maria: that does it for us to get a big thank you to dagan, steve and angela. we have more coverage tomorrow from the southern border. i hope you join us. "varney & co." begins right now. take it away, stu. is. stuart: great, great interview, maria. maria: thank you. stuart: good morning pick the president delivered his vision of america's future, the era of the big government is back big time. died in is the 6 trillion-dollar man who will turn our society on its head. in my opinion it is socialism in the guise of a caring society. we will show you what the president actually said and we will show you the

heartfelt response from republican senator tim scott. that is coming up. at the big financial store this morning is the spectacular performance of america's big technology companies . apple and facebook reported study financial results late yesterday. not only has that boosted their stocks, it's solidified americans technology company as world leaders dominating the post- pandemic economy. look at facebook, up nearly 8%. later today, we get the results from amazon. of that stock is already moving up in anticipation of another blockbuster. stock is up one and a quarter precent, $3500. it's helping the overall market and if so also is the news america's economy grew at a strong 6.4% pace the first three months. that points to an even better gain in the second quarter of the year. the dow jones up 170, s&p about 31 and the nasdaq 155

points higher. we already received mcdonald's numbers and again this is premarket stock quote with a huge 13% jump in same-store sales. how is that for a pandemic rebound? you will see former president trump and his interview with maria, yes, he is one 100% thinking of running in 2024, those are his words and then you will see tim scott answer president biden. he will also see that media will be fawning all over the president's speech. it is thursday, april 29, 2021. "varney & co." is about to begin. ♪♪ stuart: you really have to

stay up very, very late to see all of the president's speech last night. it started late and ended really late. let's bring you some items from his first address to congress. roll tape. >> now, after just 100 days, i can report to the nation, america is on the move again. american jobs plan will help millions of people get back to their jobs and back to their careers. i will not oppose any tax increase on people making less than $400,000. we are going to reform corporate taxes so they pay their fair share. we can do whatever we send our mind to if we do it together, so let's begin to get together. stuart: that was late last night . our own maria spoke to president trump and here is his response to role-plays. >> it will be the largest tax

increase in the history of our country and when you say it won't affect middle-class, middle-class has 401k's and when you look at the capital gains tax, that will have a massive impact on the middle class. it's also going to have a massive impact on companies leaving our country. stuart: look who is here, matt schlapp, conservative kind of guy. welcome to the show and good to see you. we heard all about the president's plan and i'm sure you are very critical of the president's plan, i got that, but it's going to be popular. you give away free stuff and you tell the world it's free, we are going to give this to you, that's popular. i think that speech may have given the democrats political momentum. what to say you? >> i agree. it started when barack obama said hey, healthcare should be more free and republicans had some difficulty finding a message against free and here

is the problem, joe biden didn't say last night gasoline would be free because gasoline is going up and up and up pick to heat or cool your home, those prices are going up and up and up and when energy prices go up, guess what happened, it's harder to have manufacturing jobs, harder to grow employment when people actually make things and we started to do that again under the trump policies and so joe biden is saying to the forgotten men and women guess they might get a free junior college degree, but what is that matter if the only job on the other side is some kind of stimulus temporary job, but no permanent job and that's when the proof will meet the putting on the joe biden policy to do the american people believe that they have more economic prospects in the future or their better days are behind them. stuart: i will finish off like this, it's a something

for nothing and that never works. last word to you? >> yeah, and the other thing is look at these socialist policies. in california is going to lose a congressional seat for the first time in the history of it being a state. all the states, mostly states that are implementing free market policies like texas and florida where the economies are open and schools are open and churches are open, they are adding congressional seats and this is called americans voting with their feet fleeing with socialism like we've never seen. stuart: good. matt schlapp, good stuff, thank you for joining us. >> thank you. stuart: look at the market, it's going to look pretty good at the opening of this morning. big gains pretty much across the board. let's turn to economics also. strong first quarter of the year, a growth rate of 6.4% in the first quarter, that is strong. professor brian brenberg

joins us now appear before we get to the president's speech let's talk about that economy, 6.4% in the first three months and could be even better, it may be 10% or more in the second quarter. this is a rocket ship economy, isn't it? >> you have to love it. yes, it's a rocket ship economy and there is way more room to run. this does not look like an economy of the people who are seeking government dependency. last night we heard a message of government dependency but that's not what people want. they went to get out and do business. they are showing it now. they are hiring again. if we break that pattern we are doing ourselves a tremendous harm. stuart: i read within the gdp report that the first-quarter price index, up 3.5%. that tells me that inflation is already back. you are a professor of economics. is that what you are seeing?

>> absolutely i am seeing that and i'm concerned it will get worse and i mostly concerned we have a government that seems to think inflation does not exist. when you're talking about $6 trillion in extra spending, this year on top of the 5 trillion that we already spent stuart, that's rolling out the red carpet for inflation . and no one should be interested in doing that , least of which the president of the united states who claims to care about middle-class people who get hit hardest when inflation rises. stuart: we have that inflation indicator come the guild on the 10 year treasury moving up to 1.67%. on the back of that inflation report in the gdp report, that's not good. brian, thank you for joining us. see you soon. >> good to see you. stuart: let's turn to apple. at that was blowout quarter. what shocked me was that 90, $90 billion share buyback. susan, what you got?

susan: that $90 billion is more than a market cap of 400 of s&p 500 company, aggressive cash return plan for shareholders and applicant afforded after some extraordinary earnings with profit the doubling in the year first-quarter. you have remote work and cooling trend continuing to feel a resurgence in. >> and ipad sales. the iphone 12 considering-- continuing sales momentum with $204 billion in cash on the balance seat appeared the u.s. and china is strong reaffirming his belief in the u.s. economy telling us apple believes very strongly in the u.s. saying we have also he has always felt that economy would rebalance post covenant and this is a signal how competent we are. wall street loves a result, goldman sachs calling apple bear for a long time saying they are now a believer and they say the stock is worth $150, not $70. stuart: it was a blockbuster. i will leave it at that.

just amazing. i remember saying google was one of the best reports. susan: now? stuart: probably a bit better, actually, apple bit better. let's get facebook this morning it's absolutely soaring. a company of that size going up 7%. revenue up 40% first-quarter, by the way they now have 3.45 billion, 3,450,000,000 users across the family of apps, up to 50 million in the last three months , clearly not many people dump to facebook as they have. at 3:30 a.m. facebook stock price. overall, plenty of rain on the market this thursday morning as we are going up at the opening bell. twitter is in the news. they let a racial slur against senator tim scott trend after his rebuttal last night. we will tell you all about that. president biden skipped any talk of the border crisis.

like i have been saying, he created the crisis and he just walked away. we will talk to steve scalise on that next. ♪♪ ♪♪ is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq nicorette knows, quitting smoking is freaking hard. you get advice like: like you just stop. get a hobby. you should meditate. eat crunchy foods. go for a run. go for 10 runs! run a marathon. are you kidding me?! instead, start small. with nicorette. which can lead to something big.

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look at it. stuart: there is the president pushing for citizenship for illegals, not a word about a crisis of the illegals coming into the country at the border right now. house minority whip, steve scalise joins us flat-- now. you know, i watch that speech or some of it at least. bernie sanders and aoc routed. what you say? >> yes, stuart, good morning. they couldn't have written a more far left socialist to speech than what president biden delivered and i think everyone knows the very far left elements of the democratic party are the ones controlling president biden's agenda. i don't really know what he stands for in terms of what his agenda is, but he's carrying out there's an it's trillions in more spending. is going to be trillions and higher taxes and by the way, anyone that thinks bernie sanders who is the senate budget committee chairman is going to stop taxing at $400,000 or whatever the number is going to be, the

biddle class knows they will be paying high taxes under this biden plan. i hope he doesn't get it because it will slow our economy down. it will lead to bigger problems and more crises at our border, which president biden created. he did that with the stroke of a pen by getting with-- rid of well negotiated agreements with president trump-- countries that president trump negotiated with. he's always been trillions of dollars and every employer today will tell you they cannot get workers because we pay people not to work. stuart: and its popular. steve, it is popular. huge start checking around free stuff whether it's free education, preschool, whether it's community college, massive subsidies for healthcare , you are checking around free money, someone else's money, that's popular. i suspect he may get quite a lot of what he's proposing. what say you?

>> stuart, there's definitely a sugar high that comes with this idea of everything free, but republicans know there's no such thing as a free lunch or someone has to pay for it and usually it's everyone in the middle class, the lower income people are the ones that pay the bill for these kind of massive spending programs. that's how history is buried out and when he talked about the charging stations, this is a good example. 97% of americans do not drive electric cars, nothing wrong with electric cars, but the idea we will be spending billions of dollars were charging stations all over america appeared do you know how they pay for that? it doesn't get plugged into a tree, it's plugged into your electrical grid and mostly in low income families will pay higher electricity bills because that will be on their electricity bill. 97% of americans paying for the top 3% electric vehicle charging station, that's the stuff biden did not talk about that's what the devil is in the details. they don't want you to know

that, but everyone knows that someone has to pay for it. whoever is the richest and paying their fair share, everyone is paying taxes will pay more money, so maybe if you aren't paying taxes you will get away with this, if you pay an electricity bill you will pay more and if you have any kind of income tax that you pay you will pay more for this plan. stuart: got it. congressman steve scalise, thank you. i'm really interested to see how much of this radical plan actually gets through the congress my suspicion is, not that much that's my hope at least. steve scalise, thank you . >> we will be a stronger country if we hold it off. stuart: you are right this is senator tim scott delivering a strong rebuttal to president biden's address. watch this. >> our best future will not come from washington on to schemes or socialist dreams, it will come from you, the american people, black, hispanic, white and asian,

republican and democrat, brave police officers in black neighborhoods, we are not adversaries. we are family. i am more than hopeful, i'm confident that our finest hour has yet to come. stuart: well, the media went after him for that we will tell you all about it in our next our. next, not all democrats are behind the president big spending plan. susan, what is a senator mansion? susan: the red state democrat, arguably the most powerful member of the senate right now says tricks trillion dollars is a lot of money-- $6 trillion is a lot of money if you're he told this reporter it makes me very uncomfortable. we want to find out how to pay for. will we be able to be competitive and be able to pay for what we need in the country, now given it's a split senate at 50/50, every vote counts and to get

mansions about another moderate democrats on board the price tag probably has to come down and he said he was particularly skeptical of the proposal to spend $200 billion in federally funded preschool. west virginia he said can step up on their own, 6 trillion total, 1.8 for the family plan, $2 trillion for the job act and 1.9 for the rescue plan. that will blow out the debt, do you think? way past $30 trillion and how are we going to pay for it? stuart: do i think? yeah, i know it's going to run up the debt and you are right way past $30 trillion quickly. thank you. earlier this morning maria spoke to former president trump and she asked him, are you going to run in 2024 and here's the answer. >> one 100% i'm thinking about running, and i think we will be very successful. we will slow, ran twice in the second time i got 12 million more votes than the first time. stuart: more on that interview throughout today's

program. it's worth watching, believe me. the futures all across the board at 160 dow jones, more importantly this is big tech we, nasdaq up over 1%. even the liberal, the very liberal "new york times" is beginning to expose the crisis and that's what it is a crisis at the border migrants are not being tested upon arrival. what if you have to lock down again because of that? ♪♪ ♪♪

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stuart: checking futures, dow jones up 160, s&p up at 30, that would be a new record high and nasdaq up 147, that's a rally. d.r. barton is with us. very strong performance by the big tech companies, already see that this week. talk to me about the nasdaq. it's had a great run so far because a big tececec d y u tid ups te,e, nasqasq?qqaga a ago, wee,o,o, this 10% pulacullb oullb thehadd

nasdaq anasd y and a andedsksk i was auy a b aerndnd i i sdaias a ber... my my myegyretyreha t i t it y mor.or what aatatatatat rebndeboundnd a a a a biv tivhehe enis... yo also alsskedlsed lat l in i i anotheanranw,henas the t g thhugaut goingo slow down a id wn theyth stop spet sti doubledoigit gainsaiai are just getting douee di di di di di gains, 54% facebook, 48% from apple and i think we will see huge numbers from amazon and yes, i believe this breakout we are seeing in the nasdaq this morning will have big legs through the summer. stuart: is this a good thing for the overall market when five companies so dominates trading and values? is not a good thing for all the other rest of the market? >> well, i think the great thing about it is that they are winning the commerce battle. and they are bringing in those kind of new revenues because people want to buy

their products and services whether it's google and facebook in ads or apple, microsoft and products and services, so they are winning the game and that's pulling everyone up with them, on the other substructures underneath them are benefiting from that and i think as long as they continue to add new revenue, not just keep the same, but keep growing, it's going to be a really good thing that will continue to pull the market and by the way the other stocks are participating. how many stocks are going up is heading up as well, so it's a really strong rally with the big and small participating. stuart: do you have any particular favorites to invest in right now among the five big tech? i'm not asking you to say microsoft is going to the moon, i'm just asking which is your favorite, amazon, alphabet, facebook, microsoft, which is your

favorite? >> well, right now, if you want to say in the very near term i think amazon will blow their numbers out so have some of that. i own it, but i think the one that has the potential to keep growing from here is strangely apple. i think the numbers we saw yesterday show that they have a lot of good things going on in the intermediate term that can add another 10% to their stock price by the end of the year. stuart: when they are spending $99 billion buy back their own stock that has to be good for the stock as far as i can see. alright, d.r. barton, still a believer in big tech. we will see you soon. thank you. we have about 40 seconds to go before we get the opening on wall street this thursday morning. it's just going to be really a big day. there's a couple factors involved. first of all, big tech earnings absolutely spectacular so far that's propelling the overall market

especially monastic. secondly, the president suspending plans, he's the 6 trillion-dollar man, some of the trillions will make their way to wall street . that's a positive for the stock market and i think we see some of that this morning appeared it is thursday, april 29, 2021, and we are off and running. right from the start, we are on the opposite side of 166 on the dow jones, a half a percentage point. the vast majority of the dow 30 in the grain. s&p 500 also on the upside, this to the tuneup .80%, an all-time high, 4215, never been there or higher than that before. nasdaq composite of one full percentage point, that's an all-time high, 14200 this is a very broad-based rally to the big techs have open and all on the upside to look in particular at apple, up to a

half percent picked facebook up 7.5%. spectacular indeed pure. we had earnings already first thing this morning and among them caterpillar, and blowout demand-- blowout earnings i should say. astonishing demand for its machines propelled by the fastest global economic growth rate since the 1970s caterpillar up a dollar 23. it had at more than that earlier. and then there is general act, naming generators na-- the point is they raised their sales forecast for the full year. you do that and the stock goes up, up 6.5% pure ford going the other way, they are suffering from a chip shortage. it is that bad with the stock down 5% and the ceo says the chip shortage will last into the second quarter of this year. let's bring susan in and let's talk about amazon. they report later this afternoon. susan, will this be another

blockbuster? susan: another blockbuster sales quarter anticipated. cloud and web services now the biggest profit driver for the company and e-commerce will likely be strong so people have now shifted to buying online. costs will be a focused or they just announced they are raising hourly earnings for 500,000 workers by 50 cents, so that will cost more money. we will be listening into andy who is a ws chief taking over for jeff basil's and the quarter of this year and what sort of comments does he make because when he takes up the leadership role more focus will be on his direction where he plans to take the company. stuart: it occurs to me that jeff basis is doing some window dressing-- pay raises pretty much across the board make it look good when it's under attack by the regulators and same with apple putting 430 billion into the u.s. economy, all 50 states, that's kind of windowdressing i think to ward off the regulators.

susan: probably in apple's case also anticipating higher taxes so might as well spend while you cannot lower rates and it's an indication if you keep the corporate tax rate 21% we can reinvest hundreds of billions of dollars back into the u.s. stuart: spend it while you got it before they take it off of you. how about twitter? and they report this afternoon, any chance of a blockbuster they are? susan: i think that's what's anticipated given what's happened with the recovery and add as many of our facebook and. daily active users also key for social media companies like twitter, 192 million daily users at the end of last year. how many did they add in the first three months of 2021? as i mentioned it's the digital add to spending that will be expected and what does that mean for the specialized service, we have a subscription service being touted and may be t-stat by jack dorsey. do we get any more clarity on that? is a 400-- $4.9 and since a

month, i think that's what the market is looking at as well. stuart: the market is responding with a dollar gain for twitter before the announcement. 66 on twitter right now. susan: tells you the market is anticipating better earnings when using the run up into the release. stuart: look at ebay. to any other way. that stock is tumbling 9.5% because they have worn the pandemic sales which were so good during the pandemic mendoza sales could soon fade. you say that and down goes the stock 9%. show me a royal caribbean and some other cruise lines are rallying. this is not news that cruises could restart midsummer, maybe men july in u.s. waters. is the cdc saying that is okay, not necessarily a response to florida's lawsuit all across the board we have the crews lines on the upside. more earnings reports came out earlier today. susan, start with nbc, that

would be comcast. susan: comcast owns nbc universal but mainly the company provides broadband and also wireless and with a better sales and profits in the first three months because of growth in subscribers when it comes to internet and wireless sign-up. i was impressed. also, better sales of pay-tv and dish network and wireless subscribers there. it actually dropped for them so it's a counter despite the fact they beat the bottom line. you want a wet dish network's future is in this over-the-top subscription netflix world we live in. stuart: if that's a question, i don't know the answer. [laughter] susan: it's not looking good if people are cutting the cord and not paying as much as they would put dish network in the past. stuart: now i got it, okay, but dishes up 2% as of now. there are 30 stocks in the dow jones which is up 140 points. here's the biggest gain,

apple the most valuable company in the world adding more value up a couple dollars and 135. s&p list of winners headed by lk q corporation which i'm not familiar with but look at the crews lines, royal caribbean, norwegian, both on the top performers listed in the s&p 500 they may be cruising from u.s. ports by mid july, maybe. nasdaq winners headed by facebook again, a huge company making a huge game. now it's up 6%. all big winners check out the big board overall with the dow jones up 132 points. this is to the benefit of radio listeners of whom there are many, up 137, 33960. the yield on the 10 year treasury is a little troubling as it's moving to to 1.66% signs of inflation emerged in this morning's economic report on gdp.

gold is doing nothing, 1768 per ounce of bitcoin, not much movement, $53000 a share , down $1500 but still in the 50, $55000 range at this moment. average price per gallon of gas $2.88, it's going to go up from there probably because we have oil at $65 a barrel as of now and by the way i do this every day, $2.88, the price of gas is up $1.12 from where it was one year ago. that's how much gas prices have gone up. elsewhere, in miami, tech week has begun. the mayor wants to make is to be the next big tech hub. as he convinced any companies to actually move there yet? i will ask him. president trump moments ago said this about the border crisis. roll tape.

>> didn't talk about the border. is like a subject they are not discussing and that will be ruinous into this country. stuart: yeah, that's right, i mean, the-- biting created the problem now is walking away from the crisis and it texas is deploying more law enforcement to the border. we are going to take you there shortly. ♪♪ ♪♪ that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you can close with more certainty. and twice as fast. if i could, i'd ten-x everything. like a coffee run...

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stuart: bidens border crisis is over well-being-- overwhelming law enforcement with texas deploying more pleas to try to get a handle on it casey siegel is in laredo. is this about border control versus about border rescues?

reporter: well, it's really about both. friendly they are trying to achieve all of that, not only trying to secure the border and prevent more migrants from coming across, but with the increase crossings and increase activity, it translates into more emergency calls for help to local law enforcement and also for border patrol agents and specifically here in texas a big hike in the form of these water rescues because migrants are using rafts or even swimming across the rio grande river to get into the united states, but they increasingly get into trouble in doing so . texas has deployed to state troopers and police from other communities to come down here and help assist federal agents in these border cities and towns. officials tell us the cartel and smugglers will sometimes throw a young child into the

river just to distract agents. listen. >> now it turns into a rescue operation and that's when you see the distractions from the cartel, the smuggling organizations where they now know that the focus will be rescuing those individuals that are in the river and that opens gaps when you have law enforcement tending to individuals. reporter: cbp so, so far in fiscal year 2021, more than 4700 migrant rescues have already been carried out, which is almost as many in all of 2020 combined, about 5200 for that fiscal year and officials here fear and predict that those numbers and thus calls for help will only get higher as we now start to head into the summer months. it's extremely hot. when we left this live position yesterday, stuart,

the heat index was 111 degrees already here in laredo, so that creates a very dangerous situation for these migrants making the journey. and then the law enforcement agents who risk their own lives to help rescue them. it's a mess. stuart: casey siegel telling it how it is. thank you. let's get to president trump, former president trump blasting president biden for bidens quote out-of-control border crisis. watch president trump. >> people are pouring into our country, many of them criminals, many people from jails, many of them doing ask that you don't even want to know about and they are pouring into our country by the thousands. it's out of control. it could destroy our country if it keeps going and the longer it goes the harder it is to stop. we had the best border we have ever had in history admitted by everyone and all they had to do was leave it.

stuart: let's bring in congressman beth van duyne republican from the great state of texas. congressman, you have been to the border and now, we have the "new york times" admitting that agents are not covid testing migrants, certainly not all of them. have you seen that when you went to the border? >> absolutely. when we went to the facility outside of mcallen we saw that there were 5700 people put into a facility that was meant to house no more than 250 and not one of them had been covid tested. we were told up to 10% actually had the disease, had the virus and those people were being shipped to a city near you and i went to the convention center in dallas and saw very much the same thing where people had to be put into quarantine because they had made it to our city having carried the virus with them. stuart: we understand that the attorney general of texas,

paxton was denied entry into the migrant facility, you got him but the attorney general of texas did not. >> it's obvious this administration doesn't want to show transparency and they don't want the american people to see what's happening. when we talk about humanity and compassion which is what i hear from the far left, we see any-- anything but that at the border. when you see kids just lined up on the floor bailey-- barely able to see the floor beneath them because they are such high capacity, kids that have been built through the last two weeks of their journey through mexico many have been sexually assaulted, many have been abused and separated from the parents. it's been a rough trip and that is what we are encouraging by our open border policy and last we the president talk about his plan at the border, but he completely avoided even talking about the crisis we have down there. he talked about open borders and citizenship, but he

didn't talk about the miles of open border we have right now that are vulnerable for illegal drug smuggling, terrorist coming over, human smugglers bringing people over and he did not talk about any of that and the fact that we have to take agents off the board and put them in detention facilities to basically act as a glorified babysitter's, that's a crisis we need to look at. we saw solutions that during the last presidency, during the last administration that they just because they did not like trump, they took the policies and changed them knowing there would be a huge surge at the border and quite frankly we have seen and they are doing no action to prevent it and it's getting worse before it will get better. stuart: congresswoman, thank you for joining us and spelling out how it really is. thank you. changing the subject back to money because we have a nice healthy rally going on at the moment. green across the board as you can see on the screen. point of interest in particular, big tech.

this is big tech earnings week and also far have come in with spectacular results, all of them are up this thursday morning to next, the media wasted absolutely no time at all fawning all over president biden's address just watch the superior. >> he also talked about the soul of america and that was so passionate. >> beautiful. he's developing a kind of positive popular is him. >> i would give him an a on what he wanted to do it and he conveyed it with laserlike they seem to love him almost as much as they hate president trump. media guy brent bozell will take the media on later. restaurants are bringing back customers, but they can't find work or spear ashley webster on assignment again and he will tell us what one restaurant is doing about this. hint, it's not paying bonuses.

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stuart: we have been telling you about the restaurant problems who can't get workers to go back to work. they would rather stay home and live off the government. ashley is on assignment in lovely lovely florida and he found a restaurant that has enough-- answer to the staffing problem. the robot, tell us all about it. ashley: i have been having a fight with pnet here. tenet will meet you at the front of mr. q's crab house here in hollywood florida. hello, peanuts. is going to take me too my table. watch this as i jump in front. peanut. ♪♪ ashley: he got upset with me before and said if i don't move he will get fired but is not going to do it now. alright appeared take me too my table. you come in and you can see the menu is displayed on the top of the robot taking me too have to, a booth that i

requested and then it will tell me too please be seated and a waiter will be with you, which by the way is another robot. is this the place? thank you. i hope you don't get fired. tenet delivered me to the both. he will go up and then we will have another robot justice and to mean a few seconds after i placed my order and will bring me my food. why is this happening? it's a film millionaire theme , not enough people to do the work, so the owner joy got self that up that she spent 30,000 dollars to buy three robots. that was one, peanut and we have another one who goes by the name of beavis who will then take my order from the kitchen and bring it to me and as you can see here he comes. it's actually a tray and i have a couple of bottles of water on it and what would

happen in a normal situation, great blue eyes, a human server would then take the tray and serve it to me and yes, by the way these robots will sing happy birthday. we will be here all day. these are so cool, very fun, but it's also perhaps a sign of the times as people want to stay at home and earn more money so this is what's happening at at least some restaurants. stuart: i hope you order something else other than two bottles of water. ashley: i will the restaurants not open. stuart: coming up, pete hegseth, mick mulvaney, what a lineup. it's on this show next ♪♪ 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.

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they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-763-2763. that's 1-800-763-2763 good morning, everyone. it is 10:00 a.m. eastern time. it is thursday, april the 29th. hold everything, sports fans, i have a very quick special announcement. i want to welcome my new grandson, kenna into the world. love at first sight. born yesterday. this is exciting day in the varney household. congratulations to mom. that is my daughter emma, dad,

my son-in-law just continues. congratulations everyone, fine looking youngster. my 10th grandchild. i couldn't resist. sorry, everybody, had to put that on. let's get to your money. that is what we're all about. dow up 100. new record highs for the nasdaq and s&p 500. why? because big tech on another roll. look at this, across the board gain. except for microsoft. yes, i own a bit shriller and it is down but rest are strong. especially facebook which is up close to 6%. the 10-year treasury yield, that is a bit of a problem for the yield because the yield moved up to 1.67%. we'll get reports from amazon, twitter as we walk up to the release of their financial report, both stocks are higher. amazon sharply higher. attention realtors, we have the latest number on pending home

sales. susan. susan: 1.9% in the month of march. that is slightly slower than economists forecast who were calling for growth of 5.4%. the good news we ended two months of declines. now maybe that has to do with mortgage risk coming back down below 3%. looks like inventories are still tight, housing market continues, mortgage rates below 3%? what is the exact number? susan: came out with freddy and fannie saying 2.98%. some of the commentary ray that u.s. treasury yields stopped moving up, the reason we're below 3%. also good news for refinancing, they say, but, difficult for first-time home buyers and eager buyers since we know that inventory is tight. demand is there. supply is a problem. congratulations, stu. stuart: thanks so much. young kenneth. thanks everyone.

young keneth, very young. now this. if you want america to be much more like europe support the biden plan. if you want america to go into decline like europe, support the biden plan. the president has laid out $6 trillion worth of spending that turns america into a cradle to grave welfare state, just like europe. all government, all the time. now to some this may sound very attractive, everything is free. is this where we're going? is this where we want to go? "wall street journal" quote says the plan expands the entitlement to make americans rely on government. yes it does. free preschool. free community college. vast subsidies for government provided health care, government housing, on and on it goes. president biden pushed hard no doubt by bernie sanders and aoc, transto be a transformative president like fdr, or lbj.

his plan is radical. it changes the whole direction of the country. my opinion, all government, all the time is un-american. sorry to say that. it is destined to fail. i left europe precisely because it was in chronic decline and still is. president biden pushed hard by bernie sanders and aoc, started down the socialist road. i hope republicans and moderate democrats put up enough roadblocks to stop him. the second hour of "varney & company" is about to begin. ♪. stuart: here he is, looking grim this morning. that is pete hegseth. he usually appears with a big smile because he is a very positive kind of guy but not so this morning. i think he is reacting to the president's speech last night. go ahead, pete, react.

>> oh, man, stuart, you're right. what a long, boring, ultimately very radical speech and i think that's what allowed him to do what he has done so far. he is spot on. he wants to take us further than socialism. he wants us to be europe. he said in the campaign, i'm not a socialist. you know me, i'm the guy from scranton. you know me from the senate. this is not who i am. i am not a radical. that enabled him to pull the wool over the eyes or attempt to at least for the american people, reads the teleprompter of the most radical speech we heard in a generation in that chamber from a president of the united states. bill famously said the era of big government is over. this is the ear of big government is back. mentioned your grandson kenneth, that is awesome, bolsters analogy i was going to use this morning, stuart, when you are a father with your own kids, joe biden with his peers with the senate for 40 years, you would hear those rules. no, we'll have it this way,

fight over every inch, better eat your meal, do everything, your principles are stringent. then i would imagine, stuart, you have to tell me with 10 grandchildren, seen it with my own parents, when you're a grandparent, you say well, whatever the kids want. let them have it. they're the next generation. and that's precisely what is happening here. the radicals in his midst, he doesn't want to spend the time, spend the effort to take on his base. so it is comrade cortez. biernely is a little old to be a grandchild. you know what i mean. the radical ideas of the youth is winning the day. it is too tired to fight back. he lets ron klain, chief of staff, susan rice, domestic policy advisor, take the reins and watch it happen. stuart: what bugs me more than anything, pete this is popular. any government which showers the population with bread and circuses, money, you just chuck it out there by the trillion you

are going to be popular. people like what they think is free. that popularity may push some of the more important parts of this plan beyond congress, through congress, and that truly worries me pete. >> amen. the radicals there are willing. trust me they want to find a reason to get rid of the filibuster. they're eager to do structural transformative change. bolstered, stuart, by the most dangerous aspect in our body politic, our culture today, the complete take over of the classroom which transform ad generation of youth to believe there is such a thing as a free lunch. they're owed this. america is structurally injust. when that is the fertile ground you sinned free money into, please give me more of it, defund the police, keep my borders open. it's a dangerous moment because the grandparents allowing highly passionate but ill-informed youth to say i want socialism. that was the dangerous aspect of what we saw last night.

i fret for our country. tim scott did a great jobe. republicans need to find a spine, fight back every inch because our republic is at stake. stuart: pete, that was a good analogy, grandparents, man, that was good. you're sharp. i'm glad you ended with a smile. that is the way we like to see you, lad. come again pete hegseth. >> my favorite book is smiling through the cultural catastrophe. sometimes you have to smile. you have no other recourse. stuart: you know what my favorite book is or one of them? >> what? stuart: ""animal farm" ." ""animal farm"." or" 1984". >> we're living through it. stuart: hegseth, thank you. the economy expanded at a strong 6.4% pace. how about, strong rate of growth. bring in peter morici.

you're an economist. okay. look at the second quarter of the year. we've got 6% growth the first quarter. could we get 10% or more second quarter? >> oh, i think so. we were just seeing the big consumer boom roll through. i think all the stimulus money will get spent. consumer optimism is very strong. second quarter may be the high-water mark of the biden administration. after that his taxes will start to bite. investors will start to get scared but the second quarter will be big time. stuart: so you think that if we get some of these tax increases, and a ton of government spending and money printing, it comes to a head at some point, we realize what we've done, by what, the middle of the year? then all bets are off? is that your scenario? >> there are some moving parts here. the question how much tax increases do we really get? there is a lot of opposition within the democratic party to this quote, you know, reform of the capital gains tax.

there is a large small business base inside of the, inside of the democratic party. if we get all of this spending, but we just get some of the taxes, it will be more sugar high. we'll pay for it down the road with inflation instead. the fed will basically have to print money to finance it. a lot depends how it rolls out. stuart: you're not a socialist, are you? >> oh, no. not at all. stuart: you don't approve of this plan? >> no, i don't. stuart: go back to the classroom at university, can you ever teach economics again in america? >> well i certainly can't teach it at the university of maryland. i'm sort of persona non grata for being conservative. there are places where i could teach it. i would get a lot of opposition to what i want to teach because the way the children have been programmed in these very woke high school classrooms. how do you talk about profit motive to people waned on the 1619 project story of history

and so forth? stuart: how do you do it? we're in deep trouble here, peter. that is my opinion. >> i think so. we're in a cultural crisis. every nation to succeed has to have a national myth, a theme that it believes in, that has value, that has worth. and that is being lost. that's the critical thing here. not so much bigger government. i mean that is a problem. pete's right but the thing is we're losing our soul. stuart: yeah. why did you save the best till last there, peter? because i'm out of time. come back soon, i want to hear more about this. peter morici, everyone, former professor at university. >> take care. stuart: get back to your money. on the left-hand side of your screen you see a rally in progress. qualcomm up 4%. big mover, susan. what is behind the move? susan: good news in this report card from qualcomm. they say the supply constraints are easing. you heard over and over again

all the companies complaining about the chip shortage, ford, apple, caterpillar, bmw. they say things are getting better. hopefully that will be alleviated. cheesecake, factory, i love the cheesecake factory. they're up after their sales came in better than expected. looks like people are going back into the restaurant. mcdonald's said that sass well. sales growth there at the golden arches jumping over 13%. outside of the u.s. results were a bit mixed with some countries having to lock down again. mcdonald's ceo on the earnings call says the effect from the stimulus though might be fading. plug power this is the new green climate change, new winner, hydrogen power maker, announced a new bae systems electric bus deal. that is very interesting. this stock rallied 500% the last year. stuart: big tech released earnings. it was a blowout quarter. the performance has been fantastic. go through it for us please. susan: make you can pick the

winner out of all the big five. exceptional earnings, start with the world he's biggest company, apple, doubling profit, selling more expensive 5g hand-sets. powering sales of macs, ipads. you like this, stu, they're buying back $90 billion worth of stock. 90 billion is worth more than 400 of the s&p 500 companies. $200 billion plus in cash on hand. that is incredible. tim cook telling knee after the earnings that he believes in the u.s. economy. strongly believes in the u.s. always felt the economy would balance post-pandemic. we still feel that way. a signal how confident we are with that. analysts, wall street loves the results. goldman sachs capitulating. calling the stock a $70 stock. maybe it is worth $170 billion after all. facebook, record high, hitt with facebook. ad spending coming back in a big, by way as we saw. they're getting higher prices for their ads as well.

stuart: they are indeed. still up 5%. facebook, 324. susan thank you very much indeed. no surprise here, the mainstream media fawned over president biden's address. watch this. >> really beautiful. it was beautiful. >> i thought it was remarkable speech. >> after four years after mon owe tone shout, it was bracing to mare a speech delivered at times by a whisper. stuart: it is almost funny. the hatred of up trump and love for biden. the media all over itself. brent bozell is here to take that on. ♪. ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized

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>> it was really beautiful. i mean it was beautiful. >> i thought it was a remarkable speech. >> after four years of a monotone shout, it was bracing to hear a speech delivered at times by a whisper. >> it hasn't felt that normal in five years. >> david, he is really trying to bring the country together. it was a make america feel good night. make america feel pride night. stuart: okay. all right. the media just loved the president's speech last night, didn't they? however while the left praised the president, wasted absolutely no time, really bashing republican senator scott for his rebuttal. watch this. >> the messenger was great but the message was nonsense. >> this speech delivered from a planet where facts don't matter where the current republican party resides. >> i'm not sure what the purpose of this was. i am shocked and a bit embarrassed for him. >> this was a lot of

opportunity. tim scott had an opportunity to make his mark on criminal justice reform and this ain't going to do it. this wasn't it. stuart: okay. the gentleman on the right-hand side of the screen, the one and only brent bozell, who is clearly not surprised by the media's response. have at it, brent. >> well, i was thinking while listening to those clips, watching those clips about tim scott, if stuart varney had made, said those exact same words about anyone of a thousand democratic elected officials or spokesmen of any nature you, stuart varney would immediately be called a racist for having said that. in fact, there would immediately be calls for your resignation from fox news and by telling the

truth or not? stuart: you're telling the truth. that is exactly what would happen. >> okay. so what this conjures up to me is the memory of a liberal commentator who was once defending a conservative who had been attacked of anti-semitism. and he said the only thing worse than the charge of anti-semitism is the false charge of anti-semitism. i think that the only thing worse than the charge of racism is the false charge of racism. in this case you've got a community on the left, led by the media, constantly attacking conservatives as racists, yet you just saw before your very eyes one clip after another by their standards of them being racist. stuart: when is it going to change, brent? i think i've been asking you this question, five, six years now. the answer is always the same. it is not going to change. well, do you see any change

possible on the part of mainstream media, anything at all? >> no, i don't. i don't. it's over. it's over. msnbc, cnn, abc, look, last night what did we see by any objective america sure? you saw the proposal for the greatest expansion of the federal government in the history of the united states of america. stuart: that's true. >> what joe biden is recommending makes barack obama a piker by comparison. for them to say he was pragmatic, for them to say this was feel-good, for them to say this was bipartisan, these are lies, stuart. these are lies. they know it. or, or, or, if they're not lies they're fully vested in socialism themselves. this is not a news media anymore. stuart: got it. brent bozell, spelling it out, we appreciate that, come back and see us real soon. brent bozell, you're all right. >> thank you, stuart. stuart: by the way, after senator tim scott's rebuttal, twitter let a racial slur

against the senator trend on twitter for hours before they finally blocked it. edward lawrence is with us. you reached out to twitter. how long did it take? we said hours? how long did it actually take for them to remove that slur? >> twitter finally blocked that from trending but took about 11 hours for that action to be taken. so in a statement a spokesperson from twitter says this, we want trends to promote the healthy conversations on twitter. this means at time we may not allow or temporarily prevent content from appearing in trends until more context is available. twitter may have stoked divide already, allowing a racial slur against senator tim scott after he started speaking until late this morning. a the slur derogatory phrase for blacks too deferential to whites. senator said america is not a racist country. he commend on the racial slur trending this morning.

listen. >> last night what was trending in social media was uncle tim. they doubled down on this concept of tub lal oppression. it is stunning in 2021 that those who speak about ending discrimination want to end it by more discrimination. reporter: sew allowing the racial slur to stand continue the playbook and continue narrative from democrats. the senator's message on systemic racism, the president's message on systemic racism it bleeds into all of america. listen to him last night. >> with the plans outlined tonight, we have a real chance to root out systemic racism that plagues america and american lives the other ways. a chance to live reequity. reporter: twitter ceo testified at least four times in front of congress. each time he says the company needs to do better. stuart: edward lawrence, spells it out, thank you very much

indeed, edward. before we go on to the next subject, take a look at the market overall. the rally has faded a little. the dow is only up 50, 60. the nasdaq isn't up very much. i will tell you the reason why, we'll get into later. the 10-year treasury yield gone back up again, 1.68, 1.69. the market doesn't like that. we'll keep you in touch with what is going on. now this, the owner of a diner in texas sounding off to fox about people not wanting to work. you got to watch this. roll the tape. >> i'm so tired of all of it. quit giving all this unemployment. they're giving unemployment, they're getting stimulus. why work? they make a lot of money. stuart: the lady took over the show. fat brands chair, former mcdonald's usa ceo, ed rensi. he is asking the same question. he is here just ahead. the nfl draft, hours away, will it look quote normal? i'm asking big time sports agent

leigh steinberg after this. ♪ nicorette knows, quitting smoking is freaking hard. you get advice like: just stop.

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♪. stuart: that is a great shot. that is the home of the jacksonville jaguars on a very nice day in florida. we're showing you that because the nfl draft kicks off tonight. it will be in person in cleveland. good time to bring in, he likes this title, legendary sports agent leigh steinberg. you know you like it. flattery works wonders. are you, and the players, are you expecting a normal season? by that i mine fans in the stands marching band, cheerleaders, normal, what do you think? >> i think it will be very normal. remember the nfl season doesn't start until september. by then we ought to have enough vaccinations that they will have pretty full crowds. stuart, they just did a new contract between the nfl and the

networks that almost doubles the money that cbs is paying and fox is paying. in the midst of this mildly cratered economy and pandemic. so football is the most popular sport in this country. the most popular television show and tonight's draft will look normal. what you won't see, what you will see is young players sitting next to his parents. what you won't see are the other 75 people that are in the home all celebrating and draft time is not real time. it is like water torture time. every second seems like a minute. every minute seems like an hour, drip, drip, drip. stuart: well if there is all this money cascading into football from the tv contract is a lot of that money, at least some of it, going to filter down to the players and the agents.

>> oh, the agents? thank you. it's a split of 52-48%, with the players getting 48%. it is done on a straight revenue draw. it means enhanced salaries. we have one year blip and smaller salary cap. from here on out it is blue skies and happiness. stuart: for everybody, i'm sure. what do you think of -- well i will ask you this, as an agent, let me ask you this. would you advise any player to take their salary in bitcoin? >> you know it is interesting, trevor lawrence who figures to be the first pick in tonight's draft picked by jacksonville, quarterback from clemson already said he wants signing bonus in bitcoin. everyone always speculate that bitcoin goes up and up and up, but any market also can go down.

stuart: so? so a number of players will take their bonuses in bitcoin. we had this phenomenon a couple weeks ago where nfts, which are digital memorabilia, are being sold on network, our client patrick mahomes put up a set. it doesn't exist, stuart, except virtually on your computer, made $3.2 million in 20 minutes. so we're now seeing virtual football memorabilia. stuart: legendary agent, leigh steinberg, thanks for being on the show. always appreciate it. we'll watch it for you tonight. see how you do. thanks, leigh. >> my pleasure. stuart: as leigh steinberg mentioned there, one of the players expected to be drafted tonight, he tested positive. who was that susan. susan: caleb farley, have you heard of him?

from virginia tech. one of the top draft prospects. he is will be missing the draft in person, staying home in cleveland. this is notable, also a player opted out of the 2020 nfl season because of concerns of contracting covid. so that is a bit after twist there. eventually he did contract it. stuart: what about trevor lawrence? he is expected to be the top draft pick? as leigh steinberg was saying, teamed up with a cryptocurrency app. susan: yeah. stuart: explain it, will you please. >> presumptive number one draft pick tonight jacksonville jaguars, former clemson quarterback trevor lawrence teaming up with the signing bonus could be worth $22 million in the signing bonus for the number one draft pick. lawrence apparently in his portfolio, he has bitcoin, ethereum, solana, i don't think it is in the top five

cryptocurrencies in the world. he is getting in the ntt art collection. selling $200,000 worth. great hair i have to say. i wish i had as great of hair. stuart: never heard you say that before. susan: look at that! flowing. stuart: i will make no comment on another man's hair, period. check those markets. we better check because, we've lost much of the gain if not all of it. the dow is up mere 20. nasdaq is down. i have a reason for that. the yield on the 10-year treasury has gone up to 1.67, 1.68. investors don't like that. big tech in particular taking it on the chin today. all right, sales of alcohol, we flew that, it is on the rise. whiskey makers are facing tariffs come june the 1st. live report from kentucky's bourbon trail just ahead for you. first though, is having

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stuart: the rally completely faded. real strong 9:30 eastern when the market opened. not so strong now. the nasdaq is down 25 points. the dow down five, in part because of caterpillar. hey, susan, it was up an hour ago. now it is down 3%. what happened? >> the reason is because they just said there is going to be a

chip shortage. that will impact their production. that is why it is down. so the earnings call, comments from executives, do make a difference. despite the fact that they had a blowout first quarter, right? show you what is happening with roku. that is over the top, hardware streams all the services for you. getting an upgrade from wedbush outperform, more occurred cutting more streaming hours. roku will dominate. reported 10 billion hours of streaming last quarter. dominoes can you believe this, delivering less pizza, sales came in light first three months of this year. all of you are eating during the covid lockdowns were pizza. >> it's a surprise. because i did eat more than my fair share. susan: can't tell. stuart: stop it. let's talk amazon. susan: yeah. stuart: they are going to raise wages. how much are they going to raise them? susan: raise hourly earnings for half a million workers.

talking about 500,000. getting an extra 50 cents to three bucks an hour. extra $40 more per week per worker. cost amazon, paying out $15 an hour. they say they employ almost close to one million in the u.s. half of those workers will get a slight hourly raise. that might factor into earnings tonight. obviously talk about future costs and higher costs that they have to pay out. that might erode the bottom line but we are likely to see that 100 billion-dollar quarter from the world's largest on line seller. if they can afford it, making $100 billion in sales. stuart: not a question of affording it. question of window dressing. amazon under fire, you raise wages, keep the regulators on me. at&t, warner media. they will roll out a cheaper hbo max? how cheaper will that be?

susan: tell me five bucks cheaper, under $10 enticing to you? stuart: it is. susan: ad sported, it will be hads slipped into some of the content and shows. they might pay extra five dollars a month to avoid that. hbo max has done very well in their first 18 months of operations. surprising a lot of people with more than 16 million global sign ups so far. got that. susan thank you very, very much indeed. next question. you remember photo of mark zuckerberg last year. he was surfing in hawaii. look at that. why did he plaster his face with sunscreen, susan? susan: i was a bit surprised it was in the instagram chat with the instagram boss. we saw this paparazzi following across hawaii, he thought if he plastered himself with sun he might not be recognizable to the cameras shooters.

not exactly the case. surprise from such a smart person. he said in that discussion with the instagram boss, i probably didn't think that through. no kidding. at least he got protection from the sun. stuart: does he worry about facial brevard county anything technology? susan: -- recognition technology? susan: very good. tech-savvy, this this one is for you, susan, "vogue" under fire for questioning if having children environmental vandalism. i don't want to do this story because i have become a grandfather for the 10th time over. susan: bring up the quote from british "vogue" and article, before i got pregnant i worried peevishly about the strain on earth's resources that another western child would add. the food he ate, electricity he would use before sitting up. he would contribute far more to climate change than his counterpart in carola or south

sudan. that is in india. this is coming from "vogue." also the costs as well. think of diapers and disposable diapers you have to use. i'm not saying i agree with this article but you can imagine a lot of people, say, the far left and woke liberals might be paying attention. stuart: i'm glad you don't agree with that particular article there, susan. i'm very glad to hear that. susan: but i also like the fact kenneth, did emma know she was going to name her son kenneth? that scarf was already premade, so beautiful, i love it? stuart: yes, that is the name of his paternal grandfather, kenneth. susan: okay. stuart: who was very close to my son-in-law, justin. that is why the baby's name is kenneth. wonderful news for us, really is. i'm still high as a kite on that news. happened yesterday around news. i'm happy. susan: i have a question though? is there stuart grand child, is

there a grandchild named stuart because of the paternal grandfather kenneth, you have to have a stuart. stuart: not a first name stuart yet. i'm not sure how i feel about a first name child named after me. i'm not sure how i feel about that. susan: what? stuart: we'll work on it. susan: i think it sounds great. stuart: somebody else will. okay, okay. move on. nigel farage, you know him, there he is, just met with former president trump, did they talk about a trump run in 2024. well i will ask him because nigel is on the show. first the administration says tax hikes on income, capital gains, could apply quote this year. does that mean backdated, so we pay regardless? former white house budget director mick mulvaney calls it dangerous. he is right on that. he is here to make his case after this.

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stuart: i say we have gone into reverse. the dow is down 10 points. the nasdaq is down 30. quickly look at microsoft. that started higher, to the tune

of 1 1/2%, that shaves about 30 points off the dow industrials. what is the from with the market this morning. look at this, the 10-year treasury yield, it is at 1.66%. it had gotten real close to 169. tech investors do not like that. that's why you have got a reversal on the market this thursday morning. a white house economic advisor, jared bernstein, he says tax hikes on the wealthy could apply to this year. in other words, i believe what he means is could be backdated to january the 1st, you have paid higher taxes on income you already earned. how about that? former white house budget director mick mulvaney is with us. that is how i read it, mick, i don't know about you but i read that as possible backdating. there is absolutely no escape from the draconian tax increases. is that how you see it? >> that is how i see it, stuart.

that is exactly how every body else should see it. dig into the statement. give you a's up, comment, give you head's up during the campaign. since biden mentioned proposals during the campaign. we had fair warning f they do backdate things, effective january the 1st of 2021, we were all fairly warned. no one should have any basis for complaining about it. which is absurd. i'm a little surprised the markets have not reacted little more violently to that. it is not just earnings. that is real. that the folks have to write a check at the end of the year they might not have to do. also capital gains treatment. if you sold a business, long-term stock, sold a piece of land in the first couple months of this year. even today, you might have to go back to find extra money. extra liquidity to pay the higher tax burden. it is a very disruptive thing. surprised it didn't get more attention.

surprised markets didn't pay more attention to it. it is potentially very destablizing to the markets. stuart: if president biden got everything that demanded last night, all the spending, and all the taxes my opinion is that it would absolutely radically transform america t would become a very different society. it is a very big deal. am i going overboard? >> no you're not. coverage, i thought really good, pointing out the media seems to be more interest in his tone and tenor, than the substance of what he said, essentially something that would make fdr cringe. further than that, what the democrats are really trying to convince people of is that economics doesn't apply anymore. you can spend as much money as you want. you can borrow as much money as you want. there are no repercussions to that. keep in mind, paying lip service to raising taxes for the purpose of raising money to then spend on their social programs, it

doesn't come anywhere close to what they're talking about. i think a 2% increase in the capital-gains tax, cbo says will raise $7 billion a year. that is roughly 100,000th what they talked about spending last night. a huge disparity between money in, money out. it is not about economics. it is about power. they want to raise taxes on the rich because they said they would and they can. the message from the democrats, even though thinly coated in veils of bipartisanship, this is great, can't we all get along, is one of the most stunning sort of overhauls of the american political economy of our lifetimes. stuart: is this something to do with the new monetary theory you? just mentioned it. you can print as much money as you like, borrow as much money as you like, nothing happens. keep on printing, because you are replacing the losses that we suffered during the pandemic. therefore, no impact. that is the theory, isn't it? >> it goes beyond that.

the theory you can print as much money as you want. borrow as much money as you want until it impacts inflation. what i asked my support, called modern monetary theory, mmt, what happens if you're wrong? what happens if you end up with all the debt we get inflation? there is nothing to do yet. you have already raised taxes. you destroyed economy in this hypothetical. where does the money come from. there is no way out, mmt is the end of modern economics as we know it. prices, supply, demand inflation doesn't matter anymore. you can print as much money as you want. it worked by the way for last several years. you have to give them credit. certainly look to the past 30 years of deficit spending, there has not been any harm for that. if they're wrong, price entire country pays is tremendous. stuart: cause for concern at very least, mick mulvaney, thanks for being here we hope.

thank you very much, mick. another big hour. look who we have, nye gell farage is with nigel farage, dan heninger, mayor of miami. too powerful, squashing competition, too much money, it is not all bad. a lot of it is real good from big tech. that is in "my take" coming up next. ♪ did you know that geico's whole 15 minutes thing... that came from me. really. my first idea was “in one quarter of an hour, your savings will tower... over you. figuratively speaking."

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>> it is a rocketship economy and there is may -- way more room to run. that's not what people want. >> he wants to take us further than socialism. >> the middle class knows they will be paying higher taxes under this biden plan. americans voted with their feet, fighting socialism like we've never seen. >> the breakout in the nasdaq will have big leg through the

summer. ♪♪ stuart: it is 11:00 eastern time, thursday april 20 ninth. a mixed picture, we opened sharply higher 90 minutes ago and completely mixed with the dow down 6, what is the problem for the market, it is up to one.66% earlier, it was 169, tech investors don't like that. that's why we have a pull back on the market this morning. big tech, too powerful, too

much money, they squash screed diminish free-speech and they are dominant and the attacks on them are on both sides of the aisle. it is not all bad. apple, amazon and facebook benefits us all. i am generalizing but amazon runs online shopping, apple runs smart phones, facebook runs a network that links one third of the world's population, google runs youtube which is becoming the first channel. microsoft runs the cloud which is the world's back office. they are good at providing these products and services. it is good to be plugged into the best and the money, 100 million americans have a 401(k) or ira and most of the pension

plans hit stocks, a lot of it in tech stocks. that means your pension gets a huge shot in the arm for big tech's stock price surge. the stock has been in the air for 10 years, we have big tech's rise. it has been a great ride. stunning financial report this week show it is probably not over yet. we hope you are enjoying this ride with us. third hour of "varney and company" about to begin. we are talking the market so we bring in market watcher of this thursday morning, big smile, good stuff. big tech, lofty levels already, where do you think those 5 big tech stocks, where do they go

from here? >> they will go higher because as jay powell made clear last night he's not going anywhere, plenty of accommodation. there is no alternative trade in this instance, we see what is happening to facebook and apple, you can imagine what will happen to amazon so pulling back a little bit, they continue to march higher. stuart: why isn't the overall market more concerned what we saw from the president last night and the possibility that these enormous tax hikes will be backdated to january 1st. why doesn't the market care? >> the market will care. it is not putting it on the back burner at the moment because they want to see how it unfolds, some of it being skeptical about the extent of what is going to happen, the

tax increases and backdating. retroactive, personal gains, the conversation becomes clearer and you see the market react. right now it is okay, let's give the benefit of the doubt which becomes more of a reality, more visceral reaction in the market. stuart: why do you end your daily emails, why do you always end with a recipe. are you a chef or something? i want to season samples here? >> happy to show you. i grew up cooking, it is what i do. i find it relaxing and enjoy it and i end every day, finance can be very unnerving,

something everybody needs, it works really well. >>, the market turns out. >> kenneth, what a great name for your grandchild. stuart: i forgot that, yes. thank you, you are right. and struggling to serve. ashley webster, a robot waiter. can't really sing happy birthday. ashley: this is peanuts. they -- he will go back to the head of the restaurant where he will continue his post judy.

i want to bring in the manager of the restaurant. there are people saying wait a minute. robots are taking the jobs of people. what would you say? >> they are but at one point me and the owner here, everyone is on unemployment. ashley: how are the robots working out? >> they would help a lot. beavis and butthead over there. the service did. ashley: beavis will do many things, he will bring the food to us but also can sing happy birthday. >> 3 different languages and merry christmas.

ashley: isn't that great? guess where she's from in the uk. stuart: don't tell me darby which is my hometown. ashley: she is from derby. what are the odds? let's come on in here. beavis normally would be bringing food entrées and his servant would take actual food. >> not as advanced as people think. >> let's see how good and regale us with happy birthday. will really? ♪♪ happy birthday to you ♪♪ ashley: happy birthday -- in harmony. ♪♪ happy birthday happy birthday. ashley: happy birthday to you. what has been the reaction.

they said some nasty words and hung up. get any resistance? >> customer coming in the other day and asked for the third verse and they said yes. ashley: they are you go but they are not taking the place, they are complementing because the human element is still needed but they sing this in spanish and one other language, chinese. these robots are chinese made, just saying. stuart: best wishes to my colleague in derby, amazing place, florida, full of english. here we go. the server shortage all across the country, listen to what one restaurant owners hold fox and friends this morning in texas. >> so tired of all of it.

they are giving unemployment, stimulus, why work? they make a lot of money. >> you think you got that much money? know. stuart: that lady took over the show. we know that people do not want to get back to work, don't say you start paying them because that is not going to happen. they will get paid through september 15th so how do you get them back to work. >> a difficult problem particularly when a lot of single mothers no longer need day care. they pay people, much better off taking government surplus or government money.

i know of franchisees in other places who have said to the unemployment offices, 20, 50, 60 people, when they are on government dole. they can't afford it. technology has for years and years and years been applied to reduce the manpower, we had 65 employees, typical mcdonald's restaurant has 35, a big switch because of technology. looking across the entire personal industry and the hair business and all kinds of technology, and you will see technology continue to launch forward and eliminate manpower

and a better experience because machines don't make the same mistakes humans do. it is tragic, diminishes the value of work. a criminal thing for society. i look at what biden is trying to do. i don't want to be europe. it is why great britain pulled out of the european union, incentives for growth are really important, for any economy, sticking robots, more technology. >> a jampacked show. stuart: being a grandfather, next, the next hot ipo could be the declaration of independence, historic document

soon to be made public. you don't need to be a millionaire to buy in. miami tech week underway. the mayor, francis warmers, wants miami to be the big tech hub. i want to know if any tech business will actually move there. nigel farage says with donald trump, we ask nigel on the show next. the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq a fund that invests in the innovators of the nasdaq-100 like you become an agent of innovation with invesco qqq feeling sluggish or weighed down? like you it could be a sign that your digestive system isn't working at it's best taking metamucil everyday can help.

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stuart: when the market opened at 9:30 eastern time there's a big rally for apple. a bit of a rally, modest rally for the dow, rally has faded $3 a share. why did it fade? >> the 10 year treasury yield hit the highest since april. apple was 3%, a blowout quarter, $90 billion in share buybacks. that was pretty impressive. with higher yields, that makes tech stocks and future earnings look more expensive. facebook is holding its rally hitting a record high up% and

looking at huge recovery and digital ad spending, higher prices for the ads and that is good despite the engagement with a little bit lights, no you users in the -- in canada. the tenure yield hitting hyatt tech growth stocks, the crowd strike, usually they rally when it is cheaper to own government bonds, you are not missing out on one.601% in -- it makes these stocks look more expensive. stuart: there's correlation between the 10 year yield and performance of tech stocks. they are doing it again today. now this. donald trump making a firm statement about his political future. >> 100% i am thinking about running and we i think will be

very successful. we were very successful, iran twice and the second time i got 12 million more votes than the first time. stuart: nigel farage is with us. you just met with donald trump at mara lago. what do you know about his 2024 planes? >> he has lost weight, he is getting a lot of exercise, playing golf, he was relaxed, thoughtful, looked in really good shape. clearly he is thinking, it is a very big decision he has got to make, if you ask my opinion, if i was in his position with the best portfolio of golf courses anyone ever owned and the chance to go out and make more billions and the tightknit family around me i would be very tempted to walk away, but the point i made was this. there is nobody else i can see who has anything like his charisma.

i travel around those rallies in the run-up to the november election, he inspires a devotion among followers i have never seen in all my years in politics. if we are going to resist chinese communist party and genuinely fight back against cancel culture in my opinion he was the only man who could do it. stuart: thanks for sharing that, we appreciate that. you are on something called america's come back to or. where are you going and what are you saying? >> an operation called freedom works, grassroots conservative activist organization that puts people in key races and it is the least glamorous side of politics knocking on doors, you can increase the share by 20% if you get it right. conservatives in america

feeling depressed, disillusioned by everything going on. my message is in 2019 three years after the brexit referendum it hasn't been delivered, looks like it was lost and yet to rally the grassroots, we now have brexit and it has done so so don't get mad, get even. we start in toledo on cheese day. i will go all around a dozen american states doing big events, it is america's come back 2021. stuart: prime minister boris johnson under fire for allegedly spending tax money on personal renovations on 10 downing street. do you think the british media is treating boris johnson badly the same way the american media treated donald trump. is there a parallel?

>> certainly. a different position in the uk, because there was this dominant position. to be honest there is a left-wing bias in british media but the newspaper that has gone after him as a conservative supporting daily mail. there is a question here. when you are in public office, i was in office for many years, when it comes to spending money you've got to be very careful, there is an investigation into this, not giving boris a nice time, hit could be he has made a bit of a mistake. stuart: nigel farage, appreciate you being here. huber recruiting 20,000 drivers in britain because post lockdown demand is surging, 50%

increase in huber since restaurant reopened on april 12th. that was in britain, 50% surge in huber ridership. from transporting people let's move on to delivering cookies. the girl scouts unveiled a new cookie delivery drone, testing it in christiansberg, virginia with the help of the drug company wing which is owned by google. space x launched 60, count them, 60 star link satellites overnight, watch this. >> 3, 2, one, 0, ignition and lift off. godspeed apollo 11 michael collins. stuart: this is getting to be a regular thing. the rocket took off from cape canaveral, florida, marking the tenth space x launch of this young year.

space x has launched 1400 satellites so far. that is the total, 1400. after more than a year of cruising empty cruise ships could set sail as soon as this summer. don't start begging your bags before you know the rules. president biden marks 100 days in office. dan heninger says his presidency can be summed up in one sentence, whatever donald trump did, do the opposite. dan heninger next. ♪♪ go big or go home ♪♪ go big or go home ♪♪ go big or go home ♪♪ go big or go

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come on over to new york city, new york city has a date, mayor bill deblasio says the plan is to fully open the city by

july 1st. that is just as a new report shows new york city tourism was devastated, decimated by covid. dan heninger is with us this morning. what does it take to bring people truly back to our great city. >> irrelevant question, the mayor, bill deblasio announced that the city is going to as he put it fully reopen july 1st. he said that this morning and that probably means they are open for tourists but they have a democratic mayoral primary on june 20 second. effectively that is when new yorkers will elect a new mayor. those people on times square,

they said recently that if they don't get the crime problem under control times square is going to revert to what it was in the 1980s 90s, that will mean few tourists will want to come to the city, new yorkers have to make a decision as they look at their mayoral candidate whether they want to solve their crime probably more let the city degrade. a few candidates want to address that, eric adams of brooklyn, ray maguire, the businessman who is running, both of them put getting crime under control at the center of their campaigns. stuart: in florida a lot of people are staying, they don't want to go back to new york as they usually do after easter and worried about crime. watching local news from florida on that. your op-ed today, you are saying you can sum up the biden presidency in one sentence. whatever trump did do the opposite. it is an exact about-face?

>> just about. taxes went down under trump, they are going up under biden, regulation is going up under biden, the border was under tight control under trump, it is being loosened under joe biden. he has done a deal with iran, trump closed down the deal with iran. the police, the trump administration was in support of the police, the biden is the opposite, the administration is the opposite and even press conferences, donald trump used to talk to the president drop of the head in front of the helicopter, joe biden rarely does, he lets jen psaki do virtually all of his talking for him. he has been the anti-trump on steroids, no question about it. stuart: but he is popular, he is giving away free stuff, that makes him popular.

>> it may make him popular. 's approval rating, real clear politics average is 53%, relatively low for a first-term president at this point. obama, clinton, jimmy carter had much higher ratings than that at this point. the question with the great giveaway they described last night, where are the pay fors going to come from? the greatest amount of spending since the initiation of the great society 55 years ago is going to be paid for by raising corporate taxes and raising taxes on the wealthiest one%. does anybody seriously believe that? that is where the vulnerability is for the democrats when the american people start asking who and how are they going to pay for all these entitlements they are proposing. stuart: you can't pay for it by taxing the rich or taxing corporations. i think they will print and borrow and spend.

that is what they are going to do. thanks very much, always a pleasure, see you next week. not sure i understand this one but the declaration of independence is the next hot ipo. i don't get this but susan can straighten me out. >> it is through a trading apps called rally and they are offering 80,000 shares to the public, selling a sliver of ownership of a rare copy of the declaration of independence that was printed in 1776, the only one of 20 copies held in private hands. it was previously displayed at the national competition center in philadelphia so each share will cost $25 and that makes a total, $2 million offering. rally sold fractional shares in a way and chris? car that was worth 800,000 and a signed piece from kobe bride at last game in 2016 and fractional shares in a dinosaur

skull worth more than a quarter of $1 million. putting it into individual small marshmallow ownership in these items. 28 years old, below 30, this is a new way to invest. stuart: youngsters like to invest in a piece of the constitution. what is wrong with that? are all right, let's check those markets, nice rally at "the opening bell," we fell back into the minus column. it is a mixed picture. dow industrials up 20, nasdaq 16. show me big tech. they are dancing to the 10 year treasury yield drummer. that is what is going on here. apple, amazon, facebook all still higher but not as high as they were before the yield on the 10 year treasury went up close to one.7%. that brought the big text down.

jeff bezos made a big announcement about his blue origin space tourism rocket. that did not affect the stock but when can regular folk go into space with amazon? >> regular folk like you in the future? what do you think? stuart: probably not but how about regular folks like you? >> no specific date yet. more details will come on may 5th but you will soon have tickets and they will sell tickets for rise on two of their space tourism rocket call the new shepherd. you saw jeff bezos making a new cameo, the ticket price, they haven't announced the price but it is designed to carry as many as 6 people on a ride past the edge of space with the previous test flights reaching out to 230,000 feet. they completed a successful test flight this month. let's compare it to richard

branson's virgin galactic, tickets on virgin galactic around 250 grand. to put up the entire 250 grand until they get it into orbit and you know virgin galactic his indefinitely delayed those test flights with branson on board. we will get more details in a few days time. stuart: can't wait. i'm not going to do that kind of thing but in all seriousness i think the privatization of space travel, look at that. the idea that private companies are going to take us into space, launch satellites and take over what was previously government business is fantastic. >> how do you feel about elon musk that people might die getting to mars? does that sound fantastic? sounds scary to me. stuart: but it is a fair warning. you can't explore space without risk. it is the right thing to do, to warn people.

now this. a private school in miami you can't believe this, banning teachers from getting the vaccine. can this be do anything about that? i will ask the mayor of miami coming up. we drank a lot more alcohol during the pandemic, the europeans threatening tariffs on american liquor. the kentucky bourbon trail. ♪♪ ♪ ♪ (upbeat music) ♪ ♪ ♪ ♪

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louisville, kentucky, the unofficial winston capital of america. i will put it on your screen the boldest bottle of whiskey produced sometime in the late eighteenth century, could be yours if you are ready to pay her. estimates, it could sell for 40,$000 at auction but it is very old. let's talk tariffs. i'm talking tariffs imposed by the europeans on our american whiskey like bourbon. what is this about europeans taxing our burden? outrageous. go. >> tariffs started back in 2018 and industry insiders say it is crippling the global supply of american whiskey which includes kentucky bourbon. we are at jim beam joined by freddie know which is in a generation family distiller, jim beam was your great-great-grandfather. thank you for having us.

a barrel of bourbon here, what is the froming a barrel? >> a traditional sampling message. every year on the birthday of whiskey, we sample the barrels to ensure the quality is up to what we are looking for an aging correctly. >> reporter: you are kind enough to give it a try. look at that. it topped out. what are you grabbing? >> i will insert this in the barrel and let you hold the gas, just put your finger on the tip of the straw. hold it out. >> gives you a check, tasting to you. >> a color check and make sure the grain is apparent in the barrel flavor is coming through as it is aging. >> the tradition and history of kentucky bourbon, the reason

people are so passionate that this is available on the global market. the tariff started at 25% and impacting the global supply by 50% to the uk. those tariffs will increase to 20%, that would be debilitating and take american whiskey off the shelves in europe. they hope something can be worked out before then. back to you. stuart: we could drink it here. thanks for being with us. i am staying on whiskey. connor mcgregor is selling his majority stake in proper number 12 whiskey. how much did he sell for? >> $600 million in this deal. that is a lot for whiskey.

your reaction, a lot of money, selling it to the owner, the usc star will still get the face of number 12 whiskey brand after the sale. celebrity backed alcohol sales are hot. if you want to go j the selling 50% of his high end champagne brand, $600 million deal as well. 50% of the champagne brand, george clooney's tequila brand, almost $1 billion in 2017 and your new best friend duane the rock johnson mentioning his tequila brand. stuart: i think so. these celebrities they have made enormous amounts of money by putting their name on liquor, very successful operation if you ask me. i don't think stuart varney bourbon would sell very well but maybe.

who knows? miami's mayor pushing to regulate bitcoin in florida. what is that about? he is on the show next. ♪♪ ♪♪ going to miami ♪♪ welcome to miami ♪♪ at edward jones, our 19,000 financial advisors listen and work with you to create personalized investment strategies to help you get back to drafting dreams and building your future. edward jones. it is time for investing to feel individual. dignity. it demands a rapid covid test, because we all deserve an answer.

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stuart: bitcoin 53,$000 a coin as we speak. the mayor of miami wants to regulate bitcoin. i told you about this before the commercial break. he does want to regulate bitcoin but not the way you might think. the mayor of miami, i think you want to enhance the use of cryptos in florida so tell me how that works. >> we want to make sure florida is the most crypto friendly state in the country. looking in terms of technological -- the most crypto friendly state in the nation. imitation is the highest form

of flattery, we copied them. made the more refined, through the process. stuart: you want to adopt bitcoin in miami, property taxes, is that what you want? >> employees the opportunity to aid in bitcoin, procurement, lawyers have already been announced. the second thing, allowing resident to pay for taxes, the county is driven by a parallel legislation by the county commissioner and the third thing, holding bitcoin at an asset. if you remember the first time we talked about it bitcoin was at 32. it is now at 53 so we want to increase the balance sheet by 20% in terms of what we discussed. stuart: we hear you.

we've been on the show before talking about making miami a new tech hug. can you tell me which companies have actually moved people or operations, tech companies to miami. tell me your successes. >> blackstone tech, microsoft, a hedge fund, the largest dc from silicon valley, multiple people, the best known firm. and a huge success, i talked to the winkle voss twins, it isn't going to stop. the capital of capital, we went miami, the next generation company.

the macro markets of private equity and hedge fund, and developers and founders in miami. this is miami, texas, 4000 people flying into experience what the moment is. stuart: the point for north america meeting black america. what brings in capital from latin america to the tech businesses to miami. >> not just capital but talent. we wanted to flow easily to different parts. we think and i think my vision for the future, to imagine a future, no boundaries in the sense of economics. in tokyo, dubai in the middle

east and a lot of different cities powering the next generation of innovation. stuart: got it, thanks for being with us. best of luck with tech week in miami. now it is time for trivia. it is thursday. here is the question. how many official versions of the us flag has been made? i personally haven't got a clue, can't even guess but we will have the answer when we come back. 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 but the choice that will define you.

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stuart: did you get the answer to this, how many official versions of the u.s. flag have been made? i didn't. didn't come anywhere near it. the answer is 27. i guess that is a new flag every time more states were added to the country. 27 is the answer. i will check the cruise lines. the cdc says sailing prou.s. ports could restart in mid-july. they have listed some regulations, here they are. the 95% of the passengers must be vaccinated fully. 98% of the crew must be fully vaccinated. they will be reduced testing for covid if you've been vaccinated. and ships will be able to dock at multiple ports instead of just one. they're back in business mid-july. check the markets. we have comb off the highs of the day, we have a little bit of

green, exempt the nasdaq, now down 50. that is because the yield on the 10-year treasury keeps going up. "friday feedback" tomorrow. email us at varney viewers @foxbusiness.com. always have fun. do it again tomorrow. my time is up. neil, it is yours. neil: thank you very much, stuart. we're looking at a market kind of been fading away some earlier gains. concerns we get a good earnings numbers, all the earnings are very strong, in case of ford, estimates, concerns about the chip shortage, where have you heard this before, will impact future sales and earnings. that might flay play out a host of other companies. technology stocks, giving up little of those gains. the big one to watch for after the bell today is amazon. get the read, interest rates slightly backing up with danielle