the spending seeing taps with savings rate as you heard in the show at 15% we want to bring you interview with florida senator marco rubio we are going to do that in the coming week we apologize for that jackie deangelis mark, great to be with you both thank you to both of you. >> always great to be here maria. >> always good. >> see you soon we will see you tomorrow everybody thanks for joining us have a wonderful thursday "varney & company" begins right now. >> take it away. good morning i was getting into that discussion you had me going right there get more on this program next three hours that is a promise thanks. good morning, everybody. inflation that is story of the day, we have numbers and market reaction here we go start with consumer prices up .6% in may up 5% year-over-year, receipt me get

into that if you strip out energy and food inflation rates over past year is 3.8% that is it 3.8%. that is not huge by means, as for jobless claims down 9,000 to 376,000 in the latest week that is not having much market reaction, no it is inflation numbers what i am going to call relatively restrained inflation numbers you may be surprised moving the market you see markets reacting to that is moving the market. only a small move in the treasury yield, 151. that does not suggest serious inflation. nasdaq is up 12 and the s&p is up 11. they like the inflation numbers.

president biden in britain will appear with prime minister boris johnson talking about a new atlantic charter talking about travel, technology and change. our president raised some eyebrows when he said climate was the biggest threat to our national security. the president seems to be ignoring china and russia and we will ask why he is doing that. donald trump suggested hydroxychloroquine could work against covid, it was dismissed as other nonsense. a study shows it is helpful. another example of rejecting what trump said simply because trump said it. david portnoy will react to donald from calling bitcoin a scam. super bowl, michael lee is

back, looking for a stock market melt up all summer long, june 10th, 2021, "varney and company" is about to begin. ♪♪ get down on it ♪♪ get down on it ♪♪ stuart: story of the morning, what i colin strained -- restraint inflation numbers up 5% year on year at the consumer level. you have 3.8%. the market reaction, dow is up 157, you get a new record at "the opening bell" and the nasdaq is up 33.

i used to call brian bullish brian, how do you react to my view of inflation numbers? they are relatively restrained. >> a great word, we strained. i remember we've seen a double in energy prices, that is the real number, what people are affected by. that 5%, people's expectations but more importantly the bond market's response is restraint. we were on your show in february and everyone is worried rates were going to 2% and yesterday we closed to below 150 and that was a big deal. stuart: you are only at 151. what does that mean for big tech? i remember you being on the

show not long ago saying big tech will go higher. a lot of people pooh-poohed you at the time including me but the big tex moving higher again. you still think big tech is where it is at and will outperform the market. >> we think there's a bit of a catch up trade given how much value outperformed growth, it has been the junk value. we think there will be a rotation into more quality growth, stocks with great balance sheets and dividends, technology, the big technology companies, apple is a dividend growth stock and by many metrics apple can be looked at as a value stock. there will be a catch up trade. we are neutral on tech overall but we are talking 26% or 27% position, pretty big position when looking at 100% of stocks in a portfolio. we are discretionary over the

next suit -- over the next six months we think people and institutions of soul too much big tech on time to rebalance your portfolio to be neutral tech. stuart: over the next 6 months we've got the s&p, 4142, where do you think it is going 6 months from now? >> the target moved up 3 weeks ago, too low on that target but let's underpromise and over deliver his earnings come in. stuart: to come on consistently say bullish bullish bullish, keep at it. you have a strong stomach and i respect you for it. you are in naples, florida right now?

>> i am in minneapolis. >> why would you go to minneapolis? you were in naples, florida not long ago. >> day tuned. stuart: you are all right and we will stay tuned. game stop we are going to deal with now, game stop down 5%, the subject of an sec probe being probed. >> unusual trading activity in the role social media played, and stock is down, game stop want to sell 5 million shares to raise cash when it is high. more stock and more supply, meantime a new game stop ceo coming in starting in 11 days. a new cfo as well and the shareholder voted in as chairman, not a big surprise.

the main reason for game stop's tremendous rally so far this year, the earnings call, it was only 11 minutes long, no question that i haven't seen in a while and it was live streamed on youtube, sales were higher and that transition moving to online ramping up. stuart: that is interesting, live streamed on youtube, that is the democratization of wall street calls was even i could listen to that one. let's follow up from what we were doing wednesday on these new meme stocks? >> we tried to play ahead of the curve. most meme stocks are heavily short of stocks, and moving up

or down. this is a high interest. you can manipulate the stock price. charlie brady looking up a lift of the next meme stocks target. this is staggering to me, 108% of the float. 100% of shares fall short and a lot of those hedge funds, here we are again. the discount clothing retailer is being shorted, workforce, wall street favorite already, in the top 10, 36% of the stock being shorted again.

those are the typical plays we are looking at. stuart: a good list to check out when you have a massive short position, that is astonishing, don't remember seeing that since the early days. i saw world wrestling, cleveland cliffs. you mentioned them because they look to be the new meme stock. thank you. more good stuff. let's check where we are on all the markets, futures point higher especially for the dow industrials up 100 points, new record high coming. remember when barstools's dave portnoy declared his allegiance

to safe moon, watch it again. >> i purchased 40,$000 of the coin that i will declare my allegiance to. i will stick with it, i will do it, i will ride it either to the stratosphere or on earth. stuart: he did stick with it. i will ask how it is doing now and i will ask about donald trump saying bitcoin is a scam. portnoy later this hour. marty walsh says it is too early to end the $200 week unemployment benefits. how do you defend that when you have 9.3 million job openings and you are still paying people to stay at home. art laugh or back on the show reacts after this. ♪♪ i was born a rambling man ♪♪ doing the best i can ♪♪

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stuart: look at that. that is denver, colorado. right now it is 64 degrees. it is going to 94 degrees in the mile high city. it is hot at that altitude. marty walsh doubling down on federal unemployment benefits. it is too early to end the $300 a week supplement. >> more people going back to the workforce. if there are reasons people go back in the workforce is lack

of childcare, taking care of their loved one, i don't believe $300 is keeping the entire 8 million people out of the workforce. stuart: paying to stay home does not keep them home. art -- art laffer, i have a question, and 25 republican ron states which have halted $300 a week payments, 25 democrat states are keeping them rolling. who is doing the right thing? >> the 25 republican states are doing the right thing and if you look carefully you will see those states are performing better economically than the 25 other states that are continuing a $300 unemployment

benefits. what bothered me about secretary walsh's comments, he said it is because of childcare. if you're required to be unemployed to get the $300 how can you then use that as childcare to get a job? makes no sense. you may want to do something on childcare and other things but do not make it tied to unemployment. that is the problem. if you pay people not to work don't be surprised if they don't work. stuart: i these payments contributing to inflation? >> i don't know if they are contributing to inflation or not. there might be a small effect on inflation because people not coming into the labor force or producing goods and services if you have a shortage of goods and services those prices will tend to be up but that is a small effect. that's not the big one. it does contribute to inflation but not very much. stuart: the inflation numbers

less than an hour ago. 5% consumer price inflation year over year, take on energy and food, it is 3.8%, i'm calling that relatively restrained inflation. what is your judgment? >> those are very high numbers but it is relatively restrained, we will get higher numbers in the future than that. the question being posed by the democrats versus the republicans, democrats say this is a temporary phenomenon and you won't see that continuing. republicans are arguing a lot of that is set into the stone, into the brick and it will continue especially in wages and other things like that. we have to see how that turns out but right now i don't see the inflation numbers in interest rates, i really don't. the markets of not really built in inflationary expectations going forward. doesn't mean they won't do it in the near-term but they

haven't done it yet in the bond markets in the gold market. stuart: looks to me like the bond market and the gold market is saying this inflation is tough but temporary agreeing with the fed. the market is on the same side as the fed. we will get through this. >> that is what the bond market is telling us. this is what the fed is saying. that is what other economists are saying as well. the numbers have not shown built in expectations, everyone who is in business, labor prices all rise sharply. as witnessed by cpi numbers, that is a large increase, if that were to be the inflation rate the next 10 years you

would expect the long bonds to be 7.5%, the 10 year bond yield is 7.5% if those numbers were permanent. what you are looking at, what i am worried about is those are in -- long bond yields. >> the booming stock market. out of time. see you later. look at moderna files for emergency use, 12 to 17-year-olds. pfizer, president biden plans $500 million of their vaccine to share globally, 2 million distributed this year, 300 million in the first half of next year and pfizer still can't back to $40 a share. amazon and walmart trying to

upend the pharmacy business, amazon prime members can get a 6 month supply of several widely prescribed drugs starting at $6. walmart says it's plus members are eligible to 85% on prescription drugs, they need to be purchased by rx service just a fraction. goldman sachs is asking bankers have you been vaccinated? seems to me that is a subtle message, get vaccinated before you get to the office. >> to declare your vaccination status gets ahead of the return to the office for majority of their workers in the us which will take place next weekend disclosing vaccinations that are optional, if workers report their way to vaccination status but it is changing all that.

whether you are wearing a mask or not you have to report your vaccination status and that is legal in america as long as the data is being kept confidential. imagine goldman sachs doing this, if you're going to the office declare your vaccination status. stuart: declare, declare, declare. we are looking at a modest gain for the stock market. we have 6 minutes until "the opening bell" and then there's the keystone pipeline officially dead. senator john barrasso says you can say goodbye to 10,000 jobs the pipeline would have created, really mad about this. anything to do about this? can he change the course of the pipeline? we will ask him because he's on the show. ♪♪

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click or call to bundle today. 3 minutes to record-setting opening bell for wall street looking at shorted stocks known

as meme stocks. you are saying the meme stock madness is not fading. what are the implications of that or for investors generally? >> we are seeing a new dynamic where there is some sort of i will use the word working together, some might say collusion, they only have their own vested interest here where they are moving these things, world wrestling coming in. even when the's, not a short interest stock with moves by these over and over again and it is something we need to be aware of. i've been playing in the stocks the last couple weeks to see how they trade and there is volume so thick it is incredible.

stuart: so you don't have to have a big short position. you could still be a meme stock, retail stock of interest, what you need is social network influencers to mention your start, mention that name and everybody piles in. that is what is going on. >> those influencers are pushing this around and more, folks on the redit lord and other places but people come up like elon musk who will mentioned something and have an effect here. there's lots going on and it continues to boggle the mind. i believe many of these stocks will end poorly for a lot of people because there is no real there there underneath the stock. stuart: you said you've been

dabbling in these meme docs. did you make any money? >> i turned in a bit of money, doing well using technicals knowing if these things get down to a support level the traders will jump in and buy them and that has been a good strategy. in the longer-term still doing it on the meme stock. stuart: great to have you on the show and here we go, 9:30 eastern time the market has opened this thursday morning. we expect a lot of green on the board. the overwhelming majority of the dow 30 are on the green, we are up 170, about half of one%,

a little perspective, 182 to -- half a percentage point higher. the s&p on the upside to the tune of one third of one%. the nasdaq composite off and running, that is on the upside. much smaller gain, 0.18%. back to the meme stocks, game stop and amc both are down this morning. tell me all about them. >> there is a 90% drop when it comes to game stop, reporting after the bell today. ryan cohen for the company, game stop reported higher sales in the first quarter better than anticipated still losing money and expect to raise cash selling 5 million more shares, new leadership, new cfo coming in. a lot of those retail investors who are the main drivers of game stop were kind of impressed by what they heard on that earnings call but ryan

cohen is the man in charge. stuart: take me through what we might call some of the new meme stocks. >> energy, context, geo group halted for trade 60% jump in one point. analysis says if you on average person buying into these you should sell and move in and out because once the craze catches on, buyers buy in and they have complex contract instruments, this transition in the stock market where retail is leading the institutional buyers, that is something we haven't seen for a long time. stuart: that is what you were saying, the retail guy moves in the first, moves the stock,

then in come the big guys with the big money to move it up or move it down and make the profits. that is what you have been saying. stuart: you see 700 million shares exchanged, 70 times the average volume at not just retail people buying in, with 700 million shares changing hands you bring in the big hedge funds and traders coming into trade the stock but this is an inflection point with social media dominating where stocks go. stuart: absolutely. you are dead right on that, social media dominates at this time. speaking of which, show me are age, the furniture retailer known as restoration hardware, nice gain up 11%. they hyped their full year outlook, continued strong

demand from sofas, rugs, lighting home do core, stocks are up 12%. don't know if that is a meme stock or not but it is up 12%. show me ups. an upgrade from jpmorgan. morgan predicts 20% rally on improved pricing, stock is up one%. >> 243 is what they are predicting by jpmorgan upgrading 20% upside. stuart: it is exactly 20%. didn't think we were supposed to do math this morning. you need to tell me about coin base teaming up with a 401 k provider to offer cryptos. does that mean i can put bitcoin into my 401(k) much more easily? >> it is a big deal.

imagine a small percentage of $22 trillion in retirement funds held in this country spent on crypto. what does that mean for ethereum and the like? an early mover coin base, allows 5% allocation for crypto, it is a small retirement plan, $1.7 billion but all it takes is one to start a bigger trend. imagine 5% of $22 trillion by ethereum or dogecoin, the price of crypto has a long way to go if you allow retirement funds to buy in. stuart: well said. look at fastly. susan will tell us why it is down, the media internet outage we had a day or so gay or something else going on? >> the service interruption to start off shows there might be some vulnerability, its operations because it is a

cloud provider to deliver their content faster. a wide reach, cnn, bloomberg, everything shutdown with service interruptions, there are some weaknesses given 300% run up over the past year. stuart: a 300% run up. let's look at the dow winners, up 240 points, boeing 2.5%, chevron, merck, cisco, all on the upside. >> united airlines looking to buy 100 more boeing jets with big orders coming in. stuart: that is a big order up 2.5%. here are the s&p 500 winners, the s&p hit another all-time

high, i see boeing up 2.5%, nasdaq winners, micron technologies, tesla is up this morning. the dow industrials high of the morning so far, up 270 points, 34,700 is your level. the 10 year treasury yield, one.51% even though you had inflation numbers this morning i call it restrained. that's why the yield on the 10 year treasury is a moderate one.51%. price of gold doing well if we don't have robust inflation, $18.91 per ounce. bitcoin moving back up. will a challenge 40 grand today? don't know but it is 37-7 as we speak. oil has got to be $70 a barrel,

i think it is, 7053. the price of gasoline national average $3.07 a gallon. california is at 422, the most expensive gasoline in america. do you know what it is in louisiana? the average price is 217. californians are paying $2 a gallon more than the folks of louisiana. here is the tease coming up on the show. forget growing threats from china and russia. according to president biden the greatest threat we face is global warming, role tape. >> the joint chiefs told us the greatest threat facing america is global warming. stuart: you did hear him. it is not a joke. we've got more on that coming up.

the bitcoin convention in miami is over but dave portnoy says the revolution is just getting started. he's even wearing crypto swim trunks. he is on the show. ♪♪ ♪♪

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stuart: look at this. new record high for the s&p at 4246. google also hit an all-time high moments ago. google, out for bed, 2429, a hair's breath from $2,500 a coin. come on in jpmorgan, they have a warning about bitcoin, up today 3780 is the price. what is jpmorgan saying? >> the prices and reflecting that but they say it is assigned we could be in for a

bear market for bitcoin. the current price is higher future prices for bitcoin and bitcoin futures, remember 2018 when bitcoin was going nowhere after the boom in 2017 and that was when we saw a 74% drop after it hit its peak in december of 2017 and that is what might happen this time around. it is an unusual development and reflection of how we -- bitcoin at the institutional level. why are you laughing? stuart: back wordation? >> come on. we use it for oil prices, in the oil market. future prices are lower than current prices which is a sign of weakness but i'm not sure i agree with it, prediction of a bear market.

stuart: just checking. i might look it up in webster's, the awesome english dictionary. thank you. let's stay on cryptos. look to his back, the man himself, eddie gaber. you are not keen on bitcoin at current prices. is that because of maybe regulation and you are set up with celebrity headlines that whipsaw everybody? what is your problem with bitcoin at 37-7? >> in the last month bitcoin has broken down. long-term bitcoin is here to stay and will be part of many people's asset allocation but it cannot break over 40,000 so i am barriers on bitcoin, not buying it. i did own it earlier in the

year, i don't now because i think there will be some challenges short-term and the others thing people need to remember, people say it is not correlated to the equity markets. that is not accurate in my opinion. as the bubble gets bigger, when we have a correction in the equity market the crypto space in bitcoin will get hit much harder than equities. i am staying away from it. stuart: the clients you deal with i imagine are worried about inflation because wherever we go in this economy we see inflation, we see prices rising. does that translate into worries about the stock market. are you worried about the level of inflation and the level of stocks? >> i'm a little concerned about inflation. we were fortunate in decent number on your network you made the call we were going overweight and inflation especially energy because oil was going to 70. people thought we were nuts

when we made that call but it was a conservative calling we are heading to 75 next month so inflation will force the fed to admit they have to pivot and tighten sooner rather than later and when they do i expect stocks to correct on the downside. i am bullish in the near-term because i think we will see acceleration in the market over the next two months but third-quarter and fourth-quarter we will start positioning to be more defensive because we will have challenges at the end of this year and going into next year. this is not transitory. this gets passed on to the consumer. employers cannot get people to come to work. i am very inflationary. stuart: i'm jumping in fast. what about older investors? people into retirement age? why not sell a little bit now

to avoid the correction? what is wrong with that strategy? only 20 seconds. >> i would go into utilities, cash, staple and slowly transition. stuart: got it. welcome back, great to see you again and we will see you again soon.at are they going to do w the money they got back? >> spend on improving cybersecurity given they got the ransom back, 72 odd bitcoins. abs paid out in their ransom and jb is also alerted the fbi early on that they were hacked. we are not sure if they will get their bitcoin back but if you were hedging this inflationary market would you

buy bitcoin? they spiked as well. stuart: you are asking me whether i buy bitcoin or gold? i am sticking with microsoft. attention viewers, attention. sarcasm on its way. vice president kamala harris was spotted at the border. >> more than 70 days ago, kamala harris has not done anything to protect the american people. i want you to stand here and look at what you have done. stuart: that was nike stuff from congresswoman lauren boberg. she got a lot of attention with that. i will ask her why the border crisis is a problem for her and her state which is colorado, hundreds of miles to the north. companies so desperate for

workers they are offering major incentives. for example kroger invested $350 million to get workers to go back. what a story. we've got it for you too. ♪♪ (vo) conventional thinking doesn't disrupt the status quo. which is why t-mobile for business uses unconventional thinking to help your business realize new possibilities. only one 5g partner offers unmatched network, support, and value-without any trade offs.

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♪♪ i need somebody ♪♪ not just anybody ♪♪ stuart: john lennon thought that song was the best song he ever wrote and he wrote it and it is pretty good. you are looking at seattle. it is rainy and cool in seattle this morning, 51 degrees. next case company scrambling for workers. we know there is a labor shortage. the grocery store chain kroger has a hiring event, trying to fill 10,000 jobs and going to spend $350 million to get their workers to come back. we have grady trimble at a supermarket run by the chain. how exactly are they going to spend that $350 million to get workers to come back? what are they spending the

money on? >> kroger is touting their national average wage is $15.50 an hour. they are going to take $350 million and try to increase the average wage to $15 an hour. they are highlighting other benefits like paying for part of cooling for people who work at mariano's and other brands across the country. they are having a massive hiring event to bring in 10,000 workers amid this labor shortage and having interviews in stores and online for anybody interested but they are hardly the only grocery store chain hiring now. walmart is adding associates at stores and distribution centers across the country. amazon is looking to add 75,000 workers and one of the ways they are trying to lure them is with $1,000 signing bonuses for some people who join on but they have a lot of competition.

thousands of businesses across the country hiring and they are trying to fill 9 million open positions, spending money to bring people in. we will see if it works. stuart: good to be a worker, you go back to work and get a higher wage, stay home and the government will pay you. what a deal. the market not quite the high of the day for the dow industrials, we are up 234 points. new all time high for the s&p above 4200. look who is coming on the show. charlie hurt his back. brian brandenberg will spend the hour with us. pete hegseth, who knows what he is going to say? he could say the same thing for dave portnoy. the second hour of "varney and company" is next. ♪♪

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up 229 points. nasdaq is up over 100 points. modest but a rally. 10-year treasury yield, we had inflation numbers this morning. we were expecting the yield would go up a lot. it didn't. it is at 1.49%. below 1.50. that is why big tech is up across the board. apple, amazon, facebook. alphabet hit a new all-time high. it is at 2428. microsoft up almost 1% at 256. lastly the cryptos, that is a look there. i think we're still at, no, we moved to 38,000 on bitcoin. got that. 10:01 eastern, the latest mortgage rates. what's the number, susan. susan: 2.96% which was a bit surprising. given the 10-year treasury yield which is 1.50, below 1.60. this explains why we're below 3%.

commentary here from freddy and fannie, looks like there is a slow down in the purchase application activity. that is because of higher mortgage rates. pricing is going up because of limit the inventory. stuart: you have nothing on sale. that is a problem. that is why you don't get so much mortgage origination, there is not much for sale. susan, thank you. dow up 250. now this. i was watching as president biden made his first pitch in europe. oh, i was surprised to say the very least when our president talked about the biggest security threat. roll tape. >> when i first was elected vice president, when president obama military sat us down to let us know what the greatest threats facing america were, greatest physical threats. this is not a joke. you know what the joint chiefs told us the greatest threat

facing america was? global warming. stuart: global warming, climate change, seriously? i don't mean to be sarcastic. i do respect the presidency and do respect joe biden, i cannot believe climate is more dangerous than china or another killer virus, perhaps from china. there is something else going on here. got to be. it has got nothing to do with security threats. it has everything to do with appeasing the environmentalists. in europe, climate is a religion. over there they have been in a terrified frenzy about it for years. over here aoc, bernie sanders put climate at the center of societal transformation. it is their vehicle for socialism. biden appeases the greens. says climate to the greatest threat to our security. that is a pure political play. nothing to do with military or medical reality. how do you think xi xinping and vladmir putin react? they have got to be laughing.

how do you think our generals react? i'll tell you. they have to be on board. you have can't get ahead anywhere in the biden administration if you're not thoroughly woke. come on, get real. china and russia are the real threat to our, and our military, they're shackled with these woke politics. apart from a fringe of extreme variety environmentalists, does anybody believe climate is our biggest threat? "varney & company" continue toes now. ♪ stuart: all right, climate change. he is trying to smile. that is charles hurt. he is back with us. great to see him again. was climate change. is climate change the biggest threat to our national security? or is the president just trying to appease the greens.

what do you say, charles? >> without a doubt. the idea, if i had a group of military leaders at the pentagon who told me that, i was president i would fire all those military leaders. the truth of matter they probably never told him that and this is cover for him to say that. this is what it looks like you replace america first with america last. you have pipelines in the united states that biden shuts down and then he green lights pipelines between russia and germany. that is the really thing. is that, it is not even about the environment as you point out. it is about, it is about sort of social engineering in the military, social engineering, trying to revamp the way america operates at every level. not to mention it sort of divides everybody in terrible ways. but, you know, take a good look at coal for example. coal is supposed to be so bad for the environment but yet we send, we ship millions of tons

of coal every year to who? to china! and that makes china stronger. it makes the united states weaker. where does that leave us in the world? stuart: why do you think he did this? why do you think he ignored china, ignored, russia, ignored maybe a new virus, why did he do that? >> i think honestly i think that there is something about what america stands for in this world that deeply, deeply bothers joe biden and i don't even know that it is joe biden so much as the democrat party. the democratic party has turned into a circus. they have kind of run oaf. joe biden in an effort to kind of stick with the party has adopted all of this. these are all things that he never talked about during the 50 years that he has been in washington. this is not, if he has been so concerned about the environment for the past 50 years, where was he for the past 50 years? he hasn't done any of this. this is all an attempt by

fading, aging politician to try to keep up with the young kids, the aocs in his party who quite frankly have no idea the important role, important leadership role that america has in this world and they want to tear it down. and that, i think that is the sad truth. stuart: i tell you one thing that i really do agree with the president on. that is giving away 500 million doses of the vaccine for the rest of the world. i think that is the right thing to do. do you? >> absolutely. and you know, if that's the stance he wants to take, i agree with that, then what about trying to get to the bottom of china's efforts, of course their responsibility, in terms of either through negligence or whatever sparking the pandemic. what about standing up to, china's efforts to try to conceal the cause of the pandemic? where is all that? i agree with his efforts to try

to do something about the pandemic but what about preventing the next one? the only you prevent the next one is standing up to china. stuart: got it. charles hurt, welcome back. great to see you again. we'll see you again real soon. >> great to see you. stuart: yes, sir. get to markets real fast. 10:07 eastern time. dow up 200 points. nasdaq up over 100. scott shellady joins us right now. scott, you like to talk politics. you do. deep down you are a political animal. i know you are. talk to me about inflation? i'm saying that today's inflation numbers showed relatively restrained inflation. do you see it that way? >> i do. the bond market is showing you some relatively restrained pricing as well. look, i understand, i see what everybody else sees. i see the amount of money the government pumped into our economy to help during the pandemic. i also believe a lot of money went to people and businesses

went into bellies and roofs over their head, right? it didn't go all straight to robinhood or something else to drive inflation higher who would have guessed, stuart, april of 2020 would have been the best month to buy a house. so many things don't sit right in my gut are telling me this market is trading and this economy is feeling like we invented some sort of new technology that i didn't know about. so here is what it is in my mind, and only thing that holds me back being a little more, voicing my concerns more, i'm actually agreeing a little bit with the fed which i never ever do. i think you will have to wait two or three quarters, nine months to find out if this is demand and i don't think it is. if you flip the demand switch on, we're opening up a 28 trillion-dollar economy. no one ever done that before. can we slow our roll, see what

happens? we flip on the demand switch there is no supply, is that inflationary? or do we have to get the stuff coming off the conveyor belt. takes 12 weeks to get a refrigerator. they take eight weeks to make one and four weeks to ship it to you. we'll have to slow our roll. when you flip on demand switch, it is instantaneous. we need to see some time. i think that is what the fed is doing and what bond market is telling us too. stuart: headlines, scott shellady agrees with the fed that will lift forever. see you real soon. >> see ya. stuart: come back in again, susan. you have got the movers in an upside market. what have you got for us? susan: clover health, we reversed gains we saw earlier on in the session. these are the meme stock plays, clover health, energy field, wish.com, those are the new meme

stock trades that gone through the wall street bets forum and reddit. i will throw in amc some old favorites as well. what they particularly look at, they look for these stocks, right? they have high short positions, meaning a large portion of the stock is being bet against. they turn to companies that have a small float that change hands each and every day. we did our own analysis looking for the next meme stock play. this is value add for the viewer. tops the list, petco, 108% of the float is being shorted now. i guess we didn't learn anything from the gamestop saga in january when more than 100% of their shares sold short. a lot of hedge funds felt that pain. trhebu. pub mat tick. they are heavily-shorted stocks on the stock market. stuart: got it.

susan. stuart: thanks very much indeed. jbs, the largest meat producer in the world. yes, they paid $11 million in bitcoin to resolve a ransomware attack. brian brenberg is with us this morning. he will graciously stay with us and endure the entire second hour of "varney & company". is bitcoin going to become the go-to ransom payment? it is already. it must have sent shivers down the bitcoin spines because when the fbi got it back. >> that is the most fascinating story, stuart. how did the fbi do that. the one virtue of bitcoin, they're not supposed to be tracing any of this. not supposed to recover it. i'm very interested in that. it is great that the fbi got some of the bitcoin back, the cycle, it is getting more frequent. we're seeing more attacks. dollar values are going up. we'll not see the cycle break

until the fbi can get people, not just money back. until you find the people who are perpetrating this, bring them to justice, that market remains wide open. of course that means getting countries like russia on board to help. do you think the biden administration is making the moves to make that happen? it doesn't look like it to me at all right now. stuart: he meets putin this week. who knows what our president may have or may not have up his sleeve. that is a key meeting. brian, stay there for the entire hour. i will get back to you shortly. >> will do. stuart: dr. fauci, he is taking on his critics, saying any criticism of him is an attack on science. watch this. >> if you are trying to, you know, get at me as a public health official and a scientist, you are really attacking not only dr. anthony fauci, you are attacking science. stuart: senator marsha blackburn

says it has nothing to do with the science and everything to do with collusion. she is here to take fauci on. and the moon, to the moon, barstool guy dave portnoy with an update on his digital currency safemoon. he is coming up on the show later. u.s. approaching one million encounters as they say on the southern border. we'll take you there live again. fox's ground breaking video of them streaming across into our country. ♪ [typing sounds] [music fades in]

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♪. stuart: i would not say that the rally is fading much but the dow had been up above 200. now it is up 182. we still have a nice gain for the nasdaq which is up over 100 points as we speak. check out amazon's stock. interesting report from "the wall street journal." they say amazon could face a fine of up to $425 million. the fine from the european union over their privacy policy. the stock though, up 44 bucks. that is 1.3%. amazon $3300 a share. the governor of texas is going to hold a bored are security summit today, just as new numbers show there were what, more than 180,000 migrant an counters as they say. that was just the month of may. that was the highest in three month. it is almost a million since october of last year. griff jenkins with us at the border. he spoke to a migrant who has a message for vice president harris. what did he say, griff?

reporter: stuart, good morning. the migrant told us his message is, he heard the vice president tell him not to come but she should know they are coming. they're coming in droves. just to put the numbers in perspective, stuart, the 180,000 for the month of may. if you go back to 2019 when the situation at the border was called publicly a crisis, the month of may in 2019 was 144,000. it was the highest for the entire fiscal year. look at this year, we've already had three months, consecutive months above 170,000. record breaking 180,000. they have never seen anything like that here in the del rio sector. look at this figure, compare to may of last year, they're up 1118%. it is unbelievable. the reason why it is coordinated by the cartels who are profusely, profiting over this. let me show you our fox sky drone cam.

if you look, you're looking at the banks of mexico right now. you see a birth road. that road is coming out of a small mexican town of acuna the cartels are busing the migrants to the embankment every day like clockwork, 2:30. 3:00 in the afternoon. they bring them down the hill across the river. as we were standing here yesterday, migrants overrunning it. officials tell me on background they have been doing this since the beginning of january. you figure if they're doing 100, 150 migrants just in a single location since january. that is six months. that is nearly 30,000 migrants are streaming across unhindered in this very location. this is a tiny sector of the 2,000-mile long border. why the valverde county sheriff we spoke to he is meeting with

the governor. the governor and administration in washington has got to do something, it will not sustain. here is what the sheriff said. >> we need more resources. it cannot be a burden on the taxpayers. our budget is not prepared for something like this to be able handle something like this. it can't be a burden long term on our taxpayers. >> as you can see behind us. it is calm, quiet now. it will be very busy soon. we had a few crossings this morning. nothing like the thing we saw yesterday and so many venezuela in this area coming down that hill. stuart: you don't get reports any place else. griff jenkins, thank you very much indeed. i will show you the video again, congresswoman boebert

sarcastically bringing vice president harris to the border more than 70 days ago biden made cackling kamala border czar but she hasn't done anything. kamala, i want you to stan here to look what you have done. stuart: aforementioned congresswoman, lauren boebert is with us now. it was a little snarky. you got great reaction. my reaction, you're from colorado. that is at least 1000 miles from the border. what impact does this, this border surge have on your state? >> stu, this is my second visit to the southern border to see exactly what is going on because we're not hearing from this administration about the devastating crisis that is taking place. and colorado is very much a border state without an unsecure

southern border. every state is a border state. this is not just a problem for arizona. this is not just a problem for texas. i was down in the rio grande valley sector in mcallen, texas, and i saw where buses are being fully loaded with illegal aliens and being shipped to hotels and shipped throughout the country. even mcallen airport, you see families with manila envelopes give them instructions how to board planes, how to ask for assistance because they don't speak english. this is hhs sending illegal aliens by the troves throughout our country. every state is at risk. they're not just staying at the borders. they're infiltrating our entire nation. what is most heartbreaking, stu, is the parents who are self-separating from their children because of the biden administration's policies. they say if you have a child six years of age or under, you can cross with your child but if

your child is seven years or older you're not able to cross with your child. you have parents choosing to self-separate and cross the border at different location, put their child in the hands of the cartels so they can cross into our country and be in contact with the bored are patrol because they know they will be reunited on the other side. stuart: that was very effective television, congresswoman. thanks very much for coming on the show today. good stuff indeed. i hope you see us again. congresswoman. >> thanks so much, stu. stuart: question, do you remember when the media said president trump tear gassed protesters just for a photo-op? a new report says they got it completely wrong. joe concha is here on that. president biden meeting one-on-one with britain prime minister johnson. this is ahead of the g7 summit. we'll take you there after this.

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stuart: president biden and britain prime minister boris johnson meeting right now in cornwall, england. any news from that meeting we'll bring it to you pronto. that is a promise. while president biden has been abroad for one day the media wasting no time praising him of course. here are the headlines we selected for you. cnn, why biden's trip is so unique and so important. "new york times," biden vows to build alliance and democracy. "politico," biden disliked putin before it was cool. joe concha is with us. if this was president trump, those headlines would be different, wouldn't they? >> biden disliked putin before it was cool? i thought biden was vice president when the russians interfered with the 2016 and the administration allowed it to happen. wasn't russia invaded crimea without firing a shot and obama

administration didn't do anything about it? he had a funny way of showing it. these headlines are not surprising. stuart: it is not going to change. we expect it. it is predictable. it is not going to change. look at this. they have a new government study which debunks claims that former president trump tear gassed peaceful proat thers for a photo-op last summer. like the hydroxychloroquine story. the president liked it and media hated it and media got it wrong. a bunch of stories restated and need to be apologized for and it will not happen. >> stu, some are not accepting the inspector general's report. one cnn anchor, activist jim acosta, said on the air, auditioning to be inspector general at mar-a-lago how he refers to the i.g. report. lol funny. "new york times" reported the report in much more straightforward manner. they didn't mention the original

headlines from one year ago. quote, protesters dispersed with tear gas so trump could pose at church? do you know how many reporters wrote that story? eight bylines. a mean reporter on chuck todd, a narrative we thought we knew is not the reality. basically sums up the media performance in the trump era. talked about report of russia collusion between trump and the kremlin. talk about russian bounties on u.s. troops that turned out to be wrong. only to be told after the election joe biden was over the finish line, oh, yeah, this really could be real. time and time again we've seen these reports and we've seen them get it wrong. we see the correction a year or two later i suppose. never any apologies, never any contrition. all these mistakes, stu, all seem to go in the same direction, don't they? stuart: always, always, always. will the media ever get its

reputation back as being a professional institution, a profession? will it ever get its reputation back? >> well, you ever try to put toothpaste back in a tube? it is impossible, once it is out, that's it. like putting humpty-dumpty back together. i read the story to my five-year old last night. can't be done. so many times the media, these are not mistakes, they're intentional to push a narrative against a president, this case trump or conservatives. for them to actually do good reporting and for people to trust them again, the impression has been made. that is why trust in media is at an all-time low. always wasn't that way. 74% of the american people trusted the media in 1976. that number now has been completely totally turned on its head. stuart: when i first came to america, some of the earliest years of my time in america the media was treated, considered an entirely light. my, how times have changed. joe concha. >> 1976 means you came here when

you were two years old if i'm doing my math right. stuart: oh, thank you very much, joe. nice try but not getting away with that one. the audience knows how old i am. i make a point of it for heavens sake. joe, you're all right. see you soon. check the markets. why not? i see green. i love it. nasdaq still up almost take a look at gamestop. okay? the original meme stock. i think you could call it. tumbling 10%, susan. what has happened. susan: a few factors here. we have the sec looking at the gamestops unusual trading activity and also active role social media played this year in gamestop. 1500% rally so far. the stock is also down, gamestop wants to sell another five million shares in order to raise cash while the stock price is still high. smart move, with more supply, more stock, that depresses the price. you do have a new gamestop ceo. matt furlong is coming in 11

days, a new cfo. chewy cofounder, 13% shareholder, ryan cohen voted in as chairman. not a surprise. cohen the main reason behind gamestop's rally this year. gamestop earnings, they were pretty impressive. they made more sales than anticipated in the first three months of this year. also looks like the transition is ramping up going from bricks and mortars to online. earnings call was unusual to say the least. it was 11 minutes long. it was streamed on youtube, yes even you could have watched it. shows you that they're playing to their investors who they know is a retail crowd. stuart: yeah, they're playing to that crowd. that's true. susan, thanks very much indeed. brian brenberg with us for the entire 10:00 hour, what is your take on these meme stocks, professor? >> well it seems to me like you're going to have to take gamestop out of your meme stock section pretty soon. it is becoming a real business story. they have a team in place.

they have apparently a strategy. this is a good news story for them. i like it more. it has legs in terms of strategy, potentially operations. here is what is interesting, stuart. used be companies go to investors and pitch investors on ideas. our world flipped. it is investors going to companies, pitching to the companies, we'll give you capital, do something different. that is exactly what gamestop is doing. the share issuance is part of reinventing company, investors who started it, not the company. it is investors challenges the company to do it. what a world if you have got that happening. stuart: the world turned upside down. the wall street world. >> exactly. stuart: that's a fact. brian, stay there. a lot more to come. this, president trump was slammed, big time, slammed on the media suggesting using hydroxychloroquine would help fight covid. there a new study, it may indeed help against covid. the president, former president

was right. doc siegel is here to tell us about that. one teacher confronting her school board over their progressive agenda. roll tape. >> do not allow anybody to tell you can't accomplish anything because of your skin color or hate yourself because of your skin color. students it is up to you to be the next generation of victims or victors. stuart: a very eloquent statement of opinion, if you ask me. professor brenberg will sound off on critical race theory. the backlash to it after this. ♪.

♪. stuart: well the rally is holding. i would say barely. the dow is up less than 100

points now. the nasdaq up 60. there you have it. i'm still seeing green. florida state board of education is meeting to discuss critical race theory. phil keating joins us live from miami. are they trying to ban crt, critical race sheerry? reporter: that is the way it is appearing. it is expected. the public comment period is happening right now at the meeting. critical race theory deals with the teaching of slavery in this country and jim crow laws, how both impacted local state and federal laws which adversely impacted minorities. how exactly that is taught and how it is emphasized, that is the hot button issue under discussion right now outside of jacksonville today. in the past couple of months conservatives and republicans described it as unobjective indoctrinization of our k-12 schoolkids. the board ever florida department of education is meeting today at the public forum to discuss this and other history topics including the

holocaust and how that is taught. florida's republican governor, ron desantis criticized critical race theory multiple times in recent weeks. declared he will not support any republican school board candidate statewide that supports teaching it. surprisingly addressed the meeting an hour ago via zoom. >> we have to do history that is factual. if you look at things that have grown out of critical race theory, it is much more about trying to craft narratives about history that are not grounded in facts. reporter: the department of education's agenda is this line, instruction on the required topics must be factual and objective may not suppress or distort significant historical events such as the holocaust and may not define american history something other than the creation of a new nation based largely on universal principles stated in the declaration of independence. so the actual agenda item,

number seven on their agenda, it deals with academics and how teachers teach our kids in the next school year. the florida education association which represents the state's teachers, largest union in the state, they recently slammed the governor regarding this saying his comments seem to be more political than educational. they say true facts should not be omitted from kids education. stuart? stuart: varney, stu, here i am. reporter: sorry about that. stuart: stuart: good stuff, man, all good stuff. i've been called worse. now this on the same subject here, let's throw this into the mix. a mom in virginia who survived maoist china completely eviscerates a school board push to teach critical race theory. watch this. >> growing up in mao's china, the communist regime used the critical race theory to divide

people. the only difference they used class indead of race. during the cultural ref vision i witnessed students and teachers turn against each other. we changed names to be politically correct. we were taught to denounce our heritage. red guards destroyed anything that is not communist. this is indeed american version of the chinese communist, chinese cultural revolution. the critical race theory has its roots in cultural marxism. it should have no place in our schools. stuart: yeah, right. take that. thank you very much, ma'am. brian brenberg still with us. look the debate is on. it will be really intense this summer as we go towards the fall classes. where do you stand on this? >> well when you have 8-year-old kids coming home from school believing they're an oppressor because of the color of their skin, yeah, you have a cultural revolution on your hands, one that is absolutely going to divide this country. you look at parents right now at these school board meetings.

it is clear they feel like they have nothing to lose. their school system is broken. they're giving it one last shot, one last shot to try to salvage it. you can bet if that doesn't work they are out of here. homeschooling rates in this country have doubled over the last year. people are looking at private schools. they're looking at independent charter schools. they are going to exit, if they believe this system is irredeemable. that is the situation we're in. i think it is ridiculous that woman got only one minute to share those views. what she said is profound. she had to hurry through it and school board gave her one minute to warn us against the problems of cultural marxism hitting kids in elementary school. stuart: well-said, professor. well-said indeed. brian hold on for a second. let me segue to this. president trump told me, president trump told me thinks bitcoin is a scam. what does dave portnoy think

about that? i will ask him coming up. first senator marsha blackburn going to to toe with anthony fauci, the doctor. the senator is with us and she will make her case after this. ♪. this is andy, my schwab financial consultant. here's andy listening to my goals and making plans. this is us talking tax-smart investing, managing risk, and all the ways schwab can help me invest. this is andy reminding me how i can keep my investing costs low and that there's no fee to work with him. here's me learning about schwab's satisfaction guarantee. accountability, i like it. so, yeah. andy and i made a good plan. find your own andy at schwab. a modern approach to wealth management. stay restless, with the icon that does the same.

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off your kohler walk-in bath. and take advantage of our special offer of no payments for eighteen months. >> i'm sorry i don't want to be pejorative against a united states senator but i have no idea what she is talking about. so if you are trying to, you know, get at me as a public health official and a soon activity, you really are attacking not only dr. anthony fauci, you're attacking science. stuart: okay. that was dr. fauci responding to senator marsha blackburn who had accused fauci colluding with zuckerberg from facebook about origins of covid. here is the senator herself. dr. fauci says you're attacking science, are you? >> i am not attacking science. what i'm doing is standing up for science.

look, you know, dr. fauci did with big media and chuck todd what he did with big tech and mark zuckerberg and of course he ridiculed what i had to say but you know what, stuart? he never refuted what i had said. what we do know he worked with mark zuckerberg to create a pr campaign. we do know that he was aware of concerns around gain of function research, around this wuhan lab but he didn't share those concerns with congress, the american people. i'm not sure he shared those concerns with president trump. we do know that the department of state and secretary pompeo tried to launch an investigation on this lab and we know that some of the careers over at the state department tried to stop

all of this. so those are the things that we know. i will say this about big media. we know nbc universal, universal studios all there in beijing f you're doing business in a big way in china, you are there with the chinese communist party. stuart: former president trump told us that if it is conclusively proven that the virus came from the wuhan lab, he would be looking for $10 trillion worth of ripa reparations. if the chinese don't come clean what they were doing, he would hit them with 100% tariffs on everything that came in. i don't know if you could hear me on top of that noise, senator. what do you make of former president trump's demands for pep a pageses or heavy-duty -- reparations or heavy-duty tariffs? >> i look forward talking with

president trump, what was dr. fauci telling him because it appears from the emails and from the exchanges and the information that we now have that it was his agency that, niaid who was sending money over to this lab in wuhan, taxpayer dollars. we also know that neither the w.h.o. or our dep low mat tick scientists were allowed. we also know the chinese communist put a sanction on me, senator cotton, senator rubio, they wouldn't let us into the country, we were banned from the country. and we were sanctioned. they were hiding something. we know the chinese communist party locked down the province where wuhan is located. if you live there you could not leave and go anywhere else in china. however, you could go to wuhan international airport. you could get on a plane and you

could travel around the globe. so is the chinese communist party culpable in this? should they come clean. should they tell us? should dr. fauci said to the american people we don't know exactly what we're dealing with. we do know this lab does coronavirus research. we are very concerned that there was gain of function in research done and that there may be an appearance of an engineered component for this virus and we're going to get in behind this and figure it out and keep you safe. we will tell you what we know as we know it. that should have been the response. stuart: well, come back and tell us what you know and when you know it and how far this investigation is going. please, senator, we would love to have you back. >> on behalf of the american people, i will do that thank you. stuart: thank you, senator. we'll see you again soon. all right.

check that market as we head towards the 11:00 hour. i'm still seeing green but not much of it. the dow is up only 11 points t had been up more than 200. back with a big hour. we have portnoy, hegseth, senator john barrasso, dan henninger and more. plus, president biden, this is my opinion. i think he is trying to be the anti-trump. the under trumpp at home and abroad. the question is, is it going to work? i will have that in "my take" next. ♪ 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

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♪ ♪ ♪ ♪ ♪ ♪ >> people and institutions sold too much big tech, time to rebalance your portfolio to neutral effect. >> many of the stock end poorly, there is no real there there. >> they want to do something on childcare but do not make it tied to unemployment. don't be surprised if they don't work.

>> this is what it looks like when you place america first with america last. >>:is so bad for the environment yet we ship millions of tons of coal every year to who? to china. that makes china stronger. it makes the united states weaker and where does that leave us. >> we lost much of the rally. nasdaq is up 13. and we have inflation numbers, and strip out food and energy, 3.8%, not that strong, 10 year

treasury yield reflect that, only one.50%. check alphabet. it reached an all-time high earlier this morning. $2,414 per share. the rest of big tech pretty much mixed bag. bitcoin moving higher, 37,000 a moment ago, dropped to 369, still up on the day. president biden is intent on reversing just about every trump policy, regulation, long list. the policy reversals keep coming. the global minimum corporate tax, biden supports it, donald trump says it is giving away our economic sovereignty.

biden says the number one threat to our security is climate change. i can't imagine trump saying anything like that. europeans lap it up, ignore the obvious china threat to oppose trump, more likely he has gone the climate route to appease aoc and bernie sanders. biden is paying for and distributing to the world 500 million doses of covid vaccine. the europeans, the vaccines are trump triumph, biden won't say it but he should. biden has given the green light to the russian pipeline, the europeans love it, trump doesn't. it was reportedly a russian organized hijacking operation against america's vital industries. biden is trying to be the anti-trump.

we are being overwhelmed on the southern border. 1 million illegals come across, biden's vast spending brings massive debt. now he is trying to be the on trump in europe. good luck with that. retreating from america first has not worked at home and i don't think it will work abroad. third hour of varney just getting started. pete hegseth with us this morning. you are military guy, what do you make of president biden saying the biggest threat to our security is global warming? have at it? >> i am laughing like our adversaries are laughing at us,

like arguing over gender pronouns as the builder hypersonic missiles and militaries to defeat hours. the chinese communist party is laughing every single day that we inflict economic damage and economic critique on ourselves while they pollute more than anyone else, to control hollywood and control deletes, and getting away with fr, killed 4 million people. they -- back to the easy love of a parent that doesn't discipline you as opposed to the tough love of trump, that you can't draft off of us forever after world war ii, time to pony up and pay for your own defenses, we fund our welfare state and keep borders open. everything will be okay.

>> the meeting between president biden and boris johnson of britain, when the meeting concluded the media were pushed out, no questions, the handlers on both sides were shouting no questions, get out of here. no questions whatsoever but jill biden appeared and addressed the media. you can see it happening. what do you make of that? >> why would president biden take questions after looking what happened to, harris -- kamala harris? got totally sidetracked on her attempt to find root causes and answer questions about why she wouldn't go to the border and talked about going to europe? of course you wouldn't answer questions because it will go sideways and there are tough questions that should be asked especially from the international press.

really curious to watch jill biden yesterday, preparing for the g7, sitting at his desk on air force one, always out front, indicative of a wife covering for her husband, you can't impugn her for that but it is a sad indictment of where we are right now. stuart: looks so strange, does it not? so strange. you are all right and notice we didn't get to bitcoin with you today. i could have but iran out of time. thanks, see you soon. all right. i want to bring in the super bowl himself. he has been wildly bullish, his name is michael lee, frequent guest on the program and happen to know that he's predicting, listen to this, a melt up all summer long, about as extreme.

cases i ever heard in my life, spell it out, michael lee. >> we have inflation prince today, the worst in multiple decades and the market hitting new time highs. looking at the obstacle to the market going higher, inflation was the key obstacle, has been a key argument since january of this year. against the market. what we are seeing in inflation numbers as you pull back is you have a chip shortage for automobiles using new car prices and rental car prices through the roof and look at airlines who have gone through a tremendous amount of turbulence pun intended over the last 12 months since the pandemic greatly reduced, these things are going to fix themselves. 6 months from now or a year from now a lot of the prices of these items will be lower so the cpi is artificially high, it will be artificially low.

we are looking at an improving economy will be at slowing of the rate of change for the improvement which is a goldilocks situation and when you look at the major market indices over the last 12 months, you didn't have big-box retailers, but small businesses. many of the larger players that dominate the indices have increased market share and earning money hand over fist. 61%, a little bit low. expectations for later this year are low in terms of earnings for the biggest companies, unless something bad happens between now and then no direction other than up. stuart: okay. melt up all summer long, michael lee, we will have you

back, thanks for joining us. the market is moving and there are some individual stocks really moving starting with boeing. >> boeing in advanced talks to sell max jets to united with the airline looking to revamp, speaking of transport, tesla plans to launch a model-plaps plaid which will cost 120,$000 going from 0 to 60 in two seconds. facebook with an announcement this morning rolling out the ability on us messenger to use q are codes and payment length to send money or use facebook pay. amazon music, lending music with commentary from artists and take a look at the high-tech high-growth ways rallying because they fell below 150 this morning. when yields go down to make the

stocks look better, better value for investors. stuart: i've got the 10 year treasury yield, that helps the tech. with inflation numbers. >> we have to mention take downs which are important. >> starting next month families will start receiving child tax credit payments. todd pyro will be with us for the hour, how many families get these checks? >> check your mailbox, irs saying here's my answer, 36 million qualify for the expanded child tax credit, going out in july. $3,000 for every child age 6 to 17, $3,600 for every kid under 6 but tapered off one's income

hit 75,000 for individuals, in 3 stages. here's where it gets confusing. a lump sum followed by monthly payments through december at the end of this year on next year's return. stuart: that is an enormous amount of money when you add it all up. thanks very much. stay there. a lot more for you still to come. donald trump told me bitcoin is a scam. he said it to this program. dave portnoy is next. ♪♪ oving forward. hey, kevin! hey, guys! they have customized solutions to help our family's special needs... giving us confidence in our future... ...and in kevin's. voya. well planned. well invested. well protected. incomparable design makes it beautiful.

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>> bitcoin seems like a scam. i don't like it because it is another currency competing against the dollar, essentially a currency competing against the dollar. i want the dollar to be the currency of the world. stuart: >> he calls it a scam. see what dave portnoy says. what do you think of the former president saying it is a scam? >> wasn't too far off from donald. when bitcoin was introduced, for a long time it was upon the scheme. i came around on it, it was too widely accepted, too many people believe in it. there's liquidity. you can get in and out easily. don't know what it started at.

stuart: into safe moon you made a big production out of it. safe moon is down a little bit since then. where are you on safe moon now? are you ever going to sell? >> with that a euphemism? down 50%. it was a rocky road. eventually land on the moon and i will be there to throw a yacht party. >> the only two, safe moon, those are the only two i had. >> all the celebrities who make headlines are not helping. ilhan musk is up and down all

over the place. you made headlines, you are a celebrity and you made some headlines but you whipsawed a lot of investors. i don't think celebrities saying this kind of thing are doing much good for the market in the long run. >> i will pretend i don't know what whipsawed means, but depends what you are doing, if you're involved in something you can make a difference like everyone knows my background, i work on every day. something like safe moon, bitcoin, it moves up and down, jumped and comes back down. it is over the long-term. stuart: do you think to some degree the bloom is off the

rose of the cryptos? >> it is a little bit down but it is one of those things. i bought bitcoin at 11,000 and sold it. that was the last time but look at the big picture. people planning cryptos at 35, 36. that is pretty good. stuart: i get the impression you are losing interest. you didn't make a big profit the get go. the crypto market cooled down a little bit, you are losing interest. >> the bitcoin conference, all over the street, i will admit it is harder to brag how great everything is going when you

are down 50%. the second safe moon takes off. stuart: what do you make of that? >> that is what it was. the people complaining, if i can make 20 million, 30 million for exhibition, sign me up. legalized bank robbery. stuart: did you enjoy the miami conference? what did you get out of it? >> i didn't go to the main conference, don't like listening to people talk. i like to be the one talking,

the restaurants, clubs, coming from the sky, i don't know who they are coming back for the next three years in miami, crypto is not going anywhere and neither is this. stuart: if i have a spare 10,$000 to invest other than safe moon where should i put my 10,$000 according to portnoy. >> i'm not in a financial advisor but i love the stock pen in. stuart: you've got a large piece of that i believe. >> it is a good time. it lags over the last couple months because gambling in general was down, football is king, back to full speed, full stadium and once the nfl gets

going you are not having cancellation but you see a huge increase in all the gambling companies including hours. stuart: you are busy guy with lots of interest. thanks for being with us. you are a great tv performer. the man is good. pretty big. todd pyro, you are with us for the hour. >> if you want to broker a fight between portnoy, portnoy needs the money, he has a family to start. as for crypto, they are getting into this thing. as i said repeatedly not only do i not fully understand crypto, when you see them getting and understand it either.

i heard it on tick-tock or snapchat, you put that money, whether it will stabilize, the stock market before it was regulated and people understood what the stock market was, i don't know if the average investor understands their 401(k) but the average investor understands businesses do well, stock market does well, the long game putting in tax deferred money, don't know if they understand crypto. stuart: stay there. more for you. vegas is back, live show selling out, home prices in the area, record highs, take you there for the vegas strip report. massive number of unemployment cash from the pandemic may be in the hands of criminals. we will figure that out after this. ♪♪

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stuart: capitol hill on a cloudy morning, 78 degrees in washington dc. there is an op-ed in the wall street journal. biden bungled his crisis, the manchin mess and spending spree, white house misreading of the political moment. the author of that, dan heninger joins me now. in what way has biden misread the political moment? >> i think he tried to take advantage of the crisis, the famous romney manual saying, democratic truism, never let a crisis go to waste. president biden got his crisis, the pandemic of 2020 and his response was to introduce the greatest spending and entitlement spree of legislation since lbj in 1965 and what is the story this week?

the biden agenda is losing infrastructure talks with the republicans have collapsed. they are going nowhere. the democrats, chuck schumer, are now talking about our cats and dogs reconciliation bill, pack what they can into it at the end of the summer before they leave to campaign for their own reelection. i call that bungling the crisis and he misread the public's attitude, beliefs and desires coming out of the pandemic. a horrible year 2020, the pandemic, we had protests after george floyd, riots, a close election, the capital riot on january 6th. i argue what the american people are looking for is stability and president biden was on the right track when he ran on a campaign of return to normalcy but as soon as he won, let's go big. the sticker shock, taking back

the american people and the agenda losing popularity, and across the country. stuart: his first speech arriving in europe president biden says climate change is the biggest threat to our national security. i was surprised when i saw that and heard that. do you think it is another misreading of the political moment? >> i honestly never thought the american people whatever they may think about climate and climate change surely do not think it is the biggest threat to the country's national security. we've been through a pandemic, with man-made origins in china. vladimir putin, hacking, shutting down the colonial pipeline.

they understand the russians and chinese are the greatest threat to national security, when he talks about climate as with the entitlement proposals and the rest of it, carrying water for a progressive left-wing agenda. they thought they would win bigger than in the last election. they cram it through, and i think there will be a backlash. stuart: dan heninger, thanks for joining us. a full report, shows how much unemployment money was stolen during the pandemic. hillary vaughan, how much money are we talking about here? >> this is an estimate from a company called id.me.

$4 billion was stolen, pandemic fund, putting it at 50% of unemployment cash, that was taken away, from a fraud prevention service, to cash in on government during the pandemic, to criminal organizations, fraud has been a tough concern, lawmakers have clarification, why the fraud is happening. lexis-nexis puts the percentage at 70% of stolen money has gone overseas, based out of china and based out of russia which make this a national security

issue, this is actions by criminal organizations and it is sanctions, in countries like china. stuart: that is an enormous number if accurate. home prices hitting record highs, in his cushy role in vegas. >> taxes, in the master bedroom, a great view. built it, designed it, one of the big things i like, the master bathroom on this, they are not the faint of heart, but

outdoor to and bathroom. in the master suite you see the walk in closet, 15,000 square feet. it is an 11 car garage, the latest, in the panic room, one of the interesting things is over the past 5 years 200,000 people moved into las vegas, talking about those numbers increasing now, the past 12 months or so, they are seeing customers in chicago and new york, i tax areas. tax structure is almost the number one reason why people are moving here. he doesn't believe it will change the status quo. >> during the pandemic people were thinking about their lives a lot and where they might want to live and might want to

change their life, we benefited from that as people thought they might get away from southern california and move someplace where the state taxes are nonexistent. >> las vegas will change them, not the other way around, might have to take a couple vacation days. stuart: taxes taxes taxes is where it really is when it comes to moving out of high tech states like california, new york. you have to leave las vegas and bring your money back with you. news on the cruise industry, carnival released new guidelines for their cruises which are leaving from texas. what do i have to do to get on a cruise in texas. >> i get to the cruise in a second but in the panic room, can i use the panic room with my wife feels at me for not listening?

stuart: careful, i presume your wife is watching this program, you could be in trouble. you may need a panic room. >> we can take the cruise we were planning, talk about the show we watch, you thought the all the cruise battle was getting in line at the phase, carnival setting up a battle with texas, boarding ships in the lone star state. texas governor greg abbott assigning a law prohibiting businesses from requiring vaccine information. it is similar to the fight in former governor ron desantis signed similar legislation, carnival said it found an exception under federal law for its requirement but we will see by july 3rd when the first carnival ship leaves galveston i know you were on it and much like when a president gets on any plane it becomes air force one, when you get on any ship, cruise, dinghy, no matter what, it becomes the hms varney.

stuart: flattery is the mother's milk of television and it won't get you very far on this program but you are doing all right so far. let's get serious. remember this, the media slammed donald trump for taking hydroxychloroquine. role tape. >> the president knows that hydroxychloroquine is not supported by science. he knows that it has been flagged by people in his own administration. >> no evidence that points to hydroxychloroquine being an effective treatment. stuart: it is almost funny. the bottom line is we have a new study that says the drug increased the survival rate of covid patients. more on that. ♪♪

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>> a lot of things have come out about hydroxy. i happen to be taking it. i'm taking hydroxychloroquine. stuart: that is donald trump touting the effectiveness of hydroxychloroquine. the media immediately dismissed it as utter nonsense, just watch this. >> donald trump did not back down from his decision to take hydroxychloroquine, a malaria drug that the fda warned is not a safe or effective. >> the president knows it is not supported by clients. he knows it is flagged by people in his own administration. >> there is no evidence that points to hydroxychloroquine being an effective treatment and i'm worried for donald trump. stuart: i'm sure you are. a new study out,

hydroxychloroquine increased the survival rate of severely ill covid patients. was the science shutdown because donald trump supported it? >> that had a lot to do with it. did you hear governor credibility saying there was no science? at the time, the science was evolving and when donald trump was taking hydroxychloroquine there were multiple studies in europe and china that showed effectiveness, it was an evolving situation and as soon as he said it it got shutdown. trials stopped. investigate is couldn't get people to join trials and it is not surprising that in certain groups it may be effective because actually in the laboratory it does have effect against this particular virus and combined with zinc the zinc gets into the cells and has an antiviral effect.

in the study it worked on people on respirators, ventilators, extremely sick people, i have given it to patients, and i see them get better, my father survived because of hydroxy chloroquine and zinc. i thought the president was just being honest and got attacked for it and that was one of the first examples of politicization of the pandemic. stuart: can you deal with this real fast? president biden's budget, may continue to fund -- the heart condition in some youngsters, do you have a comment on that. >> they seem 500 cases. some of them are fairly serious but the bottom line is this

needs -- covid 19 causes heart inflammation in sick people, a large majority, one out of 4 or 5 out of 100 cases, way more than the vaccine. we are talking 500 cases out of millions that have gotten it. it bears investigation. it's not a reason not to take the vaccine. stuart: always good, we appreciate it. president biden's budget may continue to fund the wuhan lab. here's where we need todd pyro. >> we like to have fun, but no laughing at this one. can the government fund research at the wuhan institute of virology, you listen. >> it will never be used to fund such research going forward from this budget. >> would never make the commitment as someone who

believes, led by science, to wait for the review jump to the conclusion. >> refusing to commit the biden budget request would not include funding from the lab, suspected the covid 19 pandemic may have originated, between 2014-2019 close to $1 million went to that lab went to doctor fauci's national institute of allergy and infectious diseases. like everything in this world seems like there's two sides. the you think it began in the lab or do you think it was animal to human? stuart: i would like to know where it started and i would like to know that fast too. thank you for being on the show this hour. you are getting up incredibly early every morning. you anchor a show, early fox and friends, 4:00 am to 6:00 am on the fox news channel. thanks for being with us. >> i love the names you come up with.

on fox and friends early, this time it is early fox and friends, i like that better than fox and friends first. you should commit your name. stuart: watch fox news at 4:00 am eastern time and you will see that guy right there. thank you. the keystone pipeline is dead. senator john barrasso says it is because thousands of jobs will not be created. he's really angry about it. the senator joins us next. ♪♪ we had our problems but i'm on your side ♪♪ you are all i need ♪♪ please believe in me ♪♪ he needed his insurance to get it done right, right away. usaa. what you're made of, we're made for. usaa obsession has many names. this is ours.

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says pulling the plug, terminating the project. senator john barrasso from wyoming joins us now. you are the top republican on the senate energy committee. am i right in saying even you cannot reverse this? it is done, the pipeline is finished, right? >> president biden killed the keystone pipeline, his fingerprints are still on the murder weapon. the first day he was inaugurated and took office he put a large target on the back of american energy and pulled the trigger. the executive order killing keystone resulted that day in 1000 pink slips going out to fire energy workers, would have been 10,000 jobs overall and we are seeing it at the pump right now. if you fill up in wyoming it will cost you $15 to $20 more, it will get worse over the summer and you talked about the inflation numbers which are at a 13 year high today.

stuart: okay. on a related note, president biden as soon as he arrived in europe identifies global warming, climate, as our nation's most pressing and overriding security concern. that is kind of linked to the pipeline, isn't it? what do you make of him saying global warming is our biggest security threat? >> i disagree completely with the president here. let's look at who is celebrating the death of the keystone pipeline. it is the climate extremists but also vladimir putin. what the president is doing is giving a gift to our enemies. he not only killed keystone but also allowed the nordstrom 2 pipeline, russian energy going to germany and europe, that is going to make us as a country weaker, make vladimir putin and our enemies stronger, we are going from a position of energy dominance to energy dependence. we are much better as a nation if the united states is selling

energy to our friends, not in a position where we are going to be buying energy from our enemies. in america we are using more russian oil than we are oil from alaska. my concern from the standpoint, putin gets his pipeline, american workers end up at the end of the unemployment line. stuart: thanks for being with us. we appreciate it and hope to see you again. >> thank you. stuart: trivia question, which us president never married? i got this but only after i googled it. we will be back. t you need! withtomized car insurance from liberty mutual! nothing rhymes with liberty mutual. only pay for what you need. . . you need to hire. i need indeed. indeed you do.

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♪ ♪ stuart: which american president never married? which american president never married? i got it only after i binged it. james buchanan. he was the 15th president, held office, 1857 to 1861. he was only president elected from pennsylvania. he never got married. big tech up across the board nicely so except for apple. amazon up, facebook up, microsoft up, very, very nicely actually. put on the screen, alphabet. new record high. microsoft up over three bucks right now. 256. the all-time my for microsoft i think it is about 261, 262.

way up today. approaching those highs. here's why big tech is doing so well. the yield on the 10-year treasury, despite inflation news today all the way down to 1.48%. tech investors just love lower interest rates. it is good for big tech stocks. that is what is happening right now. time is up for me. neil, it is yours. neil: thank you very much, stuart. the markets seem to be quite okay with higher prices and more inflationary concerns. i've been seeing that spelled out over the show here. we'll get into the details of all of that but the markets are not worried. we think we know why. we'll get into that. we're also going to get the read on how so many employers are trying to fill jobs right now and pay them much higher wages to accommodate that, to push young people with temptations of 20, $25 an hour j