>> i've got to say, we've got snow on the ground in central park, you missed it. we can confirm, 700 days, the streak is over. we now have snow in new york city. >> somehow, maria, moved the ice and slush on sixth avenue doesn't really compare to daf a voss and where you're standing right now. >> that's a georgia boy snowstorm right there, ice and slush. that's it. [laughter] maria: we also have is below freezing temperatures in iowa, and the caucuses were real success. people came out. we are about 30 minutes away from the opening bell, guys. we've got a market that is under selling pressure, the dow down 149, the nasdaq weaker by about 74. that's actually off of the lows of the morning, and the s&p 500 down 21. it's been a great show, guys. thanks very much for joining me, mike baker, cheryl casone and doug collinsful we'll be back again tomorrow, once again live from davos. "varney & company" picks it it now. stu, take it away. stuart: good morning, everyone. a landslide win for donald trump

in the iowa caucuses. he ran away with it. he wanted 50% of the vote, and he got it. trump, 51%. desantis second at 21% haley, 19. ramaswamy, 7%. now, ramaswamy has dropped out. he's thrown his support to trump. and according to exit if polls, immigration was the top issue for iowa voters. not the economy. that shows the impact of the migrant surge. even in states or that are a thousand miles from the border. in his victory speech, trump called for unity. he said this is the time for everyone to come together to take back the country. there's a lot more on this and we'll show you how the media reacted to trump's big win. hint, they're horrified. to the markets. reopening today after a 3-day break. some selling this tuesday morning. the dow off about 150 points. the s&p down 20, nasdaq down about 70 points at this point. interest rates, little change. the 10-year right around 4%, 4.02, to be precise. the 2-year is now below 4.25%,

4.18 right there. bitcoin, $43,800. that was a few moments ago, now it's $42,7. oil rough roughly $72 a barrel, 72.54. gasoline, $3.07. it actually moved up one cent overnight. same with diesel, $3.92. up one cent. all right, politics. there was supposed to be a white house walkout this morning. some aides opposed the president's support of israel. that's an embarrassment. the speaker, mike johnson, says anyone who walks out should be fired. however, the event may be postponed because of the weather. on the show today, nikki haley has big hopes in new hampshire, she's already said the graniteside state with -- will, quote, correct the iowa event. the 2024 presidential election has started, and we're following it all the way through. tuesday, january the 16th, 2024. "varney & company" is about to begin. ♪ ♪ all i do is win, win, win with

win no matter what ♪ [laughter] stuart: okay, we'll talk the it. it's snowing in new york. that's a news story in itself. we've gone 700 days without an inch of snow. today looks like we might break through. there's only one place to really start this morning and that, of course, is the iowa caucuses. donald trump dominated. good morning, lauren. what's he saying about his win? lauren: he was measured. he was thoughtful. he was determined to fix the biden mess. >> we want to come together whether it's republican or democrat or liberal or conservative. it would be so nice if we could come together and straighten out the world and straighten out the problems. it's just so important.

and i want to make that a very big part of our message. i just want to thank you all. this is the a very special night, and this is the first because the big night is going to be many in november -- to be in november when we take back our country and truly we do make our country great again. [cheers and applause] lauren: he took no political shots at contenders. he didn't have to. he walked away from iowa with 51% of the vote is. ron desantis fought hard for second place, 21% there. >> they threw everything but the kitchen sink at us. they spent almost $50 million attacking us. they even called the election before people even got a chance to vote. but i can tell you because of your support in spite of all of that that they threw at us, everyone against us, we've got our ticket punched out of iowa. lauren: up next, new hampshire one week from today, but the field has narrowed. vivek ramaswamy ends his campaign, throws his support to

trump. >> as of in this moment -- as of this moment, we are going to suspend this presidential campaign. and this is going to have to be -- there is no path for me to be the next president absent things that we don't want to see happen in this country. and earlier tonight i called donald trump to tell him that the i congratulated him on his victory and if now going forward he will have my full endorsement for the presidency. lauren: so will the party soon consolidate around trump as the leader of a movement, quite frankly, to take power away from the establishment? and i thought yesterday felt like 2016, not 2020. it had that vision gore of 2016. stuart: you've got that right. karl rove is with us this morning. karl, welcome to the show again. trump won over 50% of the vote, dominant performance. is there anything that could stop trump at this point, or does he have it sewn up?

>> well, having been a victor, involved in a victorious campaign in iowa that went on to a smashing defeat in new hampshire, i hesitate to say that it's smooth sailing for certain, but this was a very strong the victory last night for the former president. and i echo what was just said, he had a very unusual message last night. no pugnacious takedowns of his primary opponents, a mild, moderate, unifying tone to his remarks. he understands that it's his job as the front-runner to unify his party and to present a united face for the general election, and he did it. think though how close this was. huge victory for him. but he was not running against two other people, he was running against 50. if he'd been at 48 or 49, we'd be having a different conversation this morning. and think about this, the white board is not exactly what i'm used to, different white board out here in iowa, but he received 56,260 votes last

night. eight a years ago he had 45,000 votes. so a difference of about 10,000 votes or 109-vote difference per county. in fact, this is the lowest turnout since 2000. we had 187,000 people vote eight years ago, we had 122,000 the votes in 2012, we had a few thousand less than that in 2008. so what a he did at the end in having the get out the vote operation put together by his increasingly, you know, visible, more professional campaign apparatus and by adopting an aggressive tone to get here a lot in the last couple of weeks, that was probably what propelled him from a 48% finish like he had a in the poll to the 51% victory that he had last night which is really important for him in the long run. stuart: 30 seconds. if it was a head to head matchup, biden, trump, trump wins? what do you think? >> well, that's what the9 latest

poll that says that 33% approval rating for joe biden, it's just shocking to me that the biden white house has not figured out that he is the one democrat who can lose to donald trump and will lose to donald trump when you have, you know, three-quarters of the american people think he's too old, two-thirds of the american people don't think he has the mental sharpness to be president. stuart but they're running out of time to replace him. karl, thanks for being with us this morning. i know it's cold out there in iowa. come on back to either texas or new york -- >> i'm heading to texas, but it's cold there too. stuart: god -- got it. see, karl. let's bring in lawrence jones, he's at the breakfast club in iowa. what are the diners saying about trump's very is big win? >> you know, i don't think there was anyone we spoke to today or yesterday that was surprised by the president's performance. i've been saying it for months now coming back and forth to here, the people consistently say he's their guy. and think the one difficulty the

other candidates have right now is that excitement. and right now donald trump has this firewall because the people don't like this unfair treatment of the former president, and they feel like there's unfinished business. and we have a president now that, i mean, you can't get two polar opposites from the if trump administration, the trump years, how people are living to how they're the living now which is paycheck to paycheck. some people that are retiring now are saying they may have to go back to work. people of my generation can't get the first house, there's a new report that says you've got to make $125,000 to even get your first home. that's how americans are feeling right now. and i think the candidates, although in any other political cycle they would have been able to get traction like nikki haley and ron desantis, when you have a former president that had results, i think they're going to stick with the person they know. stuart: yeah, think so. listen to this, it's the msnbc's

joy reid made this assumption about iowa voters. roll tape, please. >> these are white kris e chans. this is a state that is overrepresented by white christians that are going to participate -- >> particularly tonight, yes. >> especially tonight. all the things we think about, about electability, what are people gaming out, none of that matters when you believe that god has given you this country, that it is yours and that everyone who is not a white conservative christian is a, is a fraudulent american, is a less, a less real american, then you don't care about electability. stuart: okay. joy reid -- >> what an awful statement. >> -- a brown lady. you've got 20 seconds to that -- have at it, lawrence. >> what an awful statement. i think this is the type of identity politics that's going to lose the democrats. first of all, what's wrong with being white and race chan? the other part is -- >> christian? they do not think that

immigrants should be able to come to this country? how can they explain them losing with every minority group right now in every swing state? that don't just have white christians there. again, if this is the strategy they want to try the next election, good luck to them. [laughter] stuart: good stuff, lawrence. come on back home soon. it's cold out there. >> yes, it is. i'm a texas boy. stuart: it's cold in new york too. dow down 150 at the open, s&p down 20, nasdaq down about 73. of david nicholas with me now. what does the market think of the possibility of a second trump presidency? >> well, stuart, this was a his editorric primary win for -- historic primary win for president trump. the initial market response was mutedded, but the initial response can be wrong. if you remember back to 2016 when it was president trump versus hillary clinton, when it looked like president trump was winning on election night, the futures were tanking. only for the markets to rally in the coming weeks and years and months. so i trust the bond market a lot

more. this was interesting, stuart. at a 8:00 when the polls closed in iowa, bond yields surged above, the 10-year treasury, above 4%, and it stayed there. so what that tells me is the market thinks we're going to have future higher growth under president trump. the market knows if president biden's reelected, there's an economic storm coming, stuart. i think it's pretty significant what the bond market did last night. stuart: that's fascinating. thanks very much, david. i know it's short, but we've got a jam-packed show. >> thank you, stuart. stuart: the leaked documents show leaders are preparing should russia launch world war iii. a russia offensive could include troops on the ground as well as cyber attacks. house armed services committee's pat fallon to discussing that right after a this. ♪

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defense associated ordnance. those two u.s. navy seals previously reported as a lost at sea, they were directly involved in this operation. central demand command saying the search for them continues. meanwhile, secretary austin released a statement upon his departure yesterday from the hospital where he was for two weeks saying i'm grateful for the excellent care i received at walter reed national military center as i continue to recuperate and perform myrrh duties from home. i'm'king or to return as quickly as possible to the pentagon. stu, in the two weeks of his hospitalization, there were 24 attacks on u.s. forces in iraq and syria, the total, 137 since october 17th. and yesterday the houthi rebels struck a u.s.-owned ship in the red sea. now, that's significant, it's the first time they actually hit a u.s. ship. it was marshall islands flagged by u.s. owned and operated. the captain says no significant

damage and no injuries. that, obviously, a good bit of news. we have learned the houthi rebels are increasing their attacks. they fired at least three ballistic missills and one cruise missiles in international shipping lanes in the gulf gulf of aden. so as we ate -- we wait to find out what the u.s. may do and, by the way, the press conference canceled here because of the snow on the ground, we're going to find out. but the u.s. maritime administration says avoid this area, too dangerous right now, stu. stuart: wait a minute. the press conference was canceled because of snow at the pentagon? really? >> reporter: that's what it looks like. stuart: i'm shaking my head at that one. griff jenkins, thanks very much, indeed. looked classified documents from germany reveal that world leaders are now preparing for russia to launch world war iii. they would expand the war on ukraine by attacking nato countries next year. if next year. there's a timetable here. member of the house armed services committee, congressman pat fallon, is with me.

it does sound like these documents reveal a timetable for a russian attack. what more do we know about this? >> i'm just going to comment if on what i've seen in the press for obvious reasons, but, you know, russia's always presented a danger. and i think countries in the east like finland, for instance, have always seen it. unfortunately, larger countries like germany have taken a 30-minute nap -- i'm sorry, a 30-year nap, rather. finland's more prepared to defend themselves than the country of germany, the country with the fourth largest economy in the world. so it's something that you always prepare for the worst and hope for the best. stuart: but i just remember right before russia invaded ukraine two years ago we knew they were coming. we were telling -- the media -- the white house was saying, look, you've got this military force being assembled, here comes the invasion. it seems like this is it is a repeat performance. they're manning to attack next year finish manning to attack next year. that's extraordinary stuff -- planning to attack.

>> putin, you've got to look at him, stuart, like a mob boss. and there is, obviously, he's a loose cannon, but he's got some rationality. and attacking nato, an attack on one being an attack on all, you know, this gap is about a 40-mile strip of land that separates belarus which is just a russian pup pent to the -- puppet, and that would then cut off the wanticking -- baltic states, so that's something that we're very concerned with. but, you know, years ago nato agreed that each nato country would spend 2% of their gdp on defense, and only 11 of the 30 countries in nato that have militaries not including iceland can. >> done that. and all of them are in the east except for the united kingdom and the united states. so germany and the rest of europe have to take this threat far more seriously. stuart: trump got them to pay for more of their own defense. are you a trump guy? >> bigtime, yes.

i endorsed the president. he's endorsed me in the past for congress, and i was very glad to see the results in iowa. stuart: quick point about the caucuses yesterday. fox news voter analysis reveal ised that immigration was the most important issue to iowa voters, and yet iowa, of course, is not a border state. what do you make of that? >> oh, i think joe biden, stu, has made every state a border state when you consider that in the past two administrations before joe biden became president, the first 34 months they were comparable, illegal immigration numbers. 1.5 million under obama, 1.6 million under trump. and then 8 million in the first 34 months, illegal border crossings, that is. and there's 170 countries that have included citizens that have crossed the border illegally. and here's a startling statistic. two years ago there were only -- i'm sorry, three years ago, 323 chinese nationals that crossed the southern border illegally. last year it was 24,000. we've never had a month in our

history of over 2000,000 -- 200,000 illegal border crossings, under joe biden it's been 20. so the border is wide open. stuart: and everybody see ises it if they watch fox. congressman pat fallon, appreciate it. >> thank, stuart. god bless. stuart: now, during trump's speech last night, he outlined his priorities if elected. what did he say? lauren: drill and secure the border. >> so we're going to come together, we're going to drill, baby, drill right away -- [cheers and applause] drill, baby, drill. we're going to seal up the border. [cheers and applause] finish because right now we have an invasion. we have an invasion of millions and millions of people that are coming into our country. we have to stop the invasion. we have to bring down our energy, and we have to stop the crime and we have to help rebuild our cities, and we have to rebuild the capital, washington d.c. lauren: an invasion. and i think that's resonating

with a lot of americans, right? as you're paying to keep up with inflation, you're getting fewer services because of all these people coming into the country. stuart: immigration is now the top issue. lauren: shifting priorities. stuart fourth lauren, thanks very much. it is tuesday morning, we're going down just a little bit, down 150 points on the dow industrials as we reopen after a 3-day weekend. the opening bell is next, and we'll take you there. ♪ jungle love, it's driving me mad, it's making me crazy ♪ (fisher investments) at fisher investments we may look like other money managers, but we're different. (other money manager) you can't be that different. (fisher investments) we are. we have a team of specialists not only in investing, but also also in financial and estate planning and more.

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stuart: a little selling as we come back from the 3-day weekend for the market. nasdaq down 60. ray wang is in davos, and ray joins me now. okay, you've got to tell me, ray, are the global elites, are they horrified by trump's landslide win? >> oh, my god, they are extremely horrified out here. one of the things they're worried about is trump might actually be back. they're hoping the supreme court is going to push back, but i think the reality is they are very concerned that trump is going to be the party's nominee and especially where biden is at the moment. stuart: okay. what's the main topic of

constitution in gavel davos? >> people are talking about a couple of things. one is a. a.i. and what's going to happen, there's conversation about better cooperation and trust in the world, and of course, there's another conversation really about environment which has always a been ringing true here in davos. that's the big topic that a typically is here. but there's a challenge here because people are worried that, you know, the world is fracturing, and we're about to enter an age of a.i. and misinformation, disinformation will take place. stuart: what do they want to do about a.i.? regulate it in some way? >> they're scared. they're not sure what to do with a.i.. they want to regulate are it. they want to make sure there's no misinformation. they're afraid it's going to get in the hands of bad actors, and a great example is half of the world's population this year is going to be electing someone. you saw in the taiwan elections, there was a lot of misinformation and disinformation. the u.s. elections haven't even started yet, and that's also an area of concern. stuart: what are you getting out of davos? why are you there? >> i'm there because of all the activities around davos is.

there's a lot of innovation. so while the world economic forum is meeting in their congress center, there's so much more activity outside of the davos area. they're talking about crypto, the future of health care, what's happening with sustainability in a way that's more prague mat pragmatic. they're also talking about world affairs and also there's a lot of start-ups and private capital here, and i'm trying to understand what the trends are and where the future's about to happen. stuart: okay. we'll get another report from you in the near future. ray wang, everyone. the opening bell is about to ring. actually, they're ringing it in about 20-odd seconds. the backdrop is we're coming back after a 3-day weekend, for the market, that is, and we've got a huge win for donald trump last night which really puts him on the path towards being the republican nominee in november. and a possible win in november. and that maybe in the background of the market action today, maybe. we're about to open. press that button. thank you very much, indeed. we're off, we're running, and the dow has opened with a loss

of about 100 points, that is a quarter of 11th, heading towards one-third of 1 percent. it's all over the place. down 80 now, 75 now. lots of selling. look at the dow 30. i see 8 up, the rest of them down. the s&p 500 also opening lower, but it's nothing serious. you're down a third of 1%, 16 points. the nasdaq composite, that is down nearly a half percentage point. i'm looking at big tech. i presume most of them are going to be lower. if the nasdaq's down a half percent, big tech is probably down. show me, please, get them on the screen. big tech, i want to see them. there you go. microsoft is up $4. there's a story there, and we will get to it. alphabet, meta, amazon, apple are down. some big banks, a couple of them actually, reported before the bell today. start with morgan stanley. lauren: down goes the stock, 3.5%. their investment banking revenue if rebounded, a boost from fixed income underwriting. but profits took a hit on charges, and i find it remarkable that we continue to

see management, the cfo or morgan stanley in this case, saying, yeah, we're working on the premise of a soft landing for 2024 which would be great for the stock market, but it's not boosting morgan stanley's business today. stuart: how about goldman? lauren: joins wells fargo as the only two big banks that reported higher profit, more than 50% at goldman thanks to equity trading and a market rebound at the end of last year. two negatives there, investment banking fees fell, less m and a activity and also paying half a billion dollars in gold man saks' case to refill the government insurance fund that was used to bail out -- stuart: let's get to microsoft. i do have an interest there. the stock is up, what, $4, $5 as we speak. i take it they're partnering with vodafone, right? lauren: u.k. telecom. it's a 10-year partnership to bring generative a.i. to more than 300 million businesses and consumers in europe and africa. here in the u.s. they're also selling their co-pilot pro to

regular people, individuals who want access to the a.i. for $20 a month. so you see microsoft widening their a.i. appeal. more exposure means more revenue. that revenue then pays the bills of developing all the artificial intelligence. stuart: i love it. the stock's up $4 at 392 today. you're well kohl. -- welcome. much of the country is cover under a blanket of snow. i have to believe that that's a pop for ev owners. lauren: especially in the midwest. the cold weather very bad for the battery of an electric vehicle. you saw these lines to charge up at tesla charging stations in chicago. drivers were complaining that they ran out of juice while they were waiting to charge their vehicle. the stations themselves often didn't work, and some of them had to tow their teslas. go to norway. norway is cold. they have a head start on evs. they're a much bigger part of the cars that they drive there. they say evs lose 20 of their

driving range in the -- 20% of their driving range in the cold, but that could double if you're blasting the heat. there's just so much demand on the battery -- stuart: i've got to call that a very big negative for evs. if you're thinking of buying a car and you're in a place that gets cold, i'd really think twice about an electric vehicle. lauren: and if you have one, make sure you have an at-home charger and it's fully charged -- can. stuart: and your on the grid. i've got a question. what is ultra cruise? because i understand general motors might e get rid of it. lauren: high-end, semiautonomous driver assistance. it was a goal. it's better than the current system they're working on now. basically, 95% of driving situations you can be hands-free. it was promoted, announced back in 2021 and delayed, and delayed and delayed. and now reportedly being abandoned. so what is general motors' message here? is this not worth the cost? is it not worth the risk in

their cruze unit is grounded itself, and tesla has their full self-driving, is gm if handing over the reins to tesla right now? they're bleeding money. stuart: they are, indeed. talk about bleeding money, tell me about boeing? lauren: a one-two punch. the faa extending the grounding of the max 9 indefinitely. they say they need more data before they can allow this aircraft to return to the skies. then we got the first down grade of boeing since the door incident where it blew off in the alaska airlines plane. wells fargo cut them a notch to equal weight. they say the faa, this investigation, that's a serious risk to boeing's production, to their actual manufacturing and delivery numbers. and boeing doesn't have a good track record. remember the two deadly crashes with the previous version of the 737 max? grounded for 20 months. stuart: big loss today, $9 yesterday. lauren: you asked yesterday, does it go below 200. stuart: very good question.

we're five minutes into the session. let's look at the big board. we're down 140 points at this stage, 37,4. the big with board, there you have it, 37,4, is the level. down 150. dow winners, show me that list, please. lauren: microsoft has to be on there. stuart: microsoft is definitely on there. home depot, ibm walmart, mcdonald's all on the upside. s&p 500 winners headed by advanced micro devices, cadence, western original, o'reilly automotive. nasdaq winners, do i see a big tech? advanced micro devices, there you go. synopsis, day den, o'reilly and nvidia with. 555 this morning, how about that? where's the yield on the 10-year treasury? if 4.01%. where's the price of gold with all this stuff going on in the mideast? $2,042 per ounce, and that is down $9 today. bitcoin, last time we checked it was at 42,6, now it's 42,6, right there. oil, $72 a barrel.

72.7. nat gas, i presume that's -- i thought it might be up today, but it's not. it's down with all this cold weather. it's down. the average price for a gallon of regular, $3.07, actually up one cent overnight. diesel up one cent overnight at $3.92. apple has been tied up in a patent dispute over some of its smart watch tools. what are they doing about it? lauren: it's with moss mow, they're making plans to pull the sensor, so make the watch without it. in the meantime, apple is waiting for the courts to rule on their request to stay permanently the import ban because of this alleged patent ing fringement. but the stock is down almost 2%, and i don't think that's why. the watch is 5% of sales, and what did we say yesterday? apple had to cut the price of the iphone 15 in their biggest porn market which is china because they're not selling wel. stuart: i think you're right. that's 182 on apple as we speak.

thanks, lauren. msnbc's rachel maddow was not happy about trump's big win in iowa. watch this. >> there is an authoritarian movement inside republican politics that isn't being bam with boozinged by trump. they are pushing trump to get more and more extreme. stuart: is this how the media's going to coffer the rest of the election season? is we're going to bring in median -- comedian jimmy failla. trump says if elected, he'd seal up the border and conduct a massive deportation operation. i don't know about that. i can't see the deportation of millions of people. i wonder if former acting dhs secretary chad wolf greece. he is going to be here. more bad news for the president. former to 2020 biden aide simone sanders has one piece of advice for this campaign, bidenomics, leapt it go. we'll deal with that next. muck let it go, let it go.

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stuart: okay, we've got a downside move9 from the dow. it's off nearly 200 points, s&p down 20, nasdaq down almost 100 points. microsoft, please, show it to me. yeah, i do own a very thin sliver of this thing, and it's just hit an all-time high, and it topped apple in market value by about $80 billion. actually, microsoft earlier was at $392, so it's even further ahead of apple in those stakes. next case. the supreme court set to hear arguments of phishing companies who are suing the commerce department. the companies argue they should not be liable for paying the salaries of government monitors. -- fishing companies. lydia hu joins me now. take me through it, lydia. >> reporter: hi there, stuart, good morning. for about 50 years the federal

government has required fishing vessels just hike this one to carry onboard an observer. those observers take notes about what fish are caught, when and how much. the fishermen tell me they've got no problem with taking observers onboard their vessels, but when the federal government came back and said, hey, fishermen, you've got to pay as a much as $700 per day for those observe isers, the fishermen said that is a bridge too far. this new rule targets fishing for herring. these vessels can go out for a week at a time, and the fishermen say sometimes they catch nothing. so i asked, is it possible that the fishermen go out, catch nothing meaning they earn nothing, but they're still on the hook to pay for those observers? if here's what they said. >> that's not a possibility, that's a probability in some trips. that's a given because there's not every trip's successful. what we do know about fishing is

it's predictably unpredictable. but we know the operating expenses are not going to get less. people and insurance and overhead and nets and the technology you need to actually make your fishery sustainable. >> reporter: so the fishermen sued, and now the u.s. supreme court will hear oral arguments on a pair of cases tomorrow. the outcome can, stuart, could deal a major blow to the power of the federal government, because the cases hajj the 40-year-old -- challenge the 40-year-old chevron doctrine. lawyers for the government argue we need the chevron doctrine and the expertise of agency official for efficiency and clarity and consistency, but the fishermen now question did they need an expert to tell them to pay $700 a day for an observer? if they say, no. that's overreach. we could get a decision by june,

stuart. stuart: i feel bad for you, lydia. you're out on a boat in a snowstorm. >> reporter: not so bad. stuart: thanks, lydia. next one, donald trump sounded the alarm on bind's economy. roll -- biden's economy. roll tape. >> we're going to rescue our economy. we're going to save our economy. we had the the greatest economy in the history of our country. there was never a greater economy. and now we don't. and when you look at what's happened with inflation, inflation is destroying, you know, they call it a country killer. going back hundreds of years, germany -- countries that had big inflation are dead. they become dead countries. we have to stop that immediately. stuart: heritage foundation economist ej antoni joins me now. does our economy, the economy we've got now, does it need rescuing? what to we need to be saved from? >> what do we need to be saved from? in a word, bide mommics. and as far as does the country's

economy need to be rescued, stuart, i don't know if you saw the empire fed manufacturing report this morning, but that read from the new york fed if was literally the worst manufacturing print in the series' history with the one exception of covid when the government said it was illegal for those manufacturers to even be open for business. i mean, things are not looking good right now. new orders are momentumming, unfilled orders, shipments, the whole nine yards. everything in that report was absolutely horrible. stuart: are you predicting a recession? >> most likely, stuart. and i think the only thing that saves us from that contraction is if jerome powell and company get off, get their foot off the brake and back onto the gas fast enough. of course, the problem with that is it puts us right back on the inflation roller e coaster that former president trump was just mentioning. stuart: i'm going to go back to bidenomics for a moment, ej. a former member of biden's 2020 campaign, simone sanders, says it's time to move on from bidenomics. here's the quote.

they are not going to get bidenomics. let it go. how about you just make sure they know what you're going to do and what you did. is that good advice for biden, ej? >> stuart, i think this is a classic case of damned if you do, damned if you don't because bidenomics is clearly a losing term with the american people. you can only gaslight folks for so long telling them don't believe your lying eyes and don't believe your empty wallets. that term clearly isn't working. but in terms of this alternative, tell people what you've done, what you're going to dosome that's not working either. what has he done? he has impoverished the middle class. what is he going to do? more of the same, because none of the policy prescriptions that he is offering right now are anything materially different from what he has already done. it is more regulation, more spending, more borrowing and more printing of money to pay for it all. stuart: well, ej, that was an around a tick late condemnation of bide with mom picks. thank you very much, indeed, see you again. a realtor who is big on

tiktok says the old american dream is dead. what's that all about? lauren: because the younger generations are drowning in inflation. in every aspect of life, that's a made the american treatment of home ownership unaffordable. if. >> just five years ago the median household income was about a $60-70,000, and that's what you needed to qualify for a home. now in 2024, the average home is $400,000, 420 for most of american, and you need about $120,000 as a income to have a shot at qualifying. the my e eleven y'alls, they're the pinched generation where college essentially stopped working for most, the debt piled up,9 and the old american dream died and we got left holding the bag. lauren: he said you need $120,000 to have shot at owning a home in today's economy. so basically the houses that we grew up in we can't afford right now, and i think that is so depressing.

stuart: that's another condemnation of bidenomics too. lauren, thanks. coming up, 30 years ago democrat strategist james carville coined the expression, it's the economy, stupid. the economy then became the big issue in elections, until now. the open border has become the big issue. that's my take, top of the hour. that stay with us. ♪ ♪ so now i come to you with open arms. ♪ nothing to hide, believe what i say ♪

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they provide the potential for regular income are federally tax-free and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217. stuart: well, freezing temperatures continue to sweep all across the country. more than 125 million are under a wind chill alert. fox weather's janice dean is with us. janice, are we in for this frigid cold all week? janice: yes -- [laughter] and then we'll get a little bit of a reprieve and then another dive of arctic air. so winter is here, definitely. look at some of the potential record cold highs that we're going to set through today for texas, louisiana, mississippi, alabama. areas that have received more snow than new york city. here's the wind chills right now, what it feels like with the

cold wind. i mean, it's very dangerous across the northern and central plains, of course, the coldest caucus on record yesterday. but it feels like 6 in houston, like -5 in dallas. you get the picture. it's cold, it's dangerous if you're out a great length of time, you risk getting frostbite and hypothermia. and you can see wind chill alerts for over 100 million across the country as a far south as the gulf coast, texas through even florida, up towards the southeast. here are the coldest wind chills in the u.s. right now, -49 in fort morgan, colorado. -43 in montana and wyoming, so that's really the biggest story, right? the cold air. continues today, wednesday. thursday backs off a little bit and then the next plunge of arctic air. and if i could just mention, we have one system moving into the pacific north if west, that's our next weather maker for the end of the week. and the northeast broke the streak, broke the streak of 700

days without measurable snow. look at some of these totals, stuart. north carolina, tennessee the, arkansas, mississippi, over half a foot of snow. over a foot of snow in the mountains of north carolina. and we got an inch and a half in new york city. [laughter] stuart: janice, the weather is news, and you brought it to us. thank you very much, indeed. see you again soon. still ahead, restaurants struggling. bar rescue's jon taffer says owners need to pivot to be profitable. he's going to tell us how. trump didn't attack his opponents in his victory speech. is that a new tone from him? brian kilmeade will be with us. trump says we have an invasion at our borders. if migrants are here to stay, should we put them to work? some i'll ask former acting dhs secretary chad wolf. and iowa caucus goers say they don't care if don's a con. over 60% said they'll still support trump if he's convicted of a crime. jason rantz on that. the 10:00 hour is next. ♪ bang, bang there guess your

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