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tv   Varney Company  FBC  March 8, 2024 10:00am-11:00am EST

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stuart: don't impress me much. that is are producers making a comment on the state of the union address. good morning, 10:00 eastern, straight to the money, we've got a rally going, the dow is up 162 points, nasdaq 125 points, dow 30, right hand side of the screen. the 10 year treasury may be part of the deal, the 10 years down 4.07%. we also got some tame jobless numbers which is encouraged the market. the price of oil $78 a barrel, bitcoin last time we checked was 67-7, now it is 68-six. that's the markets. now it was a blatantly political state of the union
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message. the president bashed trump without ever mentioning his name, he bashed republicans and blamed them for his policy failures. it was a campaign speech, democrats were chanting four more years, not what a state of the union is supposed to be. he started late. 's motorcade was held upon pennsylvania avenue by pro-palestinian demonstrators and he began with ukraine which that went on for ten minutes. he accused trump of, quote, bowing down to a russian leader. on the economy he stretched credulity. he said he had inherited economy on the brink, it was the covid lockdown that hurt us, not trump and claimed to create 15 million new jobs in three years. they weren't new jobs. most were jobs that came back after covid. after 40 minutes he got to the border and suggested the migrant mess was the republicans fault, that doesn't fly.
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the open borders biden's open border. on inflation got crazy, went on about shrink laois and, fewer chips in the bag for a higher price. the president should get serious. inflation hit us because of trillions of dollars of government spent and federal reserve printed and he's going to keep spending and borrowing. he started clearly energized. sean hannity called him jacked up joe but faded as the night wore on, he slurred a couple words had made a bad mistake when he got the name of the murdered student in georgia wrong. her parents were not in the room but he did make it through. he was still standing at the end. that was his biggest accomplishment. second hour of varney just getting started. it is friday, 10:00 eastern time. tammy bruce is on the set. he made it through the speech,
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good enough for the democrats. tammy:that's what they've been dealing with the last two years, can he get through the day, the rabbit mascot down easter to tell him what to do, they've got an hour where he doesn't have to fall down and it is a shame because we know what's going on, his handlers no, the american people know. when i think of national security, at least our enemies don't see something dramatic. everyday it matters because of the situation internationally. i think about our military that is deployed. it is a signal. that was a campaign speech. a sign of desperation but also what the biden administration is about which is only about them. the country has been an excuse for their power, their reach, their ability to do as they please. this was a perfect symbol of
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what biden stands for, what the democrats stand for, the country, murder victims, dead soldiers, all of those are sidelines, distractions while they shout four more years. stuart: a gold star father was arrested and moved from the house floor, he heckled biden during the speech. watch this. >> murder rates went up 30%. 30% they went up. [shouting] >> the biggest increase in history. stuart: his son was one of 15 soldiers killed during withdrawal from afghanistan. you think he should have been arrested? >> another sign of the nature of what happened, 13 dead soldiers because of incompetence. that is a man who lost his son. a young man in his 20s. a paper pusher, had the tallow
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band for security there so this is a man whose future relied on his families do, their children, to be there in their old age, live there full lives, all that is crushed because of the man at that podium. he was invited by representative brian mast, the subcommittee on oversight specifically so that we don't forget, if i may suggest, what biden is done, afghanistan was not noise in the system, it was a signal of everything that was to come in this country and where we stand now. in many ways that man can whether the laken riley family, the kate steinle family in 2015-16 and her murder, or killing, since he was acquitted by a jury in california, this is, he represented the american people. he did heckle, they asked him to stop, he didn't, this was his son, his one chance to face
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the man who did this and i think it was a $50 fine so he doesn't have to go to court. a goldstar dad is the only person arrested after that catastrophe in the death of 13 of our troops, what does that say? stuart: it says a lot. thank you very much, see you soon. another goldstar parent who attended last night shocked cnn by what she said about the president. lauren: kristi shandling, her daughter in law died in afghanistan. she attended the state of the union with mike mccall. ahead of that she spoke to cnn. >> president biden is consult -- called the consoler in chief, he talked the family to lost loved ones. if you experience that from him? >> no. no. >> have you spoken to him? >> no.
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he has not reached out to our family. we have reached out to the white house and never heard back. we asked to meet with them to understand where their thinking was in calling this a success and we've not received a response. it has been months. >> thank you. lauren: the anchor shocked, was not expecting that answer. goldstar mom say we reached out, we didn't hear back and he never called. stuart: that says a lot. back to the market. the rally we've got going, dow up one hundred 50, nasdaq is up 150 points. dr barton with me now, february jobs report, 275,000 jobs were added to the economy, stocks went up. is this jobs report maybe a signal that the fed may be inclined to cut rates soon? >> maybe the bigger news is the
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reflection on january and even december revisions where the january number was so hot the market really popped strongly by the big january number that was reduced by one hundred 25,000. i think that, combined with better than we were expecting this morning, markets just what they needed to say this isn't too hot, doing really well. stuart: a rally continues, new highs, no reason to think it will slow down, uptrend for a few weeks or months? >> i like that, and yes, there will be you volatility due to geopolitical bad breath out of the fed out of the fed number somewhere. the markets are just showing
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earnings reflecting stock prices. that is always a big bust to beyond. stuart: you bought a couple stock picks with you. i start with micron which is gone up significantly. how is it going? >> it got much more to the upside. last july we talked about the same stock. we are up over 100 and it is the second wave. not the company that makes the ai chip but it is the company that makes the chips that support the ai chips. really fast, really top end check. i think they have more upside and i like the second wave. stuart: micron technology here, have a great weekend, see you soon.
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lauren is back, looking at the movers. start with speculation. lauren: up 25%, highest level in a year and 1/2, revenue rose, gained market share and expects healthy demand throughout the 24 election cycle. stuart: clamping down on guns. marvel chipmaker. lauren: they are down sharply. they are joining broad.com which is forecasting future revenue below estimates. it's not all chipmakers that are rallying today but coming down a little bit. stuart: quite a bit. there is light in some of them especially carnival. lauren: up 4%. they are sailing at capacity. what else could you expect? people are booking early. royal caribbean cruises were booked 202 days in advance
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which carnival at 1626, $26 a share. lauren: congress is facing pushback against their new bill that would ban tiktok. who is pushing back now? lauren: users opened the apps yesterday and saw a message, a warning that tiktok is at risk of being shut down. taking phones off the hook. it was a house committee voted 520, and to force their chinese owner bike dance, they lead to it shutting down. bottom line, tiktok is popular and users let lawmakers do that. the president might be inclined to side with what's in the
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house. lauren: they can figure out a way to not ban it. stuart: on like they were saying. mitch mcconnell is stepping down. john thune wants to fill those shoes. this is a chance for a recess. he's on the show later. president biden did not announce new executive actions at the border, he blamed republicans for killing a border bill. kelly report on migrant crisis in chicago. an alternative to pills, voltaren is
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stuart: it took president biden 40 minutes to mention the border last night, he did not announce new executive actions, he blamed the republicans for killing the bill. chicago still struggling with the surge. do they have any solution at all? >> reporter: we expect the humanitarian crisis to get worse. advocacy groups and local leaders are concerned because the mayor said he has no plans to extend the shelter stays for these migrants. there's a 60 day limit and many of them are on the streets even if he doesn't do anything about it. he told one local news outlet we are compassionate people and this is not enough to help these people who may be on the street. the most recent data indicates
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12,000 people are in chicago migrant shelters. if the city doesn't move the eviction deadline some estimates say 5,000 migrants will be without housing as of saturday, march 16th. 10% of the population is eligible to work making it all the more difficult for these folks to get on their feet. denver is closing doors which migrant shelters and they are asking local property owners to house migrants, president biden said this bill is the toughest set of border security reform the country has seen. he wants to hire 1500 security agents and 100 immigration judges and the fact that builders endorsed by the border patrol unions and the chamber of commerce and give himself any ability to shut down the border. take a listen. >> look at the facts.
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i know -- [applause] -- i know you know how to read. i'm giving the opportunity for the majority in the house and senate to endorse the bill as well. unfortunately, politics is where this bill is so far. >> reporter: after that comment the camera panned to senator james lenkford who has been negotiating this bill for months. he mouthed that's true. stuart: senate minority whip john thune from south dakota joins me now. i find the speech was extreme the divisive. how do you see it? >> absolutely. couldn't agree more. must have given a couple red bulls before he came in because he was very amped up but that was by design. what they were trying to do, a
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lot of it was targeted with democrats in the chamber last night is to hype up the democrat base, in terms of substance it was oriented toward that and i think he was trying to convince democrats in this country that they need to stay with him. in that sense they accomplished what they are trying to get done but in terms of a message to the broader american public it missed to the point. he didn't get as you pointed out to the real issue, border until 40 minutes in. stuff about taxing the rich and creating more programs, abortion, divisive issues and in my view that is what they were trying to accomplish. stuart: marco rubio described biden's speech. role that tape. >> going into tonight there were people in his own party worried does he have the energy, was he too old, does he
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have the mental and physical stamina. they said go and show energy and to him, that meant let me scream like the guy who screams get off his lawn. scream for an hour and 1/2 about all kinds of things. stuart: what do you make of his energy? you mentioned red bull to start with which i thought he faded towards the end. what say you? >> he started out that way and was hyped up and a lot of, clearly they had that objective in the first place, trying to convince democrats he is up to the job. it wound down, 66 minutes long, but if their purpose was deliver a campaign speech, political goodies for constituencies to vote in november they accomplished that objective but when he started out, sounded like chris farley on saturday night live, he
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would come in and yell at people. it is what it is and people saw it that way. not sure anyone was persuaded by anything he said. stuart: are you referring to chris farley, down by the river, remember that speech? >> a classic. stuart: you announced your bid to replace mitch mcconnell. if you were to become leader, this is a chance for a reset. what do you have in mind? >> transitions represent that. this is a pivot. senator mcconnell has been there a long time. big shoes to fill but i think it is time for a new generation of consistent, principled leadership that empowers our republican senators. we have a lot of talent in the united states senate. people who want to be differencemakers and want to
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make the country better, for our kids and grandkids, there's a lot to do, things to fix. if we can get a republican president and republican senator, i'm excited about the opportunities but it is simply that. it's a pivot, obviously a change and something i would look forward to being part of in terms of winning the effort in the senate to take the great talents and abilities and skill sets our members have and put them in for the good of the country. stuart: thank you very much for being with us today. it is an important day, appreciate it. the embattled new jersey senator robert menendez will not run for reelection in november. he is not quitting, he stays until november. lauren: the new york post is reporting he won't quit but he will not run for reelection. he has been indicted on multiple corruption charges, and he decided to stay in.
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he took william bar's investigators to new charges. who is interested in november filling his seat? charles: stuart: the wife of -- lauren: she was want to republican, now married to phil murphy and she might do a run. stuart: say no more. we live in new jersey. thank you very much. president biden said he created 50 million new jobs during his address last night, they were not all new jobs. most of them were added back after covid. edward lawrence has that story coming up. biden claimed the economy under his administration is the envy of the world. peter morici is next.
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-how? -a.i. (impressed) ay i like it! who wants to come see the future?! get your business online in minutes with godaddy airo stuart: on the markets, plenty of green faded for the dow, up 70 points. one hundred 64 points higher. what is going on with
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meta-cuecue lauren: a new high today. instagram has overtaken tiktok in apps downloads. instagram started copying tiktok, short form videos, popular among jen z, 768 million versus tiktok at 733 million. stuart: coin base. lauren: crypto stocks surging today, 15%. goldman sachs upgraded coin base, daily volumes the highest level since 2,020 one and it is pushing 69,000 again. we could take out 69-202. stuart: rivian has a lot of orders. lauren: the cheaper, $45,000, it won't be 200 until the middle of 2026.
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stuart: until 26. thank you very much. back to the jobs report, 275,000 jobs were added. edward lawrence at the labor department, you just spoke to julie sue, what did she say about this? edward:this is the re-messaging we are hearing from the president last night but when you look at this, stronger-than-expected jobs report does push inflation. year over year average hourly wages up 4. 3%, that number has been about 4% since july of 2,020 one. that pushes inflation. the federal reserve looks at this, where the jobs that have been created, leisure and hospitality creating 58,000 jobs, manufacturing lost jobs. government jobs, 52,000, social assistance and healthcare
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adding one in -- 90 one thousand jobs. that adds government spending the president claimed 15 million jobs under his tenure. the truth is the economy added back the jobs lost in the pandemic and created 5. 5 million jobs. i asked the acting labor secretary about that. >> 275,000 jobs created last month, still record low levels of unemployment, 4% for the 25th months straight, the longest stretch of 50 years. i don't think there's a bad news story here. this is a recovery that was never promised. many people predicted it would not happen. edward:republicans say is the president focuses on jobs, the gop response, katie britt asked to the age old question. >> america deserves leaders who recognize that secure borders, stable prices, safe streets and
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strong defense are the cornerstones of a great nation. just ask yourself, are you better off now than you were three years ago? edward:economists want to see the jobs in the private sector, not so heavily reliant on government sector jobs which averaged 60,000 jobs a month in the last three months. stuart: president biden said the economy under his watch is the envy of the world. >> president biden: my inherited economy was on the bring, now it's the envy of the world. 50 million new jobs in three years, a record. a record. [applause] >> president biden: unemployment at 50 year lows.
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record 16 million americans have started small businesses. each one is a little act of hope. stuart: peter morici joins me now. envy of the world which i should point out we have a better growth rate than any other industrial democracy. that's true, isn't it? >> absolutely, probably a better growth rate than china. what's the comparison? europe, which has the kind of policies he would bring to america is not growing at all. china, which has perfected the kinds of policies, command and control, is in deflation. this is like bragging my son was elected to the central american ice hockey team. right now the competition is pretty poor, but what is disturbing is how much of the growth in jobs is in the public sector or subsidized by the public sector and consequently built on the borrowing we are
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doing. the deficit is so much larger. you've got an economy on speed, not with healthy growth and sooner or later that comes back to bite you. ask the chinese. asked the japanese, ask the germans and the french. this comes back to bite you. stuart: what did you think of the speech last night? edward:the progressive pundits are overestimating how good it was at its critics are kind of overestimating how bad it was. in reality he gave a decent speech. it is not hard to do bad. you repeat on the teleprompter 100 times in your office of the speech, take a long nap. at 75, i can play 15 minutes of basketball and bike with the best of them for half an hour but i can't do a four hour ride and neither can he. i would like to see president biden take questions from stuart varney. you are pretty decent, nice guy.
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he's not going to do that. imagine him debating donald trump. this will be interesting. stuart: i can't imagine a debate. however, not entirely off the table. i want to talk to you about the jobs report, 275,000 last month. what does this say about the state of the economy? >> dependent on government borrowing. as your correspondent prove so much of it is in healthcare, social services, state and local governments. the economy is experiencing moderate growth, not its potential of accomplishing because so much messing around has been done with the economy. the automobile sector in psalm in shape, general motors has not figured out, all its money and resources, think about what musk has done distracted working part time.
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and he keeps pumping money into them. and they jump up at the uaw. look at intel and so forth, intel was once the premiermaker of chips in the world. pumping a lot of money through the chips act but a 45% cost disadvantage. it's not labor-intensive sector or where the chinese have a natural advantage but we can to do it well. he's doing nothing to fix that. is subsidizing them. the jobs report is a guy going by me, the fact that he has a motor. it is not playing fair. stuart: peter morici, come and see us again soon. we can always use a economist. mortgage rates came down, a
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small decline but the first one since february. tell me about this. lauren: 6. 8% is the mortgage rate, 30 year average, the first decline in a month that coincides with a spike in mortgage applications because homeowners are desperate looking for any relief they can get. the white house out with a plan to save homeowners more money, this is a pilot, fannie mae will make, they will waive requirements on mortgage refinances from a group of 7 or 8 lenders. what a title does is it declared legal ownership and it costs thousands of dollars from have to one% of the purchase price. if you start doing that you're making title insurance, which in the age of documents being digital it might very well be. stuart: one grocery chain is planning to open hundreds of
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stores in america. how many are they going to open? when will they open it? lauren: 800 stores in the next four years, they have headquarters in illinois. by 2028, 800 new stores, they completed their purchase of the owner of winn dixie, some of them will be converted. if you ever go into an all day it's very confusing. they are able to keep their prices low because they have so many private labels but there private labels look like the actual label. i have bought the wrong item before and sometimes you can't tell the difference. it is legal. stuart: leticia james met with a course of abus in new york, people in the crowd were shouting trump. this happened in new york. we will play the soundbite for you. president biden claims crime has fallen since he took office
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stuart: look at bitcoin. it just hit $70,000 a coin for the first time. backed off, 68-two now. it did hit. president biden appeared to make another gaffe in the state of the union address. what happened? lauren: he says it's not right that americans pay so much more for their prescription drugs than they do in other countries. >> i will get in trouble for saying it but a flight to toronto, moscow, excuse me, even moscow probably. and bring a prescription with you and i promise i will get it for you for 40% the cost you
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are paying now. same company, same drug, same place. lauren: that gaffe, he made a mistake, recognized it, made a joke out of it. the bigger story is why do we pay so much more for our prescription drugs? fast access to them, fewer insurance restrictions. lauren: fair enough. i'm not going to call that a calf. put one word in that wasn't supposed to be in there. lauren: agreed but critics or the american people, critics watching every word he said for any potential mistake. i said it landed. stuart: it wasn't much of a gaffe. president biden claimed crime has fallen since he talk office but failed to mention the drug and homeless crises during his speech last night. what are you seeing on the streets of philly right now?
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jeff: in the neighborhood that i am in right now, the kensington neighborhood, you see it, may be you see out the window better than i can or as well as i can. this is a neighborhood plagued by drug markets, homelessness, for a long time. even in a city like this, a democratic city, where people have focused on treatment and decriminalizing drugs, they are saying that's enough. look at the crime statistics in philadelphia. some are down. auto theft and retail theft is up. a new mayor, we've got to stop with this. we got to do what it takes to stop this. you've got a new police commissioner. it's going to be different.
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>> we are going to produce a comprehensive plan to use every resource available to a lemonade open-air drug markets in neighborhoods like kensington that i have his back, 1000%, every decision to lead the police department to make public health and safety his number one priority. >> if it comes to tougher enforcement interesting people, it's tough to arrest your way out of this problem. i will take you through another intersection so you can see there's a lot of people on the street, a lot of people with a lot of problems. you fill up the jails if you take everybody with a drug problem on the street and put them in jail. it to, located problem. the president did not much address it.
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he did last year but didn't say much this time. stuart: it is a complicated problem with no easy solution. new york's attorney general, leticia james, in new york city, what happened? lauren: she was speaking at a promotion ceremony for the fdny. she was greeted with abus as she took the podium. watch how she handled that. [applause] >> come on, we are in a house of god. first, simmer down. i want to thank commissioner cavanaugh, and achieve hodgins for that recognition. lauren: she tells firefighters and families to simmer down and they start chanting trump trump trump.
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this is new york. that's new york city. does she not know her audience? many of them like trump and don't like that she brought him to trial where he was ordered to cough up $450 million and counting with interest and taunted about on social media. or some of them did. stuart: surprised to do that. now this. when most people think of lsd they think of that. hallucinations. >> on the list. >> it isn't ready yet. someone was looking for you. stuart: that's a movie about hallucinations. a new study found taking one dose of lsd gives immediate and lasting relief from anxiety.
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stuart: well well well, novano wordis announced result in the trial of their weight loss pill. doctor, weight loss pill is surely a huge advantage over weight loss injection, right? >> that is for sure. what they are working on is once daily pill which combines the mechanism of drugs that we are coming to know like ozempic, the same mechanism of action with another mechanism that goes along with how our body processes sugar and insulin release that diabetic treatment is combining for the first time and the initial studies did show good results for weight loss.
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stuart: it is so easy to take. >> i think that is an upcoming problem. we discussed before why it's important physicians choose their patients for these drugs carefully. i have this conversation on a daily basis, can i get that ozempic shot and i usually try to talk them out of it unless they've taken the time and effort to do the lifestyle changes that should go with these things but there's a potential but lazy doctors if you want the pool, take the pill. stuart: a new study taken just one dose of lsd could provide immediate lasting relief from anxiety. what do you think of hallucinogens to treat anxiety? >> an interesting one. i loved the beatles in this story. what is interesting about this
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study is it only took one dose of lsd lab derived lsd to provide lasting relief from anxiety. these aren't going to be a routine thing. specialized patient population. this is the resistant population, you tried every drug combination, people still having anxiety. and the idea that one dose with lasting effects. interesting to study and i would be in favor of it and that limited. stuart: thanks for joining us. interesting stuff. we appreciate it. jason smith on biden proposing new tax hikes on big business. kennedy on new dating apps to meet your perfect match, the 11:00 hour is next.
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