new projects means new project managers. you need to hire. i need indeed. indeed you do. the moment you sponsor a job on indeed you get a short list of quality candidates from our resume database. claim your seventy five dollar credit, when you post your first job at indeed.com/home. maria: my thanks to dagen and brian, have a great day, everybody. we will see you again tomorrow. varney & company begins right now. stu, take it away. stuart: good morning, maria, good morning, everyone. let's deal with this one first. new challenge to established streamers like netflix. at&t warner media and discovery getting together. that means hbo, cnn, tnt, tbs now combined with discovery's distribution expertise. both stocks are up. here is the bottom line, at&t

unwinding media bet and there's one more powerful streamer with discovery's david in charge. he was a big surprise, he's a big development. next case, your 401k, showed a nice recovery thursday and friday but this monday morning things are not quite looking so good. the dow is going to be down more than 100, s&p to the downside by 16 and nasdaq also down around 70-odd points, plenty of red this monday morning. however, look at this, bitcoin trading at $44,900 a coin yet again elon musk involved. he put out a tweet which was considered negative for bitcoin and tried to walk it back, that didn't work and we are at 44,000 level. doge coin by the way, last checked 51 cents. you know what everybody is talking about this morning, new revelations in the gates divorce case. reports suggested that bill had suggested relationships with

microsoft employees and this came after 1994 marriage. no surprise, melinda has long objected to behavior. she wants to spend some of the foundation money to combat sexual harassment and discrimination. there's a new border crisis, pandemic refugees in rewent weeks, there has been a big surge of people fleeing covid. one-third of arrivals come from countries outside of mexico and central america. wait till you see -- you have experienced it, the confusion of a mask wearing. extraordinary. monday may 11th, it's tax day. varney & company is about to begin. ♪ ♪ stuart: we are going to geto politics and money in just a

moment, but the story that a lot of people are talking about not just the gates divorce but mask confusion. fox's chris wallace confronted cdc director dr. rochelle walensky in mask guidelines. >> things in the pandemic are starting to turn around and what's also happening is we are getting data evolving data on the science. chris: new guidance says clearly good news. it certainly has created some confusion and even concern. >> it certainly would have been easier if scientist had been involved earlier and i'm delivering the science assigns is delivered to the medical journals and, you know, it evolved over the last week. the cases came down. stuart: all right, dr. marc siegel with us this monday morning. i can't describe it any other way than saying we have mask confusion all across the country. what's going on, doctor? doctor: i will put it very simply, i can put through the

confusion and get rid of it. i have a lot of respect for dr. walensky but the facts are it did not just happen over the past week where the data suddenly came running in. we knew from israel back in march where there were studies out of california and across the country that have shown that when you're vaccinating you are not spreading covid-19 and not getting sick from covid-19. on top of that, the case numbers have dropped over several weeks. we now don't have a single red zone in the united states left. all of that didn't suddenly happen last week. what happened last week, my opinion, is that the politics got involved and, you know, the biden administration probably got pressure saying, look, you guys are wearing mask but the vaccines work, what message are you sending? so bam, the guidelines changed. the science has been there for a while and should have happened earlier, period. if you're vaccinated, you don't need a mask outside or inside, period. if you encounter someone that isn't vaccinated, they are not going to spread it to you, very,

very unlikely. stuart: but we don't know who is vaccinated or not vaccinated. you walk around anywhere, someone is coming towards you where no mask, you don't know whether they got a vaccine or not. doctor: first of all, we are a free society. let's try to remember that. we are not some society under government-mandated, every bit of behavior watched and you get hold off to jail if you don't handle mandate. that's number 1. number 2, if a business, yes, i'm talking about a business decides that they degree with that you are point, they can say that within my store people wear masks. i think in close corridors there's still justification to be made for that, but the super imposition and the punishment, the feeling that you're being controlled, that's fear driven and that's what's got to go now. we have a lot of good news happening with covid. stuart: how about this, cdc says unvaccinated children should continue wearing masks, what's

the science behind that, doctor? doctor: well, so that's similar, stuart. here is the science, children are almost never spreading covid-19, much, much less than adults. the younger, the less likely they are spreading it. they are spreading it more in the communities than in schools. now you have teachers vaccinated and staff, there again chances in school are very low. we found out that you don't need 6-foot of distance, 3 feet is enough because the virus doesn't spread that way and hangs in the air. my advice for schools, kids should be encouraged to wear masks still but not mandated, not super imposed, not punishment, and the science says the risk is very low. stuart: who is at fault here, the cdc or the administration? doctor: well, we can't be inside the conference rooms.

cdc is following marching orders. the cdc should say what the science is and they should not be pushed around and not respond to politics, period. i have to put -- i have to put it on them. stuart: got it. dr. seigel, thanks for joining us, thank you. retailers, they can change to mask policies, wal-mart, cosco, trader joes no longer require masks. target ended mask requirements literally moments ago. starbucks also saying mask in their stores are optional unless local regulations require them. i'm talking confusion here. other retailers including apple, cvs, walgreens are still evaluating cdc guidance and say they could update policy. like i said, confusion. let's get back straightforward money, shall we? we are looking at a decline in stock prices at the opening bell this monday morning. jason kats with us today.

jason, are you buying anything? this is weakness all over again? are you buying into this market again today? >> speaking of confusion, this great inflation debate rages on and people are confused. the fed believes it's transitory and frankly the market believes otherwise. so are we net buyers on pronounced weakness, yes, but on the margin no. that doesn't mean we are bearish. a lot of the high-flying, no multiple stocks will and continue to come under pressure as rates grind higher. why because constituency that own them are newbies, it's first roads into, we have a lot of weak hands in the market. stuart: jason here is what worries me. i see inflation all over the place, whether it's gas prices, grocery prices, whatever, i see it and the ceo's are reporting it. what happens if the fed sees this inflation and suddenly out

of nowhere taps on the brakes with the printing of money, what happens then? jason: they put themselves between a rock and a hard place. the university of michigan sentiment survey suggests that consumers see 4.6% inflation this year which is far hotter than the fed is anticipating, which means it'll have to taper sooner. you thought we had a taper tantrum years ago, this would be one for the ages. i hate to overuse the term, but the fact of the matter is, reopening globally is uneven and i think as we globally reopen, you will see them and when that happens a lot of people who have been disincentives today come back to work will show up to the workplace. everyone wanted a vaccine and checks in the pocket, send your kids back to school, gets back to work. i think when that happens you will see inflation hotter than

it was procovid but not quite as high as the markets are ringing their hands over right now. stuart: all right. you are making us all feel better, a little bit better on this, your birthday jason katz, happy birthday to you and many more. now then the other story that so many people are talking about, the bill and melinda gates divorce. susan, you have to be in this. bill was investigated by microsoft's board right around the time he decided to step down. all right, what was the investigation all about? susan: inappropriate relationship with microsoft employee. so gates acknowledging the affair through a spokesperson that's official and reports say that the affair led to his resignation from the microsoft board in 2020, however, bill gates himself and through the spokesperson says that that wasn't a factor. now it's also unclear at this point if the affair which took place 20 years ago played a role in his divorce with melinda gates. microsoft said that microsoft board actually looked into the

microsoft engineer's allegations that she had a sexual relationship with bill gates in 2019. now a new york times report also suggest that gates pursued other women at microsoft and the gates foundation while still married to melinda but noted that gates never pressured or retaliated against the women approaches thed which i think is important and one of the most expensive divorces in history splitting $140 billion worth. two separate publications and reports make these allegations. stuart: well said, susan, thank you very much, indeed. there's this' too. looks like prince harry is exercising to bash first amendment. [laughter] >> i still don't understand it but it is bonkers. stuart: okay, prince. we are very grateful for that

input. nigel farage takes that on in the 11:00 o'clock hour. i will too. quick check of futures on the downside. we are all over it. varney & company more after this. ♪ ♪ ♪ with allstate, drivers who switched saved over $700. saving is easy when you're in good hands.

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♪ ♪ ♪ >> stuart: well, george

harrison, why not? futures suggest a decline first thing this monday morning. again, no idea how things closed but when we get the opening bell ringing you will see red ink. take a look at big tech. they are all almost down on the downside. just amazon eking out a small gain. we have elon musk once sending bitcoin on a really wild ride. susan, take me through the story, please? susan: bit don't dipping to 39,000. elon musk responding to tweet that tesla might develop bitcoin holdings with response saying, indeed, and clarifying this morning just 2:00 a.m. or so this eastern time and he's clarifying speculation that tesla has not sold any bitcoin. bitcoin prices bounced back up on the clarification, back up to 45,000 and you had really crypto across the board, xrp falling.

stuart: distant. susan: falling across the board. can you hear me? stuart: i'm sorry, susan. [laughter] stuart: your audio is a bit fuzzy coming into my ear. that's all right. keep going. susan: no, no. musk is still a believer in bitcoin. that's what we confirmed this morning with the tweet and jack dorsey is also another bitcoin believer that bitcoin makes everything better and responding to reports that twitter may not be buying any more bitcoin after losing $20 million on holdings. now 43,000 might be, you know, attractive entry point to people. don't ask me if i'm buying in, though. stuart: i was going to ask the very question but since you don't want it, i won't ask. i will save it till after the show. susan, thanks very much, indeed. we will bring that quickly. i want to bring in stephen moore. look, we always talk to you about the rocket ship economy. i want to talk about cryptos.

what's your take on what i call crypto craziness. what do you make of it? >> look, crypto serve important economic function in this global marketplace which is they are hedges against inflation and they are hedges against, you know, out of control government borrowing, out of government spending and that's one of the reasons why we have seen such a wild upward ride in crypto. now, obviously it's been choppy lately but the fact it's important to have non-central bankers in a private currency competing with government currencies. by the way, the government central bankers hate that and they want to get rid of crypto currency, all the more reason to have them. i'm surprised that cryptos haven't gone up as we see increase in inflation in the last few weeks. stuart: do you think that the central banks, the authorities of the financial world will take some action against crypto's

like bitcoin when they use to pay ransom, we are all held to ransom for our east coast energy supplies, shouldn't the government be taking some action against this? >> okay. we have an audio problem, either that or freeze frame right there on the screen. i think that's what we've got. all right, we will bring susan back. no, susan, i'm not going to ask you if you bought bitcoin at $43,000. i'm changing the subject entirely. susan: okay. stuart: when do monthly payments for tax credit are going out? >> susan: happy tax day. i'm a procrastinator. in terms of the child tax credits, july 15th is when the $300 a month checks for each child under 6 hits the bank account for america, $250 for children 6 to 18, 40 million families have eligible for this and for the first time payments

that are given annually as tax refunds will be distributed monthly instead and because these advanced payments are starting only halfway through this year, families will get the second half as tax refunds instead and this is part of $1.9 trillion relief the senate passed and the increased amounts are being phased out for families that make over $150,000. if you make less, you are entitled and, yes, don't forget, we do have may 17th tax day today and you have gotten an extra month to file your claims. stuart: back to tax credit checks, millions of families eligible, $300 a week for each child under the age of 6. you're talking major stimulus here, aren't you? susan: that's why it's part of $1.9 trillion package and could go up. $300 a month depending on how many children you have, that could go up to roughly $20,000 extra which is something that we

know that the -- the left and biden has said on the campaign that they wanted to do which is mandate a family income for those who don't make a lot of money. stuart: i just wonder if it would lead to inflation when you have extra money floating around with strong economy. all right, susan, short commercial break and before we do i will tell you what is happening on the markets this morning. lots of red but not serious, selloff at this point and then we have more than 74 million people voted for president trump. you know that, but ousted gop conference chair liz cheney think they have been betrayed. watch this. >> there's millions of people that you mentioned who supported the president have been misled. they've been betrayed. stuart: president trump betrayed his 74 million supporters, question mark. there is another side to that statement and we've got it for you. we will be back.

♪ ♪ ♪

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when you post your first job at indeed.com/promo stuart: see the red ink on the left-hand side of the screen. we will open the market on the

downside. right now we are joining by keith fitzgerald. keith, i have to tell you something, i'm tired of seeing theatrics from musk on bitcoin and cuban on doge coin. you're in agreement with me. this is crazy stuff. >> this is lun acy. this is very frustrating. >> you bought into it, haven't you? >> i did, but i bought into it for different reasons and i bought because steve moore alluded to. alternative form of value. i'm really at the point where i don't care if it goes up or down immediately because i'm looking at it as an investment. what i'm looking if institutions are latching on. i want to get a toll in the water right now regardless of what all the celebrities do. stuart: talk to me about the federal reserve and inflation. i was saying to jason katz

earlier, i see inflation all over the place. it really is there. what happens if the fed sees this inflation, perhaps say, hey, it's not away that fast and taps on the brakes, you'll have a real problem in the tax market, wouldn't you? >> this is my biggest fear. everybody knows the emperor have no clothes except the fed. the fact that they say it's under the target, 2%, there's no way. everybody knows it except for the fed. i think that the remarks to be will be critical because powell could allude they might bring rate increase in 2022, main even outside chance of later this year. stuart: because they have been saying no rate increase until, i think, the end of 2022 or even 2023. if they go back on that today, what do you think happens to the

market? >> i think it's a hard selloff instantly. traders have gone quiet. traders around the world before i came on the show are all waiting like an old-fashioned saber-toothed tiger and then pounce. when you get a situation like this as an individual investor, you want to be calm, take a deep breath and let them make the mistakes and mover in. stuart: would you throw any fresh money, would you put it today? >> without reservation because i have a perspective 24, 36 months from now. not all the big tech but just the big winners, microsoft, apple. stuart: okay, keith. thanks for being here. it's going to be a big day. keith fitz, we will be seeing you very soon. you have 30 seconds for the opening bell on wall street this morning. this is going to be a very important day. we are going to learn something from the fed. the tea leaf readers will be out

there this afternoon when we get some message from the fed as to how they see the future. as we were saying to keith right there, we have been expecting and the fed has said no rate increase for at least another year or year and a half. if they go back on that today, watch out, everybody, all bets would be off but it's up to the tea leaf readers to tell us how to interpret. 9:30 eastern on this monday, tax day, may 17th, we are up, we are running, modest loss. i see two third of dow in red. the dow is down 50, 60 points. that's it. the level is 34,300. s&p 500 on the downside. a bit less than a quarter percent down. 8 points there and the nasdaq composite, that has open on the downside. you have a big problem here on the nasdaq. i believe it's been down for the last 4 weeks. you are back to 13.03.

big tech this morning. take us through this, susan. i only see one big-tech winner and that's amazon. susan: i would say get back to 4-week losing streak and we haven't seen since 2019. you have to go back almost 2 years and the concern is about inflation and higher yields. now interesting points i heard from kathy wood and her strategy session this weekend as she believes that this is all a trance story, meaning innovation, electric cars and the like will mean that she won't see inflation spike to the level that is you experienced in the early 1980's and that's moved by the way, spike up in ten-year yield, doubling in just about what, 7 weeks or so that we haven't seen really in the last 40 years or so and the reason behind that is because of transitions and shifts and what the federal reserve is demanding from banks to hold tenure bonds. does that make sense? during the covid lockdowns in order to ease up on the requirements of the banks, they

could use ten-year holdings and that could be lifted and they sold off a lot of u.s. government debt and that's how we saw the spike during the yield. stuart: we have yield at 1.64% and most of big tech on the downside at least at the opening bell. got that. let's move onto discuss the streamers because as you know, susan, you've got the story. a new streamer coming to town, merger of warner media assets with discovery, creates a -- i think it creates an exciting new player. what do you think to this? you could now create a new streamer, i guess you can call it that, which has movies, original content, sports and news. that is possible, isn't it? susan: yeah, definitely. and i would be very curious to hear what you have to say since you know a lot of the players involved. they've been around for a long time. warner was bought for $85,000,000,000.03 years ago by

at&t and it's all getting bigger and the streaming future and the cord cutting that a lot of companies continue to face. you have over 44 million hbo max. hbo streaming subscribers. the spun out entity will be headed by david and we know that jason kyler will stay as warner brother's head. the door is now open for jeff zucker to remain at cnn. the deal surprised a lot of people. at&t only buying time warner 3 years ago and spending tens of millions of dollars defending the deal from the department of justice but i guess in the case at&t really needed the cash. they get $43 billion in this deal, right, they have to pay down a huge debt load of $160 billion and also, you know, they have to defend their dividend which a lot of stock investors really want in order

to -- why they bought into at&t. i was looking at the dividend yield in at&t and it's pretty high at 6% or so. stuart: yeah, yeah. i bought it some time ago. i bought it for the dividend yield not seeing this coming down the pike. i think david is one of the big winners out of this. susan: absolutely. stuart: he controls a lot of turf in the streaming business. it's all under him. tell me about viacom cbs? >> it's up because it's likely up for grabs. next target for media merger. we know that $20 billion is not going to cut it in the media wars today and that's the reason why discovery tied up with time warner and there's been talk in the past, discovery have been eyeing up the tie-up with viacom cbs and winning settlement with former ceo who was fighting to keep $120 million in

compensation. it's all about media content that's rallying cbs today. stuart: if you can get all of this content with one good distribution platform, you got yourself a winner to compete with netflix and with even disney. susan: yeah. what about the timing of this announcement, by the way, stu, you know the media where you sell advertising to advertisers are kicking off this week with fox and nbc starting this monday and this time warner deal being announced just in time for that. i don't think it's a coincidence. there's never such a thing of coincidence. stuart: i don't know how saslof kept it so quiet. we have glaxo smith klein, they say their experimental covid vaccine showing strong results. early stage studies say it's efficacy is 95 to 100%. they plan to begin a new treys 3 trial in three weeks.

both stocks up. micro strategy on the downside, i think, yes, it is. 5.8%, i guess this is because they hold a lot of bitcoin, susan? susan: they hold a lot of bitcoin. price of bitcoin which hit lowest level in more than 3 months. the business analytics companies hold roughly $5 billion bother and we hold that much and bitcoin prices go down and you go down along with it. square and jack dorsey, continuing to hold $170 million and they say that they will continue to buy despite the fact that they lost around $20 million so far on some of the bitcoin purchases. stuart: yeah, i mean, you see where i'm coming from, susan? you get the theatrics from elon musk and mark cuban affecting not just cryptos but the overall market. major league stocks here. susan: yeah. stuart: don't we have a lot of crypto-related stocks that are down this morning? susan: i want to throw minors as well. like the marathon pyton and i

will throw coin base in just a bit. they are all tumbling. we have bitcoin going down. xrp and cardona and doge coin outperformed, back mark cuban and elon musk comments which we will get to later on. stuart: we have to. [laughter] stuart: we will. the dow winners, 30 stocks in the dow. the best gaper is merck which is up 1 and a half percent. as for the s&p 500 winners, the top spot taken by discovery. no surprises. they have the deal with at and, the, warner media unit. that stock discovery 17%. amazon is up there as one of the big winners. up one and a quarter percent. $3,200 a share. that is amazon. then you have this.

he's used it in front of the camera, you know him. matthew mcconaughey may run to be next governor of texas. mark cuban, using doge coin as valued payment method could soon be a reality. i will leave it at that. ♪ ♪ ♪

maria: all right, crypto currency craze. you can say that again, owner of the dallas mavericks was the first to accept doge coin. susan: he and elon musk boosted doge coin up 12,000% this year and doge could be a valid

payment mechanism because doge coin sun limited whereas bitcoin is capped at 21 million coins. so there's a finite amount. the unknown, if we can bring up the tweets from mark cuban. he went on a long rant. whether enough people can use doge in that way as a payment system. he's not talking up his own book because if only doge he bought with 11-year-old son and he keeps when buying mavericks gear on mavericks.com. stuart: you know, we had a guest, one of our viewers write to us on friday feedback and say why do you spend so much time with this? he moves the markets. that's it. that's the true. we have to cover it.

i don't like the theatrics but you have to cover it. look, susan, i want to bring in matt hogan who has a new crypto etf. he joins us this morning. before we go into that, matt, doesn't doge coin give the whole crypto game just a bad name? >> it does a little bit, stuart. i mean, look the reality what crypto does it takes money out of the physical world and moves it into the internet world and you great things from that, more efficiency, more speed, lower innovation, more inclusion and you get bad things that come along with the internet, that includes aspect of celebrity culture, memes and jokes. the problem for doge coin there's nothing about the celebrity endorsement that is overcomes the fundamentals of it as a block chain technology and as you dig in the surface, the fundamentals aren't great. does it cast a bad light over crypto, to a degree, yes. but in the end and the overwhelming advantages of real

well-developed crypto currencies like bitcoin will shine through. stuart: if i invest many your etf, i'm not investing in cryptos themselves, i'm investing in what i would call the crypto infrastructure? >> that's exactly right, stuart. yeah, our new etf, crypto innovators etf, brtq holds the picks and shovels of the crypto economy. crypto mining equipment manufacturers, these are the companies that build the roads, bridges and infrastructure that let's the crypto economy calm. you're not holding bitcoin directly, you're holding the companies that participate in this fast-growing crypto economy. stuart: but doesn't all of those companies we have on the screen right now, they're in your etf, they all rely to some degree on the theatrics of elon musk and others like him, don't they? >> oh, absolutely.

they are exposed to everything good and everything bad that's going on in the crypto economy. but i'd encourage folks to look back a little bit. the recent days in crypto have been extremely volatile but if you look over the past year, bitcoin is up 300%. many of the crypto infrastructure plays are up or more and long-term crypto is up to the right for the past few years. has it been volatile, yes. would it be volatile in the future, yes. but the fundamental breakthrough of what crypto enables, money to move fast around the world and be programmed like software. these are not going to be deterred by individual celebrity tweets. so it volatile, yes, is it interesting, yes, are the fast-growth companies absolutely. but definitely, it's exposed to all of this. stuart: all right. matt hougan, good luck with your

etf. >> thank you. stuart: that's the exchange where you can buy and sell cryptos, that, i believe, susan, they opened -- 243. what's the price now in -- it was only last month. susan: reference rate in direct listing was 250, stu, you have to remember that on day one coin base soar today 420. it's come a listening way. coin base makes 90% of the money from transaction fees that it charges 60 million users and that amount goes down when you have a drop in crypto prices but we did see that coin base did rally actually after earnings despite the fact that they missed a little bit in the first three months of the year because they will offer doge trading in the next 6 to 8 weeks, more interest coming online. stuart: okay, and this morning that are at 241, down 6 and a half percent. susan. thank you. check market indicators. in the red but not a huge

selloff this monday morning. ten-year treasury yield. it's at 1.63% right now. gold, we have a lot of talk about inflation. gold is so far not being that big of an inflation indicator but this morning is up again reaching $1,854 per ounce. up 16 bucks there. bitcoin, another quote, 44,000, i repeat. 44,800. the price of oil. well, it's around $60 a barrel and the price of gasoline now averages 3.04 a gallon. i checked. last may 17th, 2020, it was 1.88. 3.04 for gas now. programming note. not only is today tax day, may 17th, i'll be joining maria with kudlow, tax to the max at 4:00 p.m. eastern. if you can't watch live, set

your dvr. violence in the middle east, yes, it is intensifying by the hour. it's causing a major divide among democrats. one of the hardest places to find gas in the country right now amazingly, our nation's capital, i will take you there. i bet prices are going up. we will be back. ♪ ♪ ♪

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yes. yes you do. a kohler walk-in bath provides independence with peace of mind. call... to receive fifty percent off installation. and take advantage of our special offer of no payments for eighteen months. ♪ ♪ >> stuart: wow. it looks pretty good out there, doesn't it? that's phoenix, arizona where it's 68 degrees and going up from there, i'm sure. market down off 150 points. more than 80% of gas stations in washington, d.c. are out of gas. edward lawrence is there. edward, i bet the prices are going up, right? edward: yes, prices are spiking.

83% of all the gas stations in the district of colombia are out of gas. that one, though, has gas, so if you're lucky enough to find this area, you can have gas over there. i've seen a lot of license plates from dc and maryland and virginia this past weekend because virginia only about a third of the stations are without gas. colonial pipeline started flowing gas through last wednesday. the company says that it is flowing at a normal rate, however, it takes a while to get the supply chain to catch up from where the losses have been and the shortages so senator john barrasso said now is the time on sunday morning futures, he said, now is the time for this administration to reset their antipipeline rhetoric. listen. >> we need more pipelines. not fewer pipelines, they are lifeline for our energy, for our economy and jobs. this administration has been asleep at the switch on this. if one pipeline goes down and can cause this amount of panics and the long lines, it tells you

how vulnerable we are. edward: because of the reliance on the one pipeline, 45% of all the fuels on the east coast come from the pipeline. the price of gas has gone up. triple a says 3.04 a gallon this morning for the regular stuff. last year at this time we were paying 1.87 for gas. that's a 63% increase over one year. the highest price since 2014 when barack obama was president. we are again two weeks away from the memorial day weekend, consumers are very concerned about what the gas prices will do then. it is traditionally a driving holiday. back to you. stuart: yes, it is a driving holiday. what price will we pay? more than 3 bucks, i guaranty. thank you very much, indeed, edward. let's check the markets because we are in the red. nice bounce last friday. some recovery. not so this monday morning. dow is up 140 and the nasdaq is down 90. coming up, we have jason chaffetz, we have denise and

sandra smith joins us and texas congressman chip roy. there's also a brand-new and very troubling development to the border crisis. i'm talking about the flood of pandemic refugees. they're here. my take on that next. ♪ ♪ ♪ the world's first fully autonomous vehicle is almost at the finish line what a ride! i invested in invesco qqq . . . . stay restless with the icon that does the same. the rx, crafted by lexus. lease the 2021 rx 350 for

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♪. stuart: the motley crew. why not. this monday morning. good morning, everyone. it is 10:00 eastern. straight to your money. we have red ink this morning, it is not overwhelming, not overpowering. dow down 100, nasdaq down 90. 10-year treasury yield as of right now is 1.63% on your screen and big tech still mostly lower. we do have the exception of amazon which is up a strong 1.7% this morning at 32.78. that is the price of amazon. bitcoin, you got to get to that these days. almost every five or ten minutes we have to quote bitcoin. $45,000 exactly as of right now yet again elon musk is involved

in the volatility. we'll tell you all about that coming up. first though we have got the homebuilder housing index for may. good morning, ashley, what do we have? ashley: good morning to you, mr. varney. came in at the exact estimate of 83 in may. more than 83% of the members finds about conditions to be good. that number remains the same as april. the big issue as we know, the rising cost of materials, lumber in particular. builders are slowing down sales to help manage their own supply chains. a lack of labor and building lots, means consumers expect rising prices through the end of the year. stuart: okay. glad to hear that. no impact on the market i can see. we're still down 150 for the dow, 111 for the nasdaq. and now this. there is another crisis developing at the border.

a flood of pandemic refugees. look at this. 30% of the families arriving at the border come from countries outside of central america and mexico. that was last month. it was just 7% coming outside of those countries in 2019. that is a brand new element to the border crisis, isn't it? it's a whole new challenge. there are reports that some people are selling everything in their covid ravaged countries. in desperation setting out for our southern border. they're knocking on our door making the humanitarian case, let us in. what does the administration do? we have vaccination almost on demand in america but in places like india, brazil the virus still rages and vaccines are not widely available. yet again america is the promised land. everyone wants in. discuss as this is happening the administration make as royal mess of the masking rules.

there is it real confusion about who should wear a mask, when, and where. so we have an emerging covid crisis on the border and covid confusion here at home. we need clarity on masks and we need clarity on the border. the president should answer questions and tell us clearly what's going on because right now we're really not sure who is calling the shots. the second hour of "varney & company" is about to begin. ♪. stuart: jason chaffetz with us this morning, my obvious question, jason, i'm sure you heard what i had to say about the border and mass confusion, who, in your opinion, is calling the shots at the white house? >> i think that exacerbates the problem. kamala harris is supposed to be in charge of the border but she

hasn't been there in nearly two months. she hasn't made herself accessible to the mead to answer questions that exacerbates the problem of the as it relates to masks the white house is still in sales mode. they want to pass trillions of dollars in additional funding. so you see the president himself, he can't even get the mask mandate right the way he wears it, doesn't wear it, shouldn't wear it. outside walking across the north lawn, then he is not wearing it. it is a severe problem. i like the clarity of what you said and let's remember this white house totally fundamentally, changed the way we deal with the border. trump had it under control. now it is an unmitigated disaster. the catch-and-release is again causing more confusion. they're putting, by the tens of thousands people out into the homeland who potentially have covid and they have no way to get a job or anything else. it is a absolute disaster. stuart: next one, congresswoman liz cheney says donald trump supporters are being betrayed.

listen to this. >> what about the millions, tens of millions of republican voters who still support donald trump? why alienate them. >> those millions of people that you mentioned who supported the president have been misled. they have been betrayed and, certainly as we see his continued action to attack our democracy, his continued refusal to accept the results of the last election, you see that ongoing danger. stuart: all right. jason what do you think? betrayed, 74 million americans who voted for trump betrayed, what do you say? >> i don't think she has been able to bifurcate the idea that people really like the policies of donald trump. that he exceeded their expectations. the economy was on the right track, foreign policy was moving us into a safer place and yet she keeps going back to this trump derangement syndrome and can't get off of it.

january 6th was a horrific day. there is lots of criticism to go around. at the same time people like donald trump what he did, they like his policies. he didn't put up the garbage that is washington, d.c. and he produced results. she never embraced that, never understood it, always fought against him as it relates to foreign policy. he wanted to bring the troops home and she wanted to expand our endless wars. stuart: got it, jason chaffetz, thanks for being with us this monday morning. we'll see you real soon. we got the report there on the homebuilders index. it was a fairly high number, 83, still pretty strong i would say. the ceo of the national association of homebuilders joins us now, jerry howard, frequent guest on the program, back again today. first of all, jerry, what is this about the short fall of supplies, breaks in the supply chain? the housing materials, they're not there as much as you want. prices are going up. what's at the bottom of all of

this? why these shortages? >> you know, stuart, particularly with lumber, when we were building over two million units a year, lumber prices were about $400 per thousand board feet of lumber. now they're over $1400. it adds over $35,000 to the cost of a house. so we asked ourselves why? we've talked to everybody in the supply chain from the people who grow the trees to loggers that cut them down, to the people that distribute the lumber to us and it is all pointing at the sawmills. clearly the people who run the sawmills are not operating at full capacity. they're making a boatload of money. it is all coming out of the backs of the american homebuyer. stuart: now that's lump before. you got a problem with the sawmills. they're not turning the stuff out, i understand that. what about labor shortages? can you get the people you need to build the houses you want to build? >> we've had labor problems for

the last 20 years or so, stuart. we've been working very hard, prior to the great recession, prior to the covid recession, to try to get more people into the industry. we rely on immigrant labor to some point, legal immigrant labor but we also got to show american workers shows who have been put out of jobs during the covid recession, if you were working in the construction industry you would have never laid off. we were an essential industry. we are an essential industry. there are good careers there. we have to get a lot of americans looking at these jobs as the future of their careers. stuart: can i sum it up like this? obviously with strong demand for new homes it takes you longer to build one and costs more money to build one, is that where we are? >> exactly right. people getting hurt the worse by that, first-time home buyers, first generation homebuyers, a

increase in 35, $36,000 in a house, puts them right out of the market. it is a shame. we hope the administration takes notice and does something. stuart: you don't expect anything to happen in the immediate future? this problem lasts? >> we keep being told the administration is still gathering all the facts. unfortunately we think the problem will be around with us the rest of the year at least. stuart: you guys should be smiling. looks like you're surrounded by problems. jerry howard, we appreciate it. >> good to see you again. stuart: yes, sir. thanks so much. check the markets again please. we've been open for what, 39 minutes? i see the dow off 120. nasdaq continues its decline, now down 120 points. susan will maybe offer i think light relief here. she is watching hostess brands the twinkie people. susan: higher profits, higher sales but hostess continues to see elevated at-home consumption

of its snacks. this is an increase on the go sales including twinkies. this is outperforming when it comes to earnings, but a selloff when it comes to actual earnings. palantir lower today, after george soros' investment firm sold off nearly 18 1/2 million shares in the company. the billionaire investor opposes palantir's murky business practices. i thought that was interesting. texas roadhouse, deutsche bank upgrade to a buy. recent trends, texas roadhouse might be a little conservative when it comes to their sales estimates. they're putting in a price of $116 for the stock. you could get 20% more upside. amazon is rallying today. working well, safety and injury prevention program to all amazon operations in the u.s. before year-end. this is part of a 300 million-dollar spend when it comes to worker safety. stuart: all right. it is that time, susan, when we have to bring in elon musk.

clarifying his tweet that sent bitcoin to what, 43,000 bucks overnight. what, take me through it again, susan. what he has been saying? susan: are you saying every day we have a elon musk moment? it is that time for bitcoin or musk. stuart: yes. susan: bitcoin was down 30% from recent peaks 43,000 was the bottom after elon musk responded to a tweet that tesla might dumping 1 billion-dollar bitcoin stash. you see highlight. clarifying, to clarify speculation, tesla has not sold any bitcoin. bitcoin prices bounced on the back of that elon musk clarification back up to 45,000. ether was down. xrp was down. outperformance from doge and cardano cryptocurrency goes along with where bitcoin prices.

jack dorsey with tesla, elon musk. keeping his belief with bitcoin. that bitcoin makes anything better. square may not buy any bitcoin with the cash holds after losing $20 million on the bitcoin purchases in the first three months of this year. stuart: after all this backwards and forwards, bitcoin is at $44,000 a coin. susan: down from 53,000, remember? that was last week, last wednesday. stuart: yeah. that is quite a rapid decline. susan, thanks for keeping up to speed with mr. musk. always appreciate it. this is out of left field. navy pilots speaking about possible ufo an counters. roll the tape. >> we saw a little while, tic-tac looking object. it turns abruptly. starts mirroring me. i start coming down, it comes up. it gets right in front of me and disappears. stuart: how about that?

that is a shocker. congress by the way is taking it seriously and we have details for you. there is this, prince harry calling the first amendment bonkers. so why doesn't he just leave the country, please? we'll get into that. first the border surge, no sign of letting up. now how many migrants are coming here to escape the virus in their own countries? 30% of people coming into the country may be running away from the virus. i will talk to arizona sheriff mark lamb after this. ♪ my retirement plan with voya keeps me moving forward... even after paying for this. love you, sweetheart they guide me with achievable steps that give me confidence. this is my granddaughter...she's cute like her grandpa. voya doesn't just help me get to retirement... ...they're with me all the way through it.

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♪. stuart: human smugglers running groups of migrants across the rio grande river without any legal repercussions. alex hogan is in del rio, texas. alex, you spoke with the border patrol chief there in that area, what are they sayings, what are they doing about this? reporter: stuart, there is not a lot they can do because simply how over well -- overwhelmed thy are. look on the side of me. this group of 11 people just arrived after a journey here to the u.s. from cuba. so far customs and bored protection, arrested people at the same in the whole country. coyotes lead them the border, sometimes at cost of year's worth of salaries. this man, video, camouflaged gator helps migrants cross the river before turning back once again.

he gets within the grasp of authorities, del rio chief says that smuggling humans across the border isn't as easy to prosecute as it sounds. >> you have to prove it with evidence, right? this person could very well be helping people walk across the river. now if we had the evidence to prosecute i'm confident our states attorneys or u.s. attorneys would take the matter. it would be a very difficult case to prosecute. reporter: back here in del rio, yesterday, nearly 30 people crossed this little section alone, surrendering to border agents, among them a family of two who had been traveling for two years. we met another group of people from cuba, who had been traveling for three years. in the rio grand valerie yesterday our crew was able to see border agents with helicopters flushing people out who were in the surrendering like people behind me but on the

other hand were trying to flee. stuart. stuart: alex, thank you very much indeed. more on the border story now. in fact a development of the border story. 30% of all the families apprehended along the southern border were from country other than mexico and central america countries. i'm calling them pandemic refugees. sheriff mark lamb is with us, sheriff in pinnell county, arizona. frequent guest off the program. these covid refugees, sheriff, you're 60 miles from the border, are you seeing any of them come through the area. >> no. the government keeps giving us excuses. last week it was coronavirus. the week before that it was climate change. the week before that it was corrupt governments. they think the american people are bunch of fools. they keep telling us these things. what people tell us drying to capture them, coming through the desert trying to avoid detection, they tell us they're

here because of joe biden's policies. it is about poverty in their country. i'm for coming here making a better life. we have a process in place. they're not following it because our government is noting it. stuart: health and human services is diverting $2 billion in covid relief, diverting it to house thousands of my grant children on the border. what do you make of that. you're shaking your head. what do you make of it? >> they don't understand the crisis is at the border, securing the border, that is the crisis. put the money there i understand you deal with people coming in because of your poor policies. the crisis is at the border. let's secure the border first. then we can start to deal with unaccompanied minors. for that matter, give us money to the sheriffs, we'll do the job. that is why sheriffs are rallying together protect america now, hopefully you support us protect america now.com because we will take care of this problem one way or the other. stuart: i want to know what the

endgame is. we've been reporting on this for months now. you've been our guest reporting on this for months? where are we going? i see no stoppage of the flow of people coming into our country. where and how does it end? >> that's a great question, stuart, i think they are achieving what they wanted to achieve which is chaos in our communities, chaos for local law enforcement. they want to flood this country with as many people as possible, into as many states as possible and i think they are achieving what they're trying to do. unfortunately its at the cost of the american public, between the humans and drugs that they're trafficking in here, this is just so reckless, so dangerous and we've got to figure out what their endgame is or get it under control in some way, shape or form. i think they are achieving what they want to achieve. stuart: tell me, last question, what do the local people in your area think about this? >> oh, the local people in my area are furious.

because we see the amount of drugs and people coming in. they don't stay in my county. we understand they don't stay there they go throughout the rest of the country. there are sheriffs in east coast have more illegals in their custody and jails than i do in mine. this is not signed to stay in pinnell county or arizona. this is designed to go throughout america. you will see fentanyl, methaphetamine, illegally trafficked humans in your communities if you haven't already seen them. stuart: sheriff, thanks for being our guest on the program. >> thanks, stuart. appreciate it. stuart: come again soon. yes, sir, thanks a lot. check the markets please, we come back a bit. the dow is down 80. the nasdaq is down 60. that is a comeback. look at boeing, microsoft, home depot, they are all dow stocks and all are down and collectively they take about 75 points off the dow industrials. without those three stocks you would have a very slight loss for the dow.

next, masks one day, unmasked next. the cdc making a mess of the new guidance but insists it is following the science. watch this. >> i'm delivering the science as the science is delivered to the medical journals, it evolved over this last week. stuart: all right. what about kids? should they still wear masks? we will deal with that one too. how about gold? is it the best bet against inflation right now? it is certainly up in price, up 22 bucks at 1860. dennis gartman says yeah, he will make a good case for gold after this. ♪.

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♪ ♪ (upbeat music) ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪ ♪. stuart: all right. lots of red ink. now we're down 100 points for the dow jones industrial average but, take a look at the price of gold this morning, please. getting up there again. 18,000 -- sorry, $1861 per ounce. it is up 23 bucks, one 1/4% today. and here is dennis gartman. gold, he has been, i say pushing

gold, that is the wrong expression to use but you recommended investing in gold for sometime. >> yeah. stuart: is gold now the inflation hedge? >> i think that it is. first of all let's understand stuart, i'm not a gold bug. i don't believe gold is the be all, end all. there are times when one is to own gold. there are times when one is to be short of gold. there is times when one is to be neutral of gold. through the '70s, '80s, '90s, even into the teens i was bearish on gold market but i think gold is probably better of inflation hedges one can put one's hedges on. i don't think crypto is inflation hedges at all. gold has proved over thousands of years, it has some merit, has some value, it has some psychological benefits to it. we have gold above 1850 in the spot is very important from technical and psychological perspective. the monetary authorities are being expansionary everywhere

around the world. i think that benefits gold. there are times when one is to be neutral of gold. there are times one is to be bearish of gold. there is times one is to be bearish. i'm chairman of the university of akron endowment. we took a 3% position in gold in late february. reduced our exposure to equities for an endowment that is a big move. we have a meeting this thursday, or wednesday, i may actually try to move us a little bit more gold and little bit less exposure to the equities market. stuart: how do you invest in gold? this is for the average viewer. i don't think most of our viewers would invest in gold futures contracts. >> no. stuart: maybe they wouldn't do that, maybe some do but a lot don't. how about gold mining stocks is that the way to go? >> i prefer owning gl. did, the etf that moves with gold prices one for one for lack of a better term. i hesitate to own the miners. in a great bull market in gold miners usually do better because

they are more volatile. there is leverage involved but i avoid the miners because i'm afraid walking in one day saying gold mine that i have got watered in. there was some disaster. i would rather just own gld the largest and make liquid etf. i would avoid the gold futures market for much of the public. that is far too leveraged are far too speculative. gld, the etf moves one for one of gold, is the place for the average public to buy the gold market. no question. stuart: no harm done by buying one ounce gold coin for the grandchildren. >> no harm buying one ounce gold coin for the grandchildren. no problem buying a gold ingot if you have the ability to do so. for average american gld is the best way to do it. is there anything wrong with owning a kruggerrand or one of the gold coins, any harm in that? none at all. stuart: an put it away and bury

it. yes you can. thanks, dennis, see you real soon. got you. the cdc updating its mask guidelines for unhaving unvaccinated kids. this is important ashley. good morning, what is the cdc saying about this. ashley: cdc director rochelle walensky says unvaccinated kids should continue to wear masks and social distance despite the guidelines lift the dance for adults and vaccinated adolescents. those under 12 will be able to receive a vaccine by end of this year and not sooner. the agency says the rules simply haven't changed. children should be masked in public including grocery stores and maintain a safe distance. meantime individuals who are fully vaccinated, apparently now, no longer need to wear masks indoors or outdoors or maintain physical distance. i think the messaging has been

confusing to say the least, stu. stuart: oh, yeah, i'm with you on that one, ash. hold on for a second. we have the cdc director, rochelle walensky, defending the agency's abrupt, and it was an abrupt shift in mask guide lines. what exactly did she say, ashley? >> she basically said the rules are changing because the science and data is evolving, okay? on "fox news sunday" chris wallace challenged the cdc director on that sudden shift in mask-wearing guidelines. take a listen. >> on wednesday night you were still arguing, still making the case that people who were fully vaccinated needed to wear masks. less than 24 hours later you said, no, it changed. wouldn't you agree this abrupt shift was not handled as well as it might have been? >> i'm delivering the science as the science is delivered to the

medical journals. it evolved over the last two, last week. ashley: just over the last week apparently. the cdc director also denies that the agency was under pressure to change the mask guidelines. you an see cases down 33% offer the last two weeks. she denies they were under any pressure to change the guidelines. said in fact that recent data backed up their move but wollensky admits it is hard to combat unvaccinated people who simply don't mask up, basically relying on honor system as we know some will ignore. stu. stuart: this is your story, and i'm very interested in it. i think we are both very interested in this. we got new data. how many people are leaving new york for florida? what's your number? ashley: well, a lot. back to you, stu. no, at least 33,565 new yorkers swapped their new york driver's

licenses for florida. this was between september 2020 and march of this year, just in that six-month period. that is a 32% increase year-over-year in the last two years, that number has jumped to nearly 105,000 who decided to make the switch. the most popular counties for new york transplants are palm beach, broward, which is fort lauderdale and miami-dade. florida officials say a major cause of migration has been parents looking to get their kids back in full-time, in-person school. that says a lot, does it not? stuart: well that is very important because we all thought that it would be the taxes that led the exodus. ashley: that is a big benefit. stuart: it is another, it is another big factor here, the kids are not in school in the northeast. though they are in florida. thanks, ash. there is this one too, senator marco rubio says investigating

possible ufo sightings is no laughing matter. watch this. >> i want us to take it seriously, have a process to take it seriously until we get some answers. maybe it has a very simple answer. maybe it doesn't. stuart: okay. no laughing matter. he is smiling but nonetheless we'll tell you what congress is actually doing about this. first though, businesses upping the incentives to get workers in the door. applebee's one of those businesses. we'll tell you what they're doing to bring them back. ♪.

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playing, all-you-can-eat by the fat boys. i have no idea. but you're looking at santa monica pier where the temperature there is over 60 degrees early in the morning. we told you about restaurants trying to bring workers back, sometimes offering cash incentives. applebee's taking a different approach. you fill out a application to ample bee's you get a free appetizer, whoop-dee-do. lydia hu is in new jersey. did think they free appetizer would bring people back from home back into the restaurant? reporter: stuart, they already told me it is actually working. they have been promoting the program for a few days. they have 40,000 john applications in. can anyone can go to a applebee's location. there are 1600 across the country. submit a application for a open job, you get a voucher for a free appetizer you can use today

or at some point in the future. this comes as a lot of restaurants are struggling to get the workforce back in play to fully reopen in the economy. vaccinations are at 37%. we see federal unemployment benefits in many states. some say that is really hurting that workforce effort but you know the ceo of applebee's tells us now is a great time to get back to work. listen to this. >> as a matter of fact, the months of march and april are two of the highest sales volume months in our 40-year history which is phenomenal. now that creates challenges from a labor and supply standpoint. reporter: now applebee's is not the only national chain to turn to kind of promos or incentives to get people in the door for applications for jobs. they join other chains like mcdonald's, taco bell, kfc, firehouse subs. they have 40,000 applications. they're trying to fill 10,000 positions. today is the day to get your application submitted. you can also get an interview on

the spot. this place in clark, new jersey, stuart, they officially open at 11:00 a.m. i already seen a few people come into the location to submit the applications. they sat down at the booth. had a job interview. they had a great day to start off the week here. back to you, stuart. stuart: lydia, thank you very much indeed. we have spotify's founder tried and failed to acquire a popular sports team overseas. is this something to do with soccer, susan. susan: yes, soccer, that's right. you didn't call it football. arsenal in the english premiere league, i don't think that is your favorite team. i thought it was liverpool in the past. spotify founder el elk on twitter said he made an approach but he was rejected. the family that owns arsenal doesn't need the money. teamed up with other players, for this bid, two billion euros.

two billion euros is roughly $3 billion. elk says his interest in buying the club still remains. stuart: i got to get to this one, ufo sightings. there is a report, a government report comes out next month. senator marco rubio raising some concerns, i don't know what that means, but take me through the story. susan: a fantastic piece on "60 minutes" this weekend t previews a u.s. government report next month that confirms cases of unidentified aerial phenomenon or ufos. that includes sightings in 2014 off virginia beach and a disturbing 2004 sighting by four pilots off the uss carrier nimitz. >> we saw a little white tic-tac looking object. turns abruptly starts mirroring me. as i'm coming down it starts coming up. when it gets right in front of me it just disappears. i'm not an ufo guy but from what i hear you guys are saying it's

something. >> yes. >> there is definitely something that, i don't know who is building it, who has got technology, got the brains, but there is something out there better than our airplane. susan: senator marco rubio leading the calls to take reports of ufos more seriously. we know rubio is the acting senate intelligence chair. he asking for unclassified report released to congress. i don't know if you watched the piece, stu, it was phenomenal, and something flying into winds at 13,000 miles per hour, g-forces no exhaust, makes you wonder what this thing is we're looking at. stuart: do i have a surprised look on my face? yes, i do do, i did not see the piece last night, what you're talking about 13,000 miles an hour into a headwind. susan: g-forces of 700, incredible. stuart: that is extraordinary. no exhaust.

i got to see that piece. i will check it out. >> >> quickly to the markets, then a much more important story. dow industrials down 130. nasdaq down 60. but i want to know about the deal, at&t, discovery, it is the big media story of the day. susan: yeah. >> we may be creating here a mammoth new player in the media field. susan: absolutely. stuart: what is the story. susan: deal of the day. this creates a 150 billion-dollar new media giant. at&t spinning out time warner to tie up with discovery. at&t gets $40 billion in the deal which they badly need, since they have a high debt load of $160 billion. discovery's will head up the new streaming competitor. it throws open the floodgates in terms of more deals in the media space. viacom cbs rallying t could be up for grabs now. reports in the past that discovery and zaslav was looking to tie up with cbs.

size matters. $20 billion is not going to cut it in the media wars. another move i want to show you is airbnb. bring it up closely, look at the decline we're seeing. this is one of the world's biggest sovereign wealth fund, dissolving its stake in airbnb, buying amazon. why amazon is rallying. the lockup period for ipo for airbnb is expiring. people that can sell are allowed to sell and that they are. stuart: loss for airbnb, down significant 7%. that is significant stuff. prince harry, we'll get into this, he set off a firestorm after saying this. watch this. >> i want to say about the first amendment. as i still don't understand it you about it is bonkers. stuart: really? i consider that the epitome of entitlement. go back home wherever that may

be prince. nigel farage is here to respond more formally than myself. the administration is quick to admit pipelines are the best way to move oil pushing their own green agenda. is that a trouble standard? daniel yergin is here after this. ♪ incomparable design makes it beautiful. state of the art technology, makes it brilliant. the visionary lexus nx. lease the 2021 nx 300 for $349 a month for 36 months. experience amazing, at your lexus dealer.

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call... to receive fifty percent off installation. and take advantage of our special offer of no payments for eighteen months. >> we have doubled down on insuring that there is an ability to truck oil in, gas in but it's, it's, the pipe is the best way to go. >> certainly when you're talking about the efficiency of moving petroleum products that's why we have pipelines. stuart: all right. that is the energy authorities so to speak admitting that pipelines are the most efficient way of moving oil, petroleum and other fossil fuels in liquid form. daniel yergin is with us. i consider him the oil expert. he is joining us now. i don't get it, daniel. the president shuts down a very important pipeline on day one and now the administration says pipelines are the best way to move oil.

what is this all about? >> stuart, pipelines are basically what keeps our country running. cars moving, airplanes flying, trucks rolling. we have over 200,000 miles of pipeline in the united states for oil and we need, we need these pipelines systems to keep the system going. there are two pipelines right now that are actually functioning. one that takes oil down from north dakota to illinois and the other that supply as lot of michigan's oil where there are political moves to try to shut them down. pipelines used to go be a very boring subject are now very important as we also saw with the colonial pipeline over the past week. stuart: do we need to shut downpipe lines if we want to accomplish the green new deal? >> no. i mean because, then, are you going to take, 280 million cars in america that run on gasoline, is somebody taking your car out

of the garage so you can't drive it? so they can move ahead on their green programs and renewables and so forth but at the same time these, what we have now is the foundation of our economy and we have to insure that continues to run including, stuart, we achieved a amazing thing called energy independence last year which people said was impossible. and that is a source of strength for the united states economically and politically. susan: you. stuart: you sound skeptical of the green new deal. you sound skeptical of the whole attack on the fossil fuels and it is going forward and it goes forward until consumers realize what it means to their wallet and their lifestyle? >> i think renewables are part of the energy mix t will continue to be part of a growing part particularly in electric generation. clearly this administration wants to really push them. it is spending 50% more in the infrastructure bill on electric cars than it is on roads,

bridges, highways and ports, so forth. i think we have a tremendous asset in this country that other countries, china imports 75% of its oil. it wishes it had the energy position of the united states. stuart: where do you stand on this? are you a global warmer? are you, are you a climate skeptic, where do you stand? >> well i think that you know the climate is changing. i don't think i'm in any of those camps. i see myself as an lift. i think, you know climate scientists say there is combination between natural variability and what is actually and impacts of humans, very interesting article today in the "wall street journal" on the editorial page on that very subject. but i think renewables have you know, wind and solar costs have come down. so that they are very competitive as part of the energy system as well. stuart: do do you see the pricef

gas, jet fuel, home heating oil continue to rise from here on out? >> i think we're in a period of expansion. you were talking about the strawn workers, stuart. there is a shortage of truck drivers too. all of that is telling you that the economy is really rebounding. march, we had the highest level of retail sales of cars that we've had in 10 years. europe is recovering. we're opening up. that is a strong economy. that is supporting the price of oil. on the other hand there is a lot of extra oil out there that has been shut in. i think it's a kind of a balance. i think the inflationary pressures are there in the economy and they are affecting everything and will affect everything. stuart: daniel yergin, thanks for being with us this morning. we always appreciate it. more "varney" after this.

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governor bankers hate that they want to get rid of crypto currency, all the more reason to have them. ♪. stuart: 11:00 o'clock eastern time this is monday may 17, this is tax day by the way postmark today, check the market as we have read inc., tax day or no doubt was up 138 points, up 300 friday got some hope for the rebound down 140 as of now this monday morning and the nasdaq is down 62, big tech almost all of them are down i think the exception is amazon, yes it is, apple is down, amazon is up, google is up a fraction in microsoft is down a solid 1.4%, i hate to say this but one of the big financial stories of the day is bitcoin after the antics of elon musk, bitcoin hit $43000

a coin, now it's 44455. now this. the riches of the most powerful company in the world are divorcing, significant repercussions, no wonder everyone is talking about it, bill and melinda gates were married in 1994, within a few years it's been reported that bill has suggested a relationship with female employees at microsoft, while he was running the company, there was trouble early on, he held meetings with the former girlfriend after he was married he had a relationship with offender jeffrey epstein, melinda did not approve of that but the meeting still continued then bill gates money manager was accused of sexual harassment the woman involved reached a financial sediment melinda did not approve, repercussions, you may be one of the richest people in the world but in the mean to

air off you cannot date your employees when you're the boss, and bill gates behavior may affect spending by the gigantic bill and melinda gates foundation, melinda announced she would spend a billion dollars promoting women's power and influence, the foundation spends $5 billion every year, melinda says women face pervasive sexual harassment and discrimination, were surrounded by biased and stereotypical representation that perpetuate harmful gender norms, the dust has not yet settled, bill gates still owns billions of dollars worth of microsoft, stock buddies gone from the company he founded, he's no longer ceo or chairman it is not even on the board, the third hour of "varney & company" about to begin. ♪.

stuart: senator smith joins me now, good morning, great to see you, an obvious question it seems like you cannot in this day and age have a relationship, if you're the boss you cannot have a relationship with a female employee, that is bill gates problem at this moment. >> it seems like he's facing a few problems, by the way they are pushing back on many of these claims including the latest claim i'll tell you what your spot on to say the world is watching this, look at the latest bloomberg of the richest people in the world, number 4 cents bill gates $135.000000000 as of may 4, you're talking about divorce handling billions of dollars, he is pushing back on the claims both that he left the board as a result of the inappropriate relationship with a subordinate but also pushing back on the reported extensive

ties that he had with jeffrey epstein even that he consulted jeffrey epstein on the toxic marriage that he was in, he said he is extremely disappointed of how many untruths have been reported about his divorce, what stands out to me when you look at the money out of this and how microsoft handled this, there was a claim made in 2019 about the inappropriate relationship, there was an investigation that followed in what was notable to me, microsoft is refusing to say what exactly that investigation found, although noting they did have a concern in 2019, there is not coupled with the fact that we know melinda gates brought up concerns about his relationship with jeffrey epstein years before this divorce was ever announced, there appears to be a lot that both the couple has been dealing with and obviously also that microsoft out with for years. stuart: i hate to engage in

gossip, were not doing that, what were looking at is an ethics of employer in relationship with an employee and were looking at the cascading changes of fortune and various investments because of all this money that's involved, we have not heard the last of this obviously but i want to hear the first from you about crypto and bitcoin in the role of elon musk. >> this weekend. stuart: i'm looking at crypto with trillions of dollars wrapped up as far as i know and yet we have theatrics on the sideline, i cannot make heads or tells. >> some will argue that the problem with crypto currency, many the wild wild west if you will, there was this tweet over the weekend that bitcoin users are going to stop themselves next quarters when they found out tesla dumped their holdings with the amount of the hate elon musk, he responded indeed and

that wasn't the sharp selloff that was all that happened, he put out a clarification to the speculation saint tesla has not sold any bitcoin but look how fast the story is moving in for anybody who is trying to play in this market and play this game, bitcoin investment by tesla was announced in february, then the company started saying it would take bitcoin as payment in march. and then it stopped taking payment last week, this is moving fast and people are trained to navigate a very volatile uncertain market, not easy and not recommended for the everyday investor, that is for sure. stuart: i would not touch it at this moment with a 10-foot pole. >> you did talk to microsoft are many of years, i remember watching with you every single day. stuart: that paid off in the long run, were talking long run here, sandra i promise will be watching you this afternoon on

"america reports", one to 3:00 p.m. eastern that is on fox news, thank you for being here, see you again soon, back to the markets, readying for the dow to the tune of 130 points, susan you have to give me more information on this, i think it's a biggest media story, financial story of the day, at&t discovery, what we got. susan: deal of the day and probably for the entire industry, how much bigger do i need to get at&t spinning out time warner with discovery and that's going to form a new 150 billion-dollar media giant at&t gets free cash flow, $43 billion high levels of debt of 160 billion they will be heading up the new streaming competitor and has people wondering who else is in play viacom cbs is a 20 billion-dollar media entity and as you know size matters in the netflix era, i want to show you amazon as well there

outperforming the tech sector today because singapore's southern wealth fund has a trillion dollars one of the largest in the world is buying a stake in upping their stake in amazon today announcing that they're spending $300 million for worker safety to improve worker safety and finally i want to show you the micro strategy of bitcoin, maybe will throw in square as well and coinbase, coinbase has traded below the direct reference price of 250 for the first time micro strategy is down big because they own $5 billion in bitcoin in square as we know is continuing to buy bitcoin only $170 million of the balance sheet. stuart: we have hbo cnn, tnt, tbs joining discovery and all of their profits, getting together to create what could be a big streaming company under the direction of david.

susan: seems a powerhouse to me. then 200 million global subscribers, they want combined hbo, hbo max has 30 million almost 40 million but did your discovery plus with only 13 million, the combination has 50 millions of scrubbers in disney+ has a hundred million plus and there's a lot of catch-up, you need to get bigger to get relevant in the media wars. stuart: just like the idea of bringing together movies, original content, news as an cnn that will be huge on brother covering all structures and trade sectors i'm just intrigued. susan: what about contents been are you surprised by the big dollar amount we know that netflix is spending $14 billion, probably more now each and every year the combined entity is probably going to spend just as much, think of the dollar amount to keep people subscribed and paying each and every month. stuart: gigantic in all of this is happened so quickly but is

happened, here we are, thank you, actor tom cruise is now in competition with russia, that is a wild story and we've got it, there is always prince harry, here's what we said about the constitution, a player for you again, roll tape. >> i want to say about the first amendment, i don't understand about is bonkers. stuart: i think the good prince should learn something about the speech, that's a lesson he is not yet learned, congresswoman liz cheney says millions of people were misled by president trump does congressman chip roy agree with that, republican from texas, all ask him he is on next. ♪

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or visit an xfinity store to learn how our switch squad makes it easy to switch and save hundreds. >> we have a crisis at the border, the spider administration refuses to see it for what it is, get your butt out there and see it for yourselves, what i am. stuart: that was congresswoman young kim from california and there's this, border patrol agents apprehended nearly 180,000 migrants at the southern border just last month, that is the highest number in well over 20 years. let's bring in texas congressman chip roy, congressman was being done about this 180,000 people arriving in apprehended in one month, now we've got covid

refugees, can you point to any single action that the government is doing to fix this? >> no i really appreciate you have a non-it's a people i represent central texas in south texas, people put in danger high-speed chases in their communities, the district attorney of kendall county outside of san antonio she and i wrote a joint op-ed for the extent for american citizens being employed by cartels to move human beings into our country for profit in the sex trafficking trade and i know last week you had them talking about the absurd testimony of secretary mayorkas who is trying to claim this is president trump's fault and ignoring the fact that the biden administration that is created wide open borders empowers cartels and endangers our community, and they don't have any interest or desire to do anything about it, vice president harris hasn't even come to the border, she hasn't

even had a press conference since she has allegedly been in charge, the numbers you decided from april, may is looking like it's going to be that many or more and what americans don't know, the secretary is lying when he saying were turning people back away, only about 35% of the family units and other company children that are turned away we have got a ways of 170,000 and those released into our community, processed and released with 120,000, we've had 300,000 at least believed in our communities that we know of this calendar year. stuart: how did your constituents feel about this, in texas, what are people saying. >> this is becoming a very big issue again because it's affecting people directly, i get people showing common footage i've not been able to release publicly from a private ranch showing migrants walking through, on a field camera and it showed a woman whose hands looked to be tied behind her back, the cartels know the game now, they are taking tens of millions of dollars a day moving

people for profit, the cartel did the right thing, a violent cartel. they are exploiting all of this for power, they now love the entire state, the government doesn't run it and meanwhile our government is doing nothing but putting up statements at their somehow this is trump's fault, it is absurd and very similar to what they're doing with respect israel walking away from policies that work while we're watching our friends in israel get hammered by rockets from hamas out of gaza, it's incompetent policy of this administration that are dangerous, not just america but our friends in israel and in this case they like to pat themselves on the back for being pro-immigrant but these immigrants are being abused, there being abuse, little girls getting sold into sex trafficking we should make sure the american people know it. stuart: quickly and going to play a soundbite from liz cheney

who says president trump supporters have been the trade. rotate. >> what about the tens of millions of republican voters who still support donald trump, why alienate them. >> the millions of people that you mentioned to supported the president have been misled and betrayed and certainly as we see his continued action to attack her democracy as continued refusal to accept the results of the last election, you see the ongoing danger. stuart: how does your party the republicans move forward toward unity. >> i'm sitting in austin, texas and i just left the ephesians where my fourth and fifth grader joined with her classmates to recite the entire book of ephesians they make a people are tired of not excreting that they are having schools run by

bureaucrats, the tired of $30 trillion in debt, abandoning israel, paying people not to work and killing jobs while we have massive inflation overspending $6 trillion, that's how we move forward instead of engaging with all due respect the former president were my friend congressman cheney let's focus on solving their problems conservative principles, not to statement or words let's stand up and fight, that's why ran last week, i wanted a choice because we need options, many conservative options at the american people want to see. stuart: congressman chip roy, republican of texas, thank you for joining us will see you again real soon. matthew mcconaughey taking new steps towards running to be the governor of texas, what is he up to what is he doing? >> according to politico matthew mcconaughey has been making calls to influential people within texas a political power world, basically to see if he has legs for governor torell run

the oscar-winning actor toying with the idea of running for the state's top job perhaps playing at about reports say he has been in contact with the deep-pocketed moderate republican energy ceo, we don't know who but that's the rumor recent polls suggest that matthew mcconaughey could be a bible candidate to challenge republican incumbent governor greg abbott, mcconnaughhay is not discussed by the way what his campaign might look like, nor has he stated what party he would run under but he could indeed throw his stetson into the ring. stuart: nor do i know anything about his politics, that's another factor, this is for you, tom cruise in competition with russia, i don't understand that can you explain it? >> space race all over again except hollywood star russia has selected the cast that it'll

sent to the international space station to film the first movie in space says russia trying to beat tom cruise to orbit a russian film called challenge is set to begin production on october 5, that by the way is the same month cruise is expected to arrive to the space station to film the first hollywood production in space working with basics and nasa, this could be interesting, plenty of movies have been shot using zero gravity but none have actually been shot in space so the race to be first is on, kind interesting to see how that turns out. stuart: that is the news in my opinion is not a competition, who cares the idea that tom cruise is gonna be in space filming the movie, i did not know that, i did not know that at all. >> fascinating, thank you were gonna take you to cape canaveral

were showing you that because that is where military satellite will launch into space in about two hours the satellite will track mischa launches are you watching north korea, a huge sign of recovery the 1.8 million people pass through tsa checkpoint sunday that is the highest number since the start of the pandemic 1.8 million. united airlines adding more than 400 daily flights for july to keep up with obvious increase in summer travel demand, carnival trees line said they hope to begin sailing on july the third they hope with miami and galveston texas, i don't know what the cdc is saying about this i don't know about that lawsuit but they hope to be selling again. now time is up, tax day, yes it is some companies giving away free stuff to soften the blow,

we have details and look at this shooting that 86% in new york city this year crime obviously rising in the mcdonald's has a lot to say about this and defunding the police, that is alive and well in new york, she is on the show next. ♪ i order my groceries online now. shingles doesn't care. i keep my social distance. shingles doesn't care. i stay within my family bubble. shingles doesn't care. because if you've had chicken pox, you're already carrying the virus that causes shingles. in fact, about 1 in 3 people will develop shingles, and the risk only increases as you age. so what can protect you against shingles?

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>> i started to record. >> i need you to kill yourself. stuart: good lord you have to wonder when you see video like that, don't you, police officers facing harassment of disrespect over the past year, you saw that, now listen to what president biden said in his police week address i will quote for you, this year we also recognize that many of our communities especially black and brown communities there is a deep sense of distrust towards law enforcement, you have crime

rising big time look what's going on in new york city on your screens and more police officers are leaving the force, heather mac donald is with us from the manhattan institute writes in speaks frequently about defunding the police for example and other police issues, is the media ignoring black on black crime. >> of course they are, biden statement about the police are actually outrageous the reason for mistrust about police is largely because of the lies that biden has continued to tell about the police not because of the reality biden is continuing to spread this that black parents have a right to feel that their child may be killed by a cop every time he walks outdoors, last year there were four dozen black children fatally gunned down in drive-by

shootings, not one of those victims was killed by the cops, all of them killed by other blacks, there were 18 allegedly unarmed black males killed by the cop/year, unarmed being defined very liberally to include somebody who is grabbing an officer's gun, those 18 represent point to percent of the 8500 blacks who were likely killed in homicide, who were the 8500 blacks killed not the cops or whites but overwhelmingly white and black, police officer is at least 18 times more likely to be killed by a black male then unarmed blackmail is to be killed by a cop, the media, the democratic establishment turns its eyes away from the grotesque elevated race of inner-city drive-by shootings in order to talk about a phantom problem which is racism.

stuart: will we get to the bottom of this, is it going to mean election soon in new york city, one of the leading contenders, big deal as the democrats because they're going to win the election republican cannot win in new york city one of the candidates is eric adams and he saying wait a minute there is support for the police in the black community. if he wins, that would be a revelation, wouldn't it. >> it would be better than the rest, i'm a little ambivalent about eric adams was a demagogue against ray kelli, he lied against kelli, i'm glad that eric adams is promoting a law and order a message now that is not been the case in his career but yes the city is out of control like every city across his country because of the lies that biden tells and officers are demoralized in policing the

criminals are emboldened they know they can carry guns to get away with it because cops are not making proactive stops and there's got to be a turnaround, my view frankly it's not going to happen until white kids start getting shot, the media ignores, there is 20 blacks were killed in homicide, 20 a day, we never hear about them, why because they don't fit the narrative, if white kids start getting shot then the media will pay attention, the fact is the media does not care about black lives, it only cares about black lives if they can make the argument that the police that are killing them and those extraordinarily rare instances where a black man is killed by a cop. stuart: i just want to cover this as well, some democratic governors don't want to drop the mask mandate despite the cdc

updated guidance, i believe that is true of new york and certainly new jersey, i don't get it, can you explain it to me. >> it's hilarious they want everybody to be in fear, you wear a mask outdoors in your walking billboard of fear, there was never a scientific justification for outdoor mask wearing you cannot transmit the virus outdoors in virtually every outdoor setting, the democrats want their power when you have a towering populace, voluntarily populist if i have to say, there is no excuse for the public to be as ignorant as it is, you then have an excuse for the massive government overreach that we've been seeing, i don't know when we will get out from under this, people where the mask willingly, it's virtue signaling and they embrace their fear and makes them feel alive like they're involved in a great public project which is not the case, here is the public project. get out there, get the economy

moving by, sell, engage in the great drama and venture into civilization propelling activity of entrepreneurship and commerce. stuart: 100% agreement and i'm sure a lot of other people as well and mcdonald, thank you for being here, don't be a stranger we like to hear what you've got to say, thank you. >> i'm going to put retailers on the screen which are indeed the mask rules at their stores, walmart, costco, target and others, grady trimble as is at a restaurant in chicago. >> right now they're following the rules of the state of illinois and the city of chicago that said they would change the rules for the cdc guidance they

have yet to update the rules, this restaurant following the rules is taken down the outdoor dining structure that they set up to get to the winter, some progress here, you have been a rule follower throughout all of this even when you don't necessarily agree with the rules, what do you do now when customers come in and say i don't want to wear my mask i'm vaccinated. >> we are hoping the state and the city provide guidance, tell us how to do the next phase and exactly how we need to interpret this so we can provide the right guidance to employees and make our customers feel comfortable. >> right now you're under capacity restrictions, tables have to be spaced out, it is a struggle and we thought the vaccine would be the ticket to reopening and you're still having trouble. >> it's wonderful news to see the progress it means we are moving forward and we love you and all the work to get to this point has been great in knowing

that the vaccine is making a difference is also wonderful we would like a little bit more clarification on the bridge phase, exactly what this means. stuart: got it, thank you so much indeed. may ,y som, busesses a feriofofhyould the o e empormpmpoo th eturnset dnsetnset'tet'tet it. he>>er o oingg freeb toso berecomerec it wecelp h eaea the pai tha ttts i free od fondod beo hoaday an gd usto crsto i ind yhe the t tiesiesoieoo favorifates, ktes,s,s,s,s, kremu nu for f m 24,4, t t t one of my favorites is picking up its offering a happy hour where you can snag drinks and

shakes and great american cookies, get a free cookie on the tax take participating stores, marble slab creamery sounds good and you can get a free regular ice cream and burger joints farmer boys never heard of it to double cheeseburgers for $2.4, 1040, one of the forms you have to fill out. stuart: a slab of creamery ice cream, how attractive. a plank. there is one college eliminating the words of freshman and upperclassman they claim those terms are male centric i'll tell you which woke university were talking about the trucker

shortage, one company offering to pay drivers $14000 a week, jeff flock has the story from illinois. ♪

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if you policy qualifies. or call the number on your screen. coventry direct, redefining insurance. ♪ ♪. stuart: before the break i was surprised to read the script saying there are truck drivers being offered $14000 a week that perked up my interest, jeff flock has the story, he is in illinois, you gotta tell me about $14000 a week for truck drivers, is that the fuel truck

drivers getting that money, if that what they're offering to get back to work? what's going on. >> it is i knew it would perk up your attention, where do i get a piece of that. sadly it's not probably guys like you although that is probably news anchor money $14000 a week not reported money but anchor money, to copy in texas i met a truck driving academy in south holland illinois look at these folks out here this place is crawling with wannabe truck drivers because they can make a lot of money but not to start, here's the copy in texas see sue energy in san antonio 14000 a week but there's a catch you have teva cdl already you have to be over 25 years of age and two years of experience and an owner operator that is to say you have your own truck which you have to pay the expenses, that reduces a little bit, they are paying this much because they can't find the people, we've been talking about this for a long time, we talked

with the ceo of the company who says why would you not want to drive a truck, listen. >> with 25 and 26 euros older you're making more than hedge fund managers we have folks make it 3 - $400 a year driving a tractor-trailer in the mid-20s with a college degree. >> that's a lot of dough trucks move a lot of freight, were in a pinch right now when people retire, out here people are learning to drive a truck. if you need a job someday, think about it. >> you could drive an f150 i know that. >> that is right, you got that right. what a report, $14000 a week,

the market shows some reading especially for the dow up 150, the nasdaq is down 93 show me microsoft that is leading the big tech into dow stock, turning the dow as well down 1.5%, maybe this has something to do with new revelations about bill gates apparently he was approaching female employees for a relationship while he was still the boss of the company, you cannot do that, he is out of the company but the stock may be taking a bit of a hit because of that revelation. 244, microsoft colleges can see robots to interview potential students, as nothing to do with cutting costs, see what that is about prince harry doesn't understand the first amendment, then he calls ivanka, you don't like it, ♪ ♪

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stuart: i did not know that was london until i saw the eye then i realized that is the i in london a live shot, maybe were showing you that because of the news item prince harry is facing backlash for criticizing our first amendment, listen to this, watch it. >> you can find a loophole in anything and you can capitalize or exploit what is not said rather than uphold what is said, i have folks that want to say the first amendment, it is bob. stuart: let me bring in ashley and susan on this because my head is exploding, all, down, ashley you first, what do you think about this, the guy comes to america we give him refuge in california of all places and now he's hitting on the first amendment, what is going on two he lost the plot, he's hitting

the self-destruct button, a privilege entitled young man that suddenly takes on the first amendment freedom of speech, george the third tried that way back when and i think it worked out for him, he can't tell people what are the key elements of the constitution, how dare he, he leaves the uk because he wants to safeguard his privacy and his only son has come to america and run down his family and now he's publicly on oprah and podcast and he wants to run down the constitution as nigel said over the weekend pretty soon he's not going to want you out of the atlantic. stuart: well said, what do you think susan. >> pretty soon i think it's 30 here it's like being invited to a dinner party and then complaining about the food the first amendment is one of the best thing about america and if there wasn't a first amendment if there was a first amendment in the uk you would have meghan markle being able to complain but piers morgan getting on fire to apologize, maybe the uk

should think about the first amendment there. stuart: stay there, we have senior palestinian and buckingham palace orioles senior aides want them to give their royal titles to you ask, what do you think of them. .ashley: they turn the back and round on the family harry is moaning about his parenting skills but blaming the queen for making him inadequate as a parent, drop the title, move on. stuart: are you in agreement. >> did you know there's a controversy between meghan markle and harry they signed a deal with gamble pronto, procter & gamble actually sells skin cream that white skin so there's a huge controversy, if you get to be this commercial funny deals with gmd, netflix and

spotify, do you deserve to be a royal? stuart: no, you don't, that's another story, i gotta go because the gotta practice one in, we are one company developing artificial intelligence to help with the college admission process, students would record video of themselves answering interview questions, the computer would then help evaluate the students, is meant to identify, eliminate any gender-based or racial bias, the human admission officers might have, dear lord, a college that were no longer cause freshmen or sophomores those are sexist terms, eric shawn joins us, which school are we talking about here? >> good morning more words are being banned on campus in the school that were talking about is penn state, the penn state university faculty has decided that the traditional terms for students that would be used for ever are outdated and they

reflect a western male father-son naming convention from a typically male centered world, out goes those for a long time on campus it'll be seen as a way to become more gender specific and non-binary, also to be more inclusive than it seeks to remove what they consider class extensions that some could interpret as being discriminatory. for example among the words that you can't say anymore are out freshmen freshman becomes first year, sophomore second year, junior third-year, senior fourth-year, underclassmen will be called lower division, upperclassman upper division, no colleges around the country have been adjusting and student description to be more sensitive and reflective of gender identity and change of some historic terms that a become offensive to some but critics are saying all of this is going much too far in a statement to fox news the university says the faculty finished the decision to change is on course program

description which are in the purview of the faculty senate and not the administration or the board of trustees. it says the changes have occurred at many of the universities across the nation, we understand and respect there are different viewpoints on these matters. by the way penn state caused a stir two years ago, they dumped the terms for king and queen for homecoming, they no longer have the homecoming king and queen, instead the students are chosen for an annual guide state forward award, no more king and queen for the homecoming after years for penn state. stuart: why am i not surprised, eric shawn you are right, they stand for joining me, more "varney" after this when a hails, he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa in business, it's never just another day. it's the big sale, or the big presentation. usaa. what you're made of, we're made for.

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♪. stuart: look at that, the market still on the downside, perhaps even bigger news right now, bitcoin has dropped back to $43,000 per coin. that's down 13% that is a selloff and a 1/2. jackie deangelis in for neil today. jackie: thank you, stuart. i'm jackie deangelis in for neil cavuto. this is cavuto "coast to coast." 2021, the new 1979?