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tv   Varney Company  FOX Business  January 12, 2022 9:00am-12:00pm EST

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now it might be too late is high. maria: has the market been underestimating, we have a 10 year option today at 2:00 pm and lyle brainard will have a confirmation hearing this thursday. dagan mcdowell, bob nardelli, thank you for joining us, the market is trading at 129 points on down the street, have a great wednesday, "varney and company" begins right now. stuart: good morning. jampacked show dealing with inflation and angry and divisive president and collapsing covid policy. you will see a lot of numbers thrown around about inflation but here's the one that counts which consumer prices went up 7%. the strongest inflation number since 1982. the previous reading showed an
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inflation rate of 6.8% so inflation is up. here is the market's reaction. the dow is going to be dow up 100 points and the nasdaq well up 135 points. inflation spikes and the market goes up and the yield on the 10 year treasury moving down to one.72%. inflation spikes, interest rates go down. bitcoin on the upside reaching 43,$950 as of now. that is the market reacting to inflation. president biden delivered an angry and divisive speech on voting reform. he is prepared to do away with the filibuster to pass the freedom to vote act. if you don't agree with him you are a racist but it is just pure desperation. senator manchin is having none of it. the president's covid policy near collapse, the testing kits he promised are nowhere to be seen, vaccination mandate on business is likely to be struck
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down by the supreme court, omicron rages through, just got the numbers, 752,000 new cases reported yesterday. the only bright spot is there are so many new cases we must be near the peak. transportation secretary buttigieg missed his first and only appearance at the port of los angeles, fixing the supply chain crisis. the mayor of los angeles says buttigieg saved christmas. this is no joke was a wall street journal opinion piece, hillary clinton 2024 election come back. it shows the total lack of bench strength in the democrat party. we will bring you the story of a 5-year-old girl who tested positive at school. and here's the asks her mother are you ashamed of me? that is what happens when the president of the united states blames people forgetting covid, not the virus itself.
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wednesday january 12th, 2022, the mad as hell version of "varney and company" is about to begin. ♪♪ stuart: the inflation numbers. we have the number. break it down for us. go. lauren: inflation at the fastest pace since 1982. consumer prices rising 7% from last year. if you x out food and energy they run 5.5%. food up 6.3%, gasoline up 49.6% and when you look at real average earnings taken from the job data and subtracting inflation from it, this is your story, wages fell 2.4%. that means americans are 2.4%
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behind inflation. that is the political story for you. stuart: that is a big story. let's move on to jim lowell, market watcher of the morning. why is the market up when inflation is spiking? >> this is a market that is looking right through omicron, looking to inflation, seeing the economy is in rebound mode. maybe we will come off of the torrid pace of growth we experienced in 2021 with the fed fuel planning that flame. the market understands the fed even if it starts tapering, starts delivering rate hikes faster, it is not going to remove so much stimulus to derail, the sense that this is a riskless time to be investing. it isn't but that is the false sense that the safety net the fed continues to cast creates.
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stuart: why are interest rates, the yield on the 10 year treasury, why is it down this morning right after the report that inflation is spiking? explain that one, one.71% now. >> the bond market last year was basically singing a cautionary tale about inflation and getting nervous about deflation but today we are seeing a bond market that is effectively circling around the city of stimulus waiting to see what sort of stimulus does get removed from the marketplace although as soon as the fed starts feeling bad we may see washington dc pumping trillions of dollars of money back into the system. bond market is a little nervous about inflation long-term. today, and knee-jerk reaction. stuart: back to the market, the stock market. do you see a positive outlook for stocks in the immediate future? >> yes i do and i think the key
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word is stocks. knothole markets which i wouldn't be a buyer of index funds. i would be willing to put on my covid and put in any market where there are opportunities. last year, 70 plus record highs, stocks in the s&p 500, more than 2 thirds of the stock, were 20% below their peak highs. there is opportunity in the us. there's more opportunity in the carnage of the foreign markets. stuart: thanks for being with us on an interesting day. good explanation. see you soon. fed chair jay powell appeared before congress tuesday. everybody wants to know when he will raise rates and by how much and when he will print less money. what did he say? neil: was less aggressive than many people thought because it
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was a confirmation hearing. he firmly made the case for tighter monetary policy starting with ending asset purchases and taking rates and allowing the balance sheet to run off when he didn't push back on march. powell made the point the economy no longer needs economic stimulus and he was optimistic that the supply chain issues with ease this year and that could bring inflation down. it is not happening yet but it could happen. stuart: 7% year on year. let's move on. president biden was in georgia yesterday pushing the democrats weeping voting reform plans. charlie heard with us this morning, the president will blow up the senate just to make sure you don't have to show id when you vote. that's my reading of it. why is he doing this? >> it is incredible and when you look back at all the things they have not launched a nuclear option for, key
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projects like the green new deal, like dealing with the other issues they put their voters care most about. the reason they are doing it for this is what they care about is holding on, cementing their own power in washington and that is what the voting rights bill is all about, not about an franchising more voters, not about eliminating people from voting who shouldn't be voting. it is all about cementing democrat power in washington and they are willing to break the system to preserve their power. that's what they care about. he was angry yesterday. listen to what the president says about people who disagree with his push for voter reform. >> i know where i stand. i will not yield. i not flinch. i will defend the right to vote. our democracy, against all enemies, foreign and, yes, domestic.
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the question is, where will the institution of the united states senate stand? stuart: domestic enemy? is that code for racist or something? what is it? >> absolutely when you add on top that he accused everybody opposed to him as being old connor. this is a demagoguery we have never seen in modern times in politics and coming from a guy who has been in the senate for 36 years and let's not forget democrats have employed the nuclear option more than republicans have over the past decade. this is not some right-wing crazy racist thing in the senate these days, this is how the senate works and president biden knows that. he's been here for a long time. is want to blow it up to preserve their own power. stuart: do you think it happens? joe manchen, senator kristen
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sinema, i don't see how he can blow up the senate in the filibuster? >> people like kristen sinema and manchen will not go along but you will be surprised by how many democrats will also flinch. it may not be more than 10 but i suspect fewer than 10 democrats who will get up to the brink and say this is too ugly for me. they are hiding behind joe manchen and kristen sinema. stuart: build back better virtually gone, voting reform in deep trouble. covid policy struggling at best. this thing is falling apart. >> it is. wall street might like the numbers out today but regular voters do not and there is a volatility among voters i have not seen in a long time. people are very upset and the people that are upset are democrats who control every lever of power in washington
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but i would warn people that this is a very dangerous time because you are exactly right. president biden's agenda is falling apart, they are losing control even in washington where they control everything even with control they are losing control of the situation, that makes them desperate and dangerous. stuart: thank you for being here this wednesday morning. futures suggest we have a market rally coming up in a few minutes time spiking inflation,
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stuart: you are looking at daytona beach, florida, 72 degrees, no wonder people move out of new york, it is freezing here. check futures, rehab a rally in progress. it is not huge but the nasdaq is up 100 points. covid hospitalizations hitting the record highs. however the ceo of pfizer says we will likely need a vaccine
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that specifically targets omicron. when could that vaccine be ready? >> could be just a couple months. the ceo says if and omicron specific vaccine is needed, could have it ready by march. he also predicts as the world transitions to a new normal where's the sars covid 2 virus is endemic and we are able to live with it and manage it covid 19 vaccines may become an annual shot for most of us just like. shots which are updated each year so high risk patients received doses even more frequently than that. speaking at chamber of commerce online leadership core him, the world is in a much better place to deal with covid because of a thriving life science sector when the pandemic arrived.
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>> this sector is one step up to produce the diagnostics, to produce the vaccines, reduce treatments. it was this private-sector that made the difference in our lives. >> us covid hospitalizations have topped the record set january, the caveat that many patients came in for unrelated conditions and tested positive for relatively milder, a sympathetic covid infections. omicron may pose lower risk of severe disease to the average individual its disruption on the nation's hospitals is severe because infected staff even with mild cases i generally asked to stay home for 5 days so they don't spread the virus to their patients, many of them in high risk categories. k dfw fox 4 reports in the dallas suburb of denton county, wait times at some hospital emergency rooms are as long as 10 hours.
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stuart: i wonder if they will make and omicron vaccine mandatory. we shall see. thanks very much. let's bring in former general of the united states, doctor jerome adams. i think president biden's covid policy is near collapse, vaccines don't stop omicron, we may need endless boosters and no tests available. could you label that a failure? >> it is not what we were promised when he ran for office when he promised to control covid or what he had been telling us for most of the year. you heard a shift recently where they put more on the individuals in states which ironically is what the trump administration was saying and doing but here is what you need to know. since i'm on your show in your the expert in this, if businesses take control of it we saw the united airlines ceo saying they had a person dying every week from covid before
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their vaccine mandate. once they put it in no more. i always said this should be handled at the business end, not the federal level and incidentally president biden agreed and said there's going to be no federal your for this pandemic, it is about all of us doing the things we need to do to stay safe, stay in school and stay in business. stuart: we got the numbers early this morning of 752,000 new cases reported yesterday. that is a little below monday's record high but beg the question are we close to the peak? >> the united states is so much bigger as a country than germany or the uk or many other places so we see these peaks come up in new york and then go back down and pop up in chicago and come back down and pop up in new orleans so we see rolling peeks across the country so i think we are going
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to be over the worst of this in the next four to six weeks. as you highlighted hospitals are at capacity, the breaking point. people need to think about what they can do right now to get vaccinated, the highest-quality masks, to get through the current surge. on the other side i am hopeful things will be better because we have more vaccinated, baseline immunity from being infected by omicron and the recent delta surge. stuart: once we get to the other side of the omicron surge, do we relax a little? >> covid slaps us in the face but something you mentioned, the ceo of pfizer said we need to tell people, this should have been seen as a three dose vaccine. what you get your 3 doses you have a good baseline level of protection and i do believe prior infections should tell us those doses or exposures. once a year follow-up dates, we
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will need and omicron vaccine, the truth is we can't keep chasing our tail and putting out boosters after every variant. the fact is usually by the time you get there it is too late, that surge has gone through. stuart: doctor jerome adams, thanks for joining us. yesterday we told you about québec, canada saying you've got to have the jab if you're going to buy alcohol or marijuana. the authorities are adding to that, what are we doing now. >> it is a contribution to society and the healthcare system where 10% of an vaccinated adults make up half of icu beds. we don't know how fast it will be but it is, quote,
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significant, they are going to pay it. at this point after all these years if you've chosen not to be vaccinated you are not going to be vaccinated. people will move out of québec. stuart: i have no idea what the end results will be but it is another a moment of declaring war on the unvaccinated. which is not terribly productive. thank you very much. >> vaccinated people are getting covid. everyone who has had it recently is fully vaccinated. what is with the vaccines? check futures again. look at the nasdaq up 116 points. "the opening bell" is next. ♪♪ clap your hands ♪♪ ♪♪
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>> in regard to how bad it is going to be at is a function of how many rate hikes we get. maybe this is why i have the nickname common sense bull and that is what is where handle is, but don't try to overcomplicate it. the fed has loose monetary policy reducing rates last year and made risk assets at all-time highs. what do investors think will happen to the same assets when they do the opposite? when we look at the timing of this here's the market call short-term we told our client about yesterday, the set up his for one last many reflation trade because we think we will hit peak in regards to this new variant and then get the reflation a trade and in my opinion that will be the last opportunity to the risk and do the things we been good doing for clients and talking to folks about.
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the last reflation a trade in my opinion they will be strongly happy they did that when we look 6 months out. lastly there is no way the market has priced in four rate hikes. of the fed price to four rate hikes this year and you have a lot of risk assets you better put your seatbelt on and maybe even helmet because there is no way the market can handle that much hawkishness after what we just went through. stuart: why are you starting to buy gold and how are you buying gold? what is it? >> we just put on his position last week when gold went under 1800 and involved the etf for our clients. the inflation numbers hit were really hot today, we expected that. we are at peak inflation and it is not going to come down a lot
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but we are at the peak, that the time to buy gold and gold is a risk of trade and i would argue the correction has already started when you look at crypto and small caps, always had the high-risk first before it rolls and the broader index. the broader index here within the first 6 months. stuart: eddie gaber, common sense investing, see you again soon. we are looking at a modest rally pretty much across the board. here we go. it is wednesday january 12th, 2022, and we are running. 36,00360 is where we are and if you look at the dow 30, the vast majority are in the green, they are up, the s&p 500 opening higher about 0.4%, a solid game, 18 points higher and the nasdaq composite expecting a solid gain and we've got it, up 0.7%, 15,200. big tech is where the money
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still is, all of them high with the exception of meta-platforms. microsoft apple, google, amazon and meta-formerly facebook, on the upside this morning. there's a big loser and that is bio jen, what is the problem? >> and biogen's controversial alzheimer's drug wasn't that effective. biogen initially wanted to charge 56,$000 it had to back down after the outcry and controversy and what is the controversy? if approved, less than 25% efficacy according to those late stage trials, lose $3 from here. >> it is down 8% as we speak, a big drop.
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the door theash, what is the news? >> mark mahaney, one of the regulars you speak to says it was outperformed with $256, strong fundamental asset he says and stock is off 40% from its peak but also 40% as well, i was listening to your eddie go bore interview and the funds rate is pricing at three quarter point heights not four but three, we move 30 basis points in 10 days fully priced in. stuart: i guess so but i guess that is why the market is doing reasonably well despite the inflation numbers because if you just got three rate hikes over the course of the year that is probably manageable. that may be the case right here. show me paypal down a little bit, a little bit of a downgrade. okay?
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>> it was down more than this in the premarket so i would say paypal is one of the big disappointment in the stock market over the past two years with jeffries downgrading paypal to $200, only hold, not a by and ac there aren't a lot of positive catalysts left for paypal, ship to online near-term and it was a big underperformer last year. paypal is down 20%, over a quarter, 25% on the s&p 500 and if we are talking analyst calls, shopify to outperform, by atlantic equities, choosy or listening to and they are upgraded by barclays this morning to overweight worth $320 so if you're looking for performance there's an upside. stuart: some of these analysts have real influence. mark mahaney moves that stock up.
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dd getting ready to d list from the new york stock exchange. is this a chinese electric vehiclemaker pulling out of america? >> the uber of china and they are struggling. they started talks according to these reports and continuing the process to delist the exchange, it is well illustrated. it has been a disastrous us ipo, went public at 14, and us investors who bought into dt, there could be a 1-for-1 swab to move their ownership to hong kong if they were interested. if they were interested in holding this was stuart: americans lost some money there. i see this headline, general motors new marketplace. >> this is an interesting strategic shift for general motors and gm. they are outperforming so far this year with higher yields moves we've seen and what gm is
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doing is the new name of their market place, car bravo, dealers sell used cars online. that is competition for used car online sellers like carmax and the like. used car prices last year jumping by a lot, most since the 1950s with lack of chips, the new car is available, gm does this direct in the second used car market, a big competition. stuart: big competition, a smart move, isn't it? what is wrong with that? dish back in talk with directv? stock is up to present. >> you have been watching this for 20 years, back and forth, directv, tpg group, private equity group, we know it but directv when valued over $16 billion is not valued at 16
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billion anymore with a cord cutting we've been seeing, 5% plus each year, really a rethink on how to survive in the streaming age. the government might be more lenient in these industries because it was the heck up. that was the brakes but the government and doj did not approve the large merger. stuart: if i could get all the programming i need on my ipad i might cut the cord but i can't figure out how to do it yet but you heard it first. >> an infection point for the consumer. stuart: put them up on screen, microsoft in the lead, up 5 points. i will still take that. home depot is in there. nike is in there as well. s&p 500 winners topped by freeport mcnamara, an energy company. the lady will show you the price of oil which is up this morning.
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nasdaq winners doctor applied materials etc. etc. zoom is back on the list. check the big board. 100 points higher after 6 minutes of business and the 10 year treasury yield down to one.71% despite a spike in inflation. the price of gold well above $1,800 an ounce again and the price of bitcoin back to 43,$000 a coin. 8197. that is why energy companies are doing well today. natural gas, watch out, cold snap in march of the country, using more natural gas to heat our homes to price up for 55 per million british thermal units was the average price of a gallon of regular gas $3.30 week in california, $4.65. explosive emails reveal how
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biden's own education secretary pushed to call protesting parents domestic terrorists. how about that? no surprise, the report show 40,000 illegals released into this country with instructions to report to ice, they have all gone missing. the white house sending hundreds of millions of your taxpayer dollars to afghanistan designed for refugees but seems like it is just lining the taliban's pockets. florida congressman michael walsh fired up about that. he is on the show coming up. ♪♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan
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california, 44 degrees this morning. check big tech, some movement on the upside except for meta-platforms, the only one losing ground. ray wong joined me, big tech specialists, i do to know, will facebook exploit the meta-verse and how? what will it mean to me, this meta-verse through facebook? what is it? >> they are investing $10 billion, see them sell 10 billion units, we don't have to 4 numbers in place but what they are trying to do is diversify from their ad business so other businesses as report on quarterly earnings is often less, portal, that represents 2.5 to $2.7 billion in sales for the end of 2021, that is 3% of total revenue. they have to get there to be
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more relevant and address a younger audience and diversify from the advertising. stuart: to this meta-verse from facebook, not sure how to use the words, do i have to wear these goggles? is that what it is all about? the oculus thing? and what do i see when wearing the goggles and i am in the better verse? >> in facebook's meta-verse, you start by using the goggles, virtual reality of the goggles get you into a world, you see it used in the gaming world, they produce their own versions of that and even in robhello x it is built over time. facebook has outsourced a lot
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of that development and continue to double down next year to do that but when we get started it will be 3-d world, some gaming environments, live sports that way, we might participate in terms of role player games we have in the past and other players jump in like unity, epic, players in the meta-verse and chip manufacturers, qualcomm and nvidia and intel wants to participate in terms of being part of that meta-verse. stuart: never asked you about this even though you are a big tech high-tech guy, what about an ftes? >> 99.9% of them are not worth anything but the tokenization of digital assets is important. stuart: what does it mean? >> making a digital asset, a fractional piece of it, make it an avatar, might auction off and art piece, or fractional
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share of something, anything can be tokenized, the question is is it a value traded in the network and that is where you see crypto currency like algorithm or salon oh, they are in the middle of those transactions. and the more likely that will have value. it is a landgrab. which browser is going to win in 1996, which website will dominate e-commerce in 1999. we don't know. we are just at the beginning. stuart: very good explanation. we see it again real soon. security regulators revealed the top threat to investors this year. what is it? lauren: crypto currency scam. it was a terrible year for that, where investors build
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$14 billion worth of crypto. the biggest thing is they are unregulated for the most part, they don't use an intermediary like a bank to transact and are very volatile not to mention new to the public who might not understand the pitfalls potentially. stuart: i saw the headline that kim kardashian and floyd mayweather junior are sued for potential crypto scam? lauren: a class-action lawsuit claims the celebrities took part in a puff and dump they say created deceptive narrative about a coin caused ethereum max even though the suit says has no real belief in the product. it is interesting, floyd mayweather was paid $40 million and for one of his fights he were boxing trunks, $30 million to do so. don't know if kim kardashian was paid but she touted this coin to 270 million instagram followers. remember when she did that we
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saw the financial regulator in the uk come out and say this is bad, investors will get hurt because she was pushing a brand that was new and it was a completely obscure crypto token. stuart: arkansas trying to lure tech workers to their state with crypto. how does that work? >> 10,$000 worth of bitcoin, mountain bike. if you're a tech professional or entrepreneur and looking to relocate to arkansas they want to beef up their tech sector and playing more crypto currency is the way to do it but they relocated there. arkansas is working to get more tests to their states. never heard of bitcoin incentive. stuart: we've got one big university disenrollment vaccinated students. talk about pressure on these kids. still waiting for those covid
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stuart: testing sites across the country struggling to keep up with demand. how long do people have to wait to get their results back? >> sometimes over a week, it is up to multiple weeks. we are dealing with a perfect storm, supply chain issues, lack of ordering tests to be prepared for it omicron, whether struggles, this is a perfect storm. when it opens you will see a line stretch down the block and when the negative test result is required to go back to work americans are extremely frustrated. why is it taking so long?
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you have labs that are overwhelmed and understaffed with labor shortages, new jersey is even changing some sites from pcr to rapid tests and that is confusing many patients when the messaging is the gold standard was on top of that testing lines are so long that some patients are paying $100 or more to get rapid results, they can't afford to take time off work to go test, many can't afford a large sum either the president mandated private insurance cover the cost of testing, doesn't take effect until this weekend. the of the most frustrating americans are parents and teachers. governor newsom in california sent 6 million tests for students to safely return to in person learning after the holidays but only 3 million arrived. >> the shortage is real but 80% of our members are telling us they either have a testing shortage right now or will have one in the near future and 90% saying the shortage is in their own communities so i think it is significant. from what we can tell mostly a supply chain problem. >> reporter: the white house
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announced they will send 10 million tests to help with this issue but with all these challenges it big the question whether they will arrive on time. americans need relief to go about their daily lives or to go to work. stuart: americans are frustrated with covid as we speak. back to you later. the cdc director says covid cases on cruise ships surged in the past couple weeks. how big a surge? >> paralleling what we are seeing on land. doctor wolinsky didn't provide exact numbers, the increase on cruise ships was staggering. here you go. >> just over the last two weeks with omicron we've seen a 30 fold increase in cases on ships during this season because of omicron. >> reporter: i can tell you every ship that is sailing, 91
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have omicron but it is a scare tactic because you have constant testing on the ships and the latest data we have numbers for covers the end of the summer and there were 5000 infections. out of hundreds of thousands of passengers. you can make your own assessment. cdc has the safety protocols they have been mandated to keep passengers safe on ships. they expire on saturday so what happens then is voluntary, cruise ships and cruise lines can do what they want to keep people safe? stuart: passengers can make a run choices about the risk they wish to face. i've got to go but to check the markets, we have a nice upside move real fast. nasdaq is up 113, dow is up 171. despite a spike in inflation. more on that coming up. wisconsin congressman brian steel on the show shortly. new york august and lee's eldon wants to be the governor of new york. we will be back.
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♪ ♪ stuart: all right. good morning, everyone. it is 10:00 eastern time. it is wednesday, january the 12th. let's get straight to the money. we've got a rally in the stock market. the dow's up 174, the nasdaq up 134 despite a 7% gain in inflation over the past year. 7%. that's a record high going all the way back to 1982.
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even so, the market's rallying, and the yield on the 10-year treasury has come down to 1.73%. can't really explain that, but that's what's happening. bitcoin going up, $43,800 per coin. that's the market action after the inflation numbers this morning. now this. the president is prepared to change everything in the senate just to get his version of voting reform passed. the integrity of our voting system is at stake. one issue that really stands out to me is id, identity. biden insists you should not have to show it to vote. the freedom to vote act would allow same-day -- that would be election day -- you walk up registration without having to prove you are who you say you are. no ild. can you imagine? to get on a plane, you need id. to get into this building, you need id. to eat in a restaurant in new york city, you need id and your
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vax papers, please. but to vote in oh, no, can't have that. democrats claim it suppresses the vote. that is nonsense. it's an opportunity for fraud. how long will it be before illegals walk up and vote without id? this is vast overreach. once again this president has handed over policy to the far left. he's off the rails again. he has abandoned unity, calling anyone who opposes his voting reform racist. how divisive can you get? maybe he thinks he's got to do something because his base is staring at empty shelves, inflation, closed schools and a chaotic covid policy. but you should not be messing with the integrity of elections just to satisfy the squad. this is desperation, and the mark of a failing presidency. we're only one year n. you have to wonder how we can get through another three. second hour of "varney" just getting started. ♪
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♪ stuart: liz peek joining me no morning. liz, the president is risking it all just to get non-voting. why is he doing this? -- non-id voting. >> you know, stuart, i think this is an incredible hail mary from a president whose party is losing their grip on minority voters. let's talk about the facts here. 35 states have voter id laws. do we really think all those states are full of racists? i mean, this is ridiculous. polling has shown 80% of americans approve of voter id laws including most minority voters. you would think, stuart, a president who is only thought to be a legitimately-elected president -- that is to say 46 of americans think this president is legitimately elected -- would be more concerned about the legis jilt massey of our -- legitimacy of
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our elections than in this racist approach. i find this mystifying because the one thing we absolutely cannot do after the 2020 elections is make voters more anxious about the security of our elections. stuart: right. exactly. >> and that's what joe biden wants to do. stuart: senator schumer says there will be a vote on this voting legislation no matter what. do you think it will pass? >> no, i don't think it's going to pass. obviously, joe manchin and kirstin sinema are standing in the way of reforming or changing filibuster rules to allow it to pass. i think, again, the party is meetly undone by -- completely undone by the sinking poll numbers of the president, the fact that more hispanic voters are trending republican right now and even more black voters are questioning whether inflation of 7%, lower real wages, closed schools, etc., is really working on their behalf. i mean, what joe biden has done for the little guy, for black voters when real wages are declining by 2.5% on an
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annualized basis, this is reallt kind of losing it. and i think they're just not willing to apply themselves to fixing what's wrong, trying to come up with sensible covid policies, policies that might stem inflation, etc., so they're kind of wheeling around on this voter id thing which i don't really think most americans are particularly fascinated by. and, by the way, talk about the bigotry of low expectations. do they really think that black americans are unable to secure an id? that's preposterous. stuart: it's an insult actually, isn't it? >> it is, it's insulting. stuart: you've got to have an id to get into this building, to get on a plane, to go everywhere these days. ah, but we're looking, you know -- that is condescending towards african-americans. you can't make it like this -- >> that's exactly right. stuart that's a terrible thing. liz, i'm glad you're on the show this morning, we appreciate it. see you soon. >> thanks for having mentioner stuart.
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stuart: sure thing, liz. european officials warning about booster shots. what's the big concern, hawn? lauren: they say repeat boosters doled out every four months or so could weaken the immune system and tire people out. so the recommendation is leave time in between the shots and then tie inoculation with the start of the cold and flu season. not to mention it's probably not possible, definitely not popular to keep, you know, shooting up people every four months or so. stuart: shooting up -- [laughter] interesting choice of words, shooting up. but i take your point. endless shots tire you out and lower your immune system. come on, isn't it obvious? all right. during a press conference senator ted cruz, he got very frustrated with questions from reporters. take us through what happened, lauren. lauren: okay. so the senator was one of several republicans. they were speaking out against changing the filibuster when a
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appropriator asked senator cruz, hey, you're not wearing a mask. how come? you're going to see his response and how he slams the podium two times to make his point. watch. >> just once i'd like to see a reporter say to joe bide when he stands at the [bleep] podium in the white house without a mask, mr. president, why aren't you wearing a mask? just once i'd like to see you say to jen psaki, the press secretary, when she stands at the podium with no mask, ms. psaki, why don't you have a mask? identify got to say the american people see the hypocrisy. lauren: i'm going with double hypocrisy because he was talking also about 27 democrats who signed a 2017 letter saying the filibuster should not be changed when they were in the minority. so you have that and and the masking -- stuart: it was a reporter who said to him, mr. senator, why aren't are you wearing a mask. that's when he responded just once i'd like to see you ask the same question to the president.
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[laughter] he's fired up, that guy. lauren lauren yep. stuart: let's get back to the markets. you'll like what you're seeing because the dow's up 170, nasdaq's up 116 despite a 7% inflation rate. michael lee with us this morning. michael, if the fed goes to war on inflation, wouldn't that bring the market down? >> you'd think, stuart. and as you've been calling the super bowl for the past, i don't know, eight or nine months, that's been my number one concern, the fed coming in and getting too aggressive. getting aggressive in what they think is the best course of action to curb inflation and sop the economy from overheating and derailing the market completely. i would say for the moment we're a little bit range bound. we're just kind of getting back a lot of what we've lost after the minutes were released last week. the minutes get released shortly thereafter and the market collapses, now we're back above
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those levels. so if we start going from three hikes to six hikes, if we -- if the fed if starts actively tell -- selling securities, there's a lot the fed can do to derail this market to try to tackle inflation. but until we see --ing. stuart: sorry to interrupt you, michael. i apologize, i really do, but the fed doesn't want to upset the market. the fed surely doesn't want to see the market just tumble bigtime, so the fed surely is unlike likely to go in for four or five rate hikes, surely. >> you know, stuart, i agree with you. i think that's the recovery you're seeing in the market. a lot has to do with powell's testimony the other day just keeping, you know, being cool hand luke, keeping measured comments. he was obviously wrong about the transitory inflation and now that they've pivoted the other direction, he hasn't done so in a brash manner, and i think that's what you're seeing in the
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markets. and you've got to remember why, why are they raising rates? because the economy's getting better, albeit at a low lower rate, but this is an improving rate. we have many years left in this bull market. stuart: but we might be able to see, i think we can see, the ore side of the covid surge. in the very near future and i would have thought that was a positive for the market because, you know, you get back to work trades, travel trade back again. you see it as a positive? do you think we can see the other side yet? >> it kind of depends where you're coming from from the covid prefer -- perspective. for those in the northeast, you can see that this omicron should be the edge of it given the really -- end of it begin the really light symptom and the massive case numbers as the life cycle of the virus is much less deadly, hopefully this is the end or near the end. you're starting to hear a lot of that out of the cdc and trying to cover from the
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administration. hopefully you're right, hopefully we can put this behind us and get back to living our lives. stuart: i never asked you, but where are you broadcasting from? where are you? >> i am on -- in south africa with the family, so we'll be back in the states next week. stuart: you're in south africa right now in. >> yes. north offer the bin. stuart: every time i've done an interview with somebody overseas, i get this awful echo and delay, it's impossible to do an interview, but you sound like you're right next door. glad i asked, michael. >> technology. stuart: mike, come back soon. we'll see you later. thanks very much. >> thanks, stuart. stuart: lauren, robinhood moving a little bit. what's the story? lauren: oh, bummer. it was up.5% just -- 4.5% just moments ago. [laughter] i think it sold off so much from its $85 high, but this is the news, i think you're
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going to like it, a majority of their workers will stay home purchase -- forever. they're going to become a term pent concern permanent work from home country. stuart: does it lower the cost? if you don't have to maintain huge office structure with rent and all the rest of it, i would have thought that would cus costs if you can do it successfully. lauren: it does cut costs, and they made a comment that they're not going to adjust salaries, at least not yet, if you decide you ain't ever going to the office. stuart: johnson and johnson is down 1.6%. why is that? lauren: another warning for their vaccine, risk of a rare bleeding disorder. and the fda says it shouldn't be given to people with certain existing medical conditions. snowflake flake got an upgrade at barclays. they say the recent selloff has create an attractive entry point, and they are best in
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class when it comes to retent rates -- retention rates amongst their customers. stuart: thanks, lauren. fed chair powell says there is no longer a need for aggressive stimulus. watch this. >> the economy no longer needs or wants the very highly accommodate i policies that we've add in place to deal with the pandemic and the aftermath. stuart: but the democrats still want another round of stimulus checks. we're on it. confused about the covid protocols in your children's school? you are not alone. school districts are charting their own course, but it all depends on where you live. a report on that coming up. president biden's education secretary facing calls to resign after newly uncovered e-mails reveal he asked for the controversial letter comparing protesting parents to domestic terror es. terrorists. ♪ ♪ -- back again. maria: -- back again for more.
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we're here today to set the record straight about dupuytren's contracture. surgery is not your only treatment option. people may think their contracture has to be severe to be treated, but it doesn't. visit today to get started. ♪ stuart: parents across the country are just trying to understand if their kids can stay in school. mark meadows joins us. mark, the biden administration says schools have enough funding to stay open, so why are they going -- so many of them -- why are they going online? >> cha's what a -- that's what a lot of parents want to know as well with. as you mentioned, the school semester off to a rocky start. there's confusion over testing, masks and even isolation period, but the cdc says schools can stay open because of what they've been able to do ahead of
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the surge in cases especially for in-person learning. the government is recommending everyone in schools wear masks regardless of vaccination status, but even kids who are exposed to the virus may not need to go home especially as long as you think. >> new science that demonstrates test to stay. this is where a child might be exposed in the classroom, but they're exposed, they don't have to stay home and quarantine, they can test every other day or twice a week and say in the classroom safely. >> reporter: today the white house announced it's going to be distributing 10 million additional tests per month directly to schools to help kids state in class. the administration says it's one of the many steps it's taking. we know there's going to be 5 million additional pcr tests per month going to schools. the government's looking to create federal testing sites on or near school grounds, and we are expecting to see more guidance for schools later on this week on how to stay open. but critics saying throwing more
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money at testing is not going to solve the problem. this week two republican senators sending the education secretary a letter demanding to know where all this money has been going. they are demanding a, quote, full accounting of the department of education and how it's using its covid relief money. a lot of people wondering, as you mentioned, why schools are closed if all this money has been sent out. stuart: $129 billion. where did it go? mark, thanks very much, indeed. yesterday i was joined by karol markowitz. she had left new york and took her family to florida. because she wanted the schools to improve. listen to what she had to say about the florida schools. proroll it. >> little things like they're allow to interact with their classmates. my daughter met a friend, sat with her at lunch in the cafeteria as if they were normal middle schoolers. this does not happen in new york whatsoever. stuart: yeah: no masks, talked to each other, socialized. education. naomi shaper -- schaefer riley
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joins us. in florida they eat together, they work together. naomi, why can't the rest of the country do that? >> that is a very good question, stuart, and many of us are wondering whether western be joining karol down in florida right now. [laughter] no, it is a very good question. the evidence shows that masks are doing nothing, and instead of the logical conclusion which is take off the max, now you're getting people saying, well n that case, we need to put kids in n95 masks to make it more difficult for them to breathe and socialize than it already was before. it's really insane. stuart: education secretary cardona is facing calls to resoup. heed asked for that let -- resign. should he resign? >> absolutely. i mean, and, frankly, the biden administration should be doing everything it can to distance itself from this notion that they're in a war against parents
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which it seems like they are. i mean, right now just to look at the polls, you know, 53% of americans think the greatest has to kids right now from covid is academic loss, is loss of educational opportunities according to a rasmussen poll, and only 31% think it's actually getting covid. so it's clear that public opinion is against the administration on this issue and the idea that they are calling parents domestic terrorists, that their own education secretary was involved in soliciting this letter, it's outrageous, and they are going to pay for it at the polls. stuart: why don't we see a real push for more charter schools or the use of vouchers to let parents decide where that education money's going to be placed? why is there no furb -- push for this when the public schools are failing so obviously? >> well, there are a lott of people pushing for it, they just don't happen to be in the administration. the democratic party's coffers are lined by the teachers
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unions. they are one of the large largest givers to the democratic party, and they are caught between a rock and a hard place. the teachers unions do not want charter schools. the cuny agency that allows charters to open -- [no audio] stuart: ah. that's what happens sometimes on live television when you're working on remote. things freeze so youn't can't get the full answer a. we'll get naomi back at some point in the near future. students at one high school staged a walkout. lauren, where was this and how many walked out? lauren: it was the prestigious brooklyn tech high school, 6,000 students there. hundreds of them walked out. they were joined by others in the district. okay. thought a lot about this one. so the students want to bring back remote learning. that's unavailable to them right now because new york city just doubled down on keeping
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classrooms open. mark was talking about this, test to stay option meaning, look, some in your class contract the virus, you test negative, come to class, it's all good. they're saying that's too dangerous for us, and they want the school to bring back remote learning. but if you look at the parents in chicago, for instance, the union said let's do remote, and they said, no, it was so bad, we will never do that again. so what happens here? do you have to beef up remote learning as well to satisfy everybody? many what do you do? but these are, for the most part, you have to pass hard tests to get into brooklyn tech and some of those scoops, and these kids want -- schools. these kids want to be in the classroom, yet some of them are scared. go ahead. stuart: these are the students, this particular high school, they're tech savvy. they can do well on remote. they can handle remote. there's an awful lot of kids who are not tech-savvy, nor are their parents, who can't handle remote.
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it's a difficult situation brought on by the pandemic, and there are no easy answers to this, although i personally would like to see the unions -- see the public schools deunionize, but i'm just an extremist. you know how i am. thanks very much, lauren. see you later. still waiting on your covid test results? don't hold your breath. states like california and new jersey are so backed up, they're transitioning from pcr to rapid tests. we've got the story. businesses across the country left to pend for themselves as -- fend for themselves as police departments struggle to keep and hire officers. madison alworth has our report next.
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you're a one-man stitchwork master. but your staffing plan needs to go up a size. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit ♪ stuart: stock market's rallying across the board, especially the nasdaq, up 136 points. maybe that's because interest rates are actually heading down. the yield on the treasury, the 10-year treasure ice, 1.73% each though we've got a 7% inflation rate, the highest since 1982. interest rates down, and that's really helping the nasdaq composite over big tech. anding hook at this, the price of oil, for a barrel of oil, has gone up to $82 a barrel. you know what that means, just a few days down the road the price of gasoline will start to go back up again.
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$82 for oil right now. we're looking at some movers including lyft which is down nearly 4%. you've not the story, lauren. lauren: so it comes from ever corp.. they said the omicron variant mitigated any potential upside for them. they're worried about their revenue growth this quarter. they've seen degradation across the board when it comes to broader mobility in the u.s., and that's -- i'm quoting the report. they added them to their tactical underperform list. that's bad news. the sky is showing it. let's go to the skies, they got the downgrade, and had to give you a winner, alibaba and some of the other chinese tech companies are doing well all on that report that didi could relist in hong kong as early as the second quarter with. didi, and alibaba are higher. stuart: thanks, lauren. a shortage of police officers has left cities more vulnerable than ever. madison alworth has the story.
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she's outside an nypd precinct. how short of officers are they where you are now? >> reporter: well, when you look at a national scale, stuart, we're short about 100 thousand police officers. i spoke to the national -- 100,000 police officers. i spoke to the national association of police. both the defunding and devaluing of police as well as policies that prevent criminals from being arrested and prosecuted, that is turning police away in record numbers. >> american law enforcement is experiencing a staffing crisis most often in large urban areas that are experiencing the high crime rates. >> reporter: yeah. so when you look at those numbers according to the national police association, we normally have around 850,000 police officers nationwide. today down to 750,000 officers. this is having an impact on cities across the u.s., and is
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you don't have to look any further than new york to see that. over the course of 2021, crime rose over 21%. now the new mayor of new york promises to be hard on crime, but the new da is pushing aggressively lenient policies, downgrading robbery charges to petty theft even when weapons are involved, a policy similar to the ones we have seen play out in california. those policies not leaving victims behind, but also deterring new recruits from joining the force. >> nobody wants to go out and do their job and have it mean nothing, but that's what's happening many a lot of cities like l.a. and san francisco and chicago and manhattan, and i could go on and on and on. >> reporter: you know, stuart, this is my second day of covering the exodus of essential workers. we were covering health care yesterday. obviously, police today. something i mentioned yesterday also applies today. misforces across the u.s. have -- police forces across the u.s. have also had to deal with
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vaccine mandates. even though they're on the front lines with no protection, some have been turned away from their job because they did not want to get the vaccine. all of that adding in. tart stuart how do -- get workes back into cities when they just don't feel safe? madison, thank you very much. on the same subject, in washington state democrats pass an anti-police law. it's called reimagining public safety. jason rants is our guy on the west coast. what exactly does reimagining police officers, what does that mean in reality in. >> well, in reality it means public safety is no longer considered an important issue for the democrats who are passing these laws. public safety has taken a considerable hit, and when they've decided to reimagine policing, they ended up taking a lot of tools away from officers to use out in the field which doesn't just make their jobs more dangerous, but of course it meant that there was this sort of emboldened group of criminals who have decided to take advantage because they know
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they're not going to get pun punished, nor will they likely get arrested and bookedded. we had a recent incident about a week and a half ago in which there was a man who was armed with a man and a machete trying to break into someone's home. officers were called to the scene, they used a k-9 unit to subdue the suspect. however, the suspect used that machete and knife to dill k-9 unit, and the officers ended up shooting and killing him. last year democrats passed a bill that banned military weapons, and they had weapons on the basis of the size of the ammunition. but what they didn't think to, like, ask an officer and law enforcement officials was are you actually covering now in this ban non-lethal weapons, and it did. so technically, according to the law, .48 millimeter sponge-tipped rounds could not be used.
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so they didn't even need to use the k-9 had they not had this law on the books. stuart: they really don't know what they're doing. >> they really don't. stuart: democrats are pushing for more funding to reopen schools. watch this, place, roll it. >> you can't -- please. >> you can't just say our schools need to be open if you don't provide the funding. stuart: what about the $129 billion of taxpayer money that the schools already got? what -- where's it gone? >> thank you, senator murray. this might be the reason why her polls are doing so poorly right now in washington state. we've been doing these stories for a while now where something clearly is a truth, and yet democrats pretend it's not. so now we're going to pretend that we didn't give a boatload of money to schools for the very purpose of staying open should there be another surge. at the exact same time, regardless of the surge, we know that covid doesn't impact kids the same way.
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unless the child is immunocompromised, covid isn't going to impact them in a meaningful way. we're starting to see a little bit of that, chicago mayor lori lightfoot, for example, going after the unions hard in the past week. i think it was more political than anything else, but democrats have been beholden to these unions, and i do think they've sort of been thrown back a little bit with how they've decided to respond to all the money that was just given to them. so i think that's why you're seeing mixed messages in the lori lightfoot camp but also in the patty murray camp. stuart: i didn't know her polling was doing so badly, but now you just told me. jason rantz, thanks very much, indeed. novak djokovic admits he made a mistake on his travel documents. we've got details on that in the 11:00 hour. a sign of the times, empty grocery store shelves hitting
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shoppers aco-- across the country. when is the president going to do something about it? edward lawrence has the report from the white house next. ♪ long after you're gone, gone, gone -- ♪ -- you're my cornerstone, you're my crutch when my legs are -- ♪♪ ♪♪ 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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♪ ♪ stuart: all across the country consumers are seeing store shelves left bare, worker shortages helping to fuel the supply chain crisis. edward lawrence at the white house what's the president's plan to fix this? >> reporter: yeah. you know, the president says he's already laid out his plan, and he said he declared that he had fixed the supply chain issues and saved christmas. playing into all of this is the inflation numbers that we saw. and as you said, you know, the largest inflation since 982. that -- 1982. that will give more ammunition to the federal reserve to raise the interest rates.
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here's what we're looking at on inflation specifically. the price of gas, overall gas that everyone is seeing, went up 49.6% in the past 12 months. it's winter, heating oil went up 41%. when you look at food, cereal, baking products up 4.8%. that alone is more than the increases in wages americans are seeing. meat, poultry, eggs, up 12.5%. try eating out, full service meals, that's up 6.6% year-over-year. republicans responding quickly to all of this. listen. >> you cannot continue to shut down made in america energy. you can't do that without raising prices. you cannot continue to shut down the economy related to vaccine mandates and disrupting the supply chain. you can't do that without the consequence of higher prices and inflation. >> this inflation is caused by democrat policies. didn't just happen. this is a democrat tax on the middle class. >> reporter: and part of the reason for the inflation is
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supply chain issues. this is what americans are seeing. so president joe biden declared that he fixed it, however, this is what people are actually seeing on the store shelves. in fact, the hashtag bare shelf biden is on social media right now. the federal reserve chairman saying supply chain issues will not be worked out until basically the end of this year. so they're going to continue to see some of those bare shelves and some of those items for possibly the next 12 months or so. back to you. stuart: the months or so -- 12 months or so? now he tells us. thanks very much, indeed. the world bank says omicron and supply chain troubles are going to slow down the global economy this breach -- this year. how much, lauren? lauren: 3.2% next year, and that's down from 5.5% that we saw in 2021. omicron, the supply chain issues and the winding down of federal economic support. you know, i think the point is
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no one knows how this is going to end up. we saw bigger growth last year than was expected, but, you know, omicron -- hess severe, but out spreads -- less severe, it spreads so rapidly that it is more severe temporarily to certain industries and to hospitals. stuart: all right. here's another one for you. china has just put its third city on lockdown. that means there are now 20 million people confine to their homes. that's got to be affecting the supply chain crisis too, right? lauren: yeah x. this is the point, omicron spreads so fast. so you have toyota producing no cars at one of their plants there for two days last week. volkswagen closed two factories there. those are just two examples from big companies. and then you have the industrial hub of -- [inaudible] they tested 14 million residents because 2 people were infectedded with omicron. that is so extreme. i know they have the winter olympics and they're just trying to make everything go as
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smoothly as possible, but they had to test. they had to test the entire city because of two covid cases. stuart: they are the last holdouts trying to completely rad candidate covid -- eradicate covid, which i don't think you can do -- lauren: and it can't be done -- stuart: especially when you've got chinese vaccines which are nowhere near as effective as pfizer or the rest of them from the west. that's just the way it is. go on. lauren: let's see if they change their tune or their policy after february, after the olympics, right? i mean, will they then ease up a little bit? i don't know but possible. stuart: it's entirely possible because the olympics are looming very large are. i think they start february 4th, not that far away. lauren: yes. stuart: all right. have a look at the markets, please. the dow's gain has been trimmed considerably. we were well up over is 00 for the dow -- 100 for the dow, now we're up just 7, the nasdaq just 40 points. not quite sure what just happened but something did.
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nearly 50,000 illegal migrants who were told to report to i.c.e. year are have simply disappeared. that's according to new homeland security data. the white house sending another $300 million in humanitarian aid to afghanistan. doesn't that just line the pockets of the taliban? florida congressman michael waltz will take it on after this. ♪ ♪
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stuart: the department of homeland security disclosed just how many illegal migrants failed to return and show is up for i.c.e., all right, what's the number, lauren? lauren: huge number, small time frame. 47,705 illegal immigrants were released last year between march and august. they were told to report back to immigration officials, and guess what? they're m.i.a. so half of the illegals that were released into the country in that time period, they're untraceable. is so why? the biden administration was so bogged down in paperwork which included placing migrants into the legal system so they could get a court date and they would appear at that court date, they couldn't do it, and they told them they would get a notice to report instead of to appear and well, shocker, they didn't report. by the way, this data ends in
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august, it does not capture the surge we saw starting in september in the haitians in delery yo, texas. stuart -- del rio, texas. stuart: thanks, lauren. the u.s. announced plans to pay $308 million in additional afghan aid bringing the total to over $780 million since october. congressman mike waltz, republican of florida, joins us now. sounds like we are paying ransom to the taliban. and i have to add this: the state department still can't tell us when the exit flights will resume. what a mess, congressman. >> yeah, you're absolutely right, stuart. this is another mess the biden administration has,s a lose-lose situation. either we allow three-quarts of -- quarters of that country to literally starve over the winter when they were our allies just six months ago fighting terrorism alongside a few thousand of our troops, or we release billions in foreign
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curve currency reserves and hundreds of billions in aid, and i guarantee you the taliban is going to get a piece of that. when i was on the ground in taliban-controlled areas, they always held a gun to the heads of the aid groups and got their cut. in order for the aid to be distributed. so i've seen so verification, i've seen no mechanism from the if biden administration to ensure us that this aid isn't going to fall into the hands of the taliban. and when it does, they control the winners and the losers, and it further consolidates control. in the meantime, do you know who benefits from all of this? al-qaeda and isis. stuart: of course. >> they are going to spread like a cancer in this chaos, in this poverty and famine. and the intelligence community is clear, they fully intend to hit us again, and they're developing the capabilities to do so. stuart: i want you to look at this headline. it's in the "new york times."
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it says: the united states should swallow the bitter pill of working with the taliban-led government in order to prevent a failed state in afghanistan. congressman, do you think we have that responsibility to save afghanistan? finish. >> we should be resisting the taliban, stuart. the taliban is going to create a vacuum and a platform for al-qaeda and aice -- isis to rise up and once again hit the united states. again, the intelligence is clear they intend to do that, and they are currently developing the capability to hit the homeland. and, look, there are no good terrorists versus bad terrorists. the taliban, while they may have their local power struggles with isis, they're not going to stop isis from hitting the united states. in fact, they'll facilitate it. and, again, the intelligence is clear. but, you know, back to the aid, stuart. why aren't we at least giving some of these veterans groups who are being effective through the private sector in getting americans and getting our allies out that are being hunted down,
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and why aren't we at least extracting from the taliban real commitments for girls, for women, to stop hunting down those who worked with us? and, oh, by the way, they're still holding an american navy set iran hostage. once again, the biden administration will just throw money at problem and get nothing in return. stuart: i think we've been taken for a ride. that's my opinion, and i think you share it. congressman, i believe congratulations are in order. the newest addition, i believe, i take it -- i hope both are doing well? >> well, god bless mom. he was a big boy at 9 and a half pounds. [laughter] stuart, we have one going off to college, and we're going to rebuild with that cute little guy. our hearts are full and we're blessed. thank you. stuart: congratulations, congressman. you're a great friend to the show, and that's a lovely family. >> thank you, stuart. stuart: sure thing.
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quick check of the markets, we did turn around. we're no longer in huge rally mote mode, but we've got a little bit of green. check dow winners, please. there are some. quite a few of hem, actually. microsoft, look at that, doing very, very well. nike, united unitedhealth all doing well. nasdaq winners, i presume microsoft will be on that list as well. not quite there, okta is at the top up glory 4%. -- up nearly 4%. dish network in talks to combine with -- i've forgotten who, but there's merger talks, and the stock's up 4%. still ahead, martha maccallum, new york congressman lee zeldin and tommy large. -- tommy lairen. and this. wilden's -- biden's vax mandates forcing work workers out of the job. instead of trying to contain covid, which we have not been able to do, we should be learning to live with it.
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that's my opinion, that's my take, and it's next. ♪ ♪ chase first banking. a debit card for kids, and a set of tools to help them learn good money habits. by creating allowances and assigning chores, they can practice earning every day. with a debit card just for them, they'll learn smart spending firsthand, while you monitor and set account alerts. and using their own chase mobile app, they can set big savings goals. ..
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>> we will be over the worst of this in the next 4 to 6 weeks. >> once we get on the other side i'm hopeful things will be better because we'll have more vaccinated and baseline immunity. >> 80% of americans approve of voter id laws including most minority voters, democrats are losing it if they think black americans are unable to secure a id. >> they shouldn't be voting. it is all about cementing democrat power in washington and they are pulling to break the system to preserve their power. >> we may see washington dc pumping trillions of dollars of money back into the system. the bond market is a little nervous about inflation long-term. >> why are they raising rates? the economy getting better. many years left in the bull market.
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stuart: 11:00 eastern time, wednesday january 12th and here is what is happening in the markets to your money right now. plenty of green but not as much as we had half an hour ago, dow is up 60, nasdaq up 27. the 10 year treasury, the yield dipping to one.73% right now close to a 1-week low even though we have a 7% spike, interest rates go up for that, not gone down. here is oil hitting another 2-month high, right now or you'll is at $82.40 a barrel. higher gas prices to come. now this. this is a true story. a 5-year-old girl tests positive at school.
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her mother picks her up to take her home. on the way, the little girl is in tears. when her mom has called her down and asks what is troubling her, she says aren't you ashamed of me? ashamed. that was the word the 5-year-old girl used. it is heartbreaking. obviously she thought getting covid was her fault. where did that come from? she is fully vaccinated. she thought she must be at fault because the vaccines were supposed to prevent infection and it really doesn't help that president biden is very publicly blaming using the blame game using people for infection, not the, cron virus itself. biden's covid policy is collapsing. 's vaccination many forcing vital workers out of their jobs, the test kits he is supposed to be ordering are nowhere to be seen and don't work anyway and the virus he claimed to crush is raging through millions of people a
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week. time to change course. instead of trying to contain covid which we have not been able to do we should be learning to live with it. that is something we can and must do. that little girl has no symptoms at all, but she is separated from her family living in her room. she will be there for the next five days. third hour of varney just getting started. martha maccallum joins us now. should we be learning to live with covid or still keep on trying to eradicate it? >> i'm thinking of that little girl, she feels doubly punished because she is 5 years old and in her room by herself. that is where kids are sent if they miss behave. the message is you have done something wrong and it breaks my heart and i think it is
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true, anybody when you test positive you feel you did something wrong, you got vaccinated, you got boosted and now you have to let people know, here is the deal. from everything i read over the course of this week in the wall street journal it is shifting the thinking on what is going on here, yet you have this effort to basically test the entire country, it is not working but that is the goal and mask, in 95s, the entire country. that is an impossible goal, you can't do it. the case numbers from doctors i speak to our a huge multiple of what you see because so many people have it and anyone who tries to play the i do who i got it from game forget it. it could have been anywhere. because there is so much of this virus around but an interesting piece in the journal suggests that maybe, let's hope this is the case that that is not a bad thing. that the natural immunity that will be gained from this lower-level virus across the
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country could help us to prevent an even stronger variant that could emerge if this one is blocked too vociferously. perhaps it's time to look at the situation and say let's make sure the elderly and the vulnerable have masks and tests so that they can ask anyone who is coming to see them to take that test. if they have a little handful of those tests before they see people, protect the vulnerable, this is been around since the beginning and allow the rest of the healthy population just like they get everything else that comes along over the course of normal life to build natural immunity. the other thing to do is work on treatment. if i hear this one more time from a doctor that by the time you get to the hospital it is too late. if you have a really adverse reaction to this virus as it exists right now you need to be treated at home right away as soon as it indicates it is
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going into your lungs, or you are getting low on oxygen, we need to get treatment to people in their homes so they don't need to go to the hospital. stuart: quick the guilt trip and quit blaming people. i am ready to change the subject and i am going to really change the subject. wall street journal which hillary clinton, you know what is coming, hillary clinton 2024 election come back. president biden and kamala harris have become unpopular, it may be time for a change of candidate. to me this shows the depth of what i call the democrat rot. they have no bench strength. if they've got to reach back to hillary clinton they've got no bench strength at all. mi out of bounds? >> this was in my inbox this morning going through the wall street journal. bill clinton says hillary clinton is the most qualified person to run for office in my lifetime including me, says bill. and at the 2016 was one of the most profound mistakes we ever -- can you believe this?
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stuart: you are lost for words. >> we knew this was coming, the master class, she read what would have been her acceptance speech, and there were tears. i've got to hand it to her, she is -- he remains ambitious in this editorial, she wants to be president of the united states and she sees an opening and is hoping democrats get killed in the midterms because then she can be a savior. we love covering politics, we love covering election so bring it on, we will see what happens. maybe doug shown is hoping he will work for the clintons again because he wrote this piece into the pollster so he may be warming up to that possibility as well. stuart: it is great talking politics, isn't it? we will be watching you, 3:00 eastern this afternoon, the story, fox news only, thanks for being here. we just turned south.
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nasdaq negative, s&p's negative. a complete turnaround, the market opened with a strong rally, a variety of questions, i want to know why the market has turned south after opening higher despite the inflation news. any idea what is going on right now? >> the initial response was the market breathes the side of relief that inflation only came in 7% and wasn't worse. inflation is a problem outpacing wage growth. i don't care for jay powell talks on both sides of his mouth, and in an ideal world he wants inflation to come down on its own but if it doesn't and when it doesn't, that is when we see four rate hikes and hurt a lot of commentary about three versus four.
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the data i'm looking at was at 3.5, you can do have to hike so it is a coin flip whether we need 3 or 4. stuart: i've got some numbers from you as a matter of fact, the corporate tax brought in $400 in revenue. that beat out the previous record, $372 billion in 2006 but that was when the tax rate was 35%. now we have a lower tax rate and bring in more money. and politicians learn lesson from that? >> 2021 tax collections, despite that narrative these politicians want to float out there, this thing called math and math is indisputable and here's the math, corporate tax revenue hit $400 billion, that exceeds the prior record of 372.
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all with a lower tax rate. lower tax leads to more growth and when you apply a lower percentage to a bigger number tax revenues go up. higher tax rate gets you to the end goal. instead, demanding higher tax rates is kind of like a punitive action against people who realize success and hurts the country as a whole. stuart: it is to punish rich and the socialists don't like it. you got more than i do, i want it, i am taking it, that is the way it works. >> the proof is in the pudding that you don't have to do that. the country is better off with a lower tax rate. stuart: ronald reagan showed us that 40 years a, we never learned a lesson. you are all right and we wish -- thanks. lauren has some news on why the market just turned down. tell me more. lauren: comments from the cdc, hospitalizations are up by 33%
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from last weekend deaths are up 40% from last week. let me assess how bad omicron really is. may be those numbers, pretty big, spooking some investors today. stuart: on a related note a lab, quest diagnostics down sharply, down 6.5%. what is the reason for that? lauren: they raised for your outlook, they are performing 100,000 covid tests a day and they expect that to continue for the first quarter but then it will slow after that and that is when investors are responding to, they brought forward the numbers a little bit. kroger, let's update you on the strike that was expected to happen today and it did. more than 8000 workers walking off the job at 80 colorado supermarkets. this is what they want. at least $6 an hour more in their wages. kroger, $4.50 on top of $16 an hour starting pay.
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as a result kroger flu in staff, hired temporary workers and their workers are on strike. we will see how long it last. stuart: that gives a lot of workers enormous leverage. if you can't be replaced, you can demand a lot higher wage to make you stay and that is what you are doing. there's nothing wrong in this except it is inflationary. lauren: they were replaced by these temporary workers. stuart: you fly them in, kroger is down 2%. what about tesla? what is the word? lauren: test are's world, will remain the dominant competitor as the austin plan is set to open any day now. seems like january 20th might be the day and that will make the suv, shares of 1800 so that
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is nice from where they stand right now. stuart: i will take that if i can get it. let's update you on the tennis star, novak djocovicz, apologizing, he made a false statement about covid on a travel form. that mistake could land him in prison. i don't think that is going to happen but it could. we have the full story. congress and the white house evading spending more on stimulus checks. fed chair powell warned the economy doesn't need it. congressman brian style takes that on. some farmers consider reducing their harvests to deal with the rising cost of fertilizer and farm equipment. that gets in your grocery bill higher. grady trimble has the farm report next. ♪♪
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stuart: new consumer price data shows inflation rose at a 7% rate in the past year. that puts the data 40-year high. grady trimble is in princeton, illinois, what is always inflation doing to our farmers, grady? >> reporter: they are struggling because they are paying a lot more for things like fertilizer, fuel, farm equipment is gone up exorbitantly, in some cases from 30% to 50%. parts are harder to get on for replacement for that farm equipment and you grow corn and soybeans out here in illinois and connect the dots for us,
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higher prices could lead to higher prices at the grocery store for everyday consumers. >> our corn and beans and the livestock which becomes the meat and biden the store and to a certain degree those increases make their way down. >> reporter: we are dealing with those increases in meat specifically, 12.5% compared to a year ago. the white house came out with a statement president biden says they are making progress in slowing the rate of increasing prices. are you feeling that progress? >> i hope progress is being made but doubt we see any relief tomorrow or next week, we are strapping in and getting ready for a long haul. at least another year or so. >> reporter: you heard it could be a year or more before they have real relief and in the first step of the food supply chain for the nation, it trickles down longer after that. it could be a while before relief is on the way for
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consumers at the grocery store. stuart: a while? i would say a year is a long time to put up with this stuff. a year, a year, a year. congressman brian style, republican from wisconsin joined me now. your reaction to that 7% jump in inflation over the past year. >> it may be a new year but the american public is feeling the consequences of the year of bad policy under the biden administration. the numbers that came out today confirm with the american public already know, it is more expensive develop your car at the gas pump, more expensive at the grocery store, christmas shopping was more expensive. we need to change course in washington dc. we need to dramatically change course in our fiscal policy, we are spending too much but also in monetary policy where the fed balance sheet continues to grow dramatically. stuart: the fed chair jay powell says there is no longer a need for aggressive stimulus. roll it please. >> the economy no longer needs
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or wants highly accommodative policies that we have in place to deal with the pandemic and the aftermath. that is what that is about. we are moving over the course of this year to a policy that is closer to normal but it is a long road to normal from where we are. stuart: yet some democrats want to spend more on stimulus and some republicans agree with them and want to give more was for business. would you vote against that? >> we need to rip the band-aid off of covid era policies and get a way of life back, as it relates to monetary policy over the past two years we've seen the fed balance sheet increase $4 billion. since last time we talked, the fed balance sheet increased by $100 billion. i trust my concern to chairman powell that we need to get the fed balance sheet under control, we need to change course on monetary policy, positive to see the chairman
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agreeing with that, with fiscal policy in washington. the american people are seeing it, with cpi, what americans are feeling they are going up on them. stuart: what people don't realize is that inflation rate wipes out wage gains. 7% inflation at the consumer level. wage gains at that level, 4% or 5%. you are losing ground, 2% a year and voters realize that. the democrats are ignoring it. >> democrats are ignoring it but the american people feel it, they are getting clobbered when wages are not keeping up with inflation. it functions like a tax on all-americans and that is what working americans feel every
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day, prices going up, wages are not keeping up. we need to change course immediately. stuart: not sure we will but we would like to. thanks for being here, appreciate it, see you again soon. we have one top house democrats pushing for some member of congress to vote from isolation boxes. what is an isolation box? >> plexi glass, structure they put on top of the floor. in january, he tested positive, she wanted to vote for nancy pelosi. to stay in the isolation box. they have been used before. from massachusetts, katherine clark, wants to use him again because so annoyed that republican numbers of congress are not wearing face masks on the floor. you get a warning and then you are find.
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a couple thousand dollars, marjorie retailer green has been 100,$000 in fines because she refuses to wear a facemask so now representative from massachusetts representative clarke says go in the isolation box if you are not going to listen to the rules. we want those are authoritarian's, let's get to novak djocovicz. i understand he is apologizing, what for and what does it mean? >> a lot of misinformation, he wanted to clarify everything. he tested positive for covid on december 16th. at a press event, and the results of the test, and australian immigration authorities he didn't travel for two weeks prior to his arrival, surfacing in other countries in those 14 days. the penalty for submitting
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false travel documents which djocovicz said in a did for him, the sydney morning herald is reporting for giving false evidence under the crimes act a prison sentence of 5 years. stuart: it will never happen. lauren: the unvaccinated poster child of all this. will be let him play on january 17th? stuart: will they let him play or throw him out? which is it? their political decision to make. $5.6 million to help undocumented migrants, those are your tax dollars. the president shifting his position on the filibuster. listen to this. >> president biden: no option to change the senate rules including getting one of the filibuster. stuart: how times change.
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stuart: hilton head island, 51 degrees and sunny. this just coming out and important, president biden will attend the democrat caucus lunch. he will push to pass voting rights and potential changes to the filibuster rules. this is a big deal, going down in person to push that big change. to the markets please, modest gain now. susan tells us about a big mover called microsoft. >> performer today, lots of increasing calls for microsoft to lead this year, microsoft executive, should sell off office and windows and focus on
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the cloud. cloud is the future and close to $3 trillion valuation, 50% and catching up on market share to aws and amazon web services. jeffries calling microsoft $400 stock this week which i'm sure was music to the ears of stuart varney. take two interactives upgrading grand theft automaker worth $180 in their view, and they approve of an acquisition that continues to drive usage when it comes to gaming on mobile and another favorite is be owed to you. you have a pair. stuart: and i wear them. i would love to see that. piper sandler, one of the top consumers this year, it is
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worth 246. can you believe that. 100% upside. stuart: that is huge. 131. i take back all i said about crocs being ugly. nothing wrong with that. >> three pairs of shoes. stuart: the possibly of making serious money for goes up to 246. some house gop members oppose their own minority leader kevin mccarthy. mccarthy has pitched stock trading for lawmakers. are these other gop members in the house defending the trading of stocks by house members? >> mccarthy and some democrats, their plans are searching for a solution to a problem that doesn't exist.
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the republicans are saying lawmakers should participate in the economy, build the retirement portfolios saying there is little to no conflict of interest because there are current rules in place, you have to publicly disclose transactions within 45 days but the house minority leader's plan says he will put forward legislation of the republicans when the midterms that would further limit lawmakers ability to trade individual stocks. stuart: i don't think people like the idea of anybody trading on nonpublic information to make a profit and the information they can't see. people say that's not fair, stop it. just hedge it in a little bit, restrict it a little bit. people don't think that is fair and i'm inclined to agree. especially if lawmakers are in charge of committees. that make these calls and parallel with the fedel reserve. stuart: and how they are restricting some of their members.
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stuart: now this. president biden says congress must find a way to pass his voting rights bill even if it means getting of the filibuster. watch this. >> the threat to our democracy is so grave that we must find a way to pass voting rights bills, debate them, vote, let the majority prevail and if that bare minimum is blocked we have no option but to change the senate rules including getting rid of the filibuster for this. stuart: getting rid of the filibuster. the attorney general of georgia joined me now. the president says it is a threat to democracy, so grave we must blow up the senate. what do you say to that? >> it is important to note this premise is based on the fact the president and the vice president of the united states came all the way to georgia yesterday to throw a party
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based on stacy abram's big lie about voter suppression and even stacy didn't show up. it didn't happen substantively and you don't blow the senate up over it. senator johnny isakson for many years, the president was a senator, should have more respect for what the senate is and does. the issue is you can't passable in the senate you don't change the filibuster, you change the bill. stuart: one thing that gets to me about this voting reform the democrats want is identity. id. they are moving heaven and earth u do not have to show id when you front up to vote in future elections. >> they had one vote. it is based on that one vote.
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who we are as a nation. should show it to vote. and to change it. irrespective of party and that is something we should all agree is critically important when we are governing ourselves. stuart: we learned the president himself is going to capitol hill to the democrat caucus lunch. he's going to strong-arm the democrat senators to get rid of the filibuster. do you think he will succeed? >> i hope not. this is political theater to distract from what the real issues are. everybody feels less safe, you saw afghanistan. secondly shelves are empty and if you can find something to buy. those are the real issues but
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to talk about election integrity or voter suppression is simply a distraction and the fact a former senator would do what he's in doing to encourage the resurrection of senate rules is quite stunning. stuart: thank you for being with us. we appreciate it. put this on screen please. this ex-convict was originally charged with a felony for robbing a drugstore armed with a knife. new york city's district attorney he is only charged with a misdemeanor. we got the full report. a grim warning from the acting fda commissioner, role tape. >> hard to process what is happening right now which is most people are going to get covid. stuart: most people are going to get covid but many people will never know it because they
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can't get their hands on the covid test and have no symptoms either. kelly a great he has that story from los angeles next. ♪♪ 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, you get a different kind of bank. truist. born to care. whether you've enjoyed the legendary terrain in telluride, the unparalleled landscape of park city or the famed peaks of whistler, you face the hassle of lugging your gear
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stuart: that pandemic raging through, 70,000 covid cases reported one day alone. we are still reeling from a lack of at-home tests. kelly a gradient testing site in los angeles. what are you seeing? >> reporter: the testing site behind me is about to open in a couple minutes but people are lining up and in this block alone there are two new pop up sites to deal with the demand surge. there is a blame game across the country wide is so hard to get a test. what is the reality americans are dealing with?
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multiple hour-long weights, difficulty finding appointments and when patients can't get access to a test some are waiting a week for results. and supply chain experts are arguing part of the issue is testing manufacturers ramped down production when public health guidance adjusted vaccinated people no longer needed to test. some places are reducing testing hours. the san francisco department of health tweeted out temporarily reduce testing hours due to challenges beyond our control. check your health system first, don't go to the er for test, there's a barrage of backlash against lack of reasoning when california struggling with surging infection rates. those that are encountering testing site challenges are turning to at-home tests, reporting and anti-shelves across the nation, not just meat but also tough to get your hands on a covid test due to supply chain issues. at the port of la secretary buttigieg discussed testing
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kits but implanting that will take time. some of those that have been an artist by the shortage our students. los angeles unified school district resumed classes requiring a negative test to return to win person learning, nearly a third of students were absent because they tested positive for couldn't get tested because they didn't receive their kids yet so there's a lot of frustration. this place has walk-up but before i got on the are with you i got on my phone to see how hard it is to get a test which i couldn't find anything for more than a week. a lot of frustration. stuart: that is incredible. a third of the kids in the la school district couldn't go back to school because they couldn't find a test because they couldn't get a negative. thank you, great report. now this a, state and national gop leaders file a lawsuit to block new york city from allowing noncitizens to vote in local elections. congressman lee zelman, new york gubernatorial candidate joined me now. on what grounds are you filing
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the suit to stop the voting of noncitizens? >> one person one vote is a principle that belongs to us citizens, us citizens who should be voting in us elections, your diluting that principle. in new york city, people who might be turning into this program and other place, 1500 miles away thinking this doesn't impact them but there are other cities, states, other elected officials elsewhere who would love to bring this to their local municipality so this is about protecting a principal, a right that is a fundamental american principle that us citizens vote in us elections. stuart: if your lawsuit fails, you think this noncitizen voting spreads around the country? >> for sure. this is something i believe is not isolated to new york city,
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there are other democrats in other places, there may ors, city councils that would love to allow a noncitizen ability to vote in their elections for sure. stuart: this is why we have an open border. that is my opinion. i want to move on to something else. manhattan district attorney alan bragg facing intense pushback after he announced he would not prosecute most violent crimes in the city. can you do anything about this? >> the governor of the state of new york has constitutional authority to remove a district attorney who refuses to enforce the law. district attorney takes an oath to enforce the law. if they want to be a defense attorney instead of a district attorney they should leave post and represent the criminals to keep them out of prison. what you saw with the new district attorney with wholesale across-the-board all different kinds of crimes, he is saying they won't prosecute at all. there are the crimes they will
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downgrade. like this example of someone who commits a robbery, threatens to target somebody with a knife attack and at the end of the day a petty larceny. and the nypd officer who has to put themselves at risk, talking armed robberies, violent threatened risk they face, put themselves on the line, put together a great case, the pictures, statements, facts, documents they can hand to the prosecutor a loctite case. at the other end the district attorney saying we will treat it as a lesser offense and with other crimes they won't go after at all. stuart: lee zelman, gubernatorial candidate, if you win you could do something about soft on crime in new york city and elsewhere too. thanks for joining us, we appreciate it always. check the dow 30, and even split. half are winners and losers and the dow is up 50 points.
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the university of pittsburgh disenrolled unvaccinated students. they are not allowed in campus buildings until they get the jab. tomi lahren has a lot to say about that next.
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stuart: the university of pittsburg has disenrolled those who refuse to get the jab the. they are barred a number of employees from campus buildings as well. tomi lahren joined me now. forgive me for saying this, these kids are not getting a university experience. they are just not. what is going on? >> they are not getting what they are paying 4. what this is by colleges and universities is a bullying tactic we are seeing with employers and the federal government with their vaccine mandate. what universities are doing is forcing students and faculty to get a vaccines they may not want or need otherwise won't be able to attend classes and because of the universities know that these young people are not going to stand up for their rights and freedom because their future is hanging in the balance. many likely will fall to this
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mandate, they will get the jab whether they want it or not, to exercise their education and with their dreams. it is unfortunate and so un-american. stuart: 70,$000 a year for your kid who has got to get vaccinated goes to school, goes to wear a mask all day long, inside their dorm room and always their roommate who can turn around and say i am reporting you because your mask doesn't cover your nose. what a life. >> a lot of students are being forced into remote learning, they are not on campus or around other individuals, that makes the mandate make less sense that we need to hold universities and colleges feet to the fire like we are doing with the federal government, band together and stand up for freedom but nobody wants to be the first to do it. i encourage young people to stand up for what they believe in. stuart: cities have provided
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$5 million taxpayer money for illegal migrants legal defense. that is right out of americans pockets, your reaction? >> i think you summed it up perfectly. we are paying for the legal defense fund for illegals who have no right to be in our country. this is incentivizing people to come across the border. like we've been talking about the entire show is part of the democrats plan, they want to incentivize people to come over illegally. not only allowing them to come into our country, to invade our country but saying by the way we will pay for your illegal defense fund so you can stay, this is all the democrats master plan to import their illegal voters, get them voting rights, give them amnesty so they can have their voting block, they are losing with the american people at have to do this, the expense of the american taxpayer and legal residents or doing things the right way. what is your motivation be honest about it because to me
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it is plain as day. stuart: in california and you get a drivers license if you're an illegal, medical coverage if you are an illegal and they are going to let you vote. ultimately, that is where you get an open border. >> happening in new york city with noncitizen, to make sure that doesn't come into play but the american people need to pay attention because the only way to stop this is make big changes in 2022 and especially in 2024. with an american first republican, the illegals that biden has allowed to invade the country should be priority one. stuart: hard-core tomi lahren but thanks for being here. it is time for the wednesday trivia question. on this day of which year did amelia ehrhardt become the first person to fly solo from hawaii to california? the answer when we come back. wow, we're crunching tons of polygons here! what's going on? where's regina?
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-(laughs) -go to to lose weight and get healthier. stuart: we asked this, on this day which year did amelia earhart become the first person to fly solo from hawaii to california. lauren, take a guess? >> i'm going with number 3, 1930. i feel the '20ss too early. am i right? stuart: actually you're wrong. only just. amelia earhart took off near wheeler field honolulu and took her eight hours to land in
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oakland, california. did you know, lauren, charles lindbergh, in 1927 flew from america to paris nonstop. became a global celebrity. many years before amelia earhart flew from honolulu to oakland, california. bet you didn't know that. >> i learned something from you stuart every day. stuart: well i was there. ashley webster in for neil cavuto. how are you doing, lad? ashley: i wonder if a meal yu erhardt had to go into quarantine from hawaii to california. that is story another day. welcome to cavuto "coast to coast." i'm ashley webster in for neil. ashley: our top sto


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