this sends a message. thank you to you both for being here. david mc-- dagen mcdowell and john, thank you and thank you everyone for joining us as we watch the transition of power today at noon when joe biden is inaugurated as the 46 the president of the united states. "varney & co." begins right now. take it away, stu. stuart: inc. you, maria and good morning, everyone. change at the top. in the three hours joe biden becomes the 46th president. it's inauguration day 2021. it is a celebration, but it takes place in the back of the intense political division. defying tradition, president trump will not be there. he is about to take off on air force one-- in fact, he just did take off. he's on his way to mar-a-lago florida. armed soldiers will line the national mall today

as dc is locked it down. political divisions unfolding. can't be ignored. top republicans, vice president pens, senate leader mcconnell did not attend trumps farewell. you will see the map biden's swearing-in. the incoming senate leader chuck schumer wants to ban donald trump from holding public office again and he's discussing an impeachment timetable as the divisions live on. no change in the political environment. it's still a divided society and that means incoming president biden will have a tough job bringing us together in a tough job pushing through his radical plans in a divided bitterly divided congress. this a bitterness is apparent just about everywhere. big business actively censoring conservatives. newsrooms, college campuses, social media and even publishers joining that cancel cousins-- cancel movement. we will not be brought

together if trumpeters keep up their attacks. we will not enjoy trumps style prosperity if socialists exercise real power in the in the midst of a pandemic anxiety and division overhangs this transfer of power. this program deals with money and politics. you will see a rally today, left-hand side of your screen with stocks going up on this inauguration day, our politics however, are in turmoil. and it now money very much on the line. "varney & co." is about to begin. ♪♪ >> as the athletes would say, we have left it all on the field. [cheers and applause] we don't have to come and say-- we will never say an aim-- in a month when we are sitting in florida, we won't look at each other and say if we only worked harder. we had a lot of obstacles and we went through the obstacles.

you are amazing people. this is a great great country. it is my greatest honor and privilege to have been your president, so have a good life. we will see you soon. thank you. thank you very much. stuart: it is the end of an era and president trump hasn't said farewell. currently, he is on route to mar-a-lago. we should see him land of their around 11:30 a.m. eastern, right before joe biden is a sworn in as the new president. lets head to the national mall where hillary is standing by. hillary, we know president-elect biden will call for unity and recovery in his address. set the scene for us please. >> stuart, normally at this time behind me is where president-elect biden will be sworn in, but in front of me national mall would normally be packed with thousands if not hundreds of thousands of

supporters to see the event and the swearing in at noon, but today is very different than any other inauguration day because there is no one here. the capital is nestled behind barricades, barbed wire and also a human barrier and 25000 national guard troops over security concerns, but before this president-elect biden told supporters not to show up over coronavirus concerns, so today's mood is different, it's very quiet here in front of the capital, but right now president-elect biden is at saint matthews at church and in a show of unity he's attending that service with majority leader mitch mcconnell and house minority leader kevin mccarthy who decided to show up with a divided that mass today instead of going to the departure ceremony and farewell that president trump held moments ago, but while president-elect biden

promised the scene today is going to be about unity, we are learning that in the first few hours where he's officially president of the united states in the oval office he will get busy signing 15 executive orders and actions that essentially will make major moves to undo president trump's legacy. stuart? stuart: we got it, thank you, hillary. a very very different inauguration today. how about money? look at futures with the market going up at the opening bell today, continuing to rally. the dow jones is up over 100 and the nasdaq up over 1% with a gain of 141 points. looking a big tech leader, but look at this , the dow jones closed at 19732 january 20, 2017, president trump inauguration day. today it's pretty close to my 31000.

that's an enormous gain. will we see another performance like that in the next four years? >> i don't know what about that kind of performance. the president left the marketing excellent shape the economy is continuing to recover in the market has momentum going forward and i think we will see a lot of spending out of the new administration and that's good for the stock market for the first couple of the quarters of the year. any impediments we will see a problem may be later in the year and maybe even some resolutions on taxes or perhaps overregulation. i think the market is waiting to see if that shoe drops, but without that there's plenty of momentum for the market to go higher the first and second quarter. >> so, to you it's all about spending, major league spending plans from the incoming administration, that, you think, is what carries the market higher. all right. what about corporate profits, will they hold up?

without growth in the economy, does not hold up? >> i think attorneys will prove in the fourth quarter that they have held up and they are getting better. analysts that load a lot of their expectations for the course-- fourth quarter and towards the end started to raise them again so i think we will see as earnings come out that there's a lot of improvement going forward and i think that bodes well. retail stores have not been great for the last few months, the corporate earnings have been good and i think we will continue-- again, they have momentum going into the first quarter and more for the second, but it will be predicated on spending. if there is a lot of spending, there will pay a lot of production and i think increased consumption and that bodes well for the market across the board. stuart: do you think we can reach 35000 on the dow jones? >> yes, absolutely. i think of the next couple of years fairly easily as long as the economy continues to recover and we don't see higher taxes, as long as

we don't see too much regulation impeding the progress of companies. i think we could easily 35000 on the dow jones amend next couple of years easily. stuart: you got it right four years ago, let's see if you get it right this time around. thank you. let's turn to the economy and bring in our economists john polonsky will biden's enormous spending as just pointed out, we know it's coming, enormous spending, will they give us the kind of growth and prosperity in the next four years like we saw in president trump's first three years? >> well, when you combine massive federal spending with ultralow interest rates i think it will be almost impossible for the economy not to grow by at least 4% in 2021 and perhaps at least 3.5% in 2022, but after that i see economic growth going down 2.5% 2023 and

2024 probably close to my 2%, so a lot of the biden growth story will be frontloaded and after that stimulus wears off, after that sugar high phase we will be returning to long-term trend as far as long-term growth is concerned. stuart: but, all of this is predicated on a successful vaccination program. the widespread distribution of vaccines , the acceptance of vaccines. you can't get that kind of rapid economic growth if we don't get this pandemic under control; right? >> so true, stuart. i look at the headlines in today's paper as to what's going on in europe with covid and it's frightening. we can only cross our fingers that we won't again be forced to resort to widespread lockdowns for the purpose of trying to hold back on

hospitalization rates. stuart: apart from spending, the big fly in the ointment that really could upset all the spending is a failure to defeat the pandemic in the next few months. >> that's the biggest risk factor, but as we move forward we have to consider the possibility that higher taxes and new regulations slow the economy and unforeseen ways and i would also be perhaps worried longer-term about an unwanted rise by price inflation while a series of higher rates of inflation they give the fed no choice but to increase interest rates significantly. for now, the latter two are unknown, and certain who knows if they will materialize, but let's not forget one of the reasons why trump did not get faster economic growth was because of all the uncertainty surrounding the trade negotiations with china.

if you take that away, you are looking at a stronger growth record for the trump presidency. stuart: okay. got it. thank you very much indeed. let's bring everyone up to speed with where we are on this inauguration day. vice president-elect-- he is still president-elect joe biden and he's currently in church. also in the church with him, mitch mcconnell, republican leader of the senate and kevin mccarthy, republican minority leader in the house. this is a show of unity or to the president-elect is behind those closed doors in the church as we speak. let's move back to money because we had united health reports early this morning. a healthcare company reporting their profits right in the middle of a pandemic and i believe they have a rosy forecast for the future. tell me more, lauren. lauren: they are standing by their forecast at this year

revenue 9% higher to about $280 billion it's rare to see any company looking forward and say this is how we will do in the middle of a pandemic, not to mention a healthcare company. shares are flat they were up, they were down, all over the place this is the news out of united health, people are going back to the doctor for reasons other than covid-19 and that that's a good thing, but they are paying more medical costs are they said revenue in the quarter hit an all-time high of about 65 and a half billion, so i would call this a strong report, good guidance and back to normal in the sense that we aren't skipping doctor appointments at all that stuart: back to normal, wouldn't that be nice? thank you. on your screen, fractional gain for united health. put up the overall market to see how it will work out a few minutes time, up over 100 dow jones and 1404

the nasdaq, looking at significant gains for big tech again this morning. we have been witnessing the media basically rolling out the red carpet for the incoming administration. watch this. roll it. >> everyone's been so worried about joe biden, is he the right guy, i think he's the perfect i. >> if you have to give the headline it would be hope reborn. >> he's unbelievably smart, articulate and good. stuart: they love him, the first press briefing is expected later today. will it be another love a fast? the exact opposite of last time around four years ago. president trump operation warp speed of a wild success, but distribution of the vaccine something of a failure in some states. will that change under joe biden, president biden? by the way, we just got word that president trump did leave president-elect biden a

note and we are told the contents are between trump and biden and it's a tradition for outgoing presidents to leave a note for their successor he followed that tradition today. more "varney & co." next ♪♪ “could have been me” by the struts hey, mercedes? how can i help you?

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your connection doesn't. so how do i do this? you don't do this. we do this, together. bounce forward, with comcast business. stuart: you are looking at an inauguration day rally. dow industrial is going up to the tune of 100 points or more, and the nasdaq doing better. similar to what we saw four years ago, inauguration day 2017.

dow jones went straight up. let's see if that's maintained, but we will not ignore the economy and in particular at the housing market as its booming. let's get the latest on mortgage applications, lauren. lauren: they were up 3% on the week, 15% on the year, but where we saw the slowdown was in refinancing. that fell because rates and on the stimulus talk rates have been moving up the past couple of weeks and mortgage rates fall of the 10 of the trends are the same with people still looking to move preferably to newer bigger homes in the suburbs, stuart. stuart: thank you. president trump operation warp speed, i call it a big success. distribution, and occupation process, not so successful in the states and dr. marc siegel is with us this morning.

are we going to see a change in this with president biden? >> well i think we will see evolution, but i don't know it has to do with president-elect biden coming in. stuart, we are already at to 30 million doses of the vaccines distributed and that's in keeping with what biden is promising, 100 million doses in the first 100 days. as you just said the slowdown has been at the state level where even though 30 million doses have been distributed, only 13 or 14 million have made it into people's arms because the apparatus on the state level isn't working. here's a story no as a talking about, health and human services has already involved at the pharmacy chains with over 6000 pharmacies involved. they are starting to get doses, publix, cosco, walgreens, cvs and that's where people usually go to get vaccines and it's starting to occur. stuart: now, the world health organization supposed to be

investigating the outbreak of the virus in wuhan, china. do you think they will get to the bottom of this? >> i think it's a joke. they are coming in a year too late and they are already saying public health measures should happen earlier. we needed a team of scientists from 10 countries to tell us they relate to the party? than its train out the state department released a fact sheet that said people got sick in the fall of 2019, in the wuhan institute lab, people got sick. people, scientists were going to bat caves looking for coronavirus samples and getting bitten by bats and there's also the fact that that lab was involved with research with the chinese military and there were viruses in the lab, 96% similar in structure to the covid to virus took a lot of details make me think they never

investigated the institute sufficiently. they say they spent way too much time believing that the chinese scientists were telling them when meanwhile, they were told by the chinese government what not to say. stuart: that's one part of the trump legacy, he confronted china over the virus. dr. marc siegel, thank you for joining us. coming up towards the opening of trading on wall street, this was a, inauguration day and we are looking like we have a rally on our hands. we will take you to wall street after this. ♪♪

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stuart: still showing plenty of green as we are about to open this market, up across the board. let's bring in market guy david. tell me, where is the opportunity for investors in a biden economy? >> stuart, i want to make clear that i am a

lifetime conservative republican. i had a national review subscription when i was five years old and walked door to door campaigning for reagan in canterbury and i'm not kidding, but i don't believe investors are wise to always assumed the political affiliation of who they like will help markets or who they don't like will hurt markets. that's not to say policy won't influence the markets and the economy, it obviously is. the trump administration did some great things for financials and energy and those are the two worst-performing sectors. he was in a matter was silicon valley and technology was the best-performing sector. i saw people who hated trump be surprised that the market did so well and frankly, in the past i saw people who didn't like obama surprised the market did so well. my belief about the biden economy is that for investors, there are bigger things that will affect our portfolio and politics, the fed and

the overall appetite right now, for risk asset. we have to see if the high valuations will prove justifiable or not that's the more important area than politics. how is that for a nonanswer? stuart: that's not a nonanswer, that's a good answer, straightforward honest answer and i have made the same mistake as you, david, and as other people figuring politicians with whom i disagree will be bad for the markets and that's not necessarily a solid assumption. we have had a lot of people in the program over the past week or so who say look, the market will continue to go up because it's going to be flooded with money. i think you are saying something similar. >> well, what i think is that the markets may like the idea of stimulus, but markets also understand through time the money that is flooding has to find its way into a rational use.

there is a diminishing return to continuing to pump the economy with liquidity. i think the markets love it when credit markets are improved and that's what took place in the covid moment in march, credit spread widened, companies could not get access to capital and that really reversed markets. at some point continuing to pump unemployment benefits and these other direct payment to taxpayers, this stuff is not going to be able to sustain markets. the fed has a lot of control, the fiscal stimulus side that congress and the new bill, i don't think that's as powerful. and companies maintain pricing power and grow profits will really be the key. they were able to do it in the trump administration and obama administration. ultimately though, i think you need better innovation and that's where corporate america has to do what it's always done that-- best,

innovate and grow. stuart: that's america. thank you for joining us. always a pleasure. they are clapping, cheering and they have rung the bell and that means they are bringing the belt now i should say. this historic day, inauguration day of the 46th president of the united states. stocks are going up. we started trading and already up one third of a percent on the dow jones, up over a 100 points and not all packed dow 30-- now they have, about a 50/50 split between winners and losers among the dow 30, but the dow jones overall 31000 is where we are. s&p 500, that is also moved up from the opening bell, not a huge gain, but up about two thirds of 1%. i want to see the nasdaq we are told premarket, i saw the big stocks doing very well and look at that, the nasdaq is 13300, up 1% this

wednesday morning, up 134-- 135.8. i will call this the stock of the day, maybe the stock of the week, netflix searching, it's up right now with trading started of $64, up 12%, enormous for company and outside and stature. lauren, i guess they passed the magic number of 200 million subscribers; right before for the first time that milestone: 200.36 million worldwide to be exact and they added another eight and a half million over the past three months based to "the crown". the subscriber numbers overshadowing weaker earnings. revenue, $6.64 billion, netflix says we no longer need to raise external financing. we are considering returning cash to shareholders for the first time in a decade.

that's a sign that netflix is a sure company and in many ways it's traded places with the disney. to disney when you look at its streaming ambitions is the up a start, trying to take market share from the leader netflix and disney shares are also at the smarty. with the netflix gain its number one on the nasdaq and s&p 500. stuart: you would be with a game like that, 17%. thank you. facebook reportedly had no plans to lift president trump's ban after he leaves office with the stock up another 2%. with his facebook saying? susan: that the indefinite ban goes on even as he now becomes a private citizen so there are no plans to lift the ban anytime soon according to reports. facebook suspended president trump's account about two weeks ago, but did not go so far as twitter and snap chat saying they were permanently banning trump.

facebook regaining after getting upgrades this week in the rally continues. stuart: we see it continuing. thank you. looking at big tech. there have been big winners under president trump and they are winning on gate-- day one of the biden administration. what do you have a? susan: stock markets have been winners as a whole, tech stock of monastic in particular more than doubling under the trump administration, up 138% and as a hold s&p up around 67% a dow jones up a 50% for star last four years, so pretty much everyone gained. when you cut the corporate tax elite-- that leaves many of the profit in corporations and some use the money to buy back stock or they reinvest into the us economy and again, that's very positive. the tax holiday allowing

them to bring cash back from overseas could endlessly biden's policies will likely mean a rotation into more with a call cyclical value names like travel, financial, those that benefit when the economy recovers. if the corporate pacs goes back up and say more regulation and more threats. stuart: we are up today. big tech gaining more ground. thank you. show me general motors. they are on a tear their up again today, up nearly 2%, $56 per share. i noticed tesla is also. general motors, lauren, is this still all about the fleet of electric cars and of the money that's going into their self driving crews project? lauren: yeah, and i can add also general motors easy startup company crews as

you know partnered with microsoft to use their cloud platform on the cars. cruise is now valued at $30 billion, almost as much as ford. deutsche bank naming it a buy idea and the reason for that has nothing to do with ed, it's about their suvs and trucks for j.p. morgan also raise the price target to 63, so $8 firmware general motors is now, stuart's. stuart: we should also say mary barron is close to the biden team. general motors $56 a share. on this day when stocks are moving higher, pretty much across the board, we have a couple of downgrades. kroger's, susan beyond me? susan: down when and how%, downgrades to a hold from a buy and some analysts say the stock is overvalued with too much optimism on beyond meets.

also, restaurants have limited menu options. kroger, a cell according to morgan stanley with a price target $28 and is down about 12% from here they are facing competition from instagram-- insta cart and walmart. stuart: as our crypto lady, susan. susan: that's a nice label their stuart: ticket, please. show me bitcoin because i think it's hovering around $35000. it's actually down 4% today, but also unconscious of that crypto. it's more than doubled since december. susan: also interesting. you saw bitcoin trainee at 35000 and him pulled a record levels and i guess in the bitcoin

trade it was crowded as you heard to bank of america. the number two most traded currency also two thirds of the crypto market is bitcoin and then theory am at number two. with bitcoin's decline down to the 35000 level if you look at the popular way to trade which is grayscale bitcoin, it's only trading 10% above its underlying assets and that's the cheapest it's been some stop october and to get back to the electric car names because i heard the discussion. don't you think they are also winners in a biden administration if they rejoin the pears, record stuart: yes. susan: and a lot of the shifting transition for the states to go electric. stuart: absolutely i see the electric carmakers going up and tesla is up as well. i want your take on jack mark-- jack ma making his first appearance.

we will get more in that moment. look at this headline from cnn: trump's legacy will take years to purge from the american psyche. the media seems to want to rewrite history and completely dismiss the 75 million voters who supported the president. we have more on that, but that's not all. the media just can't help but fall on all over president-elect biden. watch this. >> those lights that are just shooting out from the lincoln memorial is almost like extensions of joe biden's arms embracing america. [laughter] stuart: what? will the media love affair ever wear off? we will answer the question. we will be back. ♪♪

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stuart: it's inauguration day and here is the status, first up we had president-elect and he is still president-elect to joe biden. he is still in church. he will leave shortly and go to the inauguration ceremonies. president trump and he is still president of the united states is on route to mar-a-lago and will and not attend the and operation ceremonies looking at the markets on this inauguration day , plenty of green with the dow industrials up 80 points, but the big gain his technology companies on the nasdaq up 1.3%. show me tesla, up again today, $857 a share up about one and how%. deutsche bank raise the price target to $890.

oppenheimer raised it to the 1000 and $36. how about alibaba, big gain today up i think about 6%. alibaba is way up this morning, up six a half percent. jack ma has reappeared. susan: according to the markets it's important. for the first time in the months we have seen an appearance from him. a speech to village teachers and he used to be a english teacher before that is his empire and there was speculation after he was not seen in public for the past three months there were questions where he was, had he been detained or jailed in china since there's been a history of billionaires and inform people being taken away by the authorities, but as i reported at the time he's just taking a breather reassessing what to do after regulatory scrutiny which canceled his record-breaking ipo and

reassessing where the environment is. also, you want to be out of the spotlight if you are not in favor in beijing, but as you see with the stock markets i guess they usually overreact on the downside and with upside i think you see that today as well. stuart: (side of your screen, ongoing preparations for inauguration today. you will see this throughout the program. when president trump took office january 20, 2017, the dow industrials were around 19000. today we are at 31000 in a small change. bob dole is with us, our market guide this morning. bob, what happens to the stock market under a president biden? do you think we can get anything like the game lease on the four years of trump? >> i would sign up for it in a minute.

i think it will be tougher to do that. in the near-term the markets pattern will be dependent on the economy and earnings and at the moment it looks good. vaccinations will promise opening and ability for americans to spend that trillions and a half dollars of excess savings they have burning a hole in their wallets. from government checks, from people who wanted to spend money and couldn't because whatever they wanted to do was closed and for other people that didn't spend the money because they were too scared to. beyond that will depend on inflation and interest rates and tax policy, but i would sign up for a similar game, back to your question. stuart: wouldn't we all, bob? of course we would. i know a lot of people who have gotten in touch with me and say they sold, a lot of people sold out after the november election and a lot more sold after the republicans lost the senate in december, early january.

did they do the wrong thing? >> well, so far they have. look, the near term prospects for the market compared to the republicans getting one or both the georgia senate seats is the probability of another agent stimulus package. the market says, more stimulus, better greens, higher stocks. eventually the markets will have to come to grips with in my view, the fact that tax rates will probably go up some we will get more regulation in the market will struggle with some of that, but for the moment the stock market is looking at the near-term stimulus saying green is the way to go. stuart: and we have a lot of green this morning. bob, thank you. it is the end of an era. donald trump has said farewell as president. watch this. >> four years ago i came to washington as the only true outsider ever to win the presidency.

we did what we came here to do. and so much more. stuart: we did what we came here to do and if so much more. i will have my take on the legacy of president trump coming up at the top of the 10:00 o'clock hour. as we welcome an incoming administration, what real changes will president biden create for the economy? we will be back. ♪♪

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do you want to flatten your stomach? do all that in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you maintain comfortable, correct form. that means better results in less time. and there are over 20 exercises to choose from. get gym results at home. no expensive machines, no expensive memberships. go to aerotrainer.com to get yours now. stuart: obvious question, what happens to the economy during the biden and ministration? art laffer is with us, economist art laffer. if i'm not mistaken, i know you voted for clinton and i think you voted for obama, at least on one occasion. do you think biden will be say obama 2.0?

>> let me correct that. i did not vote for obama, i did not, but i voted for clinton every time and that he was a great president and good on economics. i thought he was traffic and i still do. i think biden has the potential to be as good as clinton. a biden has been in the senate a long time and he gets along well with the republicans in the senate. he has done well and then moderate. i watched joe discuss biden and joe praised him and so do i. you know joe biden voted for the 86 tax hack. i don't think biden has a chip on his or shoulder and i think he can do a great job but i'm hopeful that will help thin-- i figure i'm not sure it will happen, but i'm hopefully he will do a good job and it we will be proud we had him, but i can be sure that. stuart: doesn't depend on two things, success in combating the pandemic and the virus and number two, success in suppressing the more radical ideas of the socialists.

he has to do both of those things to get the economy really moving. >> yes, sir, exactly right. the pandemic is really important as a non- economic issue here i thought trump did a great job in that pandemic. i thought operation warp speed getting the vaccinations way faster than they would have occurred without warp speed. i think trump did a great job on that and i think the biden is already proposing something that would also be excellent about getting the vaccines out to people in that first 100 days, 100 million vaccines. that is a terrific goal and i hope the details are there. then you have to suppress these other people. you can't tax that economy on prosperity, everyone knows that. if you tax people and-- if you tax people that work and pay people who don't work you will get a lot of people not working. i hope biden resists the

temptation to tax people that work. government spending, stuart, as we talked about a number of time, government spending is taxation. i'm disappointed with the stimulus package, but i was equally as disappointed with the stimulus package of the trumpet ministration, both of them. the reason you can tell stimulus is bad is think of it to person a comic, farmer a.m. farmer be, if a farmer begets unemployment benefits, who do you think pays for it? it's farmer a. you build that this debt obligation and you have somewhere along the lines you have to stop and i think that is the point when we start getting into good economics, but you never know. stuart: okay. you are not supposed to say this, but only time will tell. art laffer, thank you for joining us. >> thank you. this administration will do a good job. i loved trump and that it was great on economics and i hope joe biden does a good job.

stuart: thank you. see you soon. our viewers would have seen exit from the church attended by president-elect joe biden. i keep sane vice president, my apologies, serve. you saw a small stumble from someone tripping over themselves on the steps. that was not president-elect biden. they are exiting the church and off they go to the inauguration ceremony. more "varney & co." next . . .

♪. stuart: good morning, everyone. yes, it is 10:00 on the east coast. it is inauguration day. still have a big show ahead for you. you will see all kinds of thing going on right-hand side of your screen as the inauguration proceedings proceed. in this hour, liz peek, karl rove, bret baier, carley shimkus all on the show. look at the markets, yes it is a rally. dow industrials up 108 points. we've already seen a new record high for the s&p and for the nasdaq and for the russell 2000. yeah, it is inauguration day and this is a genuine rally. now this. donald trump's legacy will be clouded by the riot at the capitol and his second impeachment. the left will never let it go.

they will use it as a weapon to beat up trump, republicans and all conservatives. that is the easy way out. trump's legacy as disruptor in chief should never be dismissed. mr. trump's failures after the november elections should not overshadow his successes no matter what the media may say. you can't talk about the trump era, without mentioning the prosperity he brought to the whole country before the pandemic. he disrupted the cozy world of government bureaucrats who through legislation dictated the way we live our lives. he cut mountains of red tape. he cut taxes and produced the best growth rate in years and the lowest unemployment rate in generations that was a major achievement, everyone, repeat, everyone benefited. right from the moment he came down the golden escalator to declare his run for the presidency he disrupted illegal immigration. it was a scandal and he took it

on. he cut the flow dramatically. he disrupted the conventional belief the stalemate in the middle east could not be changed. under trump's leadership right there at the white house muslim states signed a peace deal with israel. on the cultural front he disrupted the idea that the liberal elites no better than the rest of us. he disrupted that mind-set and successfully installed the conservative majority on the supreme court. what was more disrupting than his confrontation with china? he called them out on trade and he called them out as the source of the virus. he took them on. no other president did. that is a remarkable legacy for a president who was attacked right from the start of his administration. despite the hatred, that is what it was, trump came through for america. as he said, we did what we came here to do. incoming president biden wants to reverse all of this. in my opinion if he succeeds in this reversal we shall all be poorer and we shall still be

divided. the second hour of "varney & company" is about to begin. ♪. stuart: throughout the next two hours you will see the progress being made in the inauguration festivities. motorcade just arrived right there. you will see dignitaries get out for the inauguration process. on the left-hand side of your screens, liz peek, my friend an colleague welcome back to the program. liz in his fairwell video, former president obama, first lady michelle obama just going in there. right, now in his fairwell video mr. trump said he did what he came here to do. do you agree with that? >> i do. i think his record is remarkable and of course we're all mourning the fact that he goes out of office with this cloud of

january 6th hanging over his head, stuart but i would add one other very significant thing that was accomplished by president trump. he oversaw the realignment of our great political parties. the republican party is now the party of the working class and the democratic party is the mouthpiece for big business, big tech and liberal relate who run democrat states like new york and california. this cannot be overstated. i think had he been in office, excuse me, for four more years this change would have been much more visible and much more profound but consider the policies the democrats are advocating now that joe biden is president. they want open borders. who does that hurt, stuart? it doesn't hurt you and me t hurts people on the lower end of our income ladder who are struggling to make a living against people in the country undocumented and who can undercut wages. think about climate change.

joe biden is all about alternative sources of energy which will raise energy prices again, not very impactful for you or for me but very damaging to low income americans who will pay for that. i think this is really, as we look at sort of who funded joe biden, democrats remember not only big tech was totally in his corner but the chamber of commerce, the u.s. chamber of commerce backed 32 vulnerable democrats running for congress. that is a huge shift. democrats don't want to talk about it because scranton joe is supposed to be the advocate for working class american. it is not true. stuart: you're right, liz. i hadn't thought of it that way but the major part of trump's legacy is indeed the realignment of the political parties in america. it is fundamental change right there. liz, thanks for joining us. thanks for pointing that out.

i missed that out in my editorial. i should have put it in. liz peek, she is all right. see you soon. >> thank you. stuart: right-hand side of your screen, you're looking at the bottom right-hand corner, that is a rally for the stock market, up 173 for the dow. the band is playing as they assemble for the inauguration process. discuss a few moments ago we saw the obamas walk in and we saw them take, beginning to take their places for the inauguration and for the actual swearing-in. it is still president trump. it is still president-elect joe biden. that will change in the next two hours. take a look at this, since president trump took office, i'm still saying president trump, the market has surged. the dow up about 11,000 points since his inauguration. we're at 31,000. we were at 18, 19,000 when trump

took office. jason katz is with us. market guy for the 10:00 hour. where is the market going into the immediate future? >> as evidenced by what you just said earlier, stuart, you can't let your politics affect your investing which is not an easy thing to do. on a going forward basis think about what yellen said in her testimony yesterday. act big or go home. that means the virus has driven the economy but vaccines are going to drive the markets. the additional stimulus, specifically for the rollout of the vaccine is going to be really additive to the economy. add to that assertion the biden administration is likely not going to address taxes, at least not in the first year or so as we're battling through this covid economy. so look, i think a blue wave has some silver linings in particular infrastructure spending. very stimulative to the economy. it is not just bridges. it is not just roads. it is tunnels.

it is broadband. it is 5g. all really should be additive to the economy and to the market at least in the first year. stuart: you follow this market very, very closely and it is indeed, looks like the hottest market in many, many years actually but are you a little worried about these new ipos some of which have just gone to the moon? what about spacs? bitcoin, 35, $36,000 per coin, ethereum is taking off. i asked this question before, doesn't it remind you a little of 1999? >> a little bit for sure. there are definitely preconditions for a bubble. you know the ipo market was the hottest in two decades. the average price gain day one was 40%. spacs raised over $83 billion. how many viable private companies can they really go after? there is really only a finite amount.

bitcoin quadrupled in the last three months. what is really reminiscent of 1999 is the new cohort of investors. it is gameification of investing, had time on their hands, recklessly in some cases investing. there will be painful lessons there. that being said we're not in bubble territory, the equity risk premium is not that high. all the leverage everyone talks about, yes it is record highs but relative to the market cap of the global markets it is really not that high. so i think the market is fully and fairly valued when it comes to megatech but it is not with respect to the reflation trade, cyclicals. looking in the emerging markets where you're going to see these export economies really do well. stuart: yeah. i read your stuff, jason. i think you're looking for 4,000 on the s&p 500 by december of

this year. that sounds like you're a little less optimistic, a little less bullish than you were a few weeks ago? >> look, yes. i mean the market has obviously risen in the last few weeks. so my 10% target is now a five some odd% target but i think the returns you're going to get may not be in the broad indices. it may not be blindly buying an index fund. it is targeted where you invest. there is still plenty of upside in things like health care. think about the acceleration of the development of vaccines and other medicines. or you think about financials with the steepening yield curve. we have blow out earnings from major banks this week. so you can make money, more than the five some odd percent target i have in the s&p if you're tactical how you go about doing it, stuart. stuart: but it probably won't be a repeat of the markets performance under president trump, probably not. that would be wishful thinking,

wouldn't it? you've been with us for years. we really appreciate your coverage. jason katz everyone. appreciate it. >> bye-bye, now then in a market like this really going strong for the dow, really going up. there has to be big movers. what are they, susan? susan: i wanted to check in on tesla which as you know likely to be a winner in the go green policies of the biden administration. of course the rejoining of the paris climate accord but also infrastructure spending as well. we got a street high target forecast by oppenheimer calling tesla worth $1036. deutsche bank says $890. gm going in all electric as we, that two billion dollar partnership with microsoft. what this tells me, stu, the big technology players, microsoft, even apple will likely jump into this and these go green electric carmakers are benefiting on the back of it. check on alibaba, higher on

reemergence of jack ma. 6% spike today. apple, amazon, facebooks, they're all reporting results next week. as you said to the viewers, they need to be reminded the nasdaq has doubled over the past four years, stu, up 138%. i think the thinking on wall street right now the spending will be there, maybe two trillion dollars. that will be capping on the corporate rates, tax rates at least for now because you need a majority in the senate. will biden be able to do that in his first year? probably not. stuart: you know what we've got today, susan, a rally in big tech, really, really big time. i'm looking 2% gains for apple. even more than that for microsoft. this is a big tech rally big time. nasdaq new high. all right, susan, thank you very much indeed. what happens when cnn calls a cult expert to talk about president trump? watch this, please.

>> the bottom line is all of america needs deprogramming because we've all been negatively influenced by donald trump. stuart: oh, really. we'll take that on for you. the media's love affair with joe biden, on full display. watch this. >> how many people out there are hearing hallelujah. it is about the changing of the guard. >> reminded of the psalmist. he healed the broken-hearted. stuart: yeah, right. we will, will that love affair, is that going to continue when he officially takes office in about what, under two hours? you're not supposed to say this but only time will tell. i will tell you, that love affair will continue and we'll be back. ♪.

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♪. stuart: president-elect biden has left the church. his motorcade is heading for the capitol building. previously we saw the dignitaries from both sides of the aisle emerge from their own motorcades. they're now taking their places on the steps of the capitol building. that is where the swearing-in will take place. we have republicans democrats, cheek by jowl, intense political hostility between the two sides, not going to be on display on those steps when all the politicians take their places for the swearing-in. one small point here, traditionally the incoming president is escorted to the white house before the swearing-in by the outgoing president. that is not happened today. president trump is already on

his way to mar-a-lago in florida, and president-elect biden makes his own way directly to the steps of the capitol building for the swearing-in ceremony. the band is playing. you will watch this, watch the proceedings all the way through. you can also watch the stock market rally, bottom right-hand corner of your screen. the dow is up 200. john daniel davidson is with us, political editor at "the federalist." john, this evening jen psaki will hold the first presidential white house briefing. i think that will set the tone for the media's relationship with joe biden. do you think the love affair will continue? >> of course it will. there is the same press secretary that openly lied to the press during the obama administration about negotiations with iran and no one cared. and no one is going to bring that up either. we already seen the press looking forward to reality-based white house press briefings with

this same press secretary that lied to them during the obama administration. so of course the love affair is going to continue. the past will be forgotten. all will be forgiven and let 1000 puff pieces bloom across the media. stuart: i think the media is exposed. i think it is a disgrace. the unprofessionalism about the media is about to be exposed. they were filled with hatred for incoming president trump. now it is love affair with the incoming joe biden. i don't know how they get out of this mess quite frankly. how about you? >> we've already seen so many puff pieces come out of this media for the incoming administration. we've got articles about kamala harris' shoes, about joe biden es love of ice cream, about how great dr. jill biden is. compare that with the way that melania trump was treated by the press and her fashion constantly being criticized. compare that with the hyperbolic and over the top coverage we've

seen for the last four years, the media cheering on bogus impeachment effort. the media pedaling conspiracy theories. we're getting a boring media landscape with the coverage of the biden administration, which is a problem for places like cnn and msnbc, who will lose viewers and money over this. we'll see. stuart: what do you make this move to deprogram trump supporters, scares me to death. how about you? >> this is horrible rhetoric we're seeing from some parts of the media. it echoes comments by abc news's director of political news the other day when he said we needed to cleanse the country of trump supporters and cleanse the movement that trump had. that is not the kind of language you use in the news business. that is the kind of language you use in authoritarian countries and it rightly troubles people. we don't need to cleanse the movement of the trump movement or cleanse the country or deprogram anyone. we need to learn to live with

our differences. that is what democracy is about. stuart: yeah, exactly. john, thanks very much for being with us, i will call it an historic day for the media actually. i don't like what i'm seeing. john, appreciate you being here. >> thank you. stuart: viewers will see the dignitaries arriving on the steps of the capitol building. i see bernie sanders right there. earlier we saw mitch mcconnell and his wife elaine chao leading republicans. moments ago we saw speaker pelosi arrive on the steps. that is cory booker, a democrat senator from the state of new jersey. you will be seeing this on the screen all the way through this hour as dignitaries arrive ready for the swearing-in and the band plays on. let me digress for a moment. "the wall street journal" reports that president trump is considering, has thought about at least starting his own political party. ashley, any idea what he might call that party? ashley: i do indeed.

the patriot party. that is according to the journal's citing sources of people familiar with the matter. it is not known exactly how serious donald trump is about going ahead with the party which would take a lot of time and money to put together. yesterday trump vowed to be a continued presence in d.c., noting that his movement, as he calls it is only just beginning. a number of republicans reportedly want to see him fade quietly away but others do fear his supporters, let us not forget 74 million who cast their ballot for him in november could be an influence in the party's primaries for years to come but let's face it, a third party would really divide the gop, stu. stuart: got it. thanks, ash. you're looking at the motorcade. i'm going to call it the presidential motorcade because it holds the president-elect joe biden, making its way. it will enter the national mall. you will see that it is

absolutely deserted and guarded by armed national guards men. that is a real switch, isn't it? in one of his final acts in office, mr. trump issued a long list of pardons and commutations. susan, give me the big names on the list. susan: 143 in total. lots of business names and business leaders on the list. steve bannon and little wayne the headliners. anthony levandoski a former google engineer charged with stealing self-driving secrets to uber. this is in support from peter thiel. eyebrow raiser in the tech community. miami real estate developer, robert ask. angrillo. college admissions scandal. former detroit mayor, endorsed by the justice department in commutations were non-violent crimes. a lot were business names that

we cover. stuart: yes they were. that's right. and pardoned and that's what we've got today. look at that shot, right-hand side of the screen, i will call them troops, they're national guardsmen, guarding the mall center of d.c., we've never seen anything like that on inauguration day. that is the motorcade. it is approaching the capitol building. we have 95 minutes to go before we have a real change in the presidency. swearing-in 12 noon. it is now 10:25. the inauguration of joe biden just getting underway. we'll show you more of it after this.

♪♪

for every trip you've been dreaming of, expedia has millions of flexible booking options. because the best trip is wherever we go together. ♪. stuart: breaking out of the commercial we want to show you joe biden president-elect joe biden has arrived at the

capitol building. he is exited his limousine. i don't think he is in the beast yet. i'm not quite sure what he is riding in but he exited the limousine he was in, waiting for dr. jill biden, future first laid different the united states. first lady elect i guess is the way to go there. the president-elect is surrounded by secret service people. he is being escorted into the capitol building. the swearing-in, just over an hour away to now. he will be sworn in the next hour but there is a remaining question about the trump administration, about the trump presidency. how will it be remembered? karl rove is with us, long-time political watcher. we're pleased to have you with us this morning, karl. in a nutshell, what is trump's legacy? >> well he has got two. he will have the legacy of three appointments to the supreme court, hundreds of appointments to the appellate and district, federal level.

a dramatic tax cut, regulatory relief, energy independence, rebuilding america's military, border security, reoriented america's attitudes towards china to a broad recognition of the threat it represents. strong support for pro-life policies. that will be a legacy that will continue to exist. but beside it will be legacy of an unpredictable president who bungled covid response and left office on a very low note, the january sixth assault on the capitol laid at his feet. a new pew poll finds his approval ratings all-time low, because of dramatic drops among republicans who reacted negatively to the aftermath of january 6th. stuart: karl, i have to take issue with you about trump's performance during the pandemic. i don't think he failed. i think the failure was at the state level, a failure to distribute the vaccine properly and get it into people's arms. it was the state.

this is my opinion. it was the -- >> yeah. i think you're accurate but if you go back and look at the polling data his numbers began to decline on handling of covid last april and may, where he in my opinion, he was right to have those news conferences to brief the american people but what he did was rather than coming out saying here is what we're going to do, i will turn this over to the experts, he made the spotlight too much on him. we had these free flowing moments that didn't serve him well. remember the famous moment about why don't we just all take bleach? i mean those kind of things did not serve him well. that is it when his numbers began to drop. if you're referring to the recent, last five or six weeks, i think there will be a lot of criticism. you see it growing at the state level why are some governors like desantis in florida doing a good job of getting the vaccine into people's arms and why are others not? stuart: okay. let's turn our attention to the incoming president. mr. biden has big plans for the

first 100 days. he will focus on covid, immigration, climate change, racial justice. how after can he realistically exactly get done with executive orders? >> well you can get some done but not a lot because you have to have particularly the kinds of things he is talking about on taxes, energy, immigration and so forth require legislation. i think biden is coming president biden is coming into office with a couple of heavy loads on his back. one is that he did not run a traditional campaign in which he laid out an agenda and which there were controversies about that agenda, questions were asked. he defended it. he was basically making the argument donald trump has bungled covid and i will abnormal president. all the rest of this stuff was not part and parcel of every day of the campaign. so he has not got a mandate from the american people. they voted for him because he was not donald trump and because he said i will do better on covid. that's it. the second thing is

realistically in the opening days of your term it is hard to get several things done, let alone the big exhaustive list he is talking about particularly when some are big surprises. like how often did he talk about the immigration bill during the campaign. now suddenly it is the first thing he sends to capitol hill. stuart: would you agree with the following, mr. biden will be successful with his economic performance if, number one, we can beat the virus and beat it quickly and number two, the president-elect, incoming president biden can beat back the socialists and not let them get serious hands on power? he will do well if he can do both of those things, you agree? >> i agree but i don't think he has intention of doing the latter. take a look at that his proposed tax increase. it is not going to be good for the economy. it will tax capital. it will tax jobs. it will tax incomes. all those things are going to have adverse reactions.

i think, i agree totally with your first point, if he does well on covid the economy is going to snap back. we'll see real growth there but the question is going to be do the republicans in the senate keep him from passing really bad aspects of his economic plan and save him from himself? that is a big question. stuart: but you got to have absolute party discipline. in a 50-40 split you -- 50-50 split you have to have everybody on board. that is unlikely gifting the shifting allegiances among republicans and democrats. >> well in order to pass something you have to have total party discipline which is harder to do when you have as deeply divide ad democratic senate between the progressives led by warren and sanders, left-wingers, if you will and more traditional democrats. both sides will have difficulty 1/2 navigating senate.

i was there 2001 and 2002 when it was 50-50 senate. don't under estimate the republicans to stay unified and don't overestimate the democrats to remain unified. stuart: can i ask personal questions, your personal views, not being a party member or anybody else, would you like to see donald j. trump go away? >> well look, he is not going to go away but the question is how is he going to act? what is he going to do? will he be what he said in recent weeks he will primary people in the republican ranks who he disagrees with? that is not going to be good for the future of our party or the future of the country or frankly good for the future of donald trump. so, look, people come and go in politics. what remains is their influence and impact. ronald reagan after he left office did not participate in american politics very much. he was increasingly ill as we now know but his influence remained.

it was generally very much for the good. he set ideals in a positive agenda that even today people find themselves describing themselves as reagan republicans or reagan democrats. we'll see how president trump handles himself in the aftermath of today. january 6th was not a good day. i was horrified as they assaulted the capitol and the president remained silent watching it on television. it took 27 hours to decry the violence of that attack on our capitol. that wasn't right. i think that is going to be, i hate that for the final note of his presidency, but i think for a great many people it will be. stuart: the left and media will never let him forget it. >> absolutely. stuart: thank you, karl. we appreciate it. right-hand side of the screen. dignitaries arriving, not quite sure, looking from behind, not quite sure who that is i think that is mr. clyburn and mr. scalise, walking in

together. very good. a little unity right there on this inauguration day. here is where we got a real change of scene. schools, schoolchildren, will not be, many schools, not all, many schools youngsters will not see the live video of the inauguration today. they normally do. today they won't. lauren, why not? lauren: i think it's a tragedy because the schools don't want them to see any violence that could happen. as president-elect joe biden is inaugurated president of the united states in real time. so they don't want to broadcast potential violence into their classrooms. so instead of a live stream, some schools will show clips of the inauguration in a few hours, so after it happens or even tomorrow. this is happening not everywhere but in states from new york and connecticut to texas and georgia. so there is fear out there that violence could happen even though d.c. is you know, they have got tons of security in

place, 25,000 national guard troops, there is a worry that could happen. stuart: all right. thanks, lauren. i see senator tom cotton right there about to take his place on the steps of the capitol building. they're opening doors as people walk through. a little dark. i'm not sure i can see. that is steve scalise i do believe. steve scalise. he is walking down the steps. he will take his place. there are seats all over the place. of course you've got to keep social distance in this day and age. that is what they will be doing as they wait, they take their seats, they wait for the actual swearing-in ceremony which is just about an hour away right now. you're seeing the house leadership walk in. i think, i'm not absolutely sure about this but seems to me, they're walking republican one side, democrat the other side. i guess that is a show of unity on this inauguration day. one change, break in tradition, several breaks in tradition. number one, the president,

donald trump will not be attending the inauguration. that is a come meet break with tradition. number two, mr. trump will not accompany joe biden into the white house before the swearing-in, just to say hello and give him a greeting to the white house which he will be occupying. we understand that president trump has left a note for mr. biden but we're not told what's in it. we're not likely to find out. as for the markets, you're looking now at a solid rally. the markets are up all across the board. we're watching the inauguration of joe biden. more live coverage with bret baier. he joins us next.

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♪. stuart: we've been watching the dignitaries assemble for the forthcoming inauguration of the 46th president of the united states. it is somewhat hard to

distinguish who the dignitaries are because they're of course all wearing masks. we've seen them all arrive. we're also watching a major leagues rally on the stock market on this inauguration day. let me tell you now it is big tech which is really leading the way in a very strong rally. bret baier is with us this morning. bret, it seems like impeachment is still hanging over everything. are they going ahead with the impeachment in the immediate future? >> stuart, good morning. right now the talk of impeachment is put on hold but it is still moving forward. we are told that they would like, the biden administration coming in would like their nominees approved by the senate. they would like to get the first things of their biden agenda through if they can. but that the impeachment will still be moving forward. i'm, i will be surprised, stuart, if that's in fact holds,

that they wait 100 days before they move the article of impeachment over. now that the president has left the white house, president trump i mean, and, he has, he will be leaving office at 12:01. i think this is a big question hanging over the first days of the biden administration. stuart: bret, we've seen, we've seen a lot of changeses with this inauguration. president trump is not going to be there. he is going to mar-a-lago. everybody is wearing a mask. there are armed troops all over the place. the president did not escort joe biden the white house and show him around as is tradition. do you think, all these changes, does it detract from the dignity of the day? >> well, stuart, i think listen, the last time a president missed an inauguration for an incoming president was 152 years ago. so it's different. there you see former vice president dan quayle

arriving. this today is about ritual. it is about what is dictated by the constitution. at 12:00 that hand over of power happens and the new president was sworn in. there was not meeting of first families at the white house. there was not a car ride from the the white house to the capitol. joe biden is about ritual. goes to washington with senator mitch mcconnell and house speaker pelosi and also house minority leader kevin mccarthy, who obviously was a part of effort to challenge the electoral college. so i think we'll hear a lot about unity today. it is very different. i will say that you have to get your spotting dignitaries up to a certain level with the masks on. you have to be very good to be able to spot who is who. but we'll try our best today throughout. stuart: yeah. i'm afraid i'm falling down flat on that one, bret.

leave it to you are expertise frankly. i want to raise one more thing. i was watching special report last night. you interviewed former vice president dan quayle. he said specifically it is unfortunate, unfortunate that president trump's not there today at the inauguration. do you think he represented a lot of moderate republican opinion? >> i do and maybe others. i think there was a hunger for that all to come together and perhaps, you know, in retrospect we'll see if the president regrets that decision. we do know he left a letter in the resolute desk for president biden once he gets to the oval office as he received from president obama. we don't know what that letter said. the fact that he left one is different than his messages where he did not talk about joe biden in name. he did wish the administration though, president trump did, the incoming administration well and believes that he has left a

country that in his words is more secure and better prepared on the military and economic front to take off. there you see hillary clinton and bill clinton, former president walking out. bill clinton will be part of a ceremony that will be ritual of former presidents including george w. bush and barack obama going to arlington cemetery to pay respects over there after this ceremony. stuart: i don't want to leave on a sour note, brett, but on this of all days we would like to see some comity between the two political parties. we would like to see the end of this toxic politics but frankly with impeachment hanging, everybody wearing masks, armed troops, i don't think we're there, do you? >> in action we have to see what happens with a biden administration. in words, you're going to hear it today, stuart.

joe biden is someone who has been formed by personal tragedies and empathy is his calling card. we've seen it throughout the primaries and throughout the election. the loss of his wife and young daughter. the loss of his son to cancer. but now, being empathetic in the wake of 400,000 american deaths from covid-19, i think will be some of the tone you hear from the speech. stuart: good. bret baier, you got a busy day, i know that. thanks very much for being with us. we always appreciate it. see you soon. >> you bet. okay. stuart: i don't want to forget what is going on with your money this morning. this is a rally. we're going to keep this up all the way through. you will see what is happening with the inauguration events and you will see what's happening on the market. look at that, especially the nasdaq composite. it is up 1.7%. that is gigantic gain. new high, 13,400. we've got the dow at 31,100.

a gain of .75%. big gain for the s&p. new high. now what you're looking on your screens is president trump es arrival. he is flying into west palm beach, florida. he will go from there to mar-a-lago just south of west palm beach. we'll keep the screen, keep the shot up there, so you will see what's happening, he is still the president, donald j. trump is still the president of the united states. still 45th president. you will also see what is happening on the right-hand side of the screen, dignitaries arriving for the inauguration. that right there, the clintons. i must confess to having trouble identifying everybody wearing masks. we will do our best. that is george bush and laura. my producer had to say that. rather a distant shot. but that is bush 43 and his wife laura. edward lawrence is with us. he is on capitol hill. edward, you've got first-hand experience and enhanced security

measures which must be really, really tight. what is it like in d.c. right now? port period of time stew, i've been in a lot of lock premiums. federal reserve lockup, tight security. nothing like i've seen here. there is outer perimeter fence, seven feet tall with razor wire. inner perimeter fence with razor wire along the capitol. mayed to go in the north side of the capitol. walk in front of the supreme court, all the way to the south side around the u.s. capitol between the fences. what really struck me there national guard troops standing literally shoulder to shoulder, making a human fence inside of the inner fence that is there with their m-16s. once i got to the south side i had to go in the rayburn house office building. my credentials were checked with a scanner, electronic scanner, i had to make sure in another layer that i had a covid test. there was a code for that to make sure my test had been done.

i had to go from rayburn in underground tunnels in the house office building. we'll on guard to see if anything happens. right now nothing has happened. back to you. stuart: edward, just for clarity, are you telling me there is absolutely not a single civilian if i can call it right now anywhere near the motorcade as the president-elect approaches the capitol building? you can't see anybody there, is that correct? reporter: exactly. the closest you could get i would say is about eight or nine city blocks away to that outer fence perimeter. i did see some spectators, only a handful though. a handful of people coming, taking selfies at the fence. you can barely see the dome of the capitol before i went in. other than that there are no people around anywhere that i've seen. stuart: that is extraordinary. what a difference.

edward lawrence right in the middle of it. thank you for being here, edward. we appreciate it. the band is playing. watch it all the way through. trumpets are blaring. dignitaries coming down the steps in the capitol building, taking places on either side of that blue carpeted gangway there. that is what they're doing right now. i think it is republicans on one side, democrats on the other but they're walking down the steps together. you will see it right here. joe biden's inauguration is going to have a star-studded lineup. carley shimkus is with us. fox news headline reporter. who are the big stars that will perform today, carley? >> all week we've been talking about how joe biden's inauguration will be so different because of the pandemic and president trump isn't going to be there but there are no shortage of celebrities who are going to perform. lady gaga will be singing the national anthem. jennifer lopez will be performing as will garth brooks who signed on monday after very nice phone call from jill biden

cord towing garth brooks. there will be a big televised event tonight. tom hanks host it. list of people is ex-extensive. bruce springsteen, john ledge en, katie perry signed on overnight. that is a few people no surprise that celebrities are jumping to perform at joe biden's inauguration and televised event afterwards. unfortunately for president trump he had a difficult time trying to find celebrities to perform at his inauguration until toby keith signed on, which may be one of the reasons why the president awarded him with the medal of arts last week stuart: carley, we hear you. thank you very much indeed. >> you bet. stuart: still continuing the, they're lining up, ready to get set for this swearing-in of the 46th president of the united states of america. if you've been watching you have

seen bush 43 and laura come down the blue carpet there. you saw barack obama and former first lady michelle obama. senators schumer and mcconnell. they're all coming on. there they come, down the, the blue carpet i should say. that is the chief justice of the united states of america. runs the supreme court. he will be performing the swearing-in. he will give the oath of office. you will continue to see that on the left-hand side of the screen, that is air force one, delivering president trump to west palm beach, florida. he will exit air force one, motorcade to mar-a-lago and that will be the end of the trump presidency at precisely the moment that he, i think it is about 11:45 or 12 noon he will no longer be the president. we will be talking about president joe biden. that's happening today. don't lose sight of what's happening on the market.

you're still up very, very significantly. that is in fact very similar to what happened four years ago with the inauguration of president trump, the market went straight up but there is a huge difference between the inauguration back then and the inauguration today. for a start, everybody is wearing a mask. i want to bring in alyssa farah, formerly white house director of communications. maybe still is. welcome to the show. you tweeted during the riots that the election was not stolen, it was lost. you tweeted that as the riots were in progress. now, was, have you had any contact with the white house since then? >> thanks, stuart, thanks for having me on this historic day. i've been in touch with some of the staff at the white house since then but, again, my --

during the riots was if anything could be done to de-escalate individuals to convince them to stand down, that anyone -- make that case. it was a tragic day. it was beneath us as a country. look we're moving forward. you're seeing what is happening at the capitol today, the peaceful transition of power. stuart: what is the mood within the trump family and people immediately around him, what is the mood in the white house up until today? >> i think you heard it in the president's message today which was to say, i'm not going away. i think he will continue to loom large over american life. i expect you're going to see him calling in to programs, doing media this is a moment to focus on the incoming administration. everything that has loomed over the last few weeks has distracted from what biden is going to do in the first few days of office. i would draw your viewers

attention to what i think is going to be a third term of the obama administration. planning to roll back the job creating policies of the trump administration did on day one. stuart: will you continue to work for donald j trump if asked? >> i'm doing my own thing on the outside but i root for his success and his family success and our country. he was an extraordinary president in many regards and i think when he was able to do for our economy was fantastic and i hope we really set in place a foundation that will help the biden administration drive but i think my future. stuart: some former officials have been blacklisted, cannot get a job. i know you have eyes on the fire your self but are you aware of the blacklist, has apply to you? >> i think it's overstated

people have served at the highest level of government from so much skill and background that is great for the private sector, four different organizations that they can work in that is not how our country should operate when people are asked to serve they should say yes and be willing to serve their country and we should not let our political differences divide us to this degree i have a lot of friends who i help place jobs on the hill and he will be successful new endeavors and a lot continue to work for president trump. stuart: thank you for joining us, we appreciate it. good luck in the future. i want to bring in anthony chan, anthony is an economist, long-standing, knows what he's talking about and i want some call entry on the future of the economy under president biden. as i understand it, you want more stimulus, more spending on top of the 1.9 trillion already announced. you are big on spending aren't you? >> is not a question of whether

i want more spending or not people will make sure we don't make the same mistakes we did after the global financial crisis. spending a little bit more or more than is necessary guarantees that the economic expansion might continue but the reality our focus should be on eradicating the covid-19 virus because the reality is we are spending a lot more on our economy and we have to stop the virus and stop it as soon as possible. stuart: anthony i'm terribly sorry, the sound quality you're putting out we cannot hear clearly what you're saying and so i went back to coverage of the ongoing preparation for the inauguration which is literally an hour away. left-hand side of the screen the arrival of air force one in west palm beach, that carries still

president trump on his last ride on air force one, that carries him to florida, the exit air force one and head down mar-a-lago, i'm not going to call the exit to his retirement because we really don't know what his future plans are. but in his farewell address he said he came here what we plan to do. that's not a direct quote but the essence of what he had to say. right hand side of your screen, that is important, vice president pence walking down the blue carpet, he walked down the steps to take his place for the actual swearing in. this is important, president trump by tradition should be there. he is not there he has just arrived in west palm beach, florida in his place, vice president pence will be representing the presidency of donald j trump. they are estranged we believe and that's the way we will leave

it right there. you will see the dignitaries, i see the obama's, the clinton's, we sell bush 43 and his wife laura, republics and democrats all converging, separated by distance of course all wearing masks, the swearing in about an hour away. now let's bring in susan i want to talk about the economic policies of the next four yearss before the s&p 500 up 13% plus since election day that the best performance in 70 years according to cfra research and that's not a lot of hope and a lot more spending coming maybe not all but 1.9 trillion but a second stimulus package in march on jobs growth in infrastructure. that's what wall street is anticipated. also the rejoining of the paris climate course and canceling the pipelines. there is a lot of news you can trade off of, green stocks, tesla and general motors and oppenheimer calling tesla 1000

plus stock, solar stock as well in the solar etf and we saw energy funds have rallied in dalian again today. but also the leaders, big tech driving the advance we are seeing in inauguration day which might be a surprise for people because wall street said there would be a rotation into value with talks of antitrust, breakups and higher taxes especially focus on the tech sector, there has been a rethink in terms of the spending coming down the pipeline and taxes should be held off at least for the first year because you need a majority consent in the senate which might be hard to do at least in biden's first 12 months but you do have other risks that you need to mitigate versus inflation. what happens with all the stimulus spending that comes home and higher prices and then do you have to raise interest rates and we saw what happened in 2015 - 2016 and 17 when the interest rates creeped up after around nine years or so.

stuart: i want to add with to what you're saying about big tech because the gains for the biggest of big names are simply astonishing, left-hand side of the screen president trump about to emerge from air force one to take him down mar-a-lago, what were seen a big tech is astonishing. i'm looking at apple up 3%, google up 4.3%, microsoft up 3.3%, amazon, 3%, facebook 1.7% we have not seen single day gains like that for a very long time. again, i am surprised because both the right and the left are going to have a go at big tech. susan: don't forget google is up for the half percent and they driven the rally for the last four years and outperforming the s&p 500 and the dow has respectable 50 - 60% gains over the past four years under

president trump the technology has doubled up 138% and people are thinking that that continuation that rally will continue at least for the first 12 - 18 months because you need to get the vaccine which will reopen the economy that benefits everybody including big tech, you have more spending and consumer habits will change as well after covid and that will sustain as well, the taxes will be put off to some time, you want the economy to recover and big tech leaves it then wall street will like it. stuart: what a split screen just a moment ago, we had vice president pence attending the inauguration of washington, d.c., left-hand side of the screen, president trump about to emerge from air force one and florida. i said before they are estranged politically, we understand and

furious for what the president asked him to do about certifying the electoral result, they are estranged and there separated now by a thousand miles vice president pence in d.c. and trump in washington -- i mean florida. he's about to emerge from air force one. a terrific rally on the stock markets. with this now kt mcfarland. kt welcome back to the program, a big day for you what do you make of this inauguration ceremony and the incoming biden a administration? >> a couple things, it's very nostalgic, i was at the inauguration for president trump four years ago standing right there where your cameras are showing right now. what could we accomplish and for your, what did we are competent for years and now turning over the page. it's a lot of nostalgia but on the other hand as they look i'm really sorry that president trump did not choose to attend. maybe it was a security issue, maybe not but to me the most

important thing in the america democracy is a peaceful transfer of power. no other country does this, democracies do this, no other countries and thousands of years have had a peaceful transfer of power. the symbolism is not good. the other thing of symbolism is bad is all the troops, really do we have an arms erection were really worried about? i don't know. stuart: you think that was a bit overdone playing up the riot as a political against put into republicans and conservatives in particular against president trump. >> sure but the other thing where were these guys talking about a threat they say there's a big threat, where were they in early january why did they not see january 6 potential threat coming, where was the fbi, the d.c. police, the national guard when we needed them. a day late and a dollar short, i just think it's a bad symbol, no president and a lot of armed

troops. stuart: we would have a much better feeling of, tree and community if the people attending the swearing in were not walking around in masks, you cannot see the smiles, you cannot see any joy, vice president pens i'm sure he's not overjoyed to see mr. biden coming to power but you can't see the expression on their faces. there is a greenness to this inauguration, a greenness to what were seen on the screen, kt i wish it were not so i'm politically opposed to mr. biden but i'm very much in favor of the peaceful transfer of power with a good atmosphere to surround that transfer. how about you? >> stuart i'm not looking forward to abide in a administration buddies going to be my president but i think he's going to be a lousy president. but i think the biggest threat to america's what you've implied, were all at each other's throats, we can't seem to get along over anything, as a

democracy to survive we have to trust each other. that's what i'm really concern what does president-elect and soon to be president biden have to say, he says a lot of great words about unity and healing and yada yada, if he talks to his base and says to his base, standdown you guys no impeachment, no blacklist, no vindictiveness, we need to talk to the part of the country that did not vote for me and biden needs to reach out to them and he also needs to tell his people to pipe down because if we go through another round of vindictiveness and inventions it does not solve our problems and it puts us in -- if that's what's going to happen then it's a darn shame. stuart: it is, they're talking about impeachment steel they are going to go through this thing. senator schumer is talking about an impeachment timetable and there also talking about a commission to investigate the riots on capitol hill.

that will stretch on forever, a 9/11 style commission, that will not in the hostility that will increase it, the left is going to use the riot as a political weapon to beat up trump, beta republicans and conservatives in general that is what were going to see, kamala harris just walking in. >> if that's the direction they go in joe biden let them do that, american people are not stupid and they're not sheep and there's going to be a point at which they save enough this is not what we want they will take the house and the senate back for republicans in 2022 in the white house in 2024, i've been through enough of these presidential cycles i was in the white house situation room when richard nixon was forced to resign in six years later i was back with ronald reagan. stuart: that's quite a history you got there kt. i hope to see you at some point during the biden a administration and i hope you return to the program.

kt we have a special place in our hearts for you and we always have and we always will. come back soon. kt mcfarland. >> thank you. stuart: sure thing. right hand side of the screen the band plays on, they are waiting to start the swearing in ceremony they are arriving, that is the former mayor of south bend, indiana pete buttigieg and his partner. that is dan quayle with the current vice president mike pence speaking with mr. clinton. i tell you i'm getting confused with all the masks on but i'm doing my best. the doors are opening and 70 also merging to walk down the blue stairs. i cannot identify these people but i think our producers probably can and they will put it in my ear who were looking at. will let you watch this, the band plays on.

please pay attention the bottom right-hand corner of your screen, the market a little history has been made we have new highs on this inauguration day in the day we inaugurate a democrat president the stock market is straight up. look at that. what did you say producer? okay, capitol hill officer that led the writers away was just on your screen. i'm sorry i cannot go back but that is what we just saw. a place of honor at the swearing in today. the market going very strong, the dow was up a half a point, 31000 there, please remember on january the 20th four years ago, that is kamala harris with her husband walking on the stairs. four years ago january the 20th 2017 the dow was around

19000 and look at us now, were at 31000. 31000, right there. what a transition. do you think we will get another 13000-point gain for the dow? odds are strongly against us but big tech is on fire this morning i've got netflix up 14%, that is a gigantic gain. ali baba of 5%, et cetera et cetera. i'll run through the list later, lawrence jones joins us, welcome to the program, a special day, inauguration day, how are you doing? >> good morning brother, a lot going on in the country but this is the very best of america. the president gave his words we have an historic moment today the transition of power has happened and were always bigger than one human being and were seeing that today. kamala harris, the vice president elect soon to be vice president in less than 40

minutes, under 50 minutes, i am sorry just now took the stage and this is a powerful moment in the first woman to have his office soon to be the first black woman to also have this moment. it's a beautiful moment, politics aside shows you where america is today. stuart: one thing that truly bothers me about president trump and his legacy, i think he is going to have to live without riot and his response to that riot in his role in the riot and i think you will have to live without forever and i think it'll be a weapon in which the left and the democrats used to beat up donald trump, beat up republicans and conservatives. i don't see any way around it, i think that is a crying shame. >> when i talk with people and they look at this moment and they look at the speech that the president released yesterday,

his last speech as president from the white house and even his word that he mentioned today many question why didn't the president have that moment while the writing is happening. i do think that time heals everything the president just landed in mar-a-lago he will be there for the moment and they will probably be silence and i think is his new administration takes its place there will be a moment to actually flush through his legacy, how much will they change and keep in place. sure you had bad actors that storm the capital but the president has made the distinction saying they don't represent me or maga but again some would say that they did in his name but time heals all things and as we witness this historic moment this peaceful

transition of power i think as the days come we will be able to talk about the legacy and what took place there. it was two weeks ago where those people were storming the capital and look how we were able to come back together, the capital is here and right now you heard the announcement of the vice president elect kamala harris taking the stage. stuart: lawrence forgive me, i gotta ask what i think is a difficult question. we are told that minorities will get special consideration in the distribution of vaccines and shots to be a minister, special consideration for minorities. we hear there will be special consideration for minorities and the handing out of stimulus money, how do you feel about that as a black man how do you feel about special consideration to that group. >> i think when it comes to the shots and i think you're referring to the vaccine, they

can have special consideration all they want right now they have a trust deficit when it comes to black america and taking the vaccine. they can prioritize all they want but it does not seem like they have been able to undo some of the historical damages within that community. with respect to money and fiscal policy what we seen in the past four years is black folks from an economic standpoint do better in this country. i don't think preference, i know you have to get to the president-elect is getting ready to take the stage we see him going through the halls of congress but i don't think that consideration is going to benefit black america. stuart: hold on for a second were about to see he's currently president-elect with the first

lady elect joe biden, doctor joe biden they are approaching the doorway, they're about to be announced i want to listen for the formal announcement of the president-elect about to see the swearing in place and all the dignitaries assembled. he is walking down the steps, you will see him emerge from those doors momentarily and when he emerges he will be announced and that's what were waiting for, the announcement that the 46 president of the united states of america is about to take the stage so to speak. meanwhile were looking at the dignitaries assembled, that is senator klobuchar. >> the acting house senate charger and arms tim blodgett and the senate and arms jennifer pending way.

stuart: there and out to the dignitaries as they come through the doors, what were waiting for is the announcement as a band is playing, let's listen in ♪ ♪ [band playing] >> ladies and gentlemen the president-elect of the united states joseph biden junior and doctor joe biden. [applause]

[applause] [applause] >> ladies and gentlemen please be seated.

>> the president-elect has a arrived on the capital building, he will be sworn in and minutes from now. now they are welcoming more guest, more dignitaries to the stage we will move on i thought that was an oppressive entry from both sides of the aisle. >> i want to 0 in and this goes to my larger point, there was a big fist bump and vice president elect and former vice president obama, what you're going to see even when it comes to the cabinet pick, people in the administration this will be a third term for president obama, a lot of the old guards are coming back in what they

consider normal government, the bureaucratic process, the way washington and there was this between the two in the wing man to president obama. and that's what you will see in the new administration. stuart: you cannot go back, it might look like the third obama term but it can't be anyway the same, immigration situation has changed dramatically, the pandemic has changed our society and changed our economy, foreign policy we have confronted china, cannot step back on that, we cannot be a third obama term no matter how much they wanted. >> as they always say elections have consequences and before joe biden goes to the white house, residents he has about 12

executive orders queued up to rid of some of what president trump did. immigration, separation and when it comes to china. again this is going to be something that voters are going to have to evaluate in the first 100 days. a lot of people said they were better off under the trump administration. but they disagree with his personality. i think the big question i would contend, what matters is it going to be personality or will there be tax cuts or america first agenda for securing the border. joe biden has essentially said no more wall this is the man that voted for the wall but because they changed it to while he is no more longer for it. america is going to have to judge this, he is going to have one shot, he wants to unify the country. but i do think i would contend

that there is going to have to be a moment of telling those trump's supporters and those republicans that i understand, he has not been able to deliver that, he will be giving his speech were about 48 minutes away from him becoming the next president the 46 president, how is he going to weave that together, i'm a liberal, i'm a democrat but half of the country is divided. it's going to take more than just talking, he is going to have to show some symbolic measure that he's willing to extend a hand. that's how the country moves forward. stuart: last one for you, what do you think president trump should do now, walk away from politics, retire or jump back in again with his policies and push them forward with the republican party. what do you think you should do? >> it's not a matter what i think you should do, i think it's what the president is going

to do i think is going to be this moment where the president, he alluded to it earlier that he's coming back, i think there will be a regrouping. this is still his party, his message still resonates with the people. there is really no other leader that can take on that right now that trump has done and of course there are some that mimic the trump style but there's only one og as we would say back home and that is donald trump. the question is is the republican party going to go through the rebranding phase or as some have suggested, will there be a new patriot party. that is yet to be determined, donald trump is still the leader of the republican party and right now there is no true identity because you have the trump action and mitch mcconnell action that would argue it is time to kick donald trump out of the parties. i don't think he's going to go that easily.

stuart: you're a libertarian, you ought to jump right in there. >> there is no way i'm running for office. stuart: never, you would never run for political office in the united states of america, ever? >> my grandmother always said if you want to hear god laugh tell him what you have planned, so i never say never i don't know his plans for my life but i despise the current political process and i enjoy being able to take both sides because i am a libertarian and provide analysis to reviewers. stuart: i'm going to say good luck, always good to hear that. thank you for your opinion, valuable and we appreciate it. senator blunt the republican of missouri, delivering the call to order. we will listen in. >> unprecedented circumstances. when i share the inauguration four years ago i shared

president reagan's 1981 description of this event as commonplace and miraculous. commonplace because we've done every four years since 1789, miraculous because we done it every four years since 1789. americans have celebrated this moment during war, during depression and now during a pandemic. once again all three branches of our government come together as a constitution envisions, once again we renew our commitment to our determined democracy forging a more perfect union. that theme for this inauguration are determined democracy forging a more perfect union was announced by the joint committee before the election. with the belief that the united states can only fulfill its promise and set an example for others if we are always working to be better than we have been.

the constitution established the determined democracy with the first three words, declaring the people as the source of the government. the articles of confederation had not done that, the magnetic card i didn't do that, only the constitution says the government exists because the people are the source of the reason it exists. they immediately followed the first three words with the words to form a more perfect union. the founders did not say to form a perfect union, they did not claim that in our new country nothing would need to be improved. fortunately they understood that always working to be better would be the hallmark of a great democracy. the freedoms we have today, the nation we have today, is not here just because it happened and they aren't complete.

a great democracy working through the successes and failures of her history striving to be better than it had been. and we are more than we have been and we are less than we hope to be. the assault on our capital at this very place two weeks ago reminds us that a government designed to balance and check itself is both fragile and resilient during the last year the pandemic with our free and open society for extraordinary determination and sacrifice and challenge us today. meeting that challenge head-on have been and healthcare workers, scientist, first responders, essential frontline workers and so many others we depend on in so many ways. today we come to this moment, people all over the world as

were here as were watching and will watch what we do here, our government comes together, the congress and the court joins the transition of executive's possibility, one political party more please today and on every inaugural day than the other, this is not a moment of division it's a moment of unification. a new administration begins and brings with it a new beginning. with that our great national debate goes forward and a determined democracy will continue to be essential in pursuit of a more perfect union and a better future for all of americans. what a privilege for me too join you today. thank you. [applause] >> and i call to the podium a longtime friend of president-elect and his family father leo o'donovan to lead us.

stuart: he is introducing reverend father leo o'donovan and we will listen in. >> gracious and merciful god, at this sacred time we come before you in need. indeed on our knees. but we come somewhere with hope and with her eyes raised to a new division of a more perfect union in our land, a union of all of our citizens to promote

the general welfare and secure the blessings of liberty to ourselves and our posterity. we are people of many races, creeds and colors, national backgrounds, cultures and styles. now far more numerous and on land much faster then when archbishop john carroll wrote his prayer for the inauguration of george washington 232 years ago. archbishop. that you creator of all would assist with your holy spirit of counsel and fortitude, the president of these united states. that his administration may be conducted in righteousness and be imminently used to your people. today we confess our past failures to live according to our vision of equality,

inclusion and freedom for all, yet we commit still more now to renewing the division to caring for one another in word and deed especially the least fortunate among us. and so becoming a light for the world, there is a power in each and every one of us that lives by turning to every other one of us. oppressed of the spirit to cherish and care in standby others and above all those most in need. it is called love in its path is to give evermore of itself, today it is called american patriotism, born not of power and privilege medicare for the common good with malice toward

none and with charity for all. for our new president, we beg of you the wisdom, solomon sought that he nil before you and. in understanding heart so i can govern your people and know the difference between right and wrong. we trust in the counsel of the letter of james, if any of you likes wisdom you should ask god who gives generously to all without finding fault and it will be given to you. pope francis has reminded us how important it is to dream together. by ourselves he wrote we risk seeing barrages, things that are not there, dreams on the other hand are built together, be with us holy mystery of love as we

dream together. help us under our new president to reconcile the people of our land, restore our dream and invested with peace and justice and the joy that is the overflow of love. to the glory of your name forever amen. stuart: that was the reverend father leo o'donovan the third, there will be a brief pause before we hear the national anthem song today, delivered today by lady gaga. when that happens you will listen in. the moment of silence as the dignitaries await the national anthem.

>> the presentation of her national colors by the armed forces color guard, the singing of our national anthem in the pledge of allegiance. [band playing] [band playing]

>> ladies and gentlemen here for the singing of our national anthem accompanied by the president united states marine band please welcome lady gaga. [applause]

♪ oh say can you ♪ ♪ see by the dawns early light ♪ ♪ what so proudly we hailed ♪ ♪ at the twilight's last gleaming ♪ ♪ whose broad stripes and bright stars ♪ ♪ through the perilous fight ♪ ♪ o'er the ramparts we watched ♪ ♪ were so gallantly streaming ♪

♪ and the rockets red glare ♪ ♪ the bombs bursting in air ♪ ♪ gave proof through the night ♪ ♪ that our flag was still there ♪ oh, say does that star-spangled ♪ ♪ banner yet wave ♪ ♪ o'er the land of the free ♪ ♪ and the home of the brave ♪ ♪ ♪♪

[cheering] [applause] stuart: lady gaga exits the stage. >> president of the international association of firefighters local 3920 fire captain andrea m hall for the reciting of the pledge of allegiance. i pledge of allegiance to the flag of the united states of

america and to the republic for which it stands, one nation, under god, indivisible, with liberty and justice for all. [applause] >> what you are all about to be part of america is a historic moment of first. to administer the oath to our first african-american, a first asian-american and our first woman vice president kamala harris, it is my great play bridge to welcome to the inaugural stage the first latina

to ever serve on the supreme court of the united states of america, justice sonja soto mayor. [applause] >> please remain standing for the oath of office followed by musical honors. >> please raise your right hand and repeat after me. i kamala harris solemnly swear. >> that i will support and defend the constitution of the united states. >> that i will support and defend the united constitution of the united states. >> against all enemies foreign and domestic that i will bear true faith and allegiance to the flag. >> that i will bear true faith and allegiance .

[cheering] [band playing]

>> ladies and gentlemen please be seated. please welcome jennifer lopez to perform this land is your land and the america the beautiful comedy by members of the president owned united marine band. [applause]

♪ this land is your land ♪ ♪ this land is my land ♪ ♪ from california ♪ ♪ to the new york island ♪ ♪ from the redwood forest ♪ ♪ to the gulf stream waters ♪ ♪ this land was made ♪ ♪ for you and me ♪ ♪ as i went walking ♪ ♪ down that ribbon of highway ♪ ♪ i saw above me ♪

♪ that enlist skyway ♪ ♪ i saw below me ♪ ♪ that golden valley ♪ ♪ this land was made ♪ ♪ for you and me ♪ ♪ this land, oh this land ♪ ♪ this land was made ♪ ♪ for you and me ♪ ♪ oh this land, oh this land ♪ ♪ this land was made ♪ ♪ for you and me ♪ ♪ you and me, oh ♪ ♪ america, america ♪ ♪ and ground with brotherhood ♪

♪ from sea to shining ♪ c ♪♪ [speaking in foreign language] ♪ this land was made ♪ ♪ for you and me ♪ ♪

[applause] >> that was great, the sun is shining and mr. president-elect ithis theth fthstnaurnaiourn t h tisto tf ome acaheca t whe w wupct fctromct usffferts,,,, w tt iow nyowyyis dncisncnc hor hont in t cef c justi jus o eee sreupre crt c cf of of t o d at johnnn rer ter too niadmieradad pre pderentiade oih to the ntresidentfnthe the the uned states jteseposhh r ben bid [applausppe] the oath ohf oicentltlleasle

followed by music mons. >> please raise your right hand and repeat after me. i joseph robinette biden junior do solemnly swear. that i will faithfully execute. >> that i will faithfully execute. >> the office of president of the united states. >> the office of president of the united states. >> and will to the best of my ability, preserve, protect and defend. >> preserve, protect and defend. >> the constitution of the

united states. >> the constitution of the united states. >> so help you god. >> so help me god. >> congratulations mr. president. [cheering] [band playing] [band playing]

[cheering] >> ladies and gentlemen please be seated.

[silence] >> if you're wondering why the pause, they are sanitizing the podium and amy klobuchar will then come in and present president biden will deliver his remarks. >> a moment we have all been waiting for. it is now my great privilege and high honor to be the first person to officially introduce the 46th president of the united states joseph r biden junior.

[applause] [cheers and applause] >> chief justice roberts. vice president harris, speaker pelosi, leader schumer, leader mcconnell, vice president pence, my distinguished guests, my fellow americans. this is america's day. this is democracy's day. a day of history and hope, of renewal and resolve, through a crucible for the ages america has been tested anew and america has risen to the challenge. today we celebrate the triumph not of a candidate but of a cause, the cause of democracy.

the people, the will ofpeople has been heard and the will of the people has been heeded. we learned again that democracy is precious, democracy is fragile. at this hour, my friends democracy has prevailed. [applause] so now on this hallowed ground just a few days ago, violence sought to shake the capitol's very foundation, we come together as one nation, under god, indivisible, to carry out the peaceful transfer of power as we have for more than two centuries. as we look ahead in our uniquely american way, restless, bold, optimistic, and set our sights on the nation we know we can be

and we must be. i thank my predecessors of both parties for their presence here today. i thank them from the bottom of my heart and i know -- [applause] and i know the resilience of our constitution and the strength, the strength ever our nation as does president carter who i spoke with last night who cannot be with us today but whom we salute for his lifetime of service. [applause] i just taken a sacred oath, each of those patriots have taken. the oath first sworn by george washington, but the american story depends not in any one of us, not on some of us but on all of us. on we the people, who seek a

more perfect union. this is a great nation. we are good people. and over the centuries through storm and strife and in peace and in war we've come so far but we still have far to go. we'll press forward with speed and urgency for we have much to do in this winter of peril and significant possibilities. much to repair, much to restore, much to heal, much to build and much to gain. few people in our nation's history have been more challenged or found a time more challenging or difficult than the time we're in now. once in a century virus that silently stalks the country has takens many lives in one year as america lost in all of

world war ii. millions of jobs have been lost. hundreds of thousands of businesses closed. a cry for racial discuss tis, some 400 years in the making moves us. the dream of justice for all will be deferred no longer. [applause] a cry for survival comes from the planet itself, a cry that can't be anymore desperate or anymore clear now. the rise of political extremism, white supremacy, domestic terrorism that we must confront and we will defeat. [applause] to overcome these challenges, to restore the soul and secure the future of america requires so much more than words, requires the most elusive of all things in a democracy, unity.

unity. in other january on new year's day in 1863 abraham lincoln signed the emancipation proclamation. when he put pen to paper the president said, and i quote, if my name ever goes down into history, it will be for this act and my whole soul is in it. my whole soul is in it. today, on this january day, my whole soul is in this, bringing america together, uniting our people, uniting our nation, and i ask every american to join me in this cause. [applause] uniting to fight the foes we face, anger, resentment and hatred, extremism, lawlessness, violence, disease, joblessness

and hopelessness with unity, we can do great things, important things. we can right wrongs, we can put people to work in good jobs. we can teach our children in safe schools. we can overcome the deadly virus. we can reward work and rebuild the middle class and make health care secure for all. we can deliver racial justice and we can make america once again the leading force for good in the world. i know speaking of unity can sound to some like a foolish fantasy these days. i know the forces that divide us are deep and they are real but i also know that they are not new. our history has been a constant struggle between the american ideal that we're all created equal and the harsh, ugly reality that racism, nativism,

fear, demonization, have long torn us apart. the battle is perennial and victory is never assured. through civil war the great depression, world war, 9/11, through struggle, sacrifice and setbacks our better angels have always prevailed. in each of these moments enough of us, enough of us have come together to carry all of us forward. and we can do that now. history, faith, and reason show the way, the way of unity. we can see each other, not as adversaries but as neighbors. we can treat each other with dignity and respect. we can join forces, stop the shouting and lower the temperature, for without unity there is no peace, only bitterness and fury, no

progress, only exhausting outrage. no nation, only a state of chaos. this is our historic moment of crisis and challenge and unity is the path forward. and we must meet this moment as the united states of america. if we do that, i guarranty you we will not fail. we have never ever, ever, ever failed in america. when we have acted together and so today, at this time, in this place, let's start afresh, all of us. let's begin to listen to one another again, hear one another, see one another, show respect to one another. politics doesn't have to be a raging fire, destroying everything in its path.