you can do. dagen: where do you think it goes in terms of adoption and usage? because ultimately it those have a -- all these cryptocurrencies have to have a greater function in everyday life for it to be truly lasting. >> it's going to be very, very exciting. in fact, when everyone says we're at the very early stages, that's generally using a speculative mechanism. when in reality it should be used as a procedural marker in the process of innovation. right now, we are at the beginning of the innovation of the space. web three and wireless web three is a universe that is just cooler to be in, where like finances are far more fluid but things that weren't available to you and -- maybe not to you, but to regular folks, things that weren't available are going to
be able to be an investment asset or to be a co-opened asset and we're going -- co-owned asset and we're going to see cool things from that. dagen: what kind of timeframe are you looking at? >> for participating in it, do it tomorrow. for investing in it, do it in five years. if you're going to build a business and company in web three, start tomorrow. do it tomorrow. dagen: how many people work at your company, i'm curious about the hiring, if it's been difficult finding folks. >> it is very difficult finding folks. dagen: particularly in technology. >> yeah. if anyone knows how to write software, especially with rust, it's incredibly valuable in this space and it's also something where i wouldn't necessarily look to people who oh, if i don't know how to code this isn't available to you. the other huge, huge skill we're looking for is anyone in electrical engineering. so if you're able to develop
hardware he device of any kind, and i'm sure there's people watching that are like wait a second i went to circuitry class, we want you. the industry is booming for cryptocurrency and people who understand hardware. dagen: do people need to go to a four year school for that? i have this conversation where i hope a lot more tech companies, big and small, start hiring people right out of high school where they have a skill set that they taught themselves and they bring people on-board and teach them, five year contract, we'll teach you in addition to what you need to know where it's literally on the job learning and then you just bypass the 100,000, $200,000 education that you have to pay for and sometimes it's useless. >> 100%. if you look at like -- pete o'teal is a big reason ethereum exists. a lot of people don't know that. they encouraged kids not to go to school and peter would invest
in them a small amount, that's what they went through, the teal fellowship. it's how i connected with them in general. it was okay, not going to college, spending time focusing on what you're really good at, math turned out to be good for the world. i'm not saying it's for everybody. i agree with you, that is one of the things that the web three universe is going to bring is direct access to opportunities and direct access to highly specialized skills that really taps what you're naturally good at. dagen: patrick, come back. great to see you. we'll be right back. the benefits of boarding later, why some folks are paying more to get on flights last, not first. the surprising reason in this morning's hot topic buzz.
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dagen: breaking news for you. sharp selloff underway on wall street. we have a triple digit loss of almost 800 point loss on the dow futures, the market plunging here and europe and even in asia overnight amid fears of this new covid variant in south africa and guess who is already weighing in? dr. anthony fauci is saying that a travel ban is a possibility, like the one that the u.k. has already put in place, a ban on travel to and from these parts of south africa and that region to pro vent the spread of this variant. we're following this all morning long for you. but speaking of traveling and flying, it's time for the hot topic buzz. rushing to the airplane is over. airline passengers are now paying for the privilege of boarding planes last. sometimes up to four grand.
yep, a-listers and celebrities often board the plane before the cabin doors close, now everybody wants to pull a leo but leo probably flies privately on a jet. it's a vip experience of no one passing by their seat. joel, what do you think of this, better to be first of last? >> well, i guess the big question is what happens to your overhead bag. as long as you don't have to worry about your overhead bag, why not go last. why do you have to pay extra? just let everybody go. you've got 10, 11 minutes before the gate -- the flight leaves, before the gate closes, so just sit back and do whatever you have to do just casually come down 11 minutes before the flight is supposed to take off and board the plane. dagen: you used to get boos in first class, assuming you fly first class, you used to get booze while everybody boarded. they stopped doing that during covid. >> i don't know, four grand
seems like kind of a lot for this privilege. i always end up with this privilege. i'm in typically the last boarding group. i don't know if that's because i didn't buy my ticket in a timely manner but it's good to know i can pretend it's because i'm getting the vip treatment. dagen: you're like get along to go along. you're like wait, the plane's leaving, i've got to get on board and get my seat. you're in the airport bar. just kidding. still ahead, black friday is back. it looks a little different this year. we talk to shoppers live. stay with us. at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. [gaming sounds] [gaming sounds]
the evolution of sports betting is now b2b technology find new roads. for restaurants, bars, casinos and consumers. the future of sports betting. elys game technology. dagen: good morning. i'm dagen mcdowell in for maria bartiromo, it is friday, november 26 your top stories 8:00 a.m. eastern. . out of touch words, from this white house, president biden hollywood message declares americans back, the most expensive thanksgiving in
history, skyrocketing inflation. taking a look at market further plunging dow furthers down 774 points the moment off lows of the morning, this is all on concern of new covid variant coming out of south africa, today, we will also be a shortened trading day markets close 1 pm eastern maybe the sell-off is exacerbated by lower than usual volume. treasury yields lower this morning as money powers into u.s. treasurys that haven, 10-year yield down to 1.54%. oil also sinking down 5%, as people are concerned, 6% the moment concerned about additional lockdowns travel restrictions, economy pulling back, stocks mixed on wednesday s&p 500 nasdaq finished up slightly following tech rebound they ended slightly lower european markets sharply lower, today,
again with sell-off spreading around the globe on new -- new covid variant, excuse me. losses in england, france, germany off 3% or more in asia overnight red across the board hong kong worst performer, there hang seng down 2 and a half% also,s nikkei falling that much black friday is back without deal shoppers facing higher prices fewer ep projections retailers scramble to team up with demand on that all morning long "mornings with maria" is live right now. . furthers plucking amid covid variant fears dow furthers down more than 800 points loss 2 1/4% world health organization is holding a special meeting to discuss, this strain detected in south africa markets worldwide reacting to oil dropping 6% treasury yields down as well, stay at home stocks including zoom netflix rallying again,
amid news of new variant joining me now through the cycle president john lonski joining the conversation all morning long joel shulman james freeman your reaction to he sell-off what new variant might bring. >> well, you know we really don't know what the new variant might bring that is the problem, so what you have -- right now in terms of the market sell-off might have characterized undue panic, several weeks will have to test before we have any handle as to what this new variant is about hospitalizations as well as deaths. too early to make any -- declaration that this is going to be the worst form of covid yet. . >> john, also ep doesn't this speak to the over valuation in assets a particularly in stocks you would see a
pullback this just -- with again -- if it is -- sell first ask questions later kind of a hallmark of how investors might react in a market that is pricey. >> that is exactly right. i mean not going to take much of a drop down, perhaps pull profits lower justify, sell-off you see with equities, a richly valued market, especially some high-tech names, i would say even elsewhere, ratios unsustainably high the latest numbers on profitability s&p 500, overall economy, you realize that profit numbers are way above trend. so by itself the fact profitability so is far above what might be considered normal he have increases of risk that profits will be lower one year from today.
>> james freeman jump in here. james: yeah, what do you think about that? in terms of likelihood they are lower i think you are making an argument that history says, things are -- generally aren't this good in terms of profitability, look at the economy, and i look at fundamentals can you see a likelihood that -- that companies have kind of peaked in earnings? or -- or are you bullish on underlying factors. >> peaking of earnings, during first half of 2022. and i would argue, i mean look back historically 75% probability that growth overall total profits for second half of 2022 are going to be less than what we had second half of 2021. something i have braced for maybe market ee may be its
hasn't. dagen: joel get in here. joel: what do you think about categories tech stocks, tend deflationary tend to do well did during certain periods we tend to see cyclical companies by heavier particularly tech investment, cybersecurity so forth you see categories, benefiting in the second half of 2022? or do you see the going more or less across the board? >> owe a i think going to be across the board, that is provided the latest fear regarding covid approves exaggerated if you look at markets performing right now rolization, that tech might benefit, from the return of covid, that forces lockdowns, we see that the -- nasdaq decline thus far today is as much shallower than that of overall market. so, covid, of course, yes,
this covid scare proves to be justified, warranted, we are going to see that 10-year treasury yield will fall deeper, right now, it is 1.54%, 1.64% on wednesday, well under 1 1/2%. dagen: he calculation would be lower rates more stimulus more spending. >> economics -- the fact that we have to decareful, with how we use the fiscal stimulus grow federal budget deficit perhaps very unwise to go ahead and try to get to government spending and the government when we have already supersized budget deficit don't know what is going to happen in the further when might be some development that compels government to
fiscal spending a lot of the program quite, unwise and i think, fundamentally not warranted. dagen: i said earlier, john if you got high inflation, and government rates that are lower than the inflation rate you can just inflate your way out of the debt? >> bring up a good point the last time we had the ten-year treasury yield so low more than 2 percentage points under rate of inflation you have to go back 1975, i firmly believe that deep, 10-year treasuring yield to rate of inflation hopes explain why inflation became so difficult to get rid of in 1970s it would pivot until 1981 only got rid of it through one of the most in night of what paul volcker was doing the higher rate, it was
volcker at federal reserve that is what ended it, is that what you see a replay of 70s ultimately the early 80s? >> a well, let me put think it way every time we've had that rate of inflation run high, don't know if a trend only a when we got inflation down was by way of a resessions i am not saying there is going to be a recession in 2022 but i wouldn't be surprised, if the economists the basically -- he over estimated the longevity of the current economic recovery, i might well see a recession a rising for the u.s. economy prior to the presidential election of 204. dagen: john lonski great to see you always appreciate your insight. >> same here, dagen. dagen: john lonski, chase in congressional brazen thieves
taking aim at lyrics stores assault on crime policies from the left encouraging this surge, plus tense of thousands afghan evacuees in united states, in vetted, congressman andy biggs weighs in with new bombshell o memo, holiday shopping full swing from control to bumper cars top toys every kid wants this season you are watching "mornings with maria" live . ♪♪ ♪ . ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care,
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black friday shopping but some big box stores are weathering the storm, hillary vaughn live in rockaway new jersey with more, hey hillary. >> high dagen black friday back remember last year a lot of people holed up in homes couldn't come to the stores to shop in person, so this year, more people on black friday expected to shop in-store than on line different from last year the national retail federation expecting 108 million shoppers about 64% of those in store that is up from 50%, last year, shoppers are going in-store to get best deals between what is in store on shelves an what is online, some showed up in person to shop for presents worried they might not get it in time. if they ordered on line because pandemic is in past does not mean shoppers are is not facing new challenges this season higher price inflation for a lot of things, smartphones tv's electronics,
appliances also some shipping snarls for stuff from overseas, companies like best biretailers dependent on electronic shipping have worked over time to make sure shelves are stocked for shoppers. >> do i my shopping only just out just to be out. but i know that supply chain is big issue i know we have a lot of -- demand, and supply is -- like, the shipping, going to take some time not that many truckerers willing to go out -- >> no, first time. >> mow is it. >> it's good i got what i wanted. >> feels good kind of like a lot of us turned the curve things back to normal. >> we have seen a steady flow of shoppers come insofar today, dagen national a retail federation though says is a lot of people have been shopping since halloween crossing items off christmas list so not the same surge,
concentrating on black friday like being in the past people have been shopping several weeks now dagen. dagen: hillary vaughn thank you so much joining us strategic resource group managing director burt flickinger fill us in what you see in the retail world. >> dagen really -- great segment with john we are facing, you institutional ineptitude of unprecedented proportions from government local state national level big corporations, prices skyrocketing consumer sentiment university michigan records couple days ago all time 10-year low prices all-time high, great father sin sin they sized shoppers the jingle in jeans spending inflation saving spending less jingle in the jeans. dagen: where do you see it going from here who is the winners and losers this
season? who is getting it right? >> the winners are whole clubs bj's club, category dominant led by lowe's ellison great team joe mcfarland vinnie, scalise, white, tracker supply, dagen you know well pride of north carolina bobbie he think kjell supermarkets, trading 6 times earnings record highs. food retail and food distributions is safe harbor when markets are tanking on days like today as you and jaimdz and joel reported so well with john earlier. >> what about specialty retailers there was so much made about this -- there is a legitimate supply chain crisis going on, but joe biden crowing about oh everything is if i could, you know we're back to normal i forget what the phrase was that he used.
on thanksgiving day, and but you you know talking about walmart, walmart said it was great public/private partnership. i am like joe biden -- and company had nothing to do with fixing the supply chain certainly not retail as large as walmart. will have. >> dagen your great reporting on, "fox & friends," this problem with infrastructure should have been if i could 250 days ago not 15 days ago but last night my friends own teamsters told me still completely jammed up they can do one truck turn for 8 to 10-hour shifts, typically do three, so that means one third deliveries being made, and to your important point winners in 2022 will be the off priced players tjx burlington ross
only veteran doesn't make it for christmas have an kwanzaa sountsdz in new year won't get it this year for key problems you referenced so well. dagen: what about strikes? not just at your ports but, also, amazon employees around the world -- are at least he protesting for better wages and tax accountability. expected to impact factories warehouses corporate you offices, is this going to be a huge drag on retailers in the new year? >> so that strikes will be a big drag, it as you referenced so well dagen, i talked to todd crosby promoted new vice president director of organizing for, the rwdsu, big news for strikes as o'brian got elected to replace james hoffa, jr., as head of
teamsters o'brien led most effective strike i have seen last 35 years label retail historian shutting down, hundreds of stores in new england over 2019 teamsters, with o'brien worked very well with brother and sister unions work will longshoremen with retail distribution workers, and dagen it is not the strike it is just to catch up wages are increasing 4% inflation increasing up 7%, on the way to 8%, workers just need to catch up. and the expenses for workers are sky-high, because of the institutional ineptitude, between -- firm and big government. >> quick all the session grab
smash-and-grab, nord stom in l.a. security guard sprayed in face with bear mace in looted thud making off 25,000 dollars in merchandise do stores just leave communities? it is wide open it is the change in the law some years ago, where, less what is less than 1,000 dollars in theft doesn't get -- essentially doesn't get prosecuted, going to aok what does this do in response to this crime? >> a change like you with everyonesed well closing stores cvs is closing 900 stores nordstrom's closing stores takes away jobs takes away discretionary income takes away real estate sales tax base, impairs the public school systems funded by corporate real estate and retail sales taxes, so creating a catastrophe for
america. between workers, employers, shopping center owners, and ultimately kids trying to educate so well in the schools, because the money that funds the schools, gets taken away when stores are closed from this per vase shop and grab, to sum up we saw distinker drop-off in customer towns in east in texas chicago landed cross america late last saturday sunday and monday as soon as smash-and-grab reports went out, even if they weren't happening in texas, shoppers were scared ago to toscores -- coopers, said 43%, will be shopping in stores this weekend. dagen: scary, scary i have seen, you see shoplifting all the time, it is the people who work at stores don't do anything they just stand back and film it. because they you can't put your hands on a criminal.
we got to run great to see you happy thanksgiving, sir. >> great to see you thy may thinks to you all generations, thank you. >> speaking of thieved plooters raiding a california apple shore his could be next if lawmakers don't restore law and order. . ♪♪♪ ♪♪it's a most unusual day♪♪ ♪♪feel like throwing my worries away♪♪ ♪♪as an old native-born californian would say♪♪ ♪♪it's a most unusual day♪♪ ♪♪it's a most unusual sky♪♪ ♪♪not a sign of a cloud passing by♪♪ ♪♪if my heart won't behave in the usual way♪♪
the evolution of sports betting is now b2b technology for restaurants, bars, casinos and consumers. the future of sports betting. elys game technology. dagen: following breaking news,the sell-off underway on wall street the dow market plunging on fears of a new covid variant in south africa. 2% loss on dow futures right now down 783 points, pfizer saying if a vaccine resistant variant breaks out company will create a specific vaccine in 100 days, following that all morning long fears smash-and-grab crimes are building as black friday shoppers flood stores today, in latest, theft in los angeles nordstrom ron
ransacked wednesday robbers attacking security guard on duty as they fled the scene, earlier that day an store santa rosa robbed of more than 20,000 dollars merchandise james freeman on this how do we stop this? how -- it is stoppable but requires a leadership in left wing towns and cities to do something about it. james: takes a while because of that really, determination by people with agenda against law enforcement. i think voters have made it pretty clear recently for anyone who is confused that they value safety they value law and order we had election as you know in the city of new york, where it was a former cop running against a founder of the guardian angels, so even in one of the most
liberal cities in america the people prioritize public safety, but, unfortunately, does take a while for the bad policies to get reversed, and i think that is what we're waiting to see the -- the appropriate intolerance along politicians and cities nationwide for shoplifting, for all kinds of crime not just the worst crimes but all crimes. dagen: and, james, as we saw with talking about the nordstrom theft have read about myriads of theft at store robberies but the security guards can't do anything about it. they have to stand back. even in high end stores, if you put your hands on anybody, to try and stop them, one you are putting your life at risk,
or you are going to get accused of racism they will scream at you accuse you being a racist, the store doesn't want -- name smeared despite the store getting robbed. i mean just -- circle of insanity. >> a vicious circle you mens' certain places in california retailers choose not to operate there denies commercial opportunities shoppinging options they need. this is part of you know, talking about politicians failing in their sacred duty public safety but part of the season you are seeing migration from california to places like texas there are a lot of factors that go into it certainly tax issues size of
government but i think that abdication along a lot of california politicians in particular basic duty public safety part of what is making that place, less appealing to people who live there. dagen: i want to go to guests don, gump chairman owner, john you were in the very they are a has been plagued by robberies i just want to say i know your store well, because my family always got gump's catalog so i know it well, i lived in san francisco, are so your store is very dear to my heart. but how are you he coping with this rise in smash-and-grab stuff, this is organized crime, these are organized gangs of thieves are you union
scare in san francisco below a half block on post street where store has been more than 100 years, and, it is tragic. your question when we're doing i have the great fortunate of team of people devoted to brand 165 years old, if i am going to last holiday season come and go by so essentially to our business and to the lives of people that work at this company, i have spoken to my store manager to powers in san francisco, i have been public i think mayor needs to resign, i think the -- the district attorney for the san francisco area ought to also resign fundamentally, these, is a breakdown, in notion of civil order because people don't believe they have to adhere to law anymore. all we can do is try to maintain positive and attractive environment so when people come to the store have
a great experience, but it is unbelievable what is occurring. dagen: are it is happening, during the riots here last summer in new york city, but continued there was a robbery almost 200,000 dollars in merchandisestone from channal story in february they apprehended lead offender in florida sorry we didn't have you on camera because of technical issues how is this people afraid to come in the store and go shopping? because of what they are seeing? >> a that really is my biggest concern, because of the pandemic in a way we made a very significantly successful pivot in business has a large component through catalog people want they have to go and ask for it we have, beautiful things, so our business is surviving because we have a direct consumer component that we track the activity of our customers coming into san francisco those numbers are way down.
and particularly down from people in the general vicinity of san francisco they don't want to come into city center we have to reevaluate looking forward whether we belong you know, somewhere else, outside of the city san francisco, until this ends, i think a lot of retailers have to real reassess whether being in a city center not functioning plagued with homelessness plagued with waste and violence. >> there are others that would glad we'll you and other parts 69 country. >> so everybody go and get a gump's catalog will make you happy like if you are look for being gift ideas i have done this before, gumps is where it is at thank you so much. we'll be right back. .
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bartiromo. it is friday, november 26, look at markets at the bottom of the hour, we have a sell-off, underway, in the futures, dow futures down more than 800 points o losses across the board nasdaq 100 futures holding in down less than 1% all this over concerns about a new covid variant, in south africa. trshd yields also lower this morning, money pouring into the 10-year treasury, yield falling to 1.53%. oil stinking as well, down 6% earlier about 5 1/2% the a moment again covid variant concerns sparking worry about global demand for crude european markets losses in competence 3% france and germany same story asia overnight red across the board hong kong and the nikkei in
japan worst down more than 2 1/2%. will the president biden promising in august afghan evacuees coming to united states would be thoroughly vetted, watch this. >> one, planes taking off from kabul are not flying directly to united states. of the they are landing in u.s. military bases transit centers around the world. number two, at these sights where they are landing we are conducting scrutiny securing screen, for everyone who is not a u.s. citizen, or a lawful permanent resident and arriving in united states, undergone background checks. dagen: now, a republican senate memo is claiming that almost none, zero, of the 82,000 people airlifted from kabul in august were vetted before entering the country. joining me now arizona congressman andy biggs a
member of the judiciary committee, congressman, your reaction to this. too late now. >> yeah, dagen really it is. and we saw this coming, we put pressure on them to vet these people but kept saying oh, we are doing these screenings, they told american public this dagen to mislead them. when doing a screening they are doing testing in the u.s. database may be interpol would not do one-on-one vetting which is what everybody thought congress was pressing for it is what they were telling congress that trying to do this but they were not doing it. so they put entire country at risk, in the same person over that, same person over border crisis, homeland secretary alejandro mayorkas. >> james freeman jump? james: can you give us a sense while this going on obviously, a lot of our friends people we knew that
fought along side us translators troops u.s. residents in the country having difficulty getting out as u.s. was leaving. do you have a sense of whether eventually how many people that we wanted to get out we actually did is if and how many remain there? and -- what the status is? . >>. >> the numbers i've seen indicate that we brought something like 702 -- special immigration visas out those are people trying to get out. and so we left literally probably thousands there the implication that we didn't get those folks out we brought out a bunch of other afghan refugees did not get our siv friends out of there, that was the reason that we were supposedly having big airlifts to get our people out. we say americans left behind, and we also have, the folks that were helping us left
behind brought in a different group altogether. that is -- that is the travesty of this thing on top of all other problems with august of we left our friends and our citizens behind, brought over people that we didn't bother to vet don't know who they are. dagen: also, congressman, administration repeatedly lies to the public. just when they are caught in a corner they are instinct is to lie whether about the border, whether it is about -- you know, at what is going on in afghanistan, i could go on. >> dagen you are exactly right, i mean, you know they are lying when not saying anything or saying something these people just cannot tell the truth, the reason they don't tell the truth is because they are policies are terrible they produce terrible results and they don't want the blame. somehow trump's is blamed for everything if they can't bottom line president trump calm you racist if can't call
you racist they are just going to lie about everything the administration's mo. >> "build back better," the i call it the new century welfare monstrosity costs zero going to lower inflation? i mean -- the lies are bold and frequent. >> yeah, that is in my opinion that is what the left does, they tell big lies, because it is here to so blatant would you think rationale person normal person doesn't any anybody is going to tell you a big fat "porky" there, it is -- you know you think that they would be nuanced these folks are not nuanced they tell big lies mayorkas told us border is secure they're not telling the truth it is inconvenient requires -- >> he happy thanksgiving sir thank you so much for being here we will see you soon.
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toys this year. >> there's some really great hot toys out there, still available. i know we've been hearing a lot about toys being sold out, very quickly, due to the supply chain issues that we're seeing. those issues are starting to ease however some of the really hot toys if still there you are going to want to grab those because they are going fast once gone we are not sure if going to be restocked. dagen: just go through the hottest toys in your opinion. >> absolutely, so right on huge especially we got a cool one for the little ones called bumper cars cute licenses today spider-man, frozen mini mouse bumper coors for little ones 18 months and up spin around, they cruise,
one-mile-per-hour safe seat belt but if made it my size would i be on it, for older kid, it is six and up we love night hauc this is cool, low to ground ride-on, and that is also on a great deal walmart amazon, for 139 normally 180 dollars so we go great deals out there, also, a big motive this year stores obsessed again, so, stores like target are offering apply one get one off great brands products you want to head to target or walmart, go instored look for some of these products. dagen: . >> one of the other things that -- >> you go ahead you keep
going. >> have laugh squshmallows, great for all ages 12-year-old wants them kids want them soft, use anywhere you like hard to find they have a new line so adorable, i have here a cupcake super cute. >> hold up cupcakes that is adorable! my dog would eat it adorable so squishy. -- that little -- >> red ball on top that is gone injested. >> you were going to mention house of surprises, this is the kids dream house for their
surprise any other fashions playing with four stories tall has elevators twisty slide installed living the dream with this normally 229 dollars you can get it today, for much less than that, around 180 dollars, so, 170 dollars you want to get out you can still get them on line just checking, but it if not head out to stores we are seeing a lot of products just in stores some retailers holding them back for black friday so, as much as 85% of consumers are doing at least some of their shopping only, are more than ever before but head over to stores if you can't find it online really the way to go. dagen: jackie thank you so much for that, that -- lol surprise, surprises puts my old barbie dream mouse to
shame. now i want to live in these house of surprises great to see you. thank you so much jackie breyer. we are following a sell-off on wall street dow plunging amid fears of new covid variant in south africa we tell you more when we come back. . it's time for the ultimate sleep number event on the sleep number 360 smart bed. what if i sleep hot? or cold? no problem, the sleep number 360 smart bed is temperature balancing so you both sleep just right. and it senses your movements and automatically adjusts to keep you both effortlessly comfortable. so, you can really promise better sleep? yes! you'll know exactly how well you slept, night after night. we take care of the science. all you have to do is sleep. don't miss our black friday sale. save 50% on the new sleep number 360 limited edition smart bed. plus, 0% interest for 60 months. ends cyber monday
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dagen: we're following the stock market selloff underway on wall street, futures plunging. dow futures down more than 800 points over concerns about a my covid variant in -- new covid variant in south africa. treasury yields are plunging. there's massive panic buying of treasure -- treasuries. treasury prices are soaring on massive volume. this is according to market
watcher andy brenner. joel, your reaction to this. so normally we were expecting oil also sinking, it was down between 5-6%, down about 5.5% at the moment. european stocks are lower, asia was lower. joel, what do you make of this selloff? is it overblown? >> we have to remember today's friday, black friday, we have limited trading hours and markets close at 1 p.m. so it could be an overreaction. we have had latest development with belgium, israel, hong kong as well as south africa. markets are reacting strongly, but we are seeing pockets of opportunity. zoom video's probably way up today. peloton is probably up today, probably see netflix up today. so investors should not panic. if you're looking for opportunity to put cash to work, certainly, you know, t-bills are rising with the flight to quality, but you're going to see pockets of opportunity in some
stocks, the covid stocks. it may not last. i'm sure next week we'll see something different. dagen: james, real quick, your final thought. >> yeah, panicking is never if helpful whether it's investing or dealing with covid or anything else. this too shall pass. dagen: right. the government panicking with the reaction that does nothing except crush the economy and people's lives and livelihoods. thank you both, gentlemen, james and joel. "varney & co." is up, david asman -- david: hey there. good morning to you, i'm david asman in for stuart varney. futures taking a nose dive after news of a pennsylvania-spreading -- fast-spreading covid variant in south africa. britain has suspended flights to six african countries amid the news. world health organization has called a special meeting to discuss new variant. oil is dropping well below $80 on