maria: welcome back. great to see you. thank you for joining us. dagen mcdowell, always a pleasure. have a great day. "varney & co." begins right now. take it away, stu. stuart: good morning, maria and good morning, everyone. david-- dave portnoy versus robinhood. what really happened with the gamestop meltdown? well, dave portnoy made the point that robinhood was supposed to protect the interest of the retail investor, the little guy, they didn't. pohlad at robinhood insisted they had no choice in shutting down trading because if they had not the market would've been taken down i think i learned more in last night's debate than i did in the hours

of congressional testimony last week. you will hear more on the debate on the less-- left-hand side of your screen. this morning that coin, which has also been it at the center of the recent market frenzy has moved originally just a few minutes ago it was about 50000, now it said 49400 so continued volatility bitcoin. as for stocks overall this morning, we did have modest gains just a few minutes ago. now, we have turned south pretty much across the board especially the nasdaq, which is now down 98 points. that term-- turn came just like that in a matter of minutes. not sure if there's a reason for the turnaround, we will cover it for you nonetheless. we have the dow jones, s&p in the nasdaq. next case, 1.9 jillion dollar covid package is in trouble. mint romney calls it a plucker. senator colley's says $.9 trillion cannot be

justified and democrat senators from west virginia, montana, arizona are worried about their constituents of bailing out new york and california. the democrats need absolute party loyalty in the senate to get the whole enchilada through, doesn't look like they will get it. more good news on the pandemic. new cases down at 37%. death down 23%, a continuing trend over the last two weeks. this pandemic is winding down and moments ago the fda said johnson & johnson's one-shot vaccine offering strong protection and seems to reduce the spread of the virus appeared this vaccine, if he gets full approval could arrive next week. in a moment, the latest on tiger woods took yes, he remains in the hospital and his management team says he's in recovery. you will see the immigration contradiction during the trip administration remember, it was children in cages and

now it's migrant children facility. i have an editorial on the pandemic. enough is enough. we are tired of doctor if the pouch he and his predictions, the teachers union closing our school. spring is coming. open up. "varney & co." is about to begin. ♪♪ stuart: yeah, the rolling stones. we need more stones come aboard the beatles is my personal opinion. serious stuff, tiger woods and the latest. he is awake and responsive hours after emergency surgery on his leg. tiger lost control of his suv shortly after 7:00 a.m. california time yesterday.

his vehicle hit a tree, rolled down in a big that. of the injuries are serious and the recovery will be long. president trump says he's confident tiger will make a comeback. watch of this. >> he's overcome a lot, but he has had an incredible life and he will continue to have an incredible life, but now he will recover from this. it's pretty back on the legs, i understand. he will figure a way. he's a wonderful person. over the years i've known him for a long time and he was just always great to me and i've always felt the same with him. i have always just liked him. tiger was intent on just getting back to where it was and then a thing like this happens and he would be able to do it. he's going to be back. i have no doubt about it he's going to be back. stuart: we certainly hope so.

remember, mr. fromm awarded with the presidential medal of freedom in 2019. later this hour we will head to california where tigers now being treated. also breaking this morning, news on vaccines from the fda. they say johnson & johnson's one-shot vaccine strongly protects against severe covid and may reduce the spread of the virus by vaccinated people. it could arrive as soon as next week if it gets full emergency use approval from the fda. again, later in the show we will talk doctor siegel. but skin straight at it, money that is with futures on the downside. shah gilani joins us now. something different from you today. you are suggesting we are in the line for a correction. you have not said that for a long long time. how big of a correction and when does it arrive at? >> i'm not sure when it's going to arrive or how deep it might be, stuart. i wouldn't venture to say 10 to perhaps 20%

and if it does happen-- i'm not sure it will, i think we are inclined towards a correction, certainly a selloff and maybe this week into next week the downside, but if some profit taking we have seen over the last couple days continues and a free tell buyers who have pretty much loaded up with what they want step out. i think investors are looking for a catalyst based on the fact we have enjoyed everything rally, everything at high and is starting to come down a little bit and people are nervous with rising interest rates and a lot of contention as to whether rising rates will not market down. i don't think that's going to happen wholesale, but i do think we are at a point where everything has rallied, that it's not really problematic if profits come off the table. it's probably good time for profits to come off the table, but it doesn't mean the market rally is over, just likely we will see some selloff which i think is

an opportunity to get back in for those on the sidelines. stuart: okay. if you have a broad-based selloff on some description coming barely-- fairly soon, what you buy and how do you take advantage of that dip if that's what you are going to do, how do you do its? >> i personally love still the major tech companies. they will still be that go to companies. they have been getting hit because of rising rates in a up in the calculations of the discounted forward value etc., but they have been get a little hard-hit and i think if they get hits harder they will be the go to companies to buy. majors obviously microsoft, facebook, google, apple, amazon are always in my portfolio and they should be in everyone's. adding to them at lower levels would be a great opportunity. stuart: you have been on the show for five or six years, but throughout that time you have consistently-- is it 10?

look, you've consistently recommended big tech, the five companies on your screen now. i take it you have done well? >> done very well, stuart. aiello good part of that to those companies because i did to them and even on the way up investors don't know you should add to good solid positions even on the way up and the more you have a position that's working for you obviously the better you will begin the long term as far as total returns, so those companies remain go to companies and we will continue to hold those. stuart: okay. shah gilani, congratulations on your success and we appreciate you being on this show. basket to tesla now it is up this morning to have%. something of a recovery from a selloff yesterday susan, i bet this modest gain now, does it have something-- you have been talking about this

for days on end, kathy would i think it is. susan: and now you know who it is, kathy wood is the fund manager of the moment as a she bought a ton of tesla shares this week $120 million worth with the 13% dip in tesla stocks of now it makes up more than 9% of her flagship innovation etf which is up 150% in the past year. in fact, all of kathy wood's five etf have returned 100% plus but past 12 months and why she's the hottest fund manager on wall street right now. she made her name for herself about a year ago when she predicted tesla could hit $15000 a share and that was before the start split them up for s&p 500 inclusion so it's no wonder why she's buying in on the dip and she said the market needs to pay attention. stuart: does she still think that is going to hit $15000? susan: probably, she's buying

$120 million worth. stuart: okay. next one for you, bitcoin, right around $50000. 49200 at this moment, but what about square? they bought in i think. susan: jack dorsey other company, $170 million worth of the bitcoin purchases spirit out on top of the 50 million they bought in october last year so that takes square bitcoin holding up 5% of their cash holdings. they didn't buy in at a cheap price either come over 3000 bitcoin, they bought in each bitcoin $51235 each. they are justifying this by saying bitcoin is an interest-- instrument they say of economic empowerment this is much less, the mind much less than tesla one and a half billion dollar

purchase but tesla is bigger. he continues the trend of more companies looking to buy bitcoin with cash holdings this morning my strategy said about another billion dollars with a bitcoin now holding over $2 billion worth and kathy would chiming in that she is still bullish on bitcoin. she calls a bitcoin insurance again wealth seizure and who do you think that's targeted against, think. stuart: we have various senators calling for the seizure of wealth with a wealth tax. kathy wood is implied if you get into bitcoin the wealth seizure pitcher cannot touch you see to circumvent the us financial system so targeted at elizabeth warren, bernie sanders and aoc. stuart: which applies if you get into bitcoin these guys can't touch you. interesting. i would like to get more on that one. thank you. let's bring everyone up to speed. 11 minutes past the hour and we will open the

markets shortly and we will be on the downside. nasdaq selling off again. we have this, vald, portnoy going one-on-one with the ceo of robinhood. and was a lifestream debate-- debate last night. watch a little bit of it please. >> you know everyone here is watching us; right? >> that's what i hear, but look i'm glad to be on your show and hopefully we can get into it and answer a lot of these questions. stuart: we will get into it and hear a lot more from that debate coming up on this program today. president biden reportedly laying the groundwork for another massive spending bill after the covid package. we will tell you all about that in just a moment. ♪♪

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stuart: futures now all pointing south. it wasn't like this a half-hour ago, but it's down 100 points on the nasdaq: the sudden. we are searching for the reason, but have not found it yes-- yet. senator schumer leads the senate and he's going to organize the covid relief package when it gets to the senate. what is he saying? susan: he says it's on track for the stimulus bill to become president biden's desk by march 14. of the house likely to pass the bill this week with about likely friday, $1.9 trillion including 1400-dollar stimulus checks, extended $400 in weekly unemployment benefits, 300 billion to local and state government aid,

but 15-dollar minimum wage getting pushback even from some democrats who want to lower it to $11 an hour, but it might not make the final bill because it depends on budget rules and the senate won't pick up a plan-- the plan until at least next week so there will be more wrangling, negotiating and may not end up to be 1.9 trillion. slim and 50/50 majority in the senate and schumer was asked how he keeps democrats in line and he without his flip phone, stuart, and i'm so sorry i could not help but think of you. stuart: that's all right. susan: it was actually a smartphone he was using, that stuart, schumer is no retro then you are. stuart: that's incredible. i think we are about the same age, but that's amazing. i have to add one point about getting 100% party loyalty from the

democrats to favor passage of the $1.9 trillion deal. we have senators, democrats from arizona, west virginia and montana really worried about putting out their constituents money to bail out new york and california. how is that going to go and we have got senator mansion and senator susan collins voicing concern, so i don't think they are going to get on the $1.9 trillion in the package and i don't think they are going to get 100% democrats support. i want you to tell us-- yeah, it's a tough sell. what about the massive spending bill that comes after the covid relief package? susan: this is only the beginning. you will get money printing either from the white house, government or federal reserve which is a bullish more stock but the "wall street journal" reporting biden is a starting to push for another big spending package on

infrastructure and that's on top of the $1.9 trillion stimulus bill, so senior democratic officials proposed spending as much as $3 trillion on jobs and infrastructure, part of biden's build back better plan. something we can can afford this in the us. if the $1.99 package passes on top of the 4 trillion and stimulus already spent under president trump the nation's debit-- deficit surpassing $3 trillion in the national debt on track to hit 28 trillion , almost one and a half times of the size of the us economy and you are spending more than you are worth. stuart: exactly. it's going to hit 28 to chilean dollars very quickly, almost there now. susan: and who's going to pay for it? the next generation. stuart: our grandchildren or you just print the money and don't worry about it.

stuart: win did the debt bond for lock, that's what i want to know. let's bring in economist john lonski to talk about the stimulus packages for covid and the structure. my point would be that we don't need all the spending. we already have cases down, death down this pandemic is clearly winding down i go so far as to say it's almost sober. maybe i'm overly optimistic, but i don't think we need all this spending, do you? >> you are probably exactly right. we don't need the full $1.9 trillion in all likelihood. not that long ago, we were worried we would have practically no growth in the first quarter. gdp now methodology from the fed recently predicted first-quarter growth my command at 9.5%. i don't believe that. maybe we will have 4% growth in the first quarter, but you get covid out of the way of

some of the stimulus in that assist him along with a great deal of monetary stimulus, you are probably easily looking at 5% growth for 2021. why in the world you need additional assistance of thereafter? stuart: because you want to buy votes. that's what it's all about. you want to give everyone $1400, you are buying their vote. you want to bail out new york and california, rewarding them for being anti- trump and shutting down their economies. real fast, i think this pandemic is winding down big time. i think it's almost over would you comment on that? >> there's a lot of evidence to support that claim. more vaccinations, less risk from covid-19 and as a result that's another form of stimulus and strengthening the case for rapid growth in 2021 even without the

full $1.9 trillion package. stuart: got it. john lonski, thank you for being here. we are going to show you futures how we will open the market momentarily. with a couple minutes to go. we will be in the red. i'm intrigued about the nasdaq. looks to me like tech is selling off again. we will be back. ♪♪ how am i doing? some say this is my greatest challenge ever. governments in record debt; inflation rising and currencies falling. but i've seen centuries of rises and falls.

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is down again this morning because of the rising yields. on the screen you can see it. apple is 124 etc. read it for yourself left-hand side of the screen. ray wang, i want to talk about stocks and technology other than big tech. i know you like a few of them and i'm going to start with the doordash. make your case. >> i like doordash a lot one thing we have seen his uber eats and also grub hub is growing 48-- 324% and we have the mass market their. the question is will it continue after the pandemic in the short answer is yes, the same way you ordered domino's pizza but you can choose from 70 different type of john s of a food. of they are definitely growing rapidly and what i see with doordash is a long-term platform. is going after the customer, building 100 year platform and more important they are complete-- competing on data and that's making the difference. stuart: tell me about betsy. i was that it was kind

of a tchotchke marketplace, but apparently i'm wrong. >> a lot of people think that. it's a craft market. it's a direct to consumer marketplace and you will see a lot of the successful stocks post pandemic commerce plays that have-- they have actually sustained through the pandemic but more importantly they will succeed after the pandemic because they have a customer base, a network in a marketplace and it has done the best job of doing that in the craft to space and it's given the-- a lot of people to build their own small businesses. stuart: tell me about airbnb. is in another post pandemic winner? >> airbnb is deftly post pandemic winner. travel numbers are going up but more broadly they survive the pandemic and they will be hotter with a lot of demand for travel. stuart: you covering a lot of ground real fast, ray wang and we appreciate that. three winners.

we will follow them. thank you. they are going to ring the bell momentarily appeared that guy claps first, then rings the bell and then we start trading. i think we will see a downside move at the opening bell and that's because of the upside move in treasury yield took that puts stock investors often. we are off and running. ever slightly lower for the dow jones, off about 60 points. unsettled at the moment. not all the dow 30 stocks are open, but the trend is on the downside. i think that's true of the s&p as they have opened up, 500 stocks in that index in its down a quarter of a 1%. nasdaq, down a half a percentage point. let's look at big tech i'm sure they are down again, premarket they were down, post- market opening they are down except for facebook which is virtually in change. apple 125 amazon 3100.

google and microsoft just edging slightly higher in the very early going, but they have been being down recently. i went to look at tesla. it's another stock that's been in trouble recently. struggling to get to 709 susan has news for us about elon musk going after jeff bezos. susan: elon musk was asked for comments by the "washington post" on his move to texas and in response to reporter e-mails in elon musk said, give my regards to your puppet master, referring to amazon powder jeff bezos who also owns the "washington post". there have been reports of an ongoing food between the two, richest man on the planet for some time battling over electric vehicle space, mars and now satellite internet jeff bezos has mocked in elon musk's plan to colonize mars

and elon musk mocking basils so they have had a long-running battle even though they've had dinner in the past together in elon musk losing $15 billion this week. it puts him second behind jeff bezos on the bloomberg ritualist. stuart: i find that caution these these two richest people in the world, i think it's an interesting business story regardless of the fallout in the stock, to guys like this with collectively $400 billion or thereabouts, that's a good story. susan: also future technologies as well and talking about electric vehicles and also going to space and satellite internet communities are trillions of dollars of addressable market that play and at risk. stuart: fascinating. when they clash fascinating, when they cooperate fascinating. let's look at apple. you know more about this. the board of apple has given tim cook a big

payouts, a big stock payout. on more interested in the dividend. susan: as you should be. we are talking about hiking a dividend they do this every year since 2012. last year they paid out $14 billion to shareholders, but let's be clear, no one buys apple stock for the dividend secure if you combine it with the yearly stock buyback since 2015, maybe that's a reason to hold apple as it has more than-- most tripling during that time and warren buffett holds over $120 billion worth of apple's stock because you get cash back in stock buyback increases. at the shareholders meeting you had apple tim cook ceo getting another million shares when it comes to competition, but the most interesting part, i listened, it was on cook's comments on acquisitions. apple has a $200 billion on the balance sheet,

but they don't spend big on buying company's. they buy a lot of companies, 100 acquisitions of the past six years according to tim cook and made by companies, but they don't buy billion dollar companies, i mean, these are small million-dollar ones. stuart: let's wait until they get into the car business and maybe we will see some action then. susan: can i just get back to the broader markets, you know that 1.39% one year high and 10 year treasury yield, that matters when you're getting one and a half percent back. that's the dividend yield on average for the s&p 500. you better be making at least 1.39% on stock to buy into especially at these record levels which might be hard to squeeze out of in these times a. stuart: fairpoint and that's why some stocks go down or pause when yields go up. well explained. can you show me loads. i think they have done well during the pandemic

home-improvement people obviously. their same-store sales and whopping 28%, $20 billion worth of revenue came in in a 13 week time frame. stock is down 1.6%. i can't explain that, but i'm just telling you it's a dental. next, electric carmaker surging 15%. they are partnering with fox,. they are cooperating on electric vehicle project, ceo tweets this: this vehicle is so revolutionary that we have to keep it secret until the launch at the end of 2023. that's a teaser. the stock is up 15% on that. how about square? they bought 170 billion-- $170 million with the bitcoin. the stock is down 7%. is it because they bought bitcoin or because they have some

downgrades? susan: wall street is still bullish on jack dorsey's payment company. wells fargo now calling it a whole. squares worth 250 top-- $255 in their view. besides the 170 million-dollar bitcoin purchase square had a blowout quarter 2020 with their cash that person to person here to. cash transfer app, up to 50% from the previous year and we know that pandemic has accelerated online banking trend which has been a boom foursquare and paypal with the bitcoin surge helping as well. stuart: bitcoin right at 50000. when we get back to the 10 year treasury yield. it reads 1.41%, now 1.42% moving up a little higher for believing in

financial markets a rise in the yield on the 10 year treasury like that is a big deal. how about gold plaques overtaken by bitcoin as a hedge against inflation down $20. 1784 on gold. one more time, right around 50 grand, 49185 as we speak. next, i think people have had it with a contradictory statement from doctor anthony fauci. i will give you one example. rolled tape. >> no reason to be walking around with a mask. if you have a physical covering with one layer, you put another layer makes common sense. stuart: there's a lot more contradictions like that and we will cover it for you. meanwhile, florida open for business. some are calling it the new big apple. .-dot stinks. ashley webster in florida and he has a report on that coming

up. first, bars-- barstool sports dave portnoy goes head to head with the ceo of robinhood. fiery exchange. you will hear it after this. ♪♪ [announcer] durán catches leonard with a big left. ♪♪ you can spend your life in boxing or any other business, but one day, you're gonna take a hit you didn't see coming. and it won't matter what hit you. what matters is you're down. and there's nothing down there with you

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stuart: the markets are overall on the downside. nasdaq losing a hundred points. let's get to barstool sports dave portnoy having his chance to go at head to head robinhood ceo vlad tenev. it was a one-on-one. vald is being called a liar, a rat and dave portnoy said he should go to prison. subaru-- susan, that should've been a hot debate. susan: haley in attaining. yet to respect robinhood ceo vlad tenev or even

showing up. dave portnoy did not go soft. >> i'm proud of the way that team handled it. by a large we were able to protect the firm and prevent customers from having a bigger-- >> how can you-- in that line you just said proud of how we handled it, how is that possible? you guys are billed as a firm to retail traders and you screwed them over, i mean, you protected the firm, that's what you did. susan: there is no friendly handshake. dave portnoy says i don't wish you luck adding he didn't think robinhood was going to be around for the long term because they screwed to the little guy and customers have lost faith but then they had a liquidity debate that i thought was interesting going back and forth vlad tenev refusing to admit they had a liquidity issue, but dave portnoy pointed out he went on tv and

said they didn't have a liquidity issue at the height of gamestop but last week testifying he said they did have a liquidity issue. they were very close to catastrophe if they didn't raise $3 billion overnight, so i found it very entertaining. i thought david portnoy did a great job not backing down. stuart: i think both sides made valid points. i mean, dave portnoy was critical, you let the little guy down. vald said i had to do it or we would've crashed the whole system, valid points given the state of play. susan: and also one more point, the fact that they wanted to limit both sides of the trade, think that would've been catastrophic if they did that so the fact that you could sell but not by was probably the middle ground that robinhood took. stuart: it was a good debate. let's look at bitcoin. we have it at 48700.

frank chaparro is with us, the director of block news which deals with the technology underlying the crypto's. welcome. as i understand this in a way to fill me in. a lot of people are using borrowed money to buy bitcoin. i think-- you have reported on this, but does that mean the whole system faces risk if you have got a sharp downside move in bitcoin, systemic risk? >> thank you for having me on. long-term listener, first-time caller. great question and i have been packing it over the past several training sessions and when we look at the litigation-- liquidation and we have reported on this, we saw on monday a historic number of liquidation, $6 billion and that's tied to your point, to the amount of leverage at play. when we look at robinhood, i mean, we are talking that's

child's play compared to what's offered offshore in many crypto venues. on finance 21% of their users are reported to use 125, so what happens is that leverage translates into the liquidations we see, intense liquidations which translates into these intense selloffs, but that is just part of the story. when you asked about systemic risk, i think there is a degree with some of platforms that offer this leverage but i think it's limited to those platforms themselves because when we look at the broader ecosystem there is a growing institutional demand and i'm sure you have reported on it with folks, so that retail element that sort of wild west retail element is shut-- set to shrink. stuart: can you bring us news this morning of other major countries, fortune fortune 500 companies which might add bitcoin to their books?

are there such companies out there? >> great question. literally this point we saw micro strategy which has become a darling poster child as a crypto world announce another billion-dollar bitcoin biotin signals what we have seen for the past few weeks which is when we see these drawdowns, these publicly traded companies commended by the dip, they are actually buying the depth so quaint base we reported which is said to tap into the public market at a potentially hundred billion-dollar valuation has at least five or so fortune 500 companies that it's working with according to my sources. tesla obviously made headlines earlier this month, that was one of the major companies which is in the s&p 500 that allocated a percentage of its money to bitcoin. is becoming a growing trend. stuart: that's very important. if there are five more major companies thinking of adding bitcoin to

their balance sheets at a big deal and would tend to support bitcoin. thank you for joining us. we appreciate it and i want you back again because i would like you to break some news for it. bitcoin is now at $49000 even up to .9% on the day. still with bitcoin, i can't believe this, a new campaign on twitter of all places to try to double bitcoin's price to 100,000. susan: i was surprised also peer i thought what does this mean, but apparently if the laser eye meaning e-mail mom-- elon musk has joined and it's part of the brigade trying to double the coin up to $100,000. we are kind of there, but look at all of the famous people coming on board. i would say a lot of these including tyler, these are usual bitcoin shall we say aficionados and it will be interesting to see more

of the older generation join in on this laser bitcoin parade. stuart: forty-ninth out-- just about even-- event. biden's immigration policy is getting real backlash even from inside his own party. we have the fallout for you. first, tiger woods has rods and pins in his late father's surgery. a full update on his medical condition coming up for you after this

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stuart: tiger woods remains in the hospital. he's recovering after the crash in los angeles yesterday morning. jonathan is that the hospital outside the hospital in torrance, california or to give me an update on tigers condition the. >> good morning. we are almost 24 hours now exactly since the terrible crash and we do have good news on tiger woods condition. a tweet was sent out on his twitter account overnight and referring to tiger into said quote he's currently awake, responsive and recovering in his hospital room. thank you to the wonderful doctors and hospital staff that ucla medical center.

and thanks to all of those indeed, when you look at the video from the scene of the accident it could have been so much worse. tiger woods is lucky to be alive according to the la sheriff's deputy who was first on the scene. tiger woods was extricated from the vehicle with serious leg injuries in particular to his right leg and the chief medical officer here at harbor ucla may details on the surgery saying quote fractures affected both the upper and lower portions of the tibia and fibula bones and stabilized by a stirred-- inserting a rod into the tibia. additional injury to the bones of the foot and ankle were stabilized with a combination of screws and hence. those injures-- injuries devastating for an athlete like tiger woods. it's a question whether he will ever play at the levels we are used to seeing him. questions also obviously about what led up to the accident. speed may have been a

factor, but according to the sheriff, there was no sign of drink or drugs involved. listen here. >> there is no evidence of any impairment whatsoever and we are proceeding as an accident as any other accident with injuries. we wish tiger woods well and to get back on his feet in the future. reporter: the message on tiger woods twitter account also adding quote we think everyone for the overwhelming support and messages during this tough time. no one knows better than tiger woods himself, stuart, that the tough times may just be beginning in terms of what's going to be a very long rehab process from those terrible leg injuries. stuart: jonathan hunt at the hospital. thank you. big show still ahead. here's what's coming up.

liz peek, representative greg steube, senator marsha blackburn, republican tennessee, joe concho, media got. second hour of "varney & co." is next. ♪♪ how great is it that we get to tell everybody how liberty mutual customizes your car insurance so you only pay for what you need? i mean it... oh, sorry... [ laughter ] woops! [ laughter ] good evening! meow! nope. oh... what? i'm an emu! ah ha ha. no, buddy! buddy, it's a filter! . . . .

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♪. stuart: got it. all right. i asked for it. asking and you shall receive, seek and you shall find, i asked the beatles. we have it. "come together." ten eastern time on the east coast. we're on the downside. don't like look at nasdaq. down 114 points. that basically on the strength of higher long-term interest rates. tech stocks react badly to that. they're reacting badly today. then we got bitcoin. moments terrellly it moved momentarily moved above $50,000 a coin. square a payments company, they bought $170 million worth of bitcoin extending the number of companies, large major league companies which have actually

into bitcoin. meanwhile, very, very good news. good news on the pandemic. i think this thing is winding down. covid cases down 37% in the last two weeks. deaths down 23%. that is all across this country. here is something else that is really important, the latest news on new home sales. susan what do we have. susan: 223,000 homes sold in the month of january, that is up 4.3%. just to recap the mortgage application though, new home sales make up 10% of the market. so most of these are existing homes that are sold. mortgage applications as you mentioned earlier are down about 11% compared to the previous week. why? because interest rates are going up. you know interest rates and mortgage rates are pegged to the treasury yield which we know has been rising that is hurting stock market but hurting mortgage applications along with the freeze we saw in texas.

looks like the mortgage bankers association said mortgages dropped about 40% because of that. stuart: that's fascinating. that was a huge increase in the number of new home sales sold. susan: 923,000. that is higher than estimates. the estimates were calling for 855,000. this came out way ahead. tough wonder, at what point does it stablize with mortgage rates going up right now, and mortgage applications coming down. stuart: i got to believe that that is 923,000 new homes sold on an annualized basis. susan: yep. stuart: it is not 900,000 new homes sold in january. that is the annualized basis. susan: correct. stuart: i follow this very carefully. that is a very big number. i don't remember a number like that in the real estate boom in '04, 05, 06. that is a big number, huge as they used to say. thank you, susan. and now this.

i'm pleased to report that the bailout of some blue states is in trouble. the president's $1.9 trillion covid relief package contains about 350 billion for state bailouts. to get all that money the democrats have to insure absolute party loyalty when the bill gets to the senate. they will not get to the, democrat senators from west virginia, montana, elsewhere, very uneasy. can you imagine going back to your constituents in those states, saying yes, you folks have to sacrifice to help new yorkers? you have to dig deep for san francisco. imagine that? why should their states pay for bad management elsewhere? they're not going to like it. there is even talk that some states would actually use bailout money to cut their own taxes. how about that? wouldn't have encourage the already dramatic tax exodus? if the democrats were opening to

win over moderate republicans they got to think again. senator susan collins says $1.9 trillion, quote, cannot be justified. senator mitt romney calls this deal, a clunker. he is in print saying that today. not just state bailouts are in trouble. demands of the teachers union also face serious opposition. biden's package includes 129 billion for the schools but that money would be spent between 2022 and 2028, way after the pandemic ended. the union damaged the education of our children. throwing what would be close to a quarter trillion dollars at them is not going to be popular. bottom line, blue states are relying on a bailout. i don't think they're going to get all that they demand. that spells big trouble, especially for andrew cuomo of new york and gavin newsom of california. second hour of "varney & company" about to begin.

♪. stuart: wednesday morning, time for liz peek. here she is. liz, thanks very much for joining us today. we do appreciate it. look, i think that $1.9 trillion package is in trouble, especially the bit that bails out badly-run blue states. do you think it is going to pass, the 3,350,000,000,000, do you think the democrats are going to get it? >> well, stuart, the only way that this bill does not sail through congress on a strict party-line vote is if voters begin to find out more about it. your message this morning is incredibly important. voters think this bill is all about 1400-dollar checks and extended unemployment. that is the least of it. 5% of this bill's money would go out this year. that is how little of it actually reaches recipients in fiscal 2021. and 10% of it has to do with

covid. the rest as you point out, has to do with other democrat wish-list items, number one of which is bailing out blue cities and states. how will the voters of georgia, for example, feel about having put two democrats in the senate, changing the balance of power in the senate when they find out their state is not going to be a beneficiary of that. why? because on page 258 of this bill it specify that those monies, that $350 billion will be apportioned depending on unemployment rates. well bad news for georgia. their unemployment rate is only about 5.7%. new york city, new york, state, excuse me, is well over 8%. that is why new york is going to get $50 billion of that money. i mean this is an outrage. and as i said to start, it really depends on informing voters about what is in this bill and what is not in this bill because other wise, yes, it

is going to become law. stuart: how about the 15-dollar an hour minimum wage at the federal level. i see you rolling their eyes a little bit. i'm not sure we got a decision yet whether it can be included in the overall bill, go through reconciliation, whether it must be considered separately. they will have real trouble with 15 bucks an hour nationwide? >> that has gotten the most resistance, particularly from joe manchin, krysten sinema, other senators considered moderate democrats, a shrinking number. but i do think something an awful lot of people have trouble with, outside the northeast and west coast corridors. where cost of living is so high, that yes, maybe people do need to earn $15 an hour. but in other states, louisiana, or missouri or whatever, they don't want that kind of increase in the minimum wage because hundreds of thousands of small

businesses could be put out of business by jacking up wage rates. honestly, stuart, the other day joe biden said, what do they want me to cut? if i presented a list of things that should be cut from this bill, we would be down to some sensible things like, 600 billion-dollar package that republicans promotessed. that is probably about the right number. in terms of stopping, including unemployment compensation that will otherwise cease in march. and also, yes, some stimulus checks. but otherwise, this bill should be dead on arrival. stuart: it is not but it will be downsized but there you go. liz, thanks for joining us. see you again soon. >> thank you, stuart. stuart: want to get back to the markets real fast. i have see a lot of red ink. look at nasdaq down 160 points. that is about 1.25%. jason katz is the market man for this hour and he joins us right

now. you see an economic recovery coming fairly quickly, i believe. now that is intriguing. spell it out for us? >> good morning, stuart. i actually think there is upside risks to the economy and earnings. i think we could see normalization quicker than people think. you've been reporting on this all day, and all week. vaccine cases are down. we're going to see what, a doubling of supply in the next two weeks? so we've just come off an earnings period where we haven't seen earnings this strong in a quarter of a century. so, the fed has been saying it for the last two days. they're going to remain accommodative. on top of the stimulus, even if it is not $1.9 trillion, we're likely to get an infrastructure bill in the latter part of the year. so that should bode well for the economy. now there could be a disconnect between the economy and the market. we're a little more bullish on the economy than the market. not to say we're bearish but

more bullish on the economy. stuart: there probably will be a infrastructure bill. that will be popular, both sides of the aisle. as an investor in the market how do i play it? >> right. so, from last summer, you and i have been talking about the gdp sensitive areas of the market. it is not sexy. they're not high flying but, man has that worked. frankly i think it is going to continue to work. can you blindly go in there and buy materials, industrials, select energy, financials, no. you need to look for pockets of volatility to take advantage of that. that is precisely what you're counseling clients to do. stuart: we've got a dip on our hands at the moment, in particular big tech, because of sharply higher long-term interest rates. would you buy the dip now, today? >> i mean this, this concern over higher rates and inflation for that matter, frankly i think is way overdone.

would i buy big tech? look, i think that the earnings power of these companies and hiding in so-called defensive high growth in modestly higher rate of environment is less attractive than buying the pro cyclicals. we had what, 25% of gdp accounted for between monetary and fiscal stimulus. nearly 40% of every doll are ever printed happen in the last 24 some odd months. rates should head higher. don't abandon tech. right size it, reduce it, stay where you are. but any new money should gopro cyclical. stuart: got it, jason cats, always a pleasure. see you later. here is something that always intrigued me the idea of a flying taxi. a flying taxi company, called jove aviation. it is getting ready to go public. tell me more, susan. susan: this is part of that hot

spacs trend, spacs combining with flying taxis. how interesting is that? joby aviation making a name over the past 10 years, but merging with uber's flying taxi division, going public through a blank check company. by a silicon valley investor, connected to facebook, reed hoffman. pretty fame must. that means jobe by will get a cash infusion of 6 billion. because they need it. they hope to start commercial operations by 2024. i told you about this yesterday, stu, not everybody is making money off these spacs. you have to be careful. yesterday lucid motors combining with churchhill, sell over 30%, that is the spac that invested in, down 30% cratering after the deal was announced. a lot of younger folks are looking maybe giving money these

spacs. you have to careful the. stuart: thank you very much, susan. a robinhood rival recruiting a famous singer song writer to deliver this message. watch this. ♪♪ how am i supposed to trade without you, i think it's time i must be moving on ♪ stuart: that is a commercial, we got more of it for you just ahead. we have a big texas developer, predicting that more houses will sell in houston this year than in all of california. fascinating. he is here to make his case. mitt romney says donald trump would win the republican nomination if he ran again in 2024. florida congressman greg stuebe, i will ask him about that after this.

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stuart: well, i've got bitcoin up little bit this morning. it is way below 50 grand. it is up one how bucks at 48,000. i think square has made a big investment in bitcoin? susan: that's right. they bought $170 million worth but cryptocurrencies as a whole are back up today. i want to show you dogecoin as well, up 30%. started as a joke in 2013 but it is now the 10th to 13th largest cryptocurrency in the world and we had elon musk tweeting this, this might be what is rallying dogecoin, a dog in space. that is a dogecoin dog. plenty of flags on the moon. that is cute. valuable according to pricing.

bitcoin back up after square buying $170 million worth. micro area, another campus adding a billion dollars to bitcoin. cathie wood, still bullish on bitcoin, insurance against wealth seizure i know you like. crypto miners surging on the back reflation in bitcoin and other currencies, riot, look at these advances today. stuart: you're right, i'm very, very interested in cathie wood if she and bitcoin can protect me from the wealth seizure people like senator -- susan: elizabeth warren. stuart: yes, yes. they just want to take your money off you. if the bit of coin can save me from that, i'm very, very interested. listen to this, senator mitt romney says president trump will likely be the republican

nominee for 2024 if he decides to run. congressman greg stuebe, republican from florida joins me now. would you welcome that? would you want him to run in 2024? >> i can tell you he is widely supported in florida. we did a survey after the riots in d.c. this is republicans democrats, independents, his approval rating in my district 71%. 81% of the people in my district believe he should not have been impeached. he has a ton of support in florida. he went from a little over 100,000 votes in 2016 to almost 400,000 vote difference in florida, 2020. winning our electoral votes in florida. from my district in the state of florida, in my district he is wildly supported and i think he is the national front runner if he decides. stuart: he will make a big speech at cpac on sunday. just off the top of your head you think he is running? >> i think he definitely won't let people know what his true

intentions are at this point. i think it is a little early for him to make that decision. he is probably weighing a lot of factors but i certainly think he has the support, definitely in florida and in the nation. if he decides to run and get in, i don't know anybody, you can't say a name in the republican party right now that i think could beat him in a primary. stuart: look, we've been running stories for a long time now, about the florida, open for business, doing extremely well, set offing an example for the rest of the nation in many ways in my opinion, but let's turn that around. how do you feel, how do you think florida taxpayers will feel, if they're forced to subsidize new yorkers and californians and people in illinois with this bailout that is being proposed in the 1.9 covid relief plan? how are you folks going to feel? >> i certainly think flori deans will not want to bail out states like california, new york, who mismanaged their budgets. there is no strings attached to that money. they can spend the money however they want. they don't have to spend the

money on covid. they can plug their pensions hands. floridians are not happy sending our tax dollars to states like new york and california. we'll not see the tax dollars in florida. florida has been open for business since may. our kids have been in school since may. our covid numbers are going down. positivity rates for covid and hospitalization rates just in my district, it is down 4% since december. if you're looking at numbers since february. we've been open for business for months. our kids have been in school. people i can tell you are flocking to florida to buy homes and to move their businesses because they're sick and tired of the huge arc overing policies in states like new york and michigan with democratic led governors. stuart: congressman, thanks very much for being with us. i will follow up what you just said by going to ashley webster who is in palm beach. i want you to tell us about business in palm beach, very wealthy area of course, ashley. i know you can hear me.

lots of people moving down. business is good. set the scene in palm beach, ashley. ashley: it is absolutely remarkable, stuart. really is a tale of two cities, of two states. frankly a tale of two planets. i'm outside the french restaurant here. it is a brand new restaurant. hasn't been here long, but already booming. we had our cameras here last night. a lot of people enjoying themselves eating. tables pulled out on the sidewalk. business as norm you say, compare that to the video of we shot in their sister vaunt in manhattan. different story entirely. that restaurant has been shut down for most of the last year. it just opened to 25% capacity. i spoke to the partner of that restaurant in new york city who says it's time to get with the program and to let us open fully now. take a listen.

>> i think for a whole year we learned how to keep our distance, how to wear our masks, how to wash our hands and we know lots more than we knew, the same time last year. so, it should be -- we have to open up the economy. they have to open up new york. ashley: yeah, have to, this is class i can example, stu. i got full palm beach and the glasses and blue blazer which apparently is the law in palm beach. i looked up the code. i could be fined if i'm not wearing a blue blazer. the next hour i'm talking to owner here. he has a great smile on his face. how great it is to be living again. i will be talking to him in the next hour, stu. stuart: i want to see you on sixth avenue, new york city, in a snowstorm in your blue jacket. ash, thank you very much. i love those shades. ashley: thank you.

stuart: good stuff. i want to talk about tiger woods. he is awake and responsive this morning after that car crash in l.a. yesterday. he has a rod in his leg and he has got pins in his ankle and his foot. can he make a comeback like that? we'll talk about that on this show today. first though, a big developer in texas says houston is the next big thing in fact he predicts more houses sell in houston than all of california. he is here to make his case after this. ♪.

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stuart: have we come back a little? yeah the dow has. we were down 50 points. we're up 50. nasdaq has come back. we were down well over 100. now we're down 75. maybe the yield on the 10-year treasury has come down a little? not much. it is still at 1.41%. that rise in long-term rates is what upset the market earlier. 1.41 as we speak. the real estate markets, man it's booming, earlier this morning we brought you very good numbers on new home sales.

annualized rate of well over 900,000. that is a big number. we've been talking on this show, very frequently about bidding wars developing in this housing boom. lydia hu is in chatham, new jersey. lydia, obvious question, how much are bidding wars driving up prices? reporter: hello there, stuart. we know that home prices nationally are up across the country. 10% in january over just a year ago. we'll talk more about that in just a moment because we're learning it is not always the highest offer that wins the home but first, let me show you a little bit about this house that is here in chatham, new jersey. it recently hit the market last month. it is really beautiful. it is move-in ready. look at soaring ceilings, the fireplace behind me. local experts, this is what is drawing people out of new york city. the city dwellers when searching for more space during this pandemic. multiple offices throughout this

home. spaces for both the kids to work if they're learning remotely and parents to work if they're here as well. that is creating bidding wars. there is not a ton of inventory right here. a lot of homes hitting market are selling fast. they're going under contract in under two weeks if you can believe that, generating a lot of interest. we actually have a local expert here with us. this is the associate broker with berkshire hathaway, karen howells has the listing on this home. karen has a lot of experience managing multiple, competitive bid situations, bidding wars. she tells us it is not always the highest offer that will win a home. care return, he will does a little bit more about that. how you navigate the process and what makes an offer stand out when you're representing a buyer? >> thank you for this opportunity. it is our job working with buyers to make it as compelling as possible. make sure the contracts are filled out, complete and

accurate. we have all the appropriate documents attached to the offer. what really sellers looking for, 20% down, cash offer, that is really good, we try to make it as compelling, we'll move an appraisal. maybe we'll limit home inspection items to major structural on safety. the big thing, actually is, meeting the seller's closing date. that is important. so it is not always price. reporter: being able to move quickly to sell the homes to keep the market moving. we're learning properties are not sitting very long. other tips from experts, stuart, have a preapproval ready. you want to know exactly what you're looking for a big beautiful kitchen like this one, see the home. want to be ready in a position to act fast. probably will not be there for very long. you might not have a second time to cam back and tour the home again. so that is the latest here from chatham, new jersey, where we're seeing a lot of activity, stuart. back to you. stuart: you are indeed. lydia, thank you very much indeed. still on real estate. listen to this, our next guest

has a bold prediction, more houses will being sold in houston this year than in all of california. the man on the right-hand side of your screen, he is a texas developer. that is what he is saying. tough make your case. that is an extraordinary thing to say. more home sales in houston than in all of california. go. >> stuart, it is great to be on your show. so major companies are all realizing they must have a presence in the great state of texas. the reason is if you consider texas as a stand-alone country based on gdp we would be ranked number nine in the world ahead of canada and south korea and the companies want to come to houston specifically because of the affordability. you can buy a home from ledge far, lgi, d.r. horton for as little as $180,000. it's a nice home, with a beautiful backyard, great finishes, affordability is key in this environment where people are leaving very expensive cities, coastal cities like

new york, l.a. and san francisco. they want to be in a place where they can get a beautiful home at a low price, have a quality of life. here in houston, we benefit because we have the largest port in the united states based on foreign-born tonnage, the best, largest medical center in the united states as well. and people are coming here and thanks in part to our great governor, we love our governor, governor abbott, has done this great program, go big in texas has been very successful. we've seen cbre, hp, oracle, big companies coming to texas and companies are selecting houston specifically because of the affordability and also they know their employees want to live here. the employees want to live here because -- stuart: yeah. wait a second, uri. zillow says austin, texas, will be the hottest housing market of the year, how do you respond to that? not houston, austin what do you say? >> austin may have more appreciation but they're not in

the same universe in terms of numbers of sales. we do almost four times the amount of sales in the city of houston compared to austin but both cities are places where people want to move. if you look at generation z, millenials they're aging into homeownership. they want to be in cities with great live music, lots of good restaurants and both as you ton and houston qualify as locations where people want to move from that standpoint. stuart: you don't think that trend will change course?

okay that is for public.com, by the way. more on that video coming up for you. and there is a battle of the multi, multi, multibillionaires, musk versus bezos. what are they going at it about? we'll tell you after this. ♪.

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they helped me consolidate all of that into one low monthly payment. they make you feel like it's an honor for them to help you out. i went from sleepless nights to getting my money right. so thank you. ♪ ♪. stuart: well, well, at least the dow has turned positive, that is a turnaround. what turned it around, susan? susan: i think there are multiple factors out there, stu. i think there is a on going rotation from growth to value. looking at what stocks have been driving the advance we've seen over the past month, it has been energy stocks, financials, some

best performing sectors on the dow, the s&p fun, 500, the fact we have crude oil prices gaining, that lifted oil majors, that is helping to turn around the s&p and the dow. not the case for the nasdaq which you know is more tech driven. jerome powell, fed chair, testifying for the second day. he is talking about inflation. reaching that 2% inflation target which is one of the mandates for the federal reserve. he is confident he can 2% inflation. that will not take place another three years. reiterating, calming markets, that the federal reserve will remain accommodative, low interest rates and bond purchases each and every month. stuart: it worked, susan. the dow is down one hundred points t wasn't a knew minutes ago. susan: what do you think of the 3% comeback yesterday. down 3 1/2% for the nasdaq. came back basically on par at

the end of the day. that shows there is still a lot of money out there willing to buy at the right price. stuart: it also shows you that never ignore the fed. the turn around came after fed chair powell said what he had to say. we're up 91 points, 101 points on the dow industrials. look at johnson & johnson. why not. the fda says their one-shot vaccine is both safe and effective. doc siegel joins us now, i think that is really great news, doctor, am i right in saying in the fda gives them approval we'll have the third vaccine on the market next week, that right? >> i think that's right and they have 20 million doses ready to go. stuart, on friday, the vaccine related biological product advisory committee, a big word for an fda committee of multiple experts that meet, look over 100 page document.

one of the members of that, discussed it with me, now what he found in the document. they will meet and advise the fda i heard from a high level source at hhs, that it looks good, the fda is likely to grant approval by sunday. that is what i heard. not definite but again that is the direction we're heading in. that will add a third vaccine to the picture here. a huge advantage because it doesn't have to be kept as cold. it is only one shot. because i think because it has been around a little longer, it will be something we can use for those who have vaccine hesitancy stuart: doctor, i think we've turned the corner. i see cases down, deaths down, new vaccines coming, hospitalizations down, if, am i going too far, if i say, i think the end is in sight? am i overconfident here? >> stuart, i am a scientist and a physician but i think you're right and i'll tell why.

we're gathering less. we're wearing more masks. we probably have 25% of the population who has seen the virus, has some kind of immunity. now we're piling on the vaccines. in 95% effective vaccine, we've seen that with measles, it wipes it right out. if we get to the point, you asked me this the other day, i rethought the numbers, if we get to the point 50% of the country takes the vaccine at 25% has some immunity, somewhere in that ball mark we're going to have herd immunity. herd didn't mean everybody in the herd. it could be a sheep or two in the herd that actually act the like a sheep that i won't take the vaccine. more i think by summer we could be out of this provided we get this huge vaccine compliance we need. stuart: got it. dr. siegel, thanks for joining us. you took a hole with the sheep there but got out of it nicely. thanks for joining us. see you soon. >> thanks, stuart. stuart: back to the markets,

look at them go, dow, s&p up. must be some big movers. what have you got, susan. susan: i rather be a lamb. airlines are leading s&p 500 index. the airlines are rallying on expecttation of more bailout money and $1.9 trillion bill and covid cases coming down. that is bullish for airlines, they outperformed over the last week. speaking of outperformance, get back to energy. runaway best-performing sector this past week, this past month and past year. goldman sachs saying west texas crude will hit $72 a barrel. cabot oil, haliburton, diamondback leading the s&p energy index. to give you ideas how well they performed, they are up 22% in the month of february. 22%. this is a shortened month by the way. stuart: i would call that a rally. did you just ask me a question? somebody said something to me in

my ear. i missed the question. susan: was it mutton and lamb i suspect? stuart: i was referring to an expression, that my mother used to use which i will not use on the air but it is about dressing too young and looking like mutton dressed up as lamb. should not repeat that kind of thing but that is what she said. battle it the billionaires. musk versus elon. susan: you weren't h weren't referring to me were you? stuart: no no,. what is the beef between musk and bezos? susan: mutton and lamb. he was asked by "the washington post" on move to texas on reported emails, elon musk says give my regards to your puppet master, referring to amazon founder jeff bezos who also owns "the washington post" there are reports after ongoing feud between the two richest men on the planet for some time.

they battled over electric vehicles, space, mars, satellite internet. bezos has mocked musk on his plans to colonize mars. musk says bezos doesn't know much about rockets and electric vehicles. musk has been losing money this week. he lost $15 billion just on tesla's stock slide. in terms of bragging rights puts him second behind bezos on the bloomberg rich list. they're going head-to-head on the trillion dollar addressable markets in the future, right? there is a lot of money at play. stuart: susan, tell me more about this rival to robinhood, using a big name musician for publicity. who are we talking about here, susan? susan: we're talking about michael bolton, some would say from the 1990s. have you heard of him before? stuart: yeah. he has a great voice. he really does. susan: he does. he changed his lyrics to sell this new robinhood competitor called public.com.

♪ tell me all about it, tell me who you sell my trades to, how am i supposed to trade without you ♪ ♪ i think it is time i must be moving on ♪ susan: now i got to be honest with you, stu, i actually kind of cringed when i watched this. i was thinking what kind of demographic are we going after for this day trading brigade? it is opportune timing given what happened with robinhood and the gamestop saga and maybe losing faith in the average guy. stuart: time to move on. like a little stiletto after robinhood. susan: why not someone like drake, something younger? i don't know. stuart: just a different generation, that's all. susan, thank you very much indeed. dr. fauci giving us mixed messages so why is the media giving him a pass? joe concha will not give him a

pass. that's for sure. concha will join us shortly. first as more big companies go all-in on electric, could the gas pump be destined for the dustbin of history? report on that for you too. we'll be back. ♪. to libertymutual.com to customizes your car insurance so you only pay for what you need? really? i didn't-- aah! ok. i'm on vibrate. aaah! only pay for what you need. ♪ liberty. liberty. liberty. liberty. ♪

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stuart: all right with the big car companies going all electric what happens to the gas stations? jeff flock in illinois joins us. you're at a gas station. is it going, is it about to change to a charging station? reporter: well, it may be a dinosaur, stuart, you know. there you go. it is going out of business. with all this electric stuff. this one in particular not to our knowledge, although the folks at shell have a plan to create maybe half a million of these worldwide by the middle of the decade. we got a picture what they look like. shell already has 60,000 worldwide. most of them of course in europe, you know where you pull in just like a gas station and charge up. the big plan by shell though to de-emphasize oil and gas, gasoline that is. as we said, half a million of these charging stations by 2025. they will cut their oil

production by between one and 2%. they will double their electric generating capacity through wind and solar over the course of the next decade as well as focus on lubricants and chemicals with their petroleum products. so, locations like this one behind me, the gas station, will it be a dinosaur? by the way oil doesn't come from dinosaurs. you look that one up. if you look at numbers in terms of gas stations they have been declining steadily for a long time. 1994 there were over 200,000 u.s. gas stations. by a decade later, 168,000. and this year, about 100,000, approaching 100,000. i know you like cheap gas but you might not get any gas if you live long enough. stuart: all i want to know, jeff, all i want to know, jeff, if i pull into a charging station how long discuss it take to recharge my car? is it an hour, two hours, five minutes, ten minutes, that is

the big question, isn't it? reporter: not long enough, quick enough to make you happy i'm sure but those times are coming down. maybe before we're dead it will be good. stuart: that's the answer. jeff, thank you very much indeed. appreciate it. let's move on to tiger woods. awake and responsive after his car accident. he has got pins, rods, screws in his leg and his ankle and foot. tough recovery. he has come back from injuries before. can he do it again? i will ask espn senior golf writer bob harig that question. he is on the show shortly. plus senator marsha blackburn, "new york post" columnist michael goodwin, joe concha and more all in the next hour. ♪ ♪.

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♪♪ ♪♪ ♪♪ >> reporter: you are probably easily looking at 5% growth for 2021. why in the world do you need additional assistance thereafter? >> we should see normalization faster than people think, we are bullish on the economy than the market. >> it is not really problematic if profits come off the table, likely we will see some selloff. >> when the see these drawdowns, publicly traded

companies come in and buy the dip in the s&p. this is becoming a growing trend. ♪♪ stuart: good morning. it is 11:00 on the east coast of the united states of america, it is february 20 fourth and we have a turnaround on the markets. we opened at 9:30 eastern with a big drop for all the major indicators. we turn it around and have the down now positive, up 157, the s&p, a loss for the nasdaq, big tech still under a little fresher. basically we turn the market around in the past 90 minutes. this, johnson & johnson, the

covid vaccine offers strong protection and reduces the spread of the virus. could be approved by the end of this week. and death down 23%. and the virus is in retreat. enough is enough. america is tired of lockdowns, fed up with school closures. it is time for public -- cases down dramatically. hospital emergency rooms definitely not overwhelmed, 2 million people vaccinated. every day in america, johnson &

johnson, the 1-shot vaccine likely on its way next week. public policy should reflect this trend, reflect this improvement, and up with contradictory statements put out by doctor rick grenell. is 100% florida more dangerous than new york and florida, enough with this nonsense that our children are safer cooped up at home rather than learning in school. the left has played this pandemic first to undermine donald trump into leave for a bailout of their lockdown economies. the media always pushing scare stories, always critical of governors like ron desantis of florida, always pandering to the floundering governors of new york and california. enough already. our society is put through the ringer both at work and at home. lockdowns kill the economy, devastated so many lives,

school closures have been in educational disaster. some of our major cities are financially and socially ruined which we are fed up with this. a change of mood is required and maybe, maybe it is coming. it a few weeks to the spring. a few weeks before third of the population is inoculated. we are one year into this mess. we are coming out of it, public policy should reflect that. the third hour of "varney and company" is about to begin. okay, that, on your screen now, is the agenda for the newly formed climate pact between the united states and canada. let's move on from that and bring you republican from the great state of tennessee marsha blackburn.

you introduced a bill that would bar the us from using taxpayer dollars to support the paris climate record. i am very much with you on this. how are you going to do it? >> first of all i am very much with you on that monologue that you just had. when it comes to the paris climate agreement reentering that why would you take taxpayer dollars and pay for this when you know that 400,000 americans, with loss of their jobs and around those 400,$000. if they want to look at doing this again, let john kerry sell his jet, taxpayer dollars should not be used to enter an agreement that was going to

adversely affect the taxpayers, make them pay for this when it is going to cost them jobs, makes no sense. stuart: if your bill fails and there's no saying it is guaranteed to succeed but if it fails then we are going to be shelling out tens of billions of dollars and there's nothing you can do to stop it. >> there are always things we can do that will highlight what is going on and in a couple years we might have the ability to stop that if there is not public awareness about what this does. but how adversely impacted this we are by the keystone pipeline decision, look how adversely impacted we are when you see the biden administration making decisions that are going to elevate chinese manufacturing,

chinese energy production, silicon going into your energy sector. when you are looking at bills. this is all something that is going to adversely impact the american worker. stuart: one more thing, remove the fence around the capital. i know you want it removed. can you get it removed? >> we are working hard. there is no defined threat against us and it is the people's house and we are hearing from tennesseans every day wanting to bring their children into the city, wanting to plan summer vacations, go to the monuments, the museums and everything is a lockdown and we are coming out of this virus, people are getting vaccinations, families want to travel, to come to dc, to meet with their elected representatives and it is time for all the fencing and razor wire to come down.

stuart: a great pleasure. thanks for being on the show. bit coin on your screens, 49,$000, rebounding a little bit. still nowhere near the high, 60 grand last weekend, 49-9 now. luke lloyd has something to say about this. good to see you. jay powell hinted at a digital dollar and treasury secretary yellen says the coin is extremely inefficient. do you still think bit coin could hit 100,$000? that's what you told us last time. >> we will see many ups and downs. let's take a high-level view on this bit coin battlegrounds. it will be negative towards bit coin.

more adoption across the board from institutions. when institutions get involved it is almost always bullish. they look to make big bucks in the long-term. they have the best information, institutions getting involved, they will follow with easier access and more trust in the system. the only way for the government to get rid of bit coin, i would rather be on the institutional side of things. stuart: we had news from a gentleman who publishes a website about the underlying technology. he says there are other fortune 500 companies considering putting money into bit coin. 50,$000. let me move outside bit coin.

covid cases, covid death falling sharply across america. i am saying the pandemic is really winding down and is almost over. step outside financial markets. do you agree with this? >> absolutely agree on that. the bond market is telling you with interest rates rising but covid -- agree with that? stuart: you can come back if you agree with me. >> you could buy the dip in the markets, so record levels on liquidity's for the sidelines, what we saw yesterday was a selloff that went green. i absolutely think they should be deploying capital and buying the dips. stuart: and hours of 170 points. thank you for joining us.

let's check the overall markets because we have turned around, the nasdaq is always on 18 points. it had been down over 100, the s&p moving up nice gain, but half percentage point. there are some big movers. >> payment firm square, $170 million in bit coin, they buy beach coin at 50,$000 apiece, not exactly cheap and probably higher than where a bit coin is trading. but also the pile they bought in last year and wall street is bullish after a blowout quarter to end 2020, wells fargo is downgraded equal weight but they are calling it a $250 stock. pretty much the range wall street analysts take their asks. sizzler is coming back after influential fund manager kathy would, $150 million worth of cortez was stock. that the vote of confidence. apple stock is down.

today would have been steve jobs's 66 birthday, commemorating steve jobs and the founding of a great company. speaking of apple itself they did approve dividend hikes, let's check boeing coming back from engine problems on the united flight from denver, granting all 2 dozen of those boeing 777s with the pratt & whitney engine. nike lower today, a kids recovering after his car crash, woods has been credited with building the business to a multimillion dollar juggernaut. stuart: let's hope he comes out of this. i would love to see him play again. there was a time in the early

part of the last decade where the man was unbeatable. you cannot beat the guy. we've got a new poll, majority of new yorkers think governor cuomo botched the covid response in nursing homes. he is up for reelection and i think he could still win despite what happened. tmc video showed tiger woods driving in california or not moments before his rollover crash. more on his condition and a message from donald trump right after this. ♪♪

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>> all i said is get better and get out there because we all miss him. we need tiger. when tiger goes on a show when he is in contention which is often the ratings are double and triple and very few people that can cause that kind of a phenomena. stuart: that was donald trump talking about his friend tiger woods talking about the car crash yesterday morning. bob herrick joins us on the phone. we understand he has pins in his ankles and his legs. i would imagine that is extremely difficult to come back and play golf at that level with that kind of injury. what say you. >> it is quite the hurdle he has to overcome.

in a short-term how long will he be in the hospital? how long will he have to rehab? how long before he can just walk again? and play with his kids? be active with his family. it sounds like such a long road to recovery it is hard to wrap your heart -- your arms around it, the golf come back at such a high level at his age. stuart: it hurts the sport overall because tiger woods is the most electric player, 10 or 12 years ago the man was unbeatable. he left a huge mark on golf. not suggesting he's going away from golf but he has a huge mark on it. was he the best ever? >> a great argument, i think, to make, jack nicholas has the most majors, 18, tiger has 15 but tiger has more to pga tour

wins and i think tiger played in an era that was more competitive. there was more depth. that's not to take anything away from jack, and in addition to 18 wins. if you put me in a debate class i could go either side of it. it is hard to go wrong either way but tiger certainly may be the greatest golfer, jack the greatest champion ever. stuart: after he came back from his personal problems was tiger ever as popular with the audience again? >> there was a segment of the audience that never left him and i think there was certainly a segment that needed time to warm up to him again.

since he has come back from the spinal fusion surgery which occurred in 2017 and that was a possible career and are also. from 2018 on he has shown a different side. he's been more open, more receptive to embracing his peers, engaging with fans. he had an appreciation i don't think he had before. he recognized it could all have been gone and now that he was back, he was relishing it and enjoying it and we saw that a few months ago he played with his son in that father-son event in orlando. you see the joy and that is the thing that is sad about this. whether he was going to be at the top of the game again he was going to enjoy his time when he did compete and that

has been put on hold for some time. stuart: we would like to see him come back on the greens again. we would love to see it. thanks for joining us on a very sad day but glad you are with us. appreciate it. you may have heard of this, barstools, dave fordnoy. it has got to have been a his heated debate. >> 41 minutes of entertainment and he did not go soft and kudos to him and also robin hood's ceo showing up in the first place and you knew where fornoy stood for restricting trade at the height of the game stop saga to benefit the rich hedge funds. >> it is all about giving access. >> you gave a huge advantage of

the big guy. you killed the little guy. >> reporter: fornoy wanted to restrict buying and selling but tenants argue that is not his decision about robin hood's call. it is up to the regulators and clearing houses coming back to the liquidity question. it wasn't a liquidity issue when they raised $3 billion in emergency cash but then telling dc lawmakers what is the liquidity issue, it was a great head to head. a lot of humor and fortnoy didn't go soft but just showing up. stuart: i learn more from that than from all those hearings in congress whatever it was but we have more, the cfo has stepped down. two questions. why did he step down, he or she, and how much money is he walking away with?

>> a lot of money, $30 million in a pay package, jim bell is his name and stepping down in a month's time but they are looking for a permanent replacement, reuters reported game stop initiated this to parker. in that saga the company has reportedly become dissatisfied with bell because it needs to switch from brick and mortar which is a dying business, more technology oriented and they didn't see jim bell as part of that scenario. stuart: he is out with $30 million. doctor rick grenell no stranger to flip-flopping during the pandemic. watch this. >> right now in the united states people should not be walking around with masks. have a physical covering with one layer you put another layer on, it makes common sense. stuart: there's a lot of examples like that and i want

to know why doesn't the media call him out at least occasionally. they never do but joe concha will. my next guest says president biden is obama 2.oh. michael goodwin is with us and will make his case, back after this. ♪♪

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stuart: cuomo covid cover-up, new marist poll, 60% of new yorkers think he botched the covering of covid in nursing homes. governor cuomo is up for reelection in 2022. despite his performance during the pandemic i still think he could win in 2022. what say you? >> it is a long way to go. a lot of things could happen in the interim. we are dealing with a situation where the news on the covid cover-up is fresh and striving

what everyone is saying about him. the polls were taken to gauge how it was affecting his chances. it could pass by then. it will depend on other things as well. other events will have a voice. there may be no issues involving the governor. there may be no really great challenges. might definitely get a challenge from the left within his own party. the progressive wing of the democratic party is a sentence in new york and elsewhere and he got a challenge the last time which he beat back, cynthia nixon, the actor's, and another challenger from the left. they are salivating for the general election. a fourth term is very unusual, very difficult. there is cuomo fatigue in all kinds of ways and he may prevail as you suggest.

stuart: i don't think a democrat can lose over the next couple years. maybe i have lived here too long. let's move your latest op-ed, titled joe biden brings america back to bad obama days, joe biden is obama 2.0. i don't think you're going far enough. i think president biden is more to the left than obama on many things. what do you say? >> we have to see how it all plays out with what he can get done with congress. what i was engaged in, the topic he had chosen first. the issues were very much things that donald trump had worked on and largely succeeded on. for example the border, the remain in mexico policy was a great and effective solution to the caravan so that if you came

claiming asylum which almost all the caravan migrants did, you had to wait in mexico for your case to be adjudicated. before that the obama policy was you could come into the country, get a hearing date, maybe a year, two years, three years later. until then you are free to go. the government will help subsidize your living in the united states. many of those people didn't come back because they knew they would lose their hearing. the asylum was about persecution, not economic hardship or trying to escape violence. is sympathetic as that might seem, that does not fit the definition of asylum. biden is breaking that policy. he is admitting some 25,000 migrants staying in mexico awaiting their hearing. he is starting to admit them to the country. at some point they are going to

get vaccinations, american citizens are not entitled to. why would you break this policy? it was broken before. the trump administration fixed it. why do you need to break it again? you go across a lot of his policies. the iran deal, the abraham accords grew out of donald trump's tough position on iran and the mullah's attempts to get nuclear weapons. he pulled out of the iran deal. you have the arabs and the israelis uniting in a common alliance against iran. why would joe biden want to re-create the iranian power struggle in the mideast and alarm our neighbors and allies, israelis and arabs who joined together against him. why would you take the side of iran in this kind of struggle. these things make no sense. they are going back to the

obama policies in these cases but more significant, they are breaking things that were fixed. stuart: good point and that is exactly right. thanks for joining us, next time you are on the. a busy news day, thanks, good stuff. be aware bottom line, the dow is 200 points, down at "the opening bell" when worried about the rising yield of the 10 year treasury, now we are up to 211 points. president biden is going to sign an executive order the calls for a review of supply chain focusing on semiconductors and pharmaceuticals. edward lawrence. i've got a suspicion that this is a direct shot at china. >> the administration is not mentioning that country or another country by name. four critical areas for this review, 100 day review and action will be taken.

these are the areas they are looking at, semiconductor chips, computers, cars, large capacity batteries for cars like teslas, pharmaceuticals and active pharmaceutical ingredients do not rely on other countries for that, critical minerals light rare earth minerals. securing the supply chain, for the action, nothing is off the table related to this. looking at the defense production act possibly limiting imports from other countries, working with allies to get some of this stuff done against those strategic competitors. senior administration official did not mention china by name saying this was not targeted at one specific country and they will work with allies against strategic competitors related to this. the administration saying they might limit the exports or critical imports. this is something donald trump has done in his administration going directly after the supply

chains, adding tariffs to get companies to move the supply chain. today at the white house to kick this off there will be a bipartisan meeting with lawmakers and republicans and democrats to start this review process. one thing at the white house 50 yards away in the briefing room there was covid positive test. what is happening inside their, you see the pictures on your screen, they are cleaning the inside of the briefing room to make sure they get rid of this virus. there is supposed to be a briefing in an hour talking about this executive order of all the main players will be there. they wants to get that cleaned before this happens. stuart: thank you very much. back to that market. what a reversal, the dow just hit a new all-time high and all the indicators, dow, nasdaq, s&p in the green. it upset the market so much earlier.

on one side of your screen coming up, new york city of restrictions, almost dead. the right-hand side of the screen, florida open for business. that doesn't show it terribly well. new york versus florida, reporting on the migration, ashley is having a good show. he's having a good time in the sunshine state, look at him go. good luck. you will be in new york soon. ♪♪ she is looking fine ♪♪

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with no obligation to enroll. the one i like that graphic because it is accurate. mass exodus from what, looking at new york city sixth avenue, not much business being done there. let's go to florida where there's a lot of business being done because it is 100% open

for business and ashley, you are talking to a restaurant owner who made the move down from new york to florida. you got him there. ashley: yes indeed. we just spoke with him a little while ago. he has not looked back. he moved here permanently, he is very famous in manhattan, the restaurant here, la goulue, opens four months ago. they don't open until 5:00 this evening. they are fully booked but the namesake restaurant in manhattan has struggled. the owner here owns three restaurant in new york city and he says it has been a very tough year indeed. rolling his eyes, he is us hanging on, hasn't drawn a salary in over a year. i came here last night to give you an idea how lively it is. people having a good time. all the doors open up onto the street. tables on the sidewalk. very very lively.

in contrast, think what is happening in manhattan, it is dead and he says it is hard to survive. of the government hadn't helped he would have had to shutdown. listen to what he said about the comparison between the two cities. it really is night and day. >> booming, fully booked a week in advance. i prefer living here then new york. new york, deserted, everybody has left new york and come down here and they keep coming, coming, coming and happy to entertain them. ashley: happy to feed them. he says he can't walk down any street in palm beach without somebody from new york shouting out wanting to talk and he says what is interesting, the trend he noticed is new yorkers come to palm beach in the winter anyway but since the pandemic a

growing number of those people decided to stay full-time, fed up with not being able to enjoy life, life goes on so differently to up north. stuart: can't stay there forever. you do realize that. we miss you. and we have news on that ncvs, this starts out tomorrow. a jab at cvs pharmacists in 17 states. good news. kids in cages, who could forget.

and how different in the biden era. joe consa has a word to say about that and joe joined me next. ♪♪ ♪♪ given up given up ♪♪ baby given up ♪♪ us!works great for (naj) but not for your clients. that's why we're a fiduciary, obligated to put clients first. (money manager) so, what do you provide? cookie cutter portfolios? (naj) nope, we tailor portfolios to our client's needs. (money manager) but you do sell investments that earn you high commissions, right? (naj) we don't have those. (money manager) so what's in it for you? (naj) our fees are structured so we do better when you do better. at fisher investments we're clearly different. it's not “pretty good or nothing.” it's not “acceptable or nothing.” and it's definitely not “close enough or nothing.”

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right now at this moment there is no need to change anything are doing on a day today basis. it became clear they were in real trouble. that was toward the middle to end of january. right now in the united states people should not be walking around with masks. putting a mask on your self, if everybody does that we are each protecting each other. >> my parents of oregon their second dose. does that mean it is okay to spend time with her grandchildren? >> i'm not going to make a recommendation now. stuart: i am not getting clear messages from the good doctor anthony fauci. i think he is getting a pass from the media hands-down across the board and always has and probably always will be

what say you? >> sure because he never met a microphone he didn't like. i am guy last year, some on the right were attacking him. he's been around since the reagan administration, doing the best job he can with an unprecedented virus were we don't know what is going to happen because there is no roadmap for this. i'm done defending him. what we saw on sunday in that interview on cnn, if you are vaccinated and your grandparent can use your grandkids? don't go on television every five minutes if you don't have new information or definitive information to share. it only leads to to your point mixed messages and confusion, don't wear a mask, no, months later, maybe wear a mask, where mass, where two masks because it makes common sense, if it makes common sense that should have been the original recommendation so he needs to show some discipline and say no once in a while if he is doing an interview if he has no new data to share or can't be definitive about basic questions.

stuart: another contradiction and another media pass given to joe biden. let's go back to remember kids in cages. that has become migrant facility for children. listen to jen psake. >> so biden said under trump there have been more vaccines at the border of kids kept in cages. it is not under trump, it is under biden. >> it's not kids being kept in cages. this is a facility that will follow the same standards as other hhs facilities. it is not a replication, that was never our intention of replicating at the past administration. stuart: take that on, joe, please. >> unita translator.

non-answers, like thousand island dressing, from jen psake, washington post headline two days ago, first migrant facility for children opens under biden. two years ago this was the same facility, central american officials pledge more immigration, cooperation, they were cages then, not cages now in this is an example of the biden administration in 2020 saying one thing as far as peter doocy reading back the quote from joe biden talking about how he would never do this and as 2021, president joe biden who never met candidate biden doing the same opposite thing whether it is executive orders or this hypocrisy around these migrant facilities. stuart: you can use sarcasm in the best possible way but i have this, you gave up twitter for land. how is it going? >> it is going great.

i feel i'm doing productive things, not looking at my phone all the time, exercising more. i interviewed a priest who asked me what was the most counterproductive thing in your life and bourbon was the second answer, twitter was the first, but ever since i got rid of this and i am 50/50 on this because it is a big waste of time and just hateful and i am a more happy person. stuart: seriously, tiger woods awake, recovering from the car crash, everybody is rooting for another come back. i heard descriptions of the pins in his ankles, in his leg. can he come back? i know you're not a doctor but you know golf. can he come back? >> the stats say it will be difficult. there is one major over age 35, jack nicholas, he had some back

problems, to have 5 back surgeries like tiger, had multiple knee surgeries and this horrific accident. i would never bet against tiger woods but this will be the biggest silver him to climb at this point but the impact tiger woods had on golf and america in general when he won his first masters, when he won the second, 40 million people tuned in. when he wasn't in contention not even 4 million people tuned in. that is the impact he has, people who didn't care about golf wanted to watch this icon. we haven't seen anything like it since michael jordan. stuart: i was at augusta when tiger won the masters in the late 1990s. i don't know the date but he won by 12 strokes. i was there. i watched it. it was really something. couldn't beat him.

>> the raw talent, thanks. stuart: talk about talent. we are going to return to the contrast, look at the market, we are up 230 points. what a difference a couple hours makes. we will be back. we will show you times square, why not? dull, grey, dismal, times square, listen to billy joel. ♪♪ got to stay in line ♪♪ got to get the a2 those the ♪♪ there is bills to pay ♪♪ i don't have the time ♪♪

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♪ how am i supposed to trade without you ♪ ♪ i think it is time i must be moving on ♪ stuart: how am i supposed to trade without you, michael bolton appearing in a commercial for robinhood rival. do you think he is the wrong guy? >> i will be honest, i did get my attention, it was cringe-worthy and changed words. is the right guy to sell to that demographic? i think probably not. stuart: i don't know much about that demographic. but i'm inclined to agree you.

the market is up 250. powell maybe have something to do with that. large parts of recovery have jumped. five seconds to you. >> i think he said all the right things. stuart: he did. turned the market around. hey, neil, my time as up. it is yours now. neil: all right. thank you very much. she is right. he said all the right things so far. that is what markets like. stuart, thank you very much. dow up 250 points. we're getting a couple bullet points greasing the skids, including a report from the world health organization out seconds ago, the number of coronavirus virus cases is down for the sixth straight week, six weeks in a row. virtually all industrialized countries on the planet are seeing a decline in the number of