maria: welcome back. highs of the morning, up3 37 points on the dow industrials after the inflation data. final thoughts. >> yes. it's better than expected meaning inflation is lore than we thought. thank goodness for all of us and, certainly, good for my stocks. maria: new highs in the nasdaq once again. it wasn't all about c persian pick,. >> don't buy the hunter biden verdict red herring, do not buy the fact that the two-tiered system of justice is over, it has only just begun. maria: we're watching trump constantly get attacked for five years, and the media has the nerve to say it's not two here's. great show. adam a, todd, great to be with you both. see you again tomorrow, "varney & company" picks it up. stuart: good morning being, maria, good morning, everyone. this is flakes day, also fed

day, how much are prices going up, and what's the fed going to do about it? first, here we go, in may if consumer prices came in unchanged. no price gains in that month. ed in the last are year, prices have gone up 3.3%, and that is down slightly from the if rate reported for april. this report shows inflation easing just a little. now, this afternoon federal reserve is widely expected to leave interest rates where they are now, unchanged, but the fed watchers will be sifting through every word jay powell utters. he could move the markets later in the day. right now the markets are reacting bigtime to the inflation numbers. investors love it. the dow industrials at this point up 3 a 50 points -- 35 topoints, s&p up nearly 50 and the nasdaq up 175. if interest rates going down. look at this, the 10-year treasury yields 4.30%, down 10 basis points. that's a very big move down. 2-year yields 4.71%, that's

down12 basis points. again, a big move down. bitcoin around $699,000 -- 69,000 a coin, 699,4 right now. oil, $78 a barrel -- actually, $79.19 right there. the price of gas beginning to move a little. regular averages $3.45, that's up one cent. diesel no change at a $3.79. politics. there's concern that the president's cognitive decline will accelerate following the emotional a turmoil of his son's guilty verdicts. biden is now on his way to italy for the g7 meeting. every move he makes will be scrutinize for signs of further decline. trump derangement syndrome on full display as the left faces a possible second trump term. they're encouraging fear and loathing. a a oc thinks trump will lock her up. on the show today, eight terror suspects from tajikistan arrested. they had all crossed our southern border. one had used the border app for

easy entry. overseas surveillance revealed potential terror ties. and the chair of rockefeller international is worried about a individual liberty is and capitalist meritocracy. he's written a book, "what went wrong with capitalism." he's going to be on the show. it is wednesday, june 12th, 2024. "varney & company" is about to begin. ♪ ♪ ♪ sugar pierks honey if bunch. ♪ weaker than a man should be ♪ if. stuart: i can't help myself by the four tops. this has no relation to news items, it's just music we happen to like, so there. inflation at the consumer level, prices up 3.3% in the last year. it's moderating. give us all the a number, lauren. lauren a lauren i want to work at the core annual with inflation rate, x out food and

energy, 3.4% in may. that is the lowest in over three years. finish but, yes, it's still above 2%. here are the biggest drivers of inflation. shelter is up a 5.4% in the past year. gas up 2.2. car insurance up over 20%. and, yes, food prices still higher than 2%. if you go month over month, it's unchanged. good news, lowest in four years. gas, airfare, clothing all starting to fall month over month. i think that is encouraging. that's why yields are down dramatically. there's a 700% chance now of -- 70% chance now of a rate cut for september. the the fed obviously meets this afternoon. they're not going to say they're cutting rate, but watch the dot plot. maybe they say we'll cut one time this year, two times this year. stuart: the market is saying you've got a 70% chance of a rate cut in november. that's the market saying that, not some pundit. lauren: yeah. stuart: i'm going not going to call him a pundit, but david

bahnsen is with us this morning. all right. inflation coming down slightly. is the stock market off to the race? s. >> the market likes this news, but the market has known all year that inflation was going to be coming down anyways. goods inflation isn't disinflation, it's negative. that a 5.4% shelter number that lauren just highlighted, that's the most disingenuous thing here. it's referring to leases that sometimes were with signed two years ago, a year ago and there's automatic renewals. most people are not seeing 5% inflation in rent when they're going out and doing a new apartment. that's holding the number up in the 3s. but look at food prices year-over-year at home, up 11% now. stuart -- 1%. stuart: that's it? >> when you go out to eat, it's more. stuart: and that's the good news that this market is reacting to. >> that's right. arkansas stuart let's get to politic it is. plied if, traveled to delaware yesterday -- president biden traveled to delaware yesterday to show his support for hunter. he hugged his son on the tar

man. hunter was waiting for him on the tarmac. ben domenech joins me. all right, ben, a serious question, difficult question. could the emotional a turmoil that the president's been through accelerate his cognitive decline? >> well, it absolutely could, stuart, and i think that's something that should concern a lot of americans who know that this president, frankly, you know, there are different -- age is not just a number, it's what you wear it as meaning you experience different things in your life that can really weigh you down. i think in this case, in the case of joe biden we know that he's someone who's been through a lot in his life. and, frankly, you know, where is his age -- wears his age in a way that is really disturbing to the american people because, you know, it clearly shows more of the kind of decline, frankly, than we would like to see in our commander in chief. the truth is that joe biden is not really running to be president for four more years.

everyone who's going to vote for him votes for him, i think, under the clear knowledge that he's not going to full fill this next term. -- fulfill. he's going to be replaced at some point by kamala harris. the only question is when, not if. and that's something that i think is a real challenge, because it's a question that, frankly, voters or have never if really faced in the modern era. it's manager that's going to be a -- it's something that's going to be a real challenge, i think, for democrats. stuart: biden plan ared on branding trump a convicted felon following if his guilty verdicts. does that strategy change now that hunter, his son, is also a convicted felon? >> i think it kind of has to change, doesn't it, stuart? [laughter] i mean, you know, how are you going to roll out with that strategy, you know, given the fact that your son has been convicted in this way? but one thing that i do think is more critical to all of this, and it's a question that i believe is incumbent on the

moderators of the upcoming debate to ask of joe biden which is he got on the debate stage in 2020, said that his son had done nothing wrong, that his relationships with foreign entities were nothing but aboveboard and that the laptop involved in the situation here was something that was, amounted to misinformation, december information, what have you -- disinformation, what have you, referencing the letter obviously signed by numerous intelligence officials. we now know all of that to be bunk. and the fact is that i think it's incumbent on the moderators of the debate to ask the question of the current commander in chief, what do you think about your answer then, how would you change it now? do you regret tells -- telling us something that was is so clearly untrue? seward. stuart: that would be tough questioning from cnn, and i'm not entirely sure it would happen -- [laughter] >> i'm an optimist, stuart. stuart: looks like you're having a good time. ben domenech, see you soon.

new polls show trump continues to gain support in two swing states. give me those numbers. lauren: ohio voted for trump the past two cycle, but trump leading biden in ohio by 7 points, 48-41. i have two takeaways here. if you look at biden's support among black people and youth, young people, in ohio it's down to, like, a quarter for both with. stuart: that's it? lauren: it's dwindling. and then if you look at the down-ballot races in ohio, of course, the the the incumbent senator sherrod browne is ahead of the republican -- sherrod brown, is ahead of the republican. so voters are unhappy with biden. you would think biden would be at the so much the ticket if brown is doing so well. also minnesota, they have not voted for a republican since 172. he is trailing in the -- 1972. he is trailing in the polls, but the lead is narrowing. stuart: that forces biden to put

resources in minnesota when he didn't new hi needed to -- think he needed to to win it. do you want to comment on politics? >> ohio's not a swing state. trump's going to win that by 10 points. minnesota, it'll be interesting, if it comes in play. stuart: yeah, it would. >> but it's a state that didn't even vote for ronald reagan in 1984, so 49-1 always bugged me. i wanted 50-0. stuart: on election night if i see minnesota has gone to trump, you know it's over. >> it'll be one of of the biggest landslides in history. stuart: if you look at the top three names in the s&p 500, they make up 20% of the s&p 500. i don't think we've ever seen that before. it's market concentration at an extraordinary level. is it a problem in. >> it's a huge problem. stuart: why? >> first of all, we've never seen anything close to it. it was ago about8%, three companies together a number of years ago. because what it's done has put the market so dependent if on just a few names that if

something happens, it brings the market down. index investors that are prone to passenger, they start selling, and it -- to to panic, it creates a spiraling effect just like it's done on the way up. it's pushed momentum if higher because there's more forced buying in these indexes. it's the not sustainable,. it cannot work forever. stuart: so we're with talking microsoft, apple and nvidia. those three put together worth more than $10 trillion. >> yeah. 20%. and one of those names, nvidia cra, is 35% of the market's return this year. over a third of the entire s&p 500 return. stuart: that's market concentration like you ain't never seen before. david, stay there. got more for you later. coming up, rachel maddow and alexandria ocasio-cortez say they're worried that trump will jail them if he wins in november. roll it. >> it sounds nuts, but, like, i wouldn't be surprised if this guy threw me in jail. [laughter] he's out of his mind.

stuart: okay. we heard the same lines back in 2016. of course, it did not happen. trump did not lock up hillary. [laughter] of eight suspected terrorists with ties to isis have been arrested in three major cities. these were illegal migrants when crossed the southern border and were released into the u.s. the full story next. ♪ ♪ ♪(voya)♪ there are some things that work better together. like your workplace benefits and retirement savings. voya helps you choose the right amounts without over or under investing. across all your benefits and savings options.

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stuart: i call this a rally. favorable inflation numbers, and the dow is off to the races. you're up 378 points there, and the nasdaq is up 180 points. if how about that? next case. eight that sic stand nationals

arrested in new york, los angeles and philadelphia last week all part of a multi-city terrorism sting the operation. alexis mcadd answer joins me. were these people vetted at the border? >> reporter: stuart, that's a great question. what we do know is that all of these men who crossed illegally at the southern border were reportedly fully vetted, but nothing was flagged, so they were let right into the united states. it wasn't until after that, that they found out about these possible isis ties. eight people are now in i.c.e. custody. we're waiting to find out what's going to happen next. a majority were arrested right here in new york city. we talked to a democratic councilman who says this is a huge concern. he wants president biden to do more at the southern border because he doesn't know what's going to happen next in the big apple. listen. >> yeah, it's frightening. we're headed for another 9/11. i predicted that. i think we should have a secure border, we should know who's coming into our country. we don't, and millions of

migrants and illegal aliens have gotten through. so it's a situation that we're just, you know, really rolling the dice here. if. >> reporter: in just the last few days a group of that week tables were taken into custody. how did they enter in the first place? well, sources telling us they crossed somewhere at the southern border and, again, were, quote, fully vetted but nothing was flagged. so then they come into the country, and after that customs and border protection was notified about these major security concerns, but at that point it was a little late, right? the i.c.e. sting took place in new york, philadelphia and los angeles. according to the new york post, listen to this, the feds used a wiretap to listen in on their phone calls, hearing one of those arrested talking about bombs. former i.c.e. director tom homan if tells us this is the an example of a difference threat. >> under three and a half years of bind, we've got a historic

number of russian nationals being arrested at the southern border. i mean, these numbers are unprecedented. and people on the terrorist watch list, over 380 at the southern border. >> reporter: so hundreds, right, on the terrorist watch list at the southern border, and then you find out about this in new york city, so it has people on edge across the country. the department of homeland security and the fbi are working this case. there has been that heightened threat across the country, so they're doing everything they can, they say, to keep americans safe. stuart? stuart: thanks very much, indeed. senator mike lee, republican from the state of utah, joins me now. mr. senator, you have a bill to ban tsa from accepting the border one app. one of the terror suspects from tajikistan used that app to get into america. why do you want to stop the tsa accepting that app? >> tsa shouldn't be accepting that app as a form of id because it requires no valid id. all you have to do is fill it out, put in whatever name,

whatever biographical information you choose to, and then you can get into the country just like this terrorist got into the country last year. this terrorist who's now been arrested. you know, what's really scary is that we don't know anything about the other hundreds of thousands of people who have gotten in using the cbp1 app. this one in particular we know is a terrorist. how many other terrorists are there out there, stuart, who got into the country the same way using the app? stuart: so you're aiming for security here, but what you would also do, you'd cut down on the number of people who have just been flying around the country, the number of migrants flying all over the place. you want to cut down and improve security. that's the basis of this. >> yes, that's the basis of it. what the act says is you cannot use the cbp1 mobile app either to enter the united states as a form of id accepted by the department of homeland security or alternatively to fly from one u.s. city to another. you know, citizens when they

board a plane in denver bound for salt lake city or anywhere else, they have to present a valid form of id. likewise, when they leave the country, they've got to have a passport to get back n. illegal aliens only need access to a phone and the cbp1 mobile app, and they can the enter whatever they want. the valid act would end both uses that i just described and, therefore, make our country safer. stuart: what kind of support do you have for this in the senate? >> you know, republicans are very supportive, and i offered this up. this is the kind of bill that really ought to pass unanimously. keep in mind, stuart, that the democrats have been insisting over and over again that the need for the valid act just didn't exist because, as they put it, it's not being abused, it's being utilized properly. nobody's getting in who responsibility shouldn't be. somebody even claimed it wasn't a substitute for a valid id. all of that is untrue, and it's

been proven yet again untrue by our discovery of this known terrorist who we now know got into the country using the cbp if 1 app. stuart: mr. senator, thanks very much for being with us. we appreciate you covering it for us. >> thank you. stuart: yes, sir, thank you. boston's logan airport sheltering more than 100 migrants, and there are more coming, right in. lauren: at all hours. hook, migrants have been living in baggage area at a logan airport for a year now, but these pictures are amazing. i mean, they show a sea of blankets and bags, sometimes air mattresses. one person who worked there said they couldn't even find the floor. the massachusetts if port if authority says the migrants don't just fly in, they bus in, they a taxi in. they don't have ab exact number of how many are arriving each day. the shelter system is at capacity there, over 7500, they can't keep up. migrants setting up a hotel the room essentially in the baggage area of the airport. stuart: that's ridiculous.

lauren: yeah. stuart: what else do you do with them? lauren: they just keep on coming, and we have no idea how many. stuart: david bahnsen's with us. the election, november. are migrants now a more important issue than inflation? >> you know, there's a sense in which i think they are, but i think they kind of come together in this sense, it undermines this idea the biden presidency was about competence, about seriousness, about a policy. that was his claim in 20 20, there was too much drama with president trump. there was a lot of drama with president trump, but then-president biden said he was going to only come in and get things done. the migrant issue is a disaster in blue and red states, and then the inflation issue. these are two bior partisan things that underbind independent support -- undermine independent support. stuart stuart thank you, david. a lot of green, dow's up 340 to, nasdaq up 173. favorable inflation numbers out earlier. the market's rallying. we'll take you9 to the opening bell next. ♪ ♪

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stuart: check futures. there you go, that's the benign if inflation news of the day, no if price increases in the month of may. up 3.3% over the past year. that's considered benign. bring in shah ghailani. that's a cooler inflation report, let's put it like that. are we off to the a races on the stock market? >> obviously. i mean, the trend is your friend when it comes to the inflation. the trend is down. we're not anywhere near the fed's 32% tart. we're -- 2% target. we're still seeing growth in inflation, but it is trending downward, that's a positive. stuart, the market has been trending up, it's going to continue to trend up. again, the trend is your friend. there's no reason for the markets to back off because earnings have been good, the inflation figure outlook is getting better. again, doesn't matter how long it actually the takes to get down to the fed's target as long as a we're moving in that direction even incrementally, equities are going to continue to go higher. stuart: i thought you were waiting for a big selloff before you bought anything.

have you abandoned that and are now buying into this rally? >> no, we have within buying into the rally. you know, late to the game in a lot of stocks that we want because we don't see any kind of meaningful correction out there just yet. for me, that would be a positive. i'd like to see a little bit of a shakeout of some of the weak links in the market. i'd like to see some profit taking, the markets come in but that's just self-serving because that would be a buying opportunity not just for me, but for everybody. we've seen barely a 5 correction and just one at that, a 10% correction would be a monument alibiing opportunity. if we go9 something beyond that, just load up the truck. stuart: but there'd have to be something dramatic happen to give us a 10 percent selloff, wouldn't there? >> it would, and i don't see anything happening. the problem for everybody who's still on the sidelines and hasn't chased -- and, again, we have chased a lot of names that we decided we're not going to get this where we want this, we don't think we're going to get them lore, and we chased them higher and we're very happy because we're up confer by in

all those new -- considerably in all those new positions. investors who stay on the sidelines, they're going to the stay on the sidelines for however high this market goes. stuart: is there anything which you are now selling? >> no. we've always a put in profit targets on some of the positions that are more short-term oriented for us, and as far as most of the legacy positions we have, we just just raise our stops in case there is some black swan event. and and then, again, we would look to buy again lower. we're just adjusting stops and, unfortunately, raising them constantly which is a wonderful thing. stuart: it is, indeed. shah ghailani, you brought a senile a million faces today. -- smile to a million faces. the market is about to open, and i think we're going to open with a gain for the dow of probably close to 400 points. that's the way futures are pointing at this stage. and, by the way, 10-year treasury yields are coming down.

that's really helping the market. the s&p right there at a new all-time high, ask look at this, the dow's up 360 and 29 of the dow 30 are going up in price. they're winners. you don't see that very often a, but you're seeing it right now. the nasdaq also at -- there you go, s&p 500, show me that, please, because that's a new all-time high. gras intraday, of course. 5411. the nasdaq composite, 17,499 2. there you have it -- 492. it's up% of 8% -- .68. show me big tech, amazon the only loser. it's down 76 cents at $186. but alphabet, google i like to call it, up $2. meta well above $5000 a -- 500 a share. apple at 207, getting close. and microsoft doing well, $433 right there. we'd better take a look at oracle because i'm pretty sure

they are strongly high her. yes, they are. 9% higher for a stock like that, it's got to be because of a.i., right? lauren: yes. the deal, specifically with microsoft, to extend its azure a.i. platform to oracle's cloud infrastructure and a deal with google to get oracle's e-commerce customers access to a.i. so that is why the stock is up 99, on those a.i -- 99%, on those a.i. deals. the ceo sayings they're booking the largest contract in history, that's forward looking and all of that is outweighing the reality of the last quarter which was double miss on both the top and bottom line. bookings are solid and you have deals with two major a.i. players, your stock goes up 99. -- 9. stuart: staying with openai, why kid husbanding withdraw his lawsuit? lauren: no, it was a surprise many -- to me. openai was prepared to deliver his bid to dismiss musk's lawsuit for breach of contract,

right? he said openai and sam altman if didn't live are up to the nonprofit aspect of openai. they're now a for-profit entities. he didn't like that. so there you have it. i think he knew it was a weak case. stuart: do you have anything to add to this? >> there were e-mails where he had acknowledged some of this already, so i think the case was going nowhere, was likely to be dismissed, and that was that. stuart: let's move on. apple just became the first company to cross -- 911 trillion in -- $1 trillion in brand value. how did they arrive there? lauren: so this is from cantor, and they say they used quantitative consumer research to come up with these numbers. basically is a brand meaningful to you, is it salient in your life. that that's the best answer i can give you. i can tell you that apple has been number one for three years running in this survey. now they have a $11 is 1 trillion brand value -- $1 trillion brand value. so tech has an enduring place in

everyday life. nvidia finally cracked the top 10, it came in at number 6. stuart: david, do you really care about brand value? >> nobody does. they care about cash flow. stuart: right. >> that's all that a matters. sales. brand affects sales. it's made up out of thin air. lauren: it's popularity. >> sure. so popularity's reflected in sales. lauren: true. >> if it's popular, people buy things. lauren: so you do care. >> -- quantify, like, this portion of it is because of the brand value. that's all made if up. the. stuart: you having fun? if. [laughter] amazon investing more money into affordable housing. all right, lauren, how much money invested and how many units? lauren: so another $1.4 billion. the number of units built, 36,000 in all. where? arlington, virginia, seattle, washington, nashville, tennessee. that's where they have some corporate offices. the problem is regular people live in these areas, nurses, teachers, first responders, they

can't compete if with the -- compete with the salaries of these tech workers, so this is a goodwill gesture by amazon to come in and over the past three years with more than $3.5 billion, buying up buildings and making them rent-controlled. stuart: a goodwill gesture? lauren: yeah. i think they would want to build houses, but that's way too much permitting -- >> >> can i be a little cynical? if 80% of the units they built have government subsidy. 80% are getting money from the government. this was under jay carney's portfolio. he was the head of lobbying at amazon. it was under their government relations department. now they've moved it. it's more marketing-oriented, but here's my problem, stuart. they're saying it's creating more demand and so prices are going hire. why don't we have more supply? why are these cities not allowing more houses to get built? stuart: right. regulations. >> it's not a demand if problem. you want high demand -- lauren: which is why they're buying up buildings that already

exist. >> and they're doing all rentals as well. so they're jabbing up prices for apartments, but they're not -- jacking up prices for apartments. stuart: google is going to test an anti-a.i. theft feature for phones. where are hay testing it? lauren: it's in brazil because the number of phone thefts, astronomical. android users or can activate anti-theft mode which uses attar official intelligence to detect when a phone is stolen. they can find common movements when a thief steals your phone and runs away with it, and it will allow the other than to lock the phone letly -- the owner. stuart: david, you've got some dividend picks. always a star feature of this program. start with truist financial. >> it's come down a little bit. it's obviously up a little bit today, but it's been down a the last couple of weeks. and this is just one of the very underpriced banks. a dividend yield near 6%. growing it substantially, they have tons of liquidity, and we just think truist is one of the

rare companies that's very undervalued in the market with a high dividend yield. stuart: 6% and that's safe. >> very safe. they're growing it year by year. stuart: clorox. who would have thought they would pay a good dividend? >> anyone following consumer staple, my friend. [laughter] why? because their products have to be continually bought. people still need cleaning supplies, these consumer staples. but clorox is down about $20. so you've got a lower price point, a nice if dividend yield. they're growing year-over-year. we love the whole sector. the one we own is down the most, that's why i'm presenting it today because buy low is a good mantra. stuart: so at 1312 -- 131, what is the dividend yield? >> 3.5% today, ask they're going to grow request it the next 10 years. stuart: msnbc host joe scarborough says the media and republicans are making biden look older and more demented than he really is.

roll it. >> so with bind, the -- biden, the republican party has to make [bleep] up. and i'm sorry, i can't think of a better way to say that, to try to make biden look old and dementedded. trump, he does it every day. stuart: we should go to the videotape. if. [laughter] not make it up. good heavens. we've got a report on this. following trump's guilty verdicts in new jersey, new jersey is now opening -- he wasn't guilty in new jersey, or but the state of new jersey is opening an investigation into his liquor licenses. determined to do him down. there's a growing trend in the housing market, companies building new homes but they're not for sale, they're for rent are. that story is next. ♪ i'm on my way, i'm on my way -- ♪ home sweet home ♪ ♪

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stuart: that looks like a rally, to me. dow up 300 to, or nasdaq up 240 points. that is -- 1.3%. big tech's doing well. home depot, goldman sachs, caterpillar. those are three dow stock, they add 195 points to the dow because all three of them have gone straight up very nicely. next, corporate investors have been buying up single-family homes to rent out. now there's a new trend, investors are building them, building houses in order to rent them out. jonathan serrie has the story. doesn't this tighten the housing market even more, jonathan? >> reporter: yeah, it does, indeed, stuart. and it's just a sign of how red hot the rental market has become as higher home prices and higher interest rates delay the american dream for many small mom and pop, would-if be buyers. corporate investors are buying up large numbers of starter

homes in booming real estate markets, especially here in the sun belt. georgia tech's center for urban research studied the situation in the metro atlanta area which leads the nation in this trend. >> every single-family renter homes are owned by institutional investors which owns more than 1,000 homes nationwide with. so these are really big corporations. >> reporter: experts say this drives up home prices in surrounding neighborhoods and makes it harder for individuals and families to get in. >> that can be tough competition for first-time home buyers because with investors often come in with more if cash and are buying outright or with much larger down payments, so they're a making a much more competitive offer. >> reporter: danielle hale recommends you study home options and get pre-approval so they can make an immediate offer. but we're watching in this much smaller but rapidly growing

trend of institutional a investors building brand new homes for the sole purpose of renting them. according to a rent café analysis, new build to rent homes surged from just over 67000 in 2019 -- of 6700 to 27,000 last year with phoenix, denver and atlanta seeing the most new construction. some experts believe it could have a long-term benefit because it's creating much-needed housing stock and eventually, stuart, sooner or later corporate landlords do become sellers. back to you. stuart: jonathan, thanks very much, indeed. steve moore is with us this morning. steve, i'm intrigued at president biden encouraging homeowners to use the equity in their homes, borrow that the ec by by -- equity so they can spend more money. is that that what it's all about? >> it sure is. and, stuart, this is an important story.

i'm glad you're covering it. because people forget, how soon we forget what happened in 2008 during the mortgage crisis which obliterated the economy is and sent us into the worst stock market since the great depression. and that was one of the leading culprits of that, was freddie mac and fannie mae, the two big housing guarantee agencies. they, by the way, they got the biggest bailouts of all, you know, all of the wall street firms, none of them got as much money as fannie mae and freddie mac did. so you would have thought we would have learned the lessson, maybe we shouldn't -- lesson. maybe we shouldn't pour more money into these agencies. and if now what the biden administration wants to do is have fannie mae and freddie mac which are supposed to help promote home ownership, what they want to do is put a taxpayer guarantee when people take out a home equity loan to encourage people to take the out more equity on their home so they can spend more.

well, how many times have we talked about this on your show, stuart? the credit card debt, auto debt, people are in debt up to their eyebrows right now, and the biden administration, these idiots want to encourage people to borrow even more money so they can spend more money before the election. i fine it to be rep rehence,, and you know -- reprehensible k. and you know who's on the line if these loans go on de-- into default, you and me and the taxpayers. fourth stuart you got it. i need your thought the on the cpi report. 3.3% inflation if over the past year at the can consumer level. i'm right in saying inflation is cooling. that's a good thing, isn't it? >> sure. we all a want to see inflation brought down to the 22% -- 2, you know, target. it was 11.5%, by the way, 11.5 -- 1.5%, we still have a long way to go. i like to look at the commodities index. that's continuing to rise. i think we're still looking at

inflation for the year 2024 of around 4%. well, that's twice as a high as what the target rate is. i don't understand all this irrational exuberance on wall street with. we still have a lot of work to do to bring inflation down to the 2% target. and once we do that, you're still, you've still got prices that are 20-25% higher than they were when biden came into office. it's killing the middle class. stuart: okay. i'm going to leave it right there, but let's remember inflation is cooling just a little. stephen moore, we'll see you again soon. >> a little bit. stuart: inand out burger just announced they're hiking prices. this is california. that's got to be the california minimum wage with. lauren: 1000%, and the company said so. they tried to keep the price increases modest su be they just can't do it. the price of a double-double meal combo not including tax, it's over $13 in san francisco, almost $12 in alameda and in the

san jose. i remember going to fast food places, and you can get a meal f like, $7-8. now we're pushing $151. in some cases -- 15. even's always complaining about this. in-n-out burger, it has a cult following. it is staple, an icon in california, and they're paying their workers, actually, $22, 23 starting wage after this law. stuart: you're laughing. you're a california guy -- >> no, i'm a new yorker who misses in-n-out burger, and that's the only thing i miss about california. they're not even a california company anymore. they moved to franklin, tennessee, for the same reason everyone else did. stuart: but prices are going up in california fast food operations. >> of course. and it's going up particularly because of the minimum wage. but ruin yes' fish taco chain just declared bankruptcy with. there's tons of closings of other fast food place. in-n-out raising prices is to be expected. the only thing i'll say 1st worth every penny. -- it's worth

every penny. lauren: they have a secret men -- menu, right? >> i'm not allowed to talk about it. stuart: thank you, david. >> coming up, trump derange. syndrome strikes again. the left is waking up to the possibility of a second trump term, and they're predictably going off the deep end. that's my take, top of the hour. question, can the government mandate universal acceptance of transgender rights? it's currently being argued in state courts across the country. that story is next. from recent grads...

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stuart: i'm going to put apple and microsoft on your screen. there you can see them right there. by the way, apple just overtook microsoft to reclaim the title of world's most valuable company. big tech, straight up. there's a big divide between red states is and blue states over transgender laws, and now they're fight it out in court. william la jeunesse is with us. which laws with finish are we with talking about here? >> reporter: it's not just the courthouse, but the statehouse, school boards, locker rooms, hospitals often for controversial procedures. everyone pays for through insurance and medicaid. >> in terms of when, if, how someone comes out to their parents, that is our decision and no one else's damn business. >> reporter: california

democrats are fast tracking a bill prohibiting teachers from disclosing a child's gender identity to their parents. >> this bill violates the 14th amendment, the right of parents to raise their children. >> reporter: the bill is symbolic of fights around the country over transgender rights. >> here you have policies being imposed on a lot of americans that don't want them. >> reporter: tennessee is among 18 red states challenging federal rules forcing employers the to honor a trans worker's use of their preferred pronoun, restroom of choice and if clothing that aligns with their gerund identity. rules that company employees and customers must follow, otherwise trans workers can sue for harassment. >> so if a customer comes in and uses a biologically accurate pronoun for somebody, then the employer is responsible. >> reporter:32 republican-$232-republican led states are refusing to comply with the rule banning states

from are prohinting trans athletes from women's sports. 19 red states restrict or prohibit gender-affirming care for transgender minors, argue angering the lgbtq community so last night san francisco became a sanctuary city for trans people, largely similar doll bolick -- symbolic, stuart, but it shows the debate is just beginning. stuart: all right. i'd like to thank david for being with me for the hour. i know it's hard work, but you soldiered through it. that that's very good. >> thank you, sir. stuart: still ahead, guy benson on president biden claiming pro-palestinian protesters make a point, his words, after interrupting his speech. former u.s. attorney guy lewis on hunter biden's tax case which comes up in september. should he plead guilty before the trial? there haven't been any white house press briefings in more than a week. martha mccallum will e deal with that. and jon levine on aoc and rachel maddow saying they're worried

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