company that enjoyed billions upon billions of dollars from the american taxpayer, not just from the money that we paid them directly but also the money that they're subsidized with when we bail out all of these legacy airlines, time and time again. >> cheryl: well, look i said it earlier i'll say it again. we don't want to see a great american company like boeing fail i think the faa needs to be held accountable. >> self-regulation for an airline like this is unacceptable. >> cheryl: exactly. well its been a great show. gentlemen thank you so much chris mcmahon, joe pinion, and maria is going to be back tomorrow. again, markets are trading now the dow is lower but we did have a couple of records for the s&p and the nasdaq last night. we'll see if the markets can do it again. "varney" & company up now. stuart take it away. stuart: good morning, cheryl. good morning, everyone. the official announcement comes today a massive new amnesty

program for illegals living here 10 years and married to a us citizen. work visas will also be speeded up for illegals who have college degrees. after the announcement, the president heads to virginia for a campaign event and then to the beach house for debate prep. trump goes to wisconsin, considered a must-win state. earlier this week trump reportedly called milwaukee a horrible city. his campaign walked it back a little saying trump was referring to crime and voter fraud. the republicans hold their convention there next month. to the markets and the rally continues, especially in the tech-heavy nasdaq. it's up about 11 points at the moment. retail sales up only 0.1% in may and sales in earlier months were revised down. the dow off 20. s&p down two. nasdaq up seven points. interest rates, that's where you see the effect of retail sales. they're heading lower. the 10-year is right at 4.25% and the two-year, that's coming in this morning at 4.72%, below

4.75. bitcoin? losing steam, you're looking at 65,000 bucks a coin. oil right around $80 a barrel. 80.41 and diesel down one cents at 3.77. politics, the fight over president's cognitive abilities is not over. press secretary karine jean-pierre says the tapes of biden's difficulties are cheap, fakes, and manipulation. we will contest that. you will see the whole tape. no editing. no manipulation. there is a "what if" debate. what if biden makes a disastrous gaff in the first debate. how to get him to step aside and who to replace him with. the democrats need a plan b. on the show today, the senators drafting legislation that requires young women along with young man to register for the draft. women have been serving at all levels of the military since 2013. tuesday, june 18, 2024. "varney" & company is about to

begin. ♪ ♪ stuart: i heard the word "fake" appear in there, in the music and we are talking a little bit about what i call cheap fakes. >> call them what they want. lauren: like a deep fake but not manipulated. stuart: exactly what we're talking about. i want to start by replaying the full video of barack obama guiding president biden off the stage in los angeles over the weekend. the white house is not happy about this. they claim the video's of biden freezing are manipulated. good morning, lauren. we're going to let the video speak for itself. lauren: so play it out as i speak. the white house is saying that this is a cheap fake. it's desperate republican

misinformation. watch again. >> i think you all have called this the cheap fakes video and that's exactly what they are. they are cheap fakes video. they are done in bad faith and instead of talking about the president's performance in office and what i mean by that is his legislative wins what he's been able to do for the american people across the country. we're seeing deep fakes. these manipulated videos, and it is again, done in bad faith. lauren: she also said deep fake. these are not manipulated videos the white house says they want to see the before and the after of what happened so you can get an idea of the context of the situation. that's just not how media and social media work these days. nonetheless, we are showing batches of videos that show the president off in moments when he should be on, on the world stage, for instance in italy. here, at a fundraiser look at president obama taking his wrist in his hand and escorting him

off the stage at that major fundraiser. the president says repeatedly. watch me, to anyone who doubts his abilities because of his age well, mr. biden, we are watching you and we are watching president obama with you. stuart: we should say that karine jean-pierre corrected herself. she originally said deep fakes, and then she said cheap fakes. so there is a difference there. lauren: deep fake is digitally maneuvered. stuart: yes, we're going to be tested again next week. the bar has been set very low. now karine jean-pierre then tried to defend obama for grabbing president biden's hand and leading him off the stage. watch this. >> let's not forget. president obama, president biden have a relationship. they're friends. they are like family to each other and i think that's what you saw. you saw the president put his hand on the back of president biden and they walked off the

stage, after taking questions or at an event taking questions from jimmy kimmel. that is what you saw. stuart: i think they are doing damage control, todd piro. todd: that's the most honest thing she's said from that podium because sadly we all had a relative that's been at this stage of cognitive decline and that's exactly how you treat that individual. put your arm around them and you guide them. the previous things that she said, deep fake, cheap fake, it doesn't matter. that is a lie coming from the podium, and to follow-up on something that you said. the way we do news. i grew up as a local reporter, right? you go out, shoot 30 minutes of video for your minute and a half package. we do not air all 30 minutes of that but even if we did. trust me on this. this video is not going to get better for joe biden and for the white house and the biden campaign. this is who he is. even if you remove this , stuart , there's one of these a day. they're lying to you. they're telling you not to believe your eyes. not to believe your ears.

this is the candidate that is currently running for president of the united states and that's it. stuart: then, president biden seemed to mock reporters after they shouted questions at him. watch this. >> [overlapping speakers] stuart: well, the whole point here, todd, is he doesn't answer questions from the media, period todd: i don't want to get into a discussion as to mental facult ies, having this be the response. i am not qualified for that but what i can say is this has been joe biden his entire career. never really being forced to face the music and when he is, you can go back to when he was a senator. him shouting at the media and a little bit more of a cogent fashion than this but this is who he is. on the other hand you have a donald j. trump who he may shout at the media but he's giving a substantive answer in the process. that is childish yet that's what

we're going to see potentially in this debate. that's why that debate is going to be so telling. stuart: save your energy, you're with me for the hour. axios is reporting that president biden is distracted by the political attacks on his family. is this about hunter? lauren: yes, and his other children as well. so, he's distracted certainly but i'd say as a father, he's tormented by the guilt of what his presidency and campaign have exposed about hunter but also his daughter, ashley. she also struggled with addiction as well as his daughter-in-law hayley. the axios piece reads, biden, back story. the presidential runs darkened by family trauma addiction and its made him, they say, rethink whether running again is worth it and pulling from the article as his presidency doubles as a family tragedy on public display it's a very human story and i feel for him as a father that your kids, your grandchildren go

through tough times. you feel bad that you're causing that or at least making people, airing your dirty laundry. stuart: his family troubles are affecting his cognitive ability and therefore his ability to do the job. todd: but the key thing in what she just said there. he may be rethinking his decision to run again. these are all plants, stu, to setup the inevitable potentially joe biden leading the top of the ticket which you'll get into later on in the program. this is all a setup. axios doesn't print that unless it's part of the overall scheme. stuart: it's plan b. todd: 100%. stuart: let's check the markets now, we have the latest read on retail sales let's deal with that. lauren: it's for may lighter than expected growth of just .1% and april revised down to down .2%. bottom line, weaker consumer which feels two-thirds of the economy a retrenchment in growth per this report, one bright spot, the sports, hobbies sales up almost 3%. stuart: i would have thought the downside move in retail sales with a modest gain would

have helped the market. it did in the sense of interest rates coming down. lauren: six fed speakers speak today so there's going to be a lot of back and forth about whether rate cuts are happening and how many. stuart: david nicholas joins me now. this very small 0.1% increase in may. what does that tell you about the stock market? >> well, i think what it tells us is brick-and-mortar retailers are taking it on the chin. inflation is clearly hurting sales. retailers are doing everything they can to attract buyers but this comes down to what the market perceives as possibly a good thing you saw interest rates coming down. why? because if there's a weakening consumer that possibly means that the probability for a fed rate cut increases so again, i think in the short-term you're going to see yields come down. i think the market wants to wait to see how do earnings come in but right now we're seeing a slowing consumer. this has to do with inflation. the us consumer, i think, stuart , is single-handedly carrying the global economy on its back in spite of inflation, in spite of what's coming out of washington. the consumer still is trying to do everything it can to put food

on the table and spend even though it's getting more expensive. stuart: i see that your stock pick or at least one of your stock picks is ishares msci france etf. basically that's an etf that invests in the french stock market. what's so good about it? >> that's right. well, stuart if you follow this clearly, french stocks took a huge hit last week down almost 6% because macron's party took an unexpected loss to the national rally party. again the market perceives this as a negative saying this is a far-right group but this is pretty significant. 30% of the vote was by french citizens under the age of 35. this was unthinkable five years ago so what the market perceives as negative i actually perceive as a positive because this is free market economics that potentially if they get big wins , if they win even all the way to the top, this is good for french stocks. i like names like lvmh. it owns some of the biggest, most recognizable brands in the world.

tiffany's, champaign, wonderful champaign. these are big brands that i think this is a good time to get in and you can buy the etf which is a name like lvmh stuart stuart: go have an early mimosa david nicholas thanks for joining. coming up the white house says biden focused on making illegal migration more fairer, their words. roll tape. >> he's going to speak on how we can make our immigration system more fairer. he wants to see action. he wants to see a bipartisan legislation move towards that, but we haven't seen that. stuart: well, what does senator ted cruz think of biden's new amnesty program? the senator is in our 10:00 hour trump blamed biden for the murder of that maryland mother of five by an illegal migrant. trump says the migrant knew crooked joe would let him in. border guy, art zel cueto on that, next.

as an independent financial advisor, i stand by these promises. as a fiduciary, i promise to be the financial steward that you and your family need. i promise to put your long-term financial well-being above any short term transaction. everyone has a big picture. my job is to help you invest in yours. [announcer] charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people achieve their financial goals. visit findyourindependentadvisor.com what will you do when the power goes out? power outages can be unpredictable and inconvenient, but with a generac home standby generator, your life goes on uninterrupted. because when your generac detects a power outage, it automatically powers up, giving your family the security and peace of mind they deserve. we don't have to worry about whether we lose power or not. if the utility company does not come through, our generac does.

after the hurricane happened, we just want to be prepared for anything. 8 out of 10 home generators are generac, with thousands of satisfied customers. number one thing to prepare for is extended power outages. don't make it so hard on yourself, have a generac home standby generator. and owning a generator is easier than ever. special financing and low monthly payment options are available, and if you call now, you will also receive a free 5 year warranty valued at over $500. call or go online now to request your free quote.

stuart: all right 14 minutes to the opening bell. a mixed market, dow down 14, nasdaq up nine. not much movement. president biden will announce new immigration policies that will get protection and work permits to hundreds of thousands of my grants married to us citizens. peter doocy at the white house. all right, peter tell me more about this new amnesty program. reporter: stu, can tell you that president biden is doing this because congress still hasn't passed any big immigration bills. >> you can't really change what's happening at the border unless you have legislation, unless you have real resources and funding and support that is sustainable over time, to make a big difference down at the border so there's no magic wand that can be waived here to make

it all go away. reporter: for a new pathway to us citizenship a person must be married to a us citizen, must have lived in the us for 10 years and they must not pose a threat to public safety. that has the biden campaign manager in wilmington writing, families belong together, it's that simple. it's why president biden's actions today are so important and it's also a powerful reminder of donald trump's unforgivable legacy of ripping crying children away from their parents when he put in place his family separation policy. this plan does not immediately grant any of these eligible applicants voting rights, at least not right away but republican critics say they think that's part of president biden's long-term strategy. >> it's the democrats who are literally importing people with the specific purpose of actually impacting elections. they're doing it on purpose. we see it before our eyes. reporter: white house officials believe this could wind up

helping 500,000 people become us citizens. stu? stuart: peter doocy at the white house. minus the leaf blower. thanks so much we'll see you later. national border patrol counsel vice president art del cueto joins me now. art, this new program, will it open the door for more illegals to work? >> well i mean it definitely will but my bigger question is if these individuals have been married to us citizens, they could have applied for something already, so the bigger question is why have they been circumvent ing the laws? why have they been disregarding the laws and not paying attention, so realistically,, it sounds awful but at the same time, is president biden really giving them anything? its already been available to them and that's what the weird question is, you know? so you seen this constantly from this administration is they pretend they are giving something out when realistically , it's something that would already be available. i think a lot of it is just trying to appease a crowd. stuart: but isn't this designed to appease the hispanic vote?

>> it definitely is and i think the hispanic people have been a little bit more informed now and they are seeing reality of what's happening out there and this is something that has already been available to them. look if you're a us citizen and you marry somebody that is in here illegally, there's a way for them to go through immigration and try to get some kind of legal status so this is really, what is he giving to them? i'd have to wait and see exactly what it is that his plan is or what he's promising to give this time. stuart: art, donald trump is blaming president biden after a migrant was charged with the murder of rachel morin, a maryland mother of five. trump said the five young children will grow up without their mother because crooked joe refuses to shut down the border. this can't be allowed to continue. on day one, we will shut down the border and start deporting millions of biden's illegal criminals. okay, art. we just received confirmation that the man accused of raping a girl, a 13-year-old girl in new

york city, was an illegal migrant. he's believed to have entered the country from ecuador in 2021 big picture, art. how on earth are we going to stop this? >> you have to have political will that's going to stop it by saying, everyone coming across will be detained. you will stop releasing everyone and unfortunately, that's, you're going to see more of this because this administration has ignored it. they have opened the doors. they have said hey, come one, come all and as scary as it is when you're seeing military-aged men from countries of interest that are being released in the united states, just by saying asylum, it's even scarier when you realize close to 2 million gotaways. its been so easy to come in, get released. it's just hard to imagine how bad the criminal background is on those gotaways. stuart: the biden team says it's the republicans fault. they won't allow more resource

for the border, more people to man the border. it's their fault. you got 30 seconds. what say you to that? >> they got handed over the keys to a perfectly well- running car and they ran that car to the ground. everything was being done correctly under president trump. this administration took over and immediately dismantled everything they had. stuart: art del cueto, thanks for joining us we appreciate it. see you again soon, i trust. top administration official has revealed that unaccompanied migrant children are not getting proper background checks. todd, so we don't know who they are. we don't know anything about them. we don't know who their parents are. it's not supposed to be like this. todd: this is telling, oh, wait until i give you the number. a top biden official admitting the department of health and human services is not even asking, stu, about the criminal histories of migrant teens in its care. a newly-released testimony before congress, robin dun marco s, overseeing solo child migrants even though

her agency reaches out to the country for information, they don't ask for criminal records. why is that? the biden administration has lost track of, stu, get this , 85,000 children as of february 2023. we don't even know what the numbers are since then and 70% of that cohort, 15-year-old, 15 years of age or older and mostly boys. stuart: 85,000? lost track? todd: that's huge. and again, that's february 2023. we're in june 2024. stuart: and we have the biden administration putting out some kind of commercial saying that trump ripped children, crying children from the arms of their mothers. todd: they've gone beyond a policy discussion. they are now lying again. that's why the debate is telling because those lies will be on the world stage to see. stuart: you're a hard man piro, but we like you. let's have a look at the futures before we open the market. now it's green. not much but some. dow up two, s&p up one, nasdaq up nine, the opening bell is next. ♪

♪ so tell me about your heart attack. our heart attack was... scary! never want to go through that again. but we could. with heart disease, you never know. so we made changes. green juice. yeah, not a fan. diet, exercise... statins helped. but our ldl-c (bad cholesterol)-it was stuck! stuck! just couldn't lower it enough. and high ldl-c meant a real risk of another attack.

so i said, "let's ask our doctor about repatha." what can i say? listen to your heart. repatha plus a statin dramatically lowers ldl-c by 63%, and significantly drops the risk of having a heart attack. do not take repatha if you are allergic to it. repatha can cause serious allergic reactions. signs include trouble breathing or swallowing or swelling of the face. most common side effects include runny nose, sore throat, common cold symptoms, flu or flu-like symptoms, back pain, high blood sugar, and redness, pain, or bruising at the injection site. we won't let another heart attack set us back. and neither should you. listen to your heart. lower your ldl-c and your risk with repatha. talk to your doctor.

stuart: quick check of futures. not much price movement dow up

four, sorry down four, nasdaq up seven. that's pretty flat i'd say. let's bring in angelo zino. we understand that you just raised your price target on nvidia to $139 a share. it's now at 131. so you don't see much upside here. is the nvidia rally over? >> no. i mean, we continue to like it. unfortunately, the stock just continues to run much hotter than we anticipated but that said, as far as the fundamentals are concerned, the drivers not only kind of over the next kind of six-to-nine months but over the next three-plus years we remain very bullish on the shares so to your point, we did increase the target price to $139. it's about 40 times our calendar 2025 estimate but we continue to believe this is a stock or a company that can continue to grow the earnings trajectory over the next five years by about north of a 30% annualized

pace, so even if you were to retain that target price, looking ahead, there continues to be we think notable upside ahead. stuart: just suppose that all of the promise of a.i. doesn't translate to the bottom line of these big tech companies, in the next say six months. a.i. doesn't produce that much extra profit. just suppose that happens. does that mean that big tech comes down? >> that is absolutely a risk out there. when we think about the software side of things, there are really two sides of it. you've got your cloud companies and those companies are actually monetizing a.i. right now very well. you kind of look at names like microsoft. they continue to actually see demand outstrip supply on their side of things so as long as that remains healthy, we think the orders continue to pile in for the likes of nvidia as well as other chipmakers out there. now what's interesting is some of the other software tech names , your saas companies, your salesforce.com, adobe of the world and what have you, we

do need to see more momentum and start really creating killer app s out there and sell into the enterprise space so we think if we start seeing that, that will be an additional driver i think for the broader tech play as well as for semiconductors. stuart: real quick question on the chipmakers. which one do you like best? broadcom, marvel, amd, micron? who do you really like? >> yeah, i mean, those are our favorite names. we do think the next catalyst is micron's earnings next week. we expect a very strong beat and raise but among the group, our favorite right now is actually marvel. we do have a strong buy recommendation on that stock and it's a combination of that a.i. play plus a cyclical trough in some of their other businesses that we think recovers over the next 12-18 months. >> [opening bell ringing] stuart: he thinks nvidia goes to 139. thanks, the market is almost open. now, it's open. away we go. we're going to, it's going to be a fairly narrow market as we

move into the trading session. not that much price movement in the very early going. of course you have no idea how these things close out the day but what we're looking at now is the dow off, i'm sorry up 15 points, a fractional gain and an even split between winners and losers in the dow 30. the s&p 500 also on the downside but, upside i'm sorry, but only just .06% up. the nasdaq composite is up, i keep getting this wrong. i can't read the screen. it's down five points that is down .04%. lauren: today is the opposite of the past couple of days. where nasdaq and s&p have been higher because tech is acting defensive and the dow has been lower. flip it around today. stuart: and interest rates were down a little bit today but it's not helping the nasdaq much. okay, here is big tech. apple going to 217. microsoft at 448 pressing on the door of, no it's now 449, real close to 450. alphabet is down, amazons down, meta down but still above 500.

let's move on to tesla. elon musk reportedly working on stock-based compensation for high-performing employees. what more do we know about this? lauren: reuters looked at an e-mail that musk sent to employees saying over the next few weeks tesla will do a comprehensive review to provide stock zaporizhzhia grants for exceptional performance. could be a goodwill gesture after overwhelming shareholder support of his pay package and a thank you to employees who have stuck with him and worked hard. tesla cut 10% of their staff so if you're there you're working hard. stuart: stock options used to be a big deal. maybe musk is bringing it back. lauren: maybe. stuart: apple scrapping their buy now, pay later service in america. why? lauren: because the banks are paying them reportedly .15% for every purchase made with their card, so if the bank can offer the buy now pay later via their cards loaded on to apple pay, apple gets a cut. so they are still offering buy now pay later. they just aren't doing it. they are using the third party

banks. stuart: i think that i understand that. i think. i do. then we have microsoft's marketing chief is leaving. why is he leaving? where is he headed? lauren: jarot west. he didn't say why but we do know microsoft is reshuffling their marketing team and about to launch their first-ever all digital gaming console. this guy's resume very impressive. eight years at microsoft, seven years at netflix, back to microsoft for five years, and now he's headed to roblox where he will be their chief marketing officer. stuart: never worked at nvidia. poor guy. lauren: maybe that's next. stuart: there's some argument about this. netflix has set a huge price for the nfl commercial spots that it's running on christmas day. how much are they charging? lauren: $5 million for a 30 second spot. that's $2 million less than you would get for the super bowl. they are offering two christmas games at 1:00, chiefs, steelers at 4:30, ravens/texans, netflix

is also double dipping. you get the subscription fee to watch the game and now the ad buys. stuart: you've got 30 seconds to tell me why 5 million bucks is too much. todd: super bowl ratings this year, 123 million, i need to show my hand. 123 million, $7 million per 30 second spot. netflix wants 5 million for 30 second spot. ratings on christmas day? 28 million average. it just doesn't add up. you can't get 5 million for 28 million people when the super bowl is getting 7 million for 123 million. lauren: but if you're netflix maybe you can. stuart: we'll put down reed hastings doesn't know what he's doing. todd: if they get it bully for them. i don't know who will pay that especially in this environment post-election stu. stuart: i would like to have a bet with you. todd: i will bet a dollar right here. mark the tape. stuart: i don't think we're allowed to gamble on television. moving on, amazon's pharmacy expanding its monthly service subscription. who qualifies now?

lauren: prime members on medicare, 50 million people get unlimited access to 60 medications for five bucks a month, so, why is this a good deal? you get doorstep delivery, discounts up to 80% off the cost of generics, 40% off the cost of brand, even if you don't have insurance. amazon says this could help reduce medicare spending by about $2 billion per-year. stuart: sign me up. lauren: what? did you just say that? todd: he can say what he wants. stuart: thank you very much indeed. come on. let's get on with it. qualcomm, up 2.25%. lauren: chips are all doing well today. it's all about a.i. but for qualcomm specifically, they make chips for smartphones. there are reports that they will exclusively provide the high-end main chip in the new samsung phone. that same report says that that chip is going to see a price increase of between 25 and 30%. so a.i. and smartphones here put

together. stuart: you know, this home builder lennar, i was looking at their earnings. they beat the estimates. they play the expectation game. why are they down? lauren: current quarter delivery forecast was weak. average home prices are down because of incentives. the ceo said look, purchaser affordability is being tested and they are responsive to any sort of incentive to make them feel like they got something because mortgage rates are so high and that's the bottom line. little demand or i should say less demand for new homes when you have a 7% mortgage rate. stuart: okay, five minutes worth of business under our belt and the dow industrials have started the day on the upside. we now have a gain of close to 50 points. 38, 800 is your level. dow winners topping that list is home depot, intel, chevron, dow, inc. and verizon. s&p 500 winners let me check those out. i'm squinting a little. micron, henry schein, kroger, j bills circuit and qualcomm and the nasdaq composite, the winners there are top of the list, micron

technologies, qualcomm, marvel technologies, sirius xm radio, walgreens boots alliance. lauren: bank of america added micron to their number one list of best ideas. stuart: the 10-year treasury right at 4.25% down a fraction today. the price of gold, did $2,329 an ounce. bit counsel earlier we had it at 65,000 now its dropped to 64, 700. oil close to 80 right at 80, it's 80.43. nat gas below three bucks 2.83. the average price for a gallon of regular 3.44. that is unchanged on the day. diesel, that is down one cent at 3.77. coming up, kamala harris' former communications director says j. d. vance is the greatest threat to harris in a vice presidential debate. watch this. >> i think j. d. vance would pose the greatest threat to kamala harris in some respects. he's an incredible debater and he's just got a quality about

him where he's super smart and sharp and quick-witnessed. stuart: we should point out that whomever trump picks as his vice president that person could be the next president after trump if trump wins. guy benson will talk about that later. former cnn analyst says next week's debate is structured to be pro-biden. roll it. >> i do think it helps biden, because i think trump just tries to get you off your pace off your rhythm, off your game just by talking and talking and talking. stuart: our question is, is this debate make or break for biden? one little slip and he's got trouble. why is the american dream out of reach for so many people? opinion? i think it's inflation and you can't build affordable housing. what does economist john lonski think? he's next. ♪

[thunder rumbles] ♪ ♪ ♪ ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ ♪ [thunder rumbles] ♪ ♪ [♪] can a personal loan unlock your ambitions?

oh yeah. consolidate bad debt and save money for your next goal. sofi personal loans. low, fixed rates. borrow up to $100k. no fees required. did i read this? did i get eggs? where are my keys? memory and thinking issues keep piling up? it may be due to a buildup of amyloid plaques in the brain. visit morethannormalaging.com things will go wrong for your customers. but your business can make it right, with watsonx assistant. ai that can help resolve problems by understanding your customer requests with 90 percent accuracy. let's create customer service in service of customers, with watsonx assistant. ibm. let's create.

stuart: thousands of people are leaving new york city and moving directly across the hudson river to new jersey. alexis mcadams is in jersey city of all places and she joins me now. all right, alexis. how much cheaper, on average, is a home there compared to new york city? reporter: hey, stuart. well where i am right now in new jersey, home buyers could get something for 30% less and just across the hudson in the big apple. this comes as real estate experts say more and more people are ditching new york city because it's too expensive to buy a house. watch. julia and her family called jersey city home. >> quiet at night.

doesn't feel so polluted and disgusting. things are a little cheaper also reporter: julia is one of nearly half a million people who work in new york city, but choose to live in new jersey, as more people ditch the big apple's sky -high real estate prices. why are so many people leaving new york city and coming to buy in jersey city? >> so i think a lot of people really appreciate the proximity to new york and also the fact that you could just get a lot more for your money here. reporter: according to redfin, the average price of a home in jersey is 30% less than new york city, where the average home price is $800,000. >> you have aspirations to make that kind of money one-day. currently we don't so it's a great medium between the suburbs and the city. reporter: as more people move to northern jersey, real estate experts say it's now one of the most competitive housing markets in the country. >> things are selling way above asking price. >> there is a difficult time for home buyers because of high

interest rates and generally, still housing shortage. lack of inventory and therefore, about one-third of the property receiving multiple offers, so buyer has to compete with other buyers even at higher interest rates. reporter: so as more people continue to move from the big apple to the garden state, it's not just people that are buying homes that are finding out there's no inventory. not a lot to choose from. people are buying it before it even hits the market stuart so it's the rental market too in north jersey now one of the third-busiest and most competitive in the entire country and once you see that you can get a little bit more for your money i'm thinking why am i paying all this money in new york city. i better get here too. stuart: what about the taxes you will pay on your income in new york city. reporter: you're better at math than me. stuart: alexis, thank you very much for that. appreciate it. edward lawrence asked the white house if the american dream is out of reach for a lot of people

roll tape. reporter: is the american dream out of reach for a lot of americans now? >> so and i appreciate the question and i hear what you're saying and look, the president understands that americans are struggling right now to pay for their rent, to buy a home, and we get that. that's why the president took action some time ago early in his administration but the president also understands that there's more work to be done but he has taken an action. reporter: so you're saying eventually it will come down and what's the timeframe? >> what i'm saying is the president has taken action and we have seen 1.7 million housing units are being built, affordable housing units are being built. there's more work to do. stuart: okay. the american dream needs more work. the gentleman on the right hand side of the screen is john lonski, he is an economist. john, i want to look for the root cause of this crisis. i'll start with my opinion. i think that it's inflation and that you cannot build affordable housing. that's the problem we have in housing. what say you? >> that is a great starting point. it is inflation.

not only as it relates to housing. my goodness home prices are so very high relative to the median income. it's also a case of where high prices are eroding the purchasing power of a dollar , eating up the savings of the average american, so that those that have yet to purchase a home can't possibly afford to buy one, and i would add, you know, what's making matters worse is that we don't seem to be developing the same type of job opportunities, the same type of productivity, opportunities to improve living standards that we did in the past. stuart: is there any hope in the reasonably near future of mortgage rates falling say below 6%? any chance of that? >> no, unless, unfortunately, we experience or suffer a recession. i think the only way that you are going to get that 10-year

treasury yield down by more than a percentage point and with that , the 30-year mortgage yield would fall by more than a percentage point is by way of a recession that would include a sharply-lower federal funds rate i don't see that happening any time soon but to be perfectly honest with you, we have enough imbalances in this economy that the only way that we can normalize this economy is by way of an economic downturn. stuart: well that's not what we want to hear but that's the way you see it and we appreciate the truth. thanks very much john lonski. see you again real soon. >> thank you. stuart: coming up, nine days from now, president biden faces off against donald trump in the first presidential debate. what if biden has one of those very senior moments where it's clear he can't do the job? that's my take. top of the hour. why is russia's putin meeting with kim jong-un in north korea? what does this mean for us and the war in ukraine? morgan ortegas will break it down for us, next.

can i have another pancake? from full house... ...to empty nest... ...to free birds. vanguard personal advisor can help you prepare for every chapter. we got this. that's the value of ownership. ♪ when the sawdust settles and the engine finally roars the thing you care about most is a job well done. ♪ but when you get your tools from harbor freight something about the job feels a little different - your wallet. because we believe no matter what you're working on you need high quality tools at a great price. and that's what we're all about. ♪ whatever you do,

do it for less, at harbor freight. ♪ hi, i'm greg. i live in bloomington, illinois. i'm not an actor. i'm just a regular person. some people say, "why should i take prevagen? i don't have a problem with my memory." memory loss is, is not something that occurs overnight. i started noticing subtle lapses in memory. i want people to know that prevagen has worked for me. it's helped my memory. it's helped my cognitive qualities. give it a try. i want it to help you just like it has helped me. prevagen. at stores everywhere without a prescription.

stuart: russia's vladimir putin has arrived in north korea. first time he's been there for 24 years. he's meeting with kim jong-un. he's looking for continued military support, but the white

house said they're not concerned with putin's trip. roll tape. >> we're not concerned about the trip. what we are concerned about, trevor, is the deepening relationship between these two countries, and not just because of the impacts it's going to have on the ukrainian people, because we know, north korea ballistic missiles are still being used to hit ukrainian targets, but because there could be some reciprocity here that could affect security on the korean peninsula. stuart: a former state department senior official morgan ortegas joins us now actually here on set in new york city. the best. stuart: welcome. i'm glad to hear it. doesn't this move, putin and north korea, doesn't this kind of solidify this new world order that arrived with joe biden? >> yes, and we should all be concerned. so you have what i like to call the c quartet of evil. russia, china, north korea and iran and this is also, we're on a business show so this is like a supply chain of terror. what do i mean by that? i ron and north korea had been steadily over the past two years

, resupplying russia with drones, with munitions, with military hardware. china is also involved in this as well, and so if you look at what xi-jinping has said, he has said the leader of china, that there's going to be a new world order. there's going to be change in the world order that we haven't seen in 100 years. this quartet of evil is responsible for re-supplying each other and making sure russia is not losing on the battlefield and by the way, iran, which is apart of the supply chain of terror, their drones are being used to kill americans. it was their drones that killed americans in jordan and their military hardware that shot at us navy ships in the red sea almost on a weekly basis. stuart: they are successfully challenging americans. >> absolutely. stuart: change the subject for a second. >> okay. stuart: you know what's coming. the senate's new version of the national defense authorization act would require women to register for the draft. what's your comment on that? >> i think it should be voluntary for women. we're going to quickly discover the difference between the two

genders in this country. stuart: you can't have that. you can't have that. you can't have this mandatory for men. they must register but women have the choice. you can't do that. >> really you think women should have to register for the draft? stuart: no, no, i'm saying you can't have a split decision. >> i'm in the military, i'm in the reserves i chose to do so. i was hired for my brains, so for what i do i'm not competing with the navy seals or anything like that, and i'm not going to be in those type of situations, but what i do, i hope, provides some critical needs to the war fighters so there's lots of ways women can serve. this debate, i think, is like somewhat a little different because women have been on, you know the front lines for the past 20 years, global war on terror and when you have urban warfare, what we seen in the global war on terror there's no such thing as a world war ii traditional front line. whenever you send, for example, god forbid if we have a conflict with the chinese communist party over taiwan or in the philippines, men and women will be on us navy ships on the

frontlines so a lot of these arguments are just a little bit dated. i still think it should be voluntary. stuart: are there women in the idf fighting in gaza? with guns. >> yeah, israeli women don't play around. they protect their country. stuart: okay well leave it right there. you're all right thank you very much indeed. todd would you like to see your daughter or daughters i'm not sure which, in the military? todd: it's funny. maybe i'm old fashion but i have no problem with them doing the sort of intellectual route that morgan took. if it's the boys, they can go in there and rough house. stuart: lauren would you like to say anything? lauren: this is such a tough question. if my children have a strong desire to serve their nation, i would allow them. stuart: got it. lauren: reluctantly. stuart: todd thanks for being with me. appreciate it. todd: the "varney" army that's what it is. stuart: still ahead, bret baier, florida congressman mike waltz and riley gains. the 10:00 hour of "varney" & company is next.

♪ ♪ daughter: hey, dad. dad: hey, sweetheart. daughter: what are you doing? dad: i'm gonna clean the fence. daughter: it's a lot of fence. dad: you wanna help me? dad: aim at the wall, but get closer. daughter: (gasps) what the?! daughter: alright. dad: side to side. .. and cares even more... you can do this. ...you're unstoppable. (♪) wow... are you kidding me? you can do this. at truist, we believe the same is true for banking. (traffic noises) (♪) the road to opportunity.

is often the road overlooked. (♪) at enterprise mobility, we guide companies to unique solutions, from our team of mobility experts. because we believe the more ways we all have to move forward. the further we'll all go. there are many ways to deliver a shipment. at old dominion freight line, we deliver them this way. this way uses technology and goes the extra mile to do things the right way. the delivering promises on time, every time, way. say goodbye to multiple daily insulin injections and say hello to omnipod 5. omnipod 5 integrates with dexcom g6

to automatically adjust insulin and help protect against highs and lows, day and night. plus it's tubeless and waterproof. take control without compromise. don't wait to simplify life with diabetes. get started today. go to omnipod.com for risk information and instructions for use. consult your healthcare provider before starting on omnipod. simplify diabetes. simplify life. omnipod. gold is soaring and copper demand is at all time highs. american pacific mining is seizing the moment by partnering with world class miners to unlock america's next big copper gold strike, fully funded with a $14 million exploration blitz this summer and nominated for multiple industry awards, including six by s&p global. american pacific mining fueling america's mission for homegrown metals.

weathertech products are designed and manufactured in america using only american raw materials. most competitors make things seven thousand miles away... and then wonder why they don't fit. with weathertech in your vehicle you may hear angels singing as you marvel, how do they do it? simple. american technology and american workers deliver quality... not imported junk for a few bucks less. get the world's best floorliners and support america. find your fit at wt.com (♪)