maria: thank you to take mcdowell and steve forbes. thank you for joining us. stuart: good morning, everyone. we knew home prices were rising, now we know how much. according to the case shall report home prices are up 14.9% in the last year, the largest annual gain in 15 years, you have to go to december of 2005. we've not seen anything like this since 2000 years in the wild years of the housing

bubble 2006-2007, extraordinary event. we have a new record high for the value of all-american stocks was wall street is a wealth creation machine. the total value of publicly traded american companies has reached 45,109,950,000,000 dollars. the market rally added $4.9 trillion worth of value just this year. with such an explosive rally a lot of people are on edge waiting for the selloff. it is not coming at "the opening bell". the dow is going to be a mighty, fractional gains for the s&p, modest loss for the nasdaq, cryptos moving up again, bitcoin ready thousand dollars, kathy would will establish a bitcoin etf. in an hour president biden takes off for wisconsin to shore up support for his

bipartisan trillion dollar infrastructure plan. he messed up the rollout, now he wants to build up his image as a unifier, someone who can bring both sides together. the left having none of it. they want to $4 trillion plan for free healthcare, free education in the green new deal. police departments defunded, crime soaring, democrats deny responsibility, they are suffering in the holes so they have a new spin and it is the gop defunded the police. as one commentator put it that flies in the face of all known facts. the weather is making news. temperature went to 122 degrees in phoenix, 115 in portland, oregon. hot and dry in the west, hot and humid in the northeast, 97 in new york city later today. it is tuesday june 20 ninth 2021. "varney and company" is about to begin.

♪♪ working 9 to 5 ♪♪ what a way to make a living ♪♪ getting by ♪♪ stuart: in new york city, you break out a sweat in no time. breaking news, home prices surged 14.9%, the biggest gain since december of 2005. i was trying to get a handle on the prices, the median 350,000? >> think about the size of the down payment, 20%, what is happening now the reality, the median price, too rich for my blood.

down payment is soaring, we will see the summer a bit of a showing, the housing markets overheating, will cool off a little bit. stuart: you often do a survey of the real estate industry. are you telling us the rapid ride in home prices are slowing down? have you seen signs the surge is slowing? >> overinflated asking prices getting revised down slightly on the higher end homes, home affordability is a big issue, if something is priced right below the median 350 it is probably going to move but above 350 they are seeing pressure. instead of doing my own survey,

they measured demand, and find for the first time a slowing of demand, demand dropped one% over the levels from 2020. the foot traffic in homes is slowing down which is a good sign because no one wants a bubble. stuart: you don't expect a crash in the home prices or sharp decline, you're not expecting that either. >> i don't see that happening but you can't -- case shiller was 20%, national association of realtors 24%, you can't sustain that because you will price too much out of the market so coming to low double digits, even single digits is where the market is long-term. stuart: the realtors would be happy if more homes were for sale. good stuff, thank you for

opening the show for us. let's go to big tech, facebook, $355 a share down a tiny fraction. that was the stand out closing with a market value above $1 trillion, got a big win. they've got a big win in court. >> a shocking ruling because it was early on in the case, it essentially kills the 40 plus state ag's case of aged -- antitrust against facebook, even surprised facebook themselves. stuart: didn't the judge give the government 30 days. >> a better case. >> the bar has been set really high because you read the ruling from the district judge? they've not laid out the case

that facebook is a monopoly when it comes to social media. it was colorful language because the state ag case is dead. they were saying we need to break up facebook because of their 2012 acquisition of instagram, the colorful language is why did it take 7 or 8 years to bring this case? that was when kevin durand played for the oklahoma thunder but if you look at where stocks are trading you have from where i see, $6.5 trillion worth, facebook, apple, amazon.

stuart: i am not surprised. look at the futures, a gain of close to 100 points for the dow, the nasdaq down 19 points. earlier on the show we showed you the new record free the value of all stocks, $45 trillion. our next guest thinks it goes higher, that man is michael lee and he's looking for a summer melt up. what do you mean by a summer melt up? we had a fantastic rally. >> nothing in the way of the market right now. some news events could happen a week or month from now or 3 months from now but until then we have a continuing theme where the bond market has stabilized and shrugged off the inflation fears which were holding back stocks last year. we've seen volatility fall off a cliff, rolling volatility, we into the new regime meaning the stage is set for another leg higher. as i say this all the bank stocks past their stress test and rallying on the backs of

increased dividends and buybacks. anytime you see them moving in the financials that the precursor for another leg higher in the overall market. we will see great economic data below expectations and at a slower rate meaning the possibility of overheating is going out the window. stuart: the baseline is profits and i think you are looking for a record rise in profits in the next quarter. and i write? >> absolutely. since this time last year as profits for companies are blown away analyst estimates, wall street analysts are always always always too. and take their estimates down. they have been steadily going up and since march 30 first analysts estimates are up from 53% to 63%.

since april 1st estimates for the third quarter gone from 19% growth to 24% growth. for the fourth quarter a similar story, those numbers are too low. big companies have taken away massive market share, really thrived during the pandemic and profits for the largest companies that drive the indices will begin to busters for the next 5 quarters. stuart: up 60%, earnings reports and a week, looking for 60% gains across the board. >> i am looking for 65% to 70% year over year. stuart: i've got to go, 65% to 70% for the s&p 500 up in profits. we will see you soon. let's get back to the cryptos because you always have a couple cryptos, >> look at that range. that is right.

>> i wonder if stuart varney will invest in that was the s&p has not approved any etf just yet, we will make it 9, the proposed arc be funds would be launched in conjunction with 21 shares, bitcoin bull, 82,000 shares of coin base takes her coin base holdings $2820 million. stuart: i admire her, she comes right out with it, says what she's going to do and why she is going to do it. >> a lot of these proxy plays, and last week, one% corporate cash by crypto currency up to at least 40,$000 but she made a comeback, people said she was underperforming but she attracted $500 million in june.

stuart: she is the bitcoin lady. >> i would say she's the innovation lady, future technology. check futures, green for the dow, tiny bit for the s&p. a lot of people are outraged over this incident but not the white house, they are not outraged about this, the white house is defending the olympic athlete who turned her back on the flag during the national anthem. >> there are moments we haven't lived up to our highest ideals and respecting the right of people to peacefully protest. stuart: brian kilmeade has something to say about that. also happening in the immediate future president biden is heading to wisconsin to round up support for his $1 trillion infrastructure plan. i think the left is mad as hell about this and there will be hell to pay.

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in the dow is going to be up at "the opening bell" hundred points and the nasdaq with a small lunch. the banks did very well yesterday because they can give out a ton of money in dividends. my question is when do i get the money. >> pretty much in the summertime, looking at the third quarter. this is expected. they got the go-ahead, morgan stanley doubling their

quarterly dividend buying back $12 billion worth of stock and that is why shares are rallying but it is not just morgan, j p.m. boosting dividends by 11, bank of america of 17, goldman sachs 60% more, wells fargo doubling its dividend by $18 billion but the lag are look at city, big 0, not doing much. stuart: the big deal is not just dividends going up but the possibility of stock buybacks which is generally good news for your stock. >> $12 billion back in stock prices. stuart: i'm moving the show on. los angeles county health officials, quote, strongly recommends people wear masks indoors regardless of their vaccination status.

officials say it is a precautionary measure because of the delta variant. cases in missouri rising, 800 covid hospitalizations reported daily for the past four days, mike parsons joins us now. what is the problem here, not vaccinating enough people? >> we have been was like most states in the country when you get to that 55% plateau it has become more difficult to get that vaccine out there. everybody has to the threat to get the opportunity to get the vaccine and the other thing is 80% of our most vulnerable population has had the vaccine, seniors and people with health risks have. stuart: i you going back to any restrictions like mask wearing or social distancing or restaurants with limited capacity? any return to instructions? >> we never had mask restrictions in the state, never shut businesses down in the state and that has proven

to be successful throughout the covid 19 situation. the thing you are seeing is the age group 18 to 29 are the high numbers we are seeing of that and we've got to encourage them to understand how important the vaccine is and give them the opportunity to take that so it doesn't spread but each day we get briefed on this the main thing we are looking at his with real hospital numbers what the fatality rate is, stay to the same pillars we had before trying to analyze this. we are all concerned about that. stuart: your state was one of the first to end the extra unemployment benefits. of you see more people coming back to work? >> we were one of the first state in the nation to cut off federal unemployment, we announce two weeks ahead of time and we've seen a spike in real people going out to get real jobs and it has worked well in this state.

even the restaurant industry and places like that things are getting better. the workforce peace, for three years we had that in place, high schools and community colleges, there is a whole new workforce coming in our state and that is important to realize there are people coming down the pipeline to take these jobs. if you want those jobs people are starting to realize you've got to get back out in the workforce or somebody else will have the job you once had and we are seeing that. stuart: thanks for being with us, always appreciate that. we are talking a lot about bringing workers back to the office and here's this from google, bringing workers back to their silicon valley campus, a glittering palace but how many of the workers are coming back to the campus? >> we have different cafeteria

lines, several states reopening study with bay area july 12th in mountain view, california. think of la, july 13th, july 27th, google will allow employees to work for the move and out for a bit's ceo expects 60% of google's workforce return to the office a few days a week, 20% will move to a different office in 20% will work from home. stuart: what do you make of the hybrid system, two days at home, three days at work, how many people if given the choice would go for the hybrid system? >> 50% is my prediction, in two years everybody, 85%, 90% will come back to the office. you have in between moments where ideas are generated and relationships are built in person.

stuart: we will check it out. shall we check the futures, see how we are going this tuesday, we are up 110 for the dow and the nasdaq down 16. we will be back. ♪♪ 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.

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>> futures, nice gain for the dow. look who is here, ed, we had a guest on a few minutes ago looking for 60%, 70% gain in corporate profits in the next quarter. you are looking for something similar. >> the analyst consensus is 50%, some of that is what jerome powell referred to as the base effect talking about inflation, when talking about corporate profits they were depressed in the second quarter of last year, so that bouncing back, the bounce back has been

phenomenal fueling the v-shaped recovery in the stock market. stuart: i was told stock prices reflect underlying corporate profits. are you looking for the next leg up for the stock market rally? >> the second quarter is discounted. if analysts are going to be wrong they will be too conservative because they are cautious coming out of recession. it could be 70% but it is already in the market. we have to consider we are seeing peak earnings growth and it will slow down. doesn't mean it goes down the increases at a slower pace. we continue to move to record high territory. stuart: are there any other investments you would look at right now as an alternative to

stocks? >> there is no alternative. right now that seems to be relevant, hard to get excited about bond yields, the risk that inflation turns out long-lasting, more temporary than the fed has been saying. stuart: how about crypto or two? >> i'm an old-fashioned kind of guy, earnings, dividends and income i can discounts, can't do that with crypto, digital tulips on a global basis, you can't get me there. stuart: you have no idea how

many emails. that was good stuff. always a pleasure. thanks for being with us. "the opening bell" will ring in 20 seconds, nice gain for the dow industrials, some individual game -- dow stocks doing well to push the average up where the nasdaq is down 6 points. a book like a solid opening. >> we expect to see a 30 third one in positive territory. stuart: we might have stocks even higher than $45 trillion. we are up and running. the dow is up 120 points and on the left-hand side of the screen, all the stocks in the dow industrials, a large majority are in the green. we are up and running to the upside. how many records was it? that is number 33. >> in positive territory. a new high.

look at the nasdaq, 14,502. records across the board. look at the banks, they have been allowed to buy back their stock and issue big-time dividends. they were up yesterday, begin today except city not doing much. big tech from the get-go mixed picture, microsoft down a fraction, apple 134, google 2455, amazon down, facebook down a tiny fraction. i want to show you nvidia, not our stock but a stock we have been following, it hit $800 yesterday. >> i hit $800. a boom and bust cycle. stuart: can i come to you for a loan?

>> chips, cloud, self driving. stuart: nvidia, you will be unhappy to know is 791. tesla down a fraction, ubs, turned bearish on them. >> kept their price target by 10%, where the stock should be. that is because of growing electric car competition. on the opposite end the competition raise their targets on forward and general motors, it is worth 79, fort worth $15. >> general motors lounge around in the mid-30s and forward. >> that was a 6-year high. we've not seen these levels for a long time. stuart: it has been years. general electric in the news. that was your granddad's stock.

they are at $13 a share, somebody says they can go higher. stuart: they say stock could jump by 30%, again, the recovery in the industrial sector means more cash generations. stuart: united airlines up today but still around $52 a share, betting big on the recovery, the largest order for planes from them ever. >> the single largest airplane from the decade. boeing and airbus aircraft, 200 of those coming from boeing, by 2026 to fill those planes.

on the recovery and travel, transatlantic would be 100% plus by next year. stuart: the airbus stock, the european plane maker, boeing is the american plane maker, united is buying boeing, down. >> that is general electric, you can imagine will sell a lot of those plane engines to those planemakers. stuart: walmart making a bigger push into healthcare unveiling a low price selling it this week. a lot of people struggled, those with diabetes struggle to pay. walmart has a cheaper incident on the market. check the dow winners. top-of-the-line, goldman sachs $376 a share. stuart: the fact the federal reserve has given these banks a clean bill of health, morgan stanley and wells fargo, is that a great economic indicator for the health of the us economy in this reopening?

stuart: i don't know. >> proxy play where the treasury inflation will go because treasury yields go up, make more on each loan made all out. stuart: goldman is the dow winner up $7, 2%. goldman sachs. the s&p 500 top winner there is morgan stanley and look at the nasdaq, not many on the nasdaq but they are headed by sky work solutions. comcast is up there. a deep he is up there. a broad range of stock industries doing well today and you are looking at new meme stocks. >> new ones being mentioned. 11:30 a.m. don't forget to tune in, did you see the stock yesterday? 97%, not a lot of news, last

week's earnings, no news, more social media, and -- stuart: it had gone up because they have a deal with it. >> you don't jump from news from last week. not much fundamental news but a big rally in the stock and game stop, we are only up one%, pretty tepid compared to explosive gains. stuart: the means are still there and more on bitcoin. we told you about kathy would starting a bit coin etf but more news on bitcoin. mexican billionaires. >> mexican billionaire thought

he could allow bitcoin transactions and the mexican finance ministry came out to say that's not intended in mexico but if you add to el salvador that is boosting sentiment, more adoptions around the world. stuart: as we speak this morning it has gone -- >> it is broken out of that range. we talk about the 35,000 range, breaking out 35 or it goes higher. stuart: may be so. i am going to mention tom brady. remember his bet on bitcoin? it is a bust. he admits his laser eyes didn't push the price any higher and he is asking for help. we will cover the story. the mayor of flavor town mad at politicians, talking about guy the area. watch this. >> we've got built restaurant

companies that were passed down from generations, not as much energy, power and unification. stuart: he says restaurant closings are only going to get worse and it is all the government's fault. ♪♪ i've got all my sisters and me ♪♪ we are family ♪♪ ♪♪

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stuart: president biden heads to wisconsin to shore up support for his $1 trillion roads and bridges infrastructure plan. the left is angry about this, they don't want just roads and bridges, they want to $4 trillion package includes that spending on free

education, free healthcare, the green new deal, the president's jobs to cobble together enough republicans and moderate democrats to pass the compromise $1 trillion plan. he campaign is a unifier who could bring both sides together. we will find out if the left will let him do it. look who's here on this, larry kudlow, i think the president is scrambling to cobble together this compromise, moderate democrats and some republicans. i don't think the left will let him do it. do you think he can get a deal for it? >> when you describe the second part do not forget that there's at least $3 trillion of higher taxes, on large and small companies, individuals on global minimum tax, domestic minimum tax, the capital gains tax and the inheritance tax. nobody wants to put that in but it is a key part of this, tax the rich and go after tax

cheats with $80 billion more for the irs so we have a lot was leonard hunt against conservative individuals. that would be devastating to the economy. so we understand the stakes. stuart: i want to understand this, the president is trying to cobble together a compromise agreement on the $1 trillion plan. does that $1 trillion plan include all the tax increases you are talking about? >> know because the president didn't do the cobbling. it was the bipartisan group of 5 republicans and 5 democrats and the president last thursday said great, look what we've done and an hour later completely backed away from it and continues despite the blue smoke and mirrors they are

trying to spin on this, and mister schumer and ms. pelosi, saying we will do the infrastructure which is only 1 trillion and could be cut back by 300 or $400 billion, that does not add income tax, then they want that to be linked to the so-called family entitlement stuff in the wall street journal, tens of trillions, 3, $4 trillion worth, the green new deal, the entitlements and tax hikes. he's walking away from it, on the sunday talk shows nothing, at one point cedric richmond, top white house aide was asked directly by jake tapper yes or

no, on the infrastructure bill alone, he said it is not a yes or no question. of course it is a yes or no question. he doesn't want to answer it because the answer is no. if the president wants to cobble a massive welfare state with high taxes that will throw a wet blanket over the economy at least the bipartisan people have more modest goals and refused to raise income taxes. stuart: i am hearing there may be some juggling with salt, they may raise the salt above 10,$000 but there would still be a salt. have you heard about this? >> i always hear about it. bernie sanders might have an income test which josh scottheimer doesn't want. the way you beat salt is to lower these massive outside tax

rates, new york, new jersey and connecticut. stuart: it is not going to happen. you know it is not. i say to you your great friend the governor of new jersey, governor murphy, is going to raise taxes. i know you like the guy, he will raise taxes, taxing the rich. >> i agree with is that wholeheartedly. i told you weeks ago that there wasn't enough of votes to put that salt deduction back on the table. just cussed tax rates. stuart: let me explain the way to beat salt. you are not going to get the states to lower taxes. it will never happen, never ever. it is not going to happen. the way to beat salt is to lead, head to florida, go to texas, go someplace else, that is the way you beat it, the only way you beat it.

sorry, we are out of time. my little emotional outburst filled out the entire segment. >> that is what has been happening was i will give credit to a democrat, ned lamont, doctor connecticut still refused to raise taxes. that is some progress. or the gop retakes congress and slashes marginal tax rates across the board. that is what we wanted in 2017. stuart: sorry i'm out of time. thank you very much. we are going to watch you this afternoon. tomorrow the great america, the great special, america the great at 4:00 pm tomorrow with the man himself, larry kudlow. check those markets, seeing a gain for the dow 100 points and the nasdaq turned positive at 20 points, the 10 year treasury yield around 150, 149 this morning the price of gold, $17.57, doubt 23 points with oil $73.50, the price of gas

taking up one penny, national average $3.11. what do you think they've got to pay for a gallon of regular, on average? you are reading the prompter. $4.28. for regular. that is the average for heaven at stake. >> it is $5 a gallon, isn't it? >> about $6. donald trump travels to the border tomorrow. he is headed to where the real problems are, the del rio valley. the city of mccallum in the middle of it and we have the mayor of the city, a republican by the way, joins us shortly. the keystone pipeline dead, not good enough for the activists. they set their sights on the line 3 pipeline. jeff flock is there and will tell us about the fight to come.

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call and talk with one of our bond specialists at 1-800-217-3217. we'll send you our exclusive bond guide, free. with details about how bonds can be an important part of your portfolio. hennion & walsh has specialized in fixed income and growth solutions for 30 years, and offers high-quality municipal bonds from across the country. they provide the potential for regular income...are federally tax-free... and have historically low risk. call today to request your free bond guide. 1-800-217-3217. that's 1-800-217-3217 stuart: i feel fine. the air-conditioned studio at

fox news you can see, outside, 86 degrees and rising, 97, hot and humid, new york, the keystone pipeline is dead but the fight against similar project is far from over, environmentalists set their sights on a line 3 pipeline, jeff flock is there in minnesota. some of the people around you are speaking out against this project. >> reporter: this is a very different environment than we had with keystone. you are looking at line 3, the pump station, one of the multiple pump stations for this line that is replacement project for an old pipeline. the indigenous community in the case of the keystone pipeline and the could access pipeline opposed to it. the indigenous community supports matt gordon with what tribes? you also have a construction

company working on this pipeline. >> i support the pipeline because environmental and economic impacts impact the reservation. >> reporter: positive impact. >> working union jobs, good paying many, bringing in income. >> reporter: we see the pipeline coming in. that is what the pipeline looks like. it is not big. you think the environmental impact is worse if you don't build the pipeline. the impact is worse because it is an old pipeline you are replacing. >> correct. line 3 has been operating since the 60s in 6 years ago, and application to replace line 2 in minnesota. it is being replaced in wisconsin, those sections in operation and in minnesota in operation.

we had some pushback. the regulatory ruling would reduce chance of an oil spill in minnesota and wouldn't contribute to climate change. >> reporter: i leave a picture of this pump station under construction, multiple indigenous people working on it and the biden administration file a brief on behalf of of this pipeline. they may have done some things in the arctic refuge and with keystone but they are supporting this one. tells you something. stuart: didn't know that. in the immediate future, jason chaffetz, brian kilmeade, sean duffy, kayla mcinerney, second hour of varney is next.

. .

♪. stuart: lauren simonetti, who just joined me knew that was head and heart from joel cory and i did not. lauren: i did not know that. i read it off the screen. stuart: excellent. lauren: i read it off the screen. stuart: you're looking now at new york city. lauren: looks hot. stuart: extremely hot, getting hotter. 10 eastern time. let's get to your money. s&p and nasdaq earlier hit all-time highs.

the dow industrials are up 113 points. nasdaq at 14,500, how about that? microsoft hit a all-time high. i have a little sliver of it. almost 270 on microsoft. apple up a fraction. any moment now the president leaves the white house. he is heading to wisconsin. he will promote the trillion dollar infrastructure package. we'll monitor if he speaks to reporters before heading out. you can tell this is a very, very different administration. back in the previous administration when president trump walked out of the white house to go to his helicopter he would always answer any and all questions from reporters. i think it is going to be different today. just in, the latest read on consumer confidence. do you have the number yet? >> i do. we are very confident. 127.3. so this far better than expected. it is current. for the month of june.

the best number we've seen since february of 2020. stuart: good lord. lauren: how you feel about the economy dictates your spending, your hiring plans, what have you. this is good for overall growth. stuart: that is a massive increase in confidence levels. 127. lauren, thank you very much indeed. now this. the democrats have a problem with defunding the police t has backfired. crime is surging. and the democrats are getting the claim. so what do they do? they blame the republicans. it started sunday when a senior biden advisor, cedric richmond came right out with it. the gop defunded the police. one commentator called that a stunning reversal of all known facts. monday, jen psaki picked up on the theme. it is the republicans fault. on the same day, however, the police chief in oakland, california, vigorously attacked the democrat-run city council there because they had defunded his department and murder rate has soared. in new york, the democrat mayor

along with the democrat city council took hundreds of millions of dollars out of the police budget and yes crime is soaring. i'm trying to think after single republican-run city or state that defunded the cops? chicago? los angeles? , baltimore? , countless others all democrat run. all part of the anti-police movement. candidate biden himself called for defunding. yet jen psaki says republicans voted against the american rescue plan. therefore, they voted to defund the police. that is absolutely nonsense. here we are. trying to get workers to return to work in cities that are just not safe and they're not safe because the democrats jumped on the anti-police bandwagon to gain votes. they did this. they are responsible for this. but they don't have the courage to admit it. the second hour of "varney & company" is about to begin.

♪ jason chaffetz is with me now. we'll discuss defunding the police. my question, areas sown, can democrats avoid taking the blame for the defund the police movement? >> i think america gets it. i also think the democrats, the ones i know they poll everything. this has to be a top 10 have aniability for them going into 2022. to change the narrative and create a fiction somehow republicans fault. are you kidding me? last summer all we watched, defund the police, black lives matter, part of the core mission they're trying to do. just last year, stuart, kamala harris was out there trying to raise money to bail people out of jail as fast as possible, get them back out into the streets to participate in these protests and these riots. and look what has happened in big places like new york city and los angeles. new york city, they had 500

people that were under cover police officers that were dismantled, taken away. they took police out of the schools in many cases. democrats are just trying to pull one over on the people. i think america realizes what they are trying to do. stuart: a moment ago in my editorial there, i can't think after single republican-run city or state that has defunded the police or jumped on to anti-police band wag gone. am i mistaken? is that correct? >> i can't. you look at all the major cities and all the major metrics. the crime just continuing to increase. stuart: so where do we go from here? >> i think republicans know and understand that this is a huge vulnerability. they will continue to pound on this. and explain to the american people what is really going on. it is one of the clearest differences between republicans and democrats. democrats have wanted to limit

the ability suspicionless americans to get and access guns to protect themselves. at the same time democrats are saying put all the new gun restrictions on law-abiding americans, and, oh, by the way, we're going to reduce and get rid of the police. you even had aoc, literally days ago, say if you want less people incarcerated don't build some prisons. what kind of logic is that? stuart: reminds me what is going on at the border. we have an open border. there is a flood of illegals coming across, democrats say it is trump's fault. i don't think that flies with the american people. they can tell what is going on here. >> the american people want to be safe and secure. democrats are not protecting the border. they're not protecting these big cities. and they are against law and order. it is just not palatable. it is not a winning formula going into 2022. stuart: jason chaffetz, thanks very much for being with us

today. always appreciate it, my friend. see you later. >> thank you. stuart: check those markets please. i will call that a rally. we're looking at united airlines. can we look at the big picture please. the dow is up about 140 points. 34,400. you got that. the nasdaq actually hit an all-time high earlier 14,500. just returned to the level. a very small gain for the s&p 500. but it did hit a new all-time high earlier this morning. 4297. luke lloyd with me this morning. i don't want to talk about the markets. i warrant to talk about the quit rate. i know you're big on this. the quit rate, people leaving jobs they have already got. i think almost at an all-time high. certainly the highest rated i have ever seen. >> it. >> stuart: what do you think is behind it? what do you think are the consequences? >> who can steal the best employees right now. with many states stopping extended unemployment benefits the next few months, i'm less worried about that, that more

people have jobs are quitting jobs at the highest rate you have ever seen. job openings at an all-time high. those who are currently employed can leave the current job, make more money or have better benefits somewhere else. one of those benefits are working from home. companies forcing people go back to the office are seeing the most people quit. this is an issue. high turn over, you have to retrain and find good workers. stu, good workers are hard to come by now. sadly this mentality will impact small businesses the most. retraining, hiring new employees is expensive. small businesses cannot afford to lose good workers. this is a problem not being talking about. stuart: i would argue with that, overall what you're looking at is a repositioning of talent. people going to the jobs they like, you're smiling, over the long term, it is not a bad idea to reposition people, get them into positions which they truly like and enjoy, which are going

places. i think that what this quit rate is all about. i understand there can be negatives in terms of retraining and costs. but i like to see people do what they really want to do. we have an opportunity to do that right now. last word to you. >> if those jobs exist. the problem has there been a structural shift in employment where jobs are located? i say yes. there has been a shift. a lot of small businesses have been hurting there is a lot of jobs that small businesses just are not rehiring for and a lot of small businesses shut down shops forever. as long as the jobs exist yes, it is a good thing. i would argue a lot of those jobs are gone forever. we'll see data next five or 10 years. i do think this is an issue that will last over the next five or 10 years. stuart: got it. we'll agree to differ. how about that? luke, we'll see you soon. >> thank you. stuart: market is rallying. dow is up 134 points. that is why we've got united airlines on the screen. not exactly moving a great deal.

it is in the news. what are they doing? lauren: huge bet on the future. so much good news on the future of air travel. united placed the largest jet order ever. 230 boeing 737 max jets. 270 planes in all. that helps the dow. why aren't the stocks doing more? i think there is a pause on the recovery trade because of the delta variant. i want to show you banks. stuart: that is very important about the delta variant. as we reported yesterday, some countries even though they're fully vaccinated, very vaccinated they're bringing back mask requirements and restrictions. which means travel restrictions in the future affecting airlines. lauren: some counties, los angeles here in the u.s. we have to talk about the banks. we got results of the stress tests. this is leading the market today. morgan stanley doubled the dividend. goldman sachs raised theirs by 60%. look at those stocks.

morgan stanley up 3 1/2%. citigroup left dividend unchanged. that is financials. that is lower today. stuart: they can all churn out dividend money. they can use that money, if they wish to repurchase their own stocks. lauren: dividends, buybacks, like 2019. they get the green light all over again. tesla is down. ubs cut the price target to the 660 from 730. they're worried about competition, and worried about china. tesla is down 2%. that is an interesting story. we were talking about the variants. guess what? moderna, the stock hitting a new high up about 5%. the high was 235. they said their covid vaccine data shows it does offer protection against the variants, including the delta one everybody is nervous about. stuart: good news indeed. moderna up at 233. got that one. i want to get back to the case-shiller home price surge, bolt of your screen, up 14.9%.

i never seen anything like that before. lauren: this is the biggest annual gain since december of 2005, up almost 15%. this is good news everywhere. this is a look at 20 major cities. some cities like phoenix a 20% plus surge. the reports authors say home prices are expensive. everybody wants to move to the suburbs. they don't think it's a pandemic switch. this is probably a permanent switch in where americans live, how they want to live. stuart: it went to 122 degrees in. that is hot. crews are working around the clock searching for any survivors in the florida condo collapse. ashley webster is there he will give us a report shortly. record-setting heat wave moving to the northwest. making its way to east coast. we'll tell you how high temperatures could reach in your area.

michigan governor gretchen whitmer is saying climate change is to blame for record flooding there. this. >> this is a moment around need to help each other do everything we can to address climate change. stuart: michigan representative fred upton sounding off on that. he is next. ♪

stuart: president biden took two brief questions before boarding marine one on his trip to wisconsin. number one, he said he could visit florida as early as thursday. number two, he also said the

first lady, jill, will travel to the tokyo olympics. okay. that is not much. those were two questions. not like the old days, is it? now this. >> this is a moment and a need for to us help one another but also to do the hard work of protecting ourselves going forward and that is doing everything we can to address climate change and building a resilient infrastructure that will keep us safe, to keep our economy going. stuart: you seed intoing in flooding back there, governor whitmer says climate change is to blame for the floods. representative fred upton from michigan. welcome back. good to see you again. do you think climate change is to blame? >> it is more than climate change. climate change is real. let's face it. like so many states our state had a backlog of projects that needed to get fixed for a long time. we had a huge rainstorm this last weekend. a couple of tornadoes that

touched down but our infrastructure is woeful. we need help. we need help not only in michigan and around the country. that's why i'm hoping the bipartisan alternative the problem-solvers caucus in the house but the bipartisan accord looks like reached in the senate can move forward to help with the water projects and bridges and energy system is resill gent to protect us not only against cyber but also weather. stuart: not many republicans come out to say climate change is real, we know you said it, do you think the high temperatures in the west, 122 degrees in phoenix, 115 in portland is evidence of climate change? >> i think it is. i think most republicans agree, the climate is changing. it is summertime you about these are, you know, temperatures that

are what, 20, 30 degrees higher than normal for some of these areas? particularly in the northwest. i talked to one of my colleagues from the northwest last night. out in washington state and oregon state, they don't have a lot of homes that maybe have air-conditioning, something maybe a lot of us in michigan didn't have number of years ago too. that is changed. stuart: do you back any part of the green new deal? what -- about climate change, any measures at all you would approve of to mitigate climate change? >> we can take, use the technology we developed. i support all of the above strategy. i know we can do more on renewables. we're seeing that happen. we have to make sure that our grid can take that as well. that it is, that we can build them. that we can do permitting. real conversion i think, to natural gas from coal. that is happening. in michigan we had a major utility this last week announced they would close all the coal

plants the next five or six years. those are steps we can take that do reduce emissions and move us tort e towards brighter future. stuart: michigan was one much first states to end the extra unyou employment benefits. do you see people going back to work. >> we have not actually ended it. the statehouse, state senate, passed legislation to end the 300-dollar bonus. the governor has not indicated she will sign the bill or veto it. a lot of folks anticipate she will veto the bill. i got to tell you the situation across the state, whether you're a small business, a larger company, there is a real need for employees out there. one of the reasons many of us believe the search for employees is real because that bonus is an incentive for people to stay at home and not go back to work. when these unemployment numbers come out, i think later this week, i think you will see a

surge in employment but probably in those states that actually reduced the benefits or eliminated that 300-dollar bonus. that is not the case at this point in michigan. at least the president did acknowledge a couple weeks ago he would be content letting that bonus expire as it does labor day, a little bit later this summer. stuart: got it. congressman fred upton, thanks very much for joining us this morning. appreciate it. see you again soon. now this, the death toll has reached 11 in the south florida condo collapse. 150 still missing. ashley webster is on the scene. we're now learning, can you tell me more about this concrete damage in the building's garage. do you know anything more about that? ashley: it is interesting, stu. but more information has come to light. there were problems with the building and they were flagged in a number of reports. go back to 2018 when a significant engineering report was conducted on the building

and in part came to this conclusion, listen to this. visual observations reveal many of the previous garage concrete repairs are failing, resulting in additional concrete cracking. new cracks are raiding from the originally repaired cracks which is they conclude poor workmanship performed by the previous contractor. that was three years ago. just this april, two months ago, stu, the presidents of the homeowners association at the building that collapsed said, listen, we looked at that report. the building is in desperate disrepair. it is worse than it was back in 2018. she told the residents the cost of fixing those problems were excess of $16 million. then of course two months later, the building collapses. now the city of miami and miami-dade county are starting an audit of any building five

stories or higher and 40 plus years old. they want all of that done within 30 to 45 days. well we spoke to a home inspector who says that time frame is just not workable. take a listen. >> i would say it is impossible. i would say most inspectors would just, don't want to do it because you're putting yourself up for failure at the end of the day. the outcome is to do a good job, not to, not how many buildings can you do. it is to do a good job. ashley: well, stu, behind me, we have the ambassador to the united states from venezuela, a big south american presence as you know in south florida. he is talking to the media here. we're expect another press conference at 11:30. there is word perhaps president biden could come down to visit the site as early as tomorrow. we'll stay here all day, keeping up to date on the latest

developments. back to you. stuart: ash, thank you very much indeed. see you later. in los angeles health officials are urging residents to wear masks indoor even if they're vaccinated. whatever happened to following the science? good story, we're on it. guy fieri fuming over politicians handling of covid aid for restaurants. >> i'm pissed. we have home-built restaurant companies that were passed down from restaurants, passed down from generations with not as much energy and power and unification. stuart: now he says restaurant closings are only going to get worse. more on that straight ahead. ♪.

♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪ that's why we'll stop at nothing to deliver our technology as-a-service. ♪

♪. stuart: very interesting sound there from daft punk. i can almost get into that at 10:29 eastern time. lauren: i would love to see you get into that. stuart: doubt it. interesting sound quality though. that is boston of course. and guess what? it will be 97 degrees in does

ton a little later on today. then there is this. guy fieri, know him well, blasting politicians, said they overlooked restaurants during the pandemic. give me that story, lauren. lauren: guy fieri said he knows why restaurants didn't get more aid faster. >> i'm missed. because there is not enough unification. airlines have big powerful money, attorneys, lobbyists. and we've got home-built restaurant companies that were passed down from a restaurants, passed down from generations with not as much energy and power and unification. lauren: restaurants might not have the lobbying power but they have the size. they employ 13 million people versus 600,000 for the airlines. he also slammed government regulations for holding back growth. for years restaurants wanted cocktails to go. all of sudden they were able to do that when they had to during the pandemic. also he slams the unemployment

benefits being extended. if you give someone the option to get something like that of course they're going to sit home. he slammed the government response to how they handled the restaurant and bar industry. stuart: i think his response is very well reasoned. lauren: he is angry, he was angry and made very good points there i want to check at the checkers and rally's franchises, 900 locations around the country. they're introducing new technology into their kitchens. we'll talk about that. ceo, francis allen joins me now. francis, i want to know, are you introducing all the new technology, i know you will tell us about it, all the new technology into your kitchens. why are you doing it? is it because of a labor shortage and to beat higher wages? >> it is really to make our operation more efficient and more pleasurable for the employees. stuart: have you got a labor shortage?

is there a labor shortage? is there a labor shortage? >> absolutely. we have got over 500 open positions and working really hard to fill those but we're also incredibly lucky and grateful that thousands of employees who have stayed with us, shown up throughout this. we spent a lot of money actually showing them our appreciation, doing everything we can to alleviate the pressure on them, on the general managers and on the district managers. one of the things that we were doing really ahead of this crisis is as you reference, upgrading the kitchen. so a couple of initiatives actually to upgrade the efficiency of our restaurants. one is the kitchen and one is dedicated e-commerce lanes. if i can i will talk about the kitchen first. it really is a way of creating more efficiency. we did a -- stuart: i'm sorry. i do apologize for interrupting you, francis. i really do apologize, but tell

me clearly, so everybody can understand, what changes are you making to your kitchens that make it much more efficient? exactly what are you doing? >> first of all the layout. so our employees did a time and motion study, we found our employees were walking collective mile 1/2 every hour, unnecessary mile 1/2 every hour. imagine the wear and tear, wasting, labor product inefficiency. so that is the first thing. second was introducing things, machines that are much easier to operate. you shift from a flat top grill to a clamshell grill that actually knows exactly when to lift the lid, because the product is well cooked. imagine the ease of being able to learn that machinery off the bat. as we bring in new employees what we're hearing is, it is much easier for them to actually

learn how to do their job. i'm a big believer no one comes to work wanting to do a bad job. everyone wants to do a good job. it is our responsibility to make it easy for them to learn quickly and give them the right training and help them do it. stuart: i can understand that. francis, before we close, do i detect a slight accent? >> absolutely, stu. yes, british born and bred although very proud to be in this country for just under 20 years and a proud citizen. i know we share that in common. stuart: yes we do. i've been here for 48 years. how about that? i still haven't lost my accent by the way. francis, that was terrific. thanks for joining us today. i'm sorry i interrupted you. but that was great stuff and we appreciate it. >> no worries. stuart: airport restaurants and the tsa, find them all in the

airports, they're offering bonuses to get people to come back. how much? lauren: $1000. stuart: really? lauren: the tsa needs to get 2,000 more tsa screeners by end of summer, in airports like houston, newark, the restaurant managers there, they're getting a 3,000-dollar signing bonus in some instances. isn't it crazy? great for workers. honestly everybody should make more money. however if you're a customer, no business who is slightly struggling right now, right, coming off the anirvan banerji paying higher wages and bonuses will eat it. they will pass it on to us, speaking of the airport. longer wait times, if you're grabbing a burger, a coke before getting on the flight, see how long it might take. stuart: a good time to be a worker. lauren: it absolutely is. stuart: come back to work, you can work it out, get more money, get better benefits. what is it about royal caribbean, they have a new policy for unvaccinated passengers. lauren: correct.

unvaccinated passengers must buy travel insurance to cover medical expenses quarantining and evacuation should they test positive while on board one of royal caribbean ships that sails from florida, in august. why florida? , florida sued the cdc saying they cannot mandate passengers, vaccinated f you're unvaccinated going into a cruise ship population, you need to be vaccinated. stuart: got it. white house is blaming republicans for defunding the police. >> the president did mention the american rescue plan could help insure local cops were kept on the beat in communities across the country. as you know didn't receive a single republican vote. stuart: that is the talking point. the gop is responsible for defunding the police, talking point. have kaleigh mcenany to respond to that shortly. that record-setting heat wave forcing closures across the west. it is heading england and well

tell hot it will near you. ♪ front desk. yes, hello... i'm so... please hold. ♪♪ i got you. ♪ all by yourself. ♪ go with us and get millions of flexible booking options. expedia. it matters who you travel with.

♪. stuart: yeah, our producers really picked the right lyrics with right lyrics. long hot summer, you're looking at lake washington in the seattle area. it will reach 88 degrees there today. i have to tell you this, it was 108 degrees in seattle yesterday. that is not the only place where the record-setting heat was this week. let's bring in janice dean, the weather machine. are we looking at another day of intense, dry heat on the west coast and hot and humid in the northeast? >> yes, sir. i mean, what do you need the

weather woman for if you know the weather? but, listen, i'm making light of a situation that was really dangerous yesterday and has been over the last i would say a week or so across the northwest where we set all time historic temperatures for seattle and portland. yesterday seattle was at 108 and portland at 116. that has never happened before. we will get a little bit of relief, especially along the east coast but interior sections of the northeast are going to remain warm today. but we won't see the record-breaking heat that we saw but the temperatures around this time of year, stuart, are usually in the 70s. a lot of folks don't have air-conditioning. this is the problem. this is the danger with these temperatures. let's take a look at it a little bit of relief. we're not talking about 60s, 70s, talking about 80s, 90s for some of these regions. portland, seattle are feeling temperatures you normallably see across the southwest.

portland was warmer than phoenix, arizona, over the last couple days. so we have heat advisories extend across the northwest, interior sections of northern plains. parts of california as well. we had an incredible drought. already wildfire season across the west. that will be a big danger as we go through the summertime. across the northeast as stuart mentioned. it is hot and hazy. dog days of summer already near the end of june. it will feel like over 100 from big cities like philadelphia and d.c.,nyc and boston today and tomorrow. we have heat advisories in effect. you are encouraged to seek cooling shelters if you don't have air-conditioning and check on neighbors and elderly. bring in the pets as well. we check on flooding across the central u.s. with flash flood concerns from texas up to the great lakes. keep cool, my friend. stay near a pool. stuart: janice, i'm going

straight home to my air-conditioned couch to watch england and germany play on tv. >> am i invited? will there be beers? stuart: no beer. we don't do that. but you're invited. >> compel lent excellent. see you later. stuart: listen this, i find it very hard to explain. in los angeles count, the authorities there, they're asking people to wear masks inside even if they have been vaccinated. any idea why are they doing this? lauren: because they're worried about the delta variant. everybody is worried about the delta variant but five million people in l.a. county are fully vaccinated. they were told two weeks ago by the governor that the mask mandate was lifted. now health officials are urging them to wear a mask. we're seeing constant push and pull between restriction and reopening, variant and vaccine. i personally am confused. stuart: if you're vaccinated, what is the problem? you can't get it.

you can't give it to somebody else. five million people vaccinated fully, what is going on? lauren: they're scared. they're scared of the new variant. moderna says their vaccine is showing protection against that variant and others as well. stuart: they love to tell you what to do, keep you under control under their thumb. there is more for you. ted cruz says the cdc should follow the science unlike folks in california. lauren: he is urging the federal government to lift mask mandates on planes and trains before our freedom weekend which is july 4th. here is what he tweeted. it is long past time for biden and the cdc to follow the science and end the mask mandate for fully vaccinated. the agency already stated you don't need to test or quarantine if you're teraphing in the u.s. but you to have to wear a mask and do so until september 13th. senator cruz and other gop senators say why.

that doesn't make any sense. you're almost contradicting yourself f you lift the mask mandate on planes, trains, other mass transit, you incentivize people to travel. they will feel better, and maybe unvaccinated to get vaccinated f you're the only one with a mask on, it might send a message, you're the one who hasn't rolled up your sleeve. stuart: you're that guy. lauren: you're that guy. you're the one. stuart: the white house is defending olympic athlete gwen berry. she turned her back on the flag. watch this. >> talk about pride in our country means recognizing there are moments we as a country haven't lived up to the highest ideals. stuart: i would have thought the olympics are proudly representing your country but that is me. did you see this, one of the world's best soccer players, one of the world's best teams, the last penalty kick of the game. sensational. watch this. >> in the tournament.

he is the one to -- he is the fall guy. stuart: believe me, folks if you know anything about soccer, that is a sensation. world's best player, missed the penalty. therefore one of the world's great teams out of the tournament, there he is walking off the field. the swiss go through and they're celebrating. brian kilmeade following all of this. he is here to cover it for me after this. ♪. that's why manufacturers are going hybrid with ibm. with watson on a hybrid cloud factories can use ai to automate the little things so they can focus on the next big thing. businesses that want to innovate at scale are going with a smarter hybrid cloud

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stuart: 36300 bucks that is a rally up 5%. bitcoin doing well today. 10:51. you know what that means. brian kilmeade is here. brian, give me a couple seconds. i want to talk about soccer, this great game, france the favorites to win the your owe championship, playing switzerland, very much underdogs. they fought it out two hours, were tied 3-3. they had to go to a penalty kick shoot out, france's star player, stepped up to the game he missed, he missed. one of the world's best players on one of the world's best teams

missed the shot. france out. switzerland goes through. brian you had to be watching that. tell me you were watching at. tell me. >> i was watching my daughter's game which was more important, and it was the regional finals and it was soccer. if you look at that i never been comfortable for soccer to break ties with penalty kicks. can you imagine a basketball game determined on free-throws. stuart: kilmeade, i'm sorry to interrupt the great brian kilmeade but i brought you on the show and i was going to expound about this fabulous game and you're pouring cold water on the penalty kick shootout? it was a fantastic game. it was really gripping. it enhances soccer as a sport all around the world? >> well i mean the game and euro and crowds being there and england playing germany next, fantastic, in the round of 16, i get it. see great players go back to the national team, take on their

teammates it is fantastic, but if you watch soccer there is something endemically wrong play a game, 120, how many minutes, 120 minutes. >> france had a 3-1 lead is bigger story. how is reining champion, you let switzerland back in the game. you have sudden death, overtime. how do you determine out come of major sport by one simple skill. take a player off the field. stuart: that is not the way to do it. you have to have a fairly quickening. you play for two hours, 120 minutes. you are still tied. what are you going to do? you got to end it quickly because the players who win have to move on to another game in couple days. you can't let the game go on for hours and hours. >> stuart, better team win penalty kicks? stuart: that is not the point. >> i thought the point was to have the better team win?

imagine it is yankees and red sox are tied. let's have a home run hitting contest. that is not the sport. believe me, i've been in soccer since i was four years old. i have never been comfortable ending games like this. but the good news we're playing sports with people in the audience and country against country. it's great. stuart: all right. i'm going to move on because i can see we're not going to get much enthusiasm out of you for the great soccer game yesterday. so i'm moving on. i just hope you're going to watch, if you can england play germany, 12 noon today, espn. >> yes. stuart: yes, good. i await your interesting comments on that. >> i will be on tomorrow. stuart: hopefully not decided by a penalty kick shootout. i'm moving on. sure you saw. this the white house defending olympic athlete gwen berry after she turned her back on it. roll tape please. >> i haven't spoken to the president specifically about. this he would also say of course part of that pride in our country means recognizing there

are moments where we as a country haven't lived up to the highest idea and respecting rights of people granted to them in the constitution to peacefully protest. stuart: let's see if we get agreement, if you can't represent the country and flag at the olympics, why go? are we in sync on this one, brian. >> unbelievable. jen psaki for somebody did talk to the president she was reading something, am i correct? what are you reading? whose comments were they if they're not the president's comments. the president would say he loves the country. do you know any country that is perfect? all olympians love everything their country has done in the past, they agree on every war and conflict? abraham lincoln didn't agree on the war in mexico. we debate it. if you're at the point where you want to turn your back on the anthem and think it was a dirty trick we played it, i think you're in the wrong country. i welcome you to try another country out. the problematic past exists. i got it.

what we were doing a lot of bad things, most of it was great things. keeping the world free and giving example of democracy and constantly getting better. i don't understand, saidly think we're in a world right now, stuart where she will end up with a big, a big endorsement deal. stuart: she will. i'm sorry i'm out of time. brian, hard break coming up. i will stay away from penalty kick shootouts in the future. kilmeade, you're basically all right. a big show coming up, sean duffy, kaleigh mcenany. wealth is piling up in the american stock market. the left is furious about that they're coming after you and your stock market profits. that is my take after this. ♪. [norm] and we live in columbia, missouri. we do consulting, but we also write. [szasz] we take care of ourselves constantly;

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>> one of the first state in the nation to cut off the federal unemployment, we see a spike in real people getting real jobs. >> the game of who can steal the best employees with ministate stopping the employment benefits in the next few months. i'm less worried about that and more worried people that have jobs are quitting their jobs at the highest rate we've ever seen. >> the bond market has stabilized and shrugged off inflation fears, a lot of

stocks earlier this year. we've seen volatility fall off a cliff. >> the way you do that is to lower the massive outside tax rate, new york, new jersey, connecticut, just cut tax rates, okay? ♪♪ give it up ♪♪ give it up ♪♪ stuart: let's sing along with that. 11:00 eastern time, new york city, the statue of liberty, 97 degrees on tuesday june 20 ninth. it will get to 97, not there yet. let's get to the markets, dow industrials up 130 points, fractional on the s&p, but look at this, microsoft did hit an all-time high earlier, close to $270 per share.

the banks had a great day yesterday. some of them doing well today. goldman sachs, morgan stanley in particular because they've just been okayed to shell out a great deal of money and dividends and a great deal of money which can be used for stock buybacks which is good for the stock price. quick check of bitcoin, 36,$250 as we speak. now this. the total value of america's stock market hit the 30 first record of the year. the wilshire index puts the value of all stocks at that, $45 trillion, $950 million, that is a pile of wealth and a half and it is up $5.9 trillion just in 2021. the socialists look at that and they are furious. all that money and they can't

get their hands on it, they are going to try. they desperately need the cash to build their socialist dream, free healthcare, free education, the green new deal, all of that cost a fortune so they've got to go after the last untapped pool of wealth. wall street. the left will try to grab that wilson 3 ways, elizabeth warren's wealth tax, she would literally take money out of investment accounts of wealthy people. not a tax, simple seizure of wealth. number 2. doubling of the capital gains tax. sell stocks at a profit in the left will take up to 43% of your gain. 3. a huge increase in estate taxes, the left will tax more of your estate so you can pass along a lot less. they are going after stock market wealth, they can't raise income taxes. that would not bring the money

they need, that could raise consumption taxes, that hurts the poor. they are down to their last good option, grab a chunk of that $45 trillion worth of stock market wealth. jealousy, in view, anger. those are the emotions of the left. they will be on full display as they come after you and your money. third hour of "varney and company" continues. stuart: i want to bring in mike murphy on the wall street wealth creation machine. it is a wealth creation machine, the left is coming after it big time. >> 100%. if they did come after it and get their hands on it what happens when they spend it all. where does the next pool of money come from if they disincentive eyes the working people out there or the entrepreneurs out there or investors to make the money. their scheme on paper may look okay, free everything for

everybody but the last thousands of years of history to look at it doesn't work. we need people to bring some common sense to the table. we can't have people trying to grab money out of peoples accounts they worked hard for interned properly. we need to incentivize entrepreneurs, incentivize people's work, build better lives and better technology. that will help all of us. stuart: if it looked like the left would get some of these huge tax increases on wall street profits. if it looked like it was going to happen what do you think the stock market would do? >> it would be a short-term selloff. it is a tax, taking money away so it will eat into profits but what happens again if it may have unintended consequences? if you are going to be punished to sell there might be less selling. what happens to the stock

market? does that create an unwanted or unnecessary bubble in asset prices? it is starting from such a bad place. it would be a negative way to take money from people in unfair amounts and let nancy pelosi or elizabeth warren or whoever it is decide what happens with the money you earned? it is not what america was built on. we don't need it and hopefully it never comes close to reality. stuart: apart from all that are you bullish the stock market in the immediate three or four months ahead? >> i am. for your viewers it is important. what do you say to someone, they sold out because of the pandemic? they are sitting here now going i don't know what to do. we are at all time highs, do i go back into the market?

yes you do. the market is at an all-time high. i'm record with you talking about the dow 40,000 this year. the s&p, almost 15% year to date. there is more upside, there will be corrections, there will be 5% pullback coming but over time the best place to be is investments. rather than trying to time the perfect entry, for anyone watching your show wondering should i get in, should i invest? the answer is unequivocally yes. stuart: i hope you are right. good to see you again. president biden is on his way to wisconsin. he will pitch his trillion dollar, $1.2 trillion infrastructure deal. sean duffy is from wisconsin. how do you think that compromise would go over in

wisconsin? >> it will go over well. we should invest in infrastructure. they don't want to the second half of that bill which is a human infrastructure which wasn't infrastructure at all. it is more deeply rooted in politics. in wisconsin, $1.9 trillion relief package, gave relief to farmers but on a racial basis. if you have white dairy farmers in wisconsin they couldn't add that. that is offensive to farmers, across the state. can't get people in to their shops to start working so there is real stress and strife inside the business community because they can't higher.

union members are working on the keystone xl pipeline that biden shutdown, they lost their jobs. in a purple state those moderate voters matter and biden is losing them and that is why -- they try to win them back with a package of infrastructure they agree with but most policies they hate. stuart: stay there for me. i will get back to you in a second. i'm taking a look at bitcoin and want to bring in todd pyro who joins us for the hour. 36-numtwo on bitcoin right now and tom brady who made an endorsement of bitcoin. it didn't work. >> don't let that up secure the story. not everything touches turns to gold no thanks to the new york giants, tom brady changed his twitter profile to include those laser odds you mentioned, to show they are laser focused to push prices higher but since he made that change bitcoin has

fallen 40%, brady admitting his failure tweeting the laser eyes didn't work, anyone have any ideas? it coin has almost wiped out all of its gains on the year. it helps to get the little -- stuart: noticed you got that in. tom brady got it wrong. >> everything the guy touches is amazing. stuart: we will ignore the big point. to sean duffy who is a crypto guy, what do you make of tom brady? utterly wrong on bitcoin. >> tom brady may not work -- the intro to my segments talking about aoc and democrats one thing to see that whether it is bank accounts or the stock market $45 trillion value a lot of people said you can't seize my bitcoin, can't access it. you can test it but can't seize it. it makes bitcoin very attractive for people who want

to protect their wealth from leftists who always sees assets. stuart: you can tax bitcoin profit but you can't get at it. are you holding dogecoin? >> the reason i haven't lost so much is made it up. i am doing fine on my crypto but this has been stressful. pete hegseth says if it gets to the 30s, he is a big bitcoin guy. pete is stressed out like the rest of us but we are going back to 65 or even 80 by the end of the year. stuart: if you bought dogecoin, i am pleased you are working on this show today, that you come into work having made all that money. >> i did sell it at $0.70. that was my problem. stuart: see you again soon. let's show you some individual

stocks, uber introducing a hybrid schedule, office workers will work from anywhere 50% of the time, not helping the stock. google will start reopening their offices, the big campus in california july 12th. they expect 60% of the workers to return a few days a week. google stock and not reacting. united airlines hiring 20,000 new employees by 2026. this follows 270 new planes mostly from boeing, some from airbus. united, $52 a share. jeff bezos and wayne the rock johnson teasing a big announcement. we will tell you what we know about it. donald trump will visit the southern border. i will ask the mayor of the border city what he wants to hear from trump. fox news polls show 73% of people think crime is on the

rise compared to just last year. the white house is blaming the gop for defunding the police. kayleigh mcenany take that on as the third hour of varney continues. ♪♪ something bad ♪♪ ♪♪

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>> 5%. republicans defunded the police by not supporting the american rescue plan but as an argument to be made when the president never mentioned needing money for police to stop a crime wave.

>> the president did mention the american rescue plan, state and local funding, something supported by the president, a lot of democrats supported and voted for the bill could help ensure local cops were kept on the beat in communities across the country. didn't receive a single republican vote. stuart: jen psaki doubling down on the claim that the gop defunded the police. here is kayleigh mcenany. are the democrats deflecting on the anti-police and defund the police movement because they are in political trouble because of it? >> yes. what you just heard from jen psaki is demonstrably false. no one with any shred of credibility believes republicans want to defund the police but look at the polling, 18% support defund the police and you remember that call democrats had two days after the election where centrist democrats were fighting during a 3-hour conversation saying if

you defund the police it will do great harm in the midterms and they are right. stuart: i thought jen psaki did an admirable job defending and indefensible position. how would you have fared in the same situation? >> a good communicator but a sign of someone who knows they are in political hot water. it is a talking point that is not going to last, they tried it on the sunday shows, tried to double down on it but they will find out real quick americans are a lot smarter, you can't feed them from the podium like that. stuart: donald trump goes to the border tomorrow. have you spoken to him? do you know what he's trying to achieve? >> i've spoken to him recently but not about this. he wants to put eyes on the border. his last of as president before leaving office was a trip to mcallen, texas at the border.

that was strategic. he knew the border would blow up. 's last of as president was there, what is his first trips in political life is to the border to show what is going on. he's not going to el paso where the problem isn't existing but to the rio grande valley. stuart: i just have to ask you how are you doing these days? your life is changed dramatically. you were with donald trump in the white house for a long time standing up to the barrage of criticism for came your way every day. you don't miss it. do you? >> it is more peaceful sitting here with you. i get to see baby blake, my daughter. it was a fun challenge but i prefer to be here. stuart: i don't know how you did it. you had a baby daughter, and press secretary for donald trump in the white house. >> she came with me to work, there's pictures of her crawling down the red carpet in the entryway of the white house, fond memories. stuart: welcome back, you're living the real-life, great to see you. you are on out number, you know what i call that show? ambush to. >> we got to bring you on and am with you.

stuart: good stuff. come in, susan. you've got the news on our rally for the dow. what is the news on the banks now that they can shell off money for dividends and stock buybacks? >> no ambush but they are increasing their payout to investors after being given a clean bill of health to morgan stanley, wells fargo doubling their dividends, buying billions in stocks, goldman and jpmorgan increasing payouts as well. we talk about nvidia since we are marching toward $800 but it is a big us chipmaker rallying in recent weeks, the uk says they will not challenge $35 billion deal. it is rallying but let's check crypto plays. filing for bitcoin and also bought 80,000 shares of coin

base, holdings, $800 million in today looking at bitcoin rallying 36,000, tight rate of 30-35 so it goes up from here. stuart: cryptos doing well. the rock and jeff bezos teaming up, supposed to have a big announcement. >> they announced a content deal with amazon studios, a bidding war for the rock, and wayne johnson and his action film red one, the rock is also is in, it will fill in 2022-23 holiday release, the rock teased the announcement with a pic of him and jeff bezos on instagram. the rock was wearing the amazon. polo shirt, that cost a lot of money. amazon paying the last to get the logo on the rock. shared passion is what the rock

road on instagram including a lot of money, bezos, richest man on the planet, he raked in $87 million, one more thought, the swift frank, the france goal, we should appreciate and not vilify. stuart: did i vilify? >> we should celebrate the swiss goalkeeper. is it about baseball? i don't think so. stuart: the swiss are celebrating their goalkeeper, guaranteed he is king of the hill this morning. we will see you later on. the face of your anguish, best soccer player in the world missed the penalty shot and get his team dropped from the euro 2020 tournament. we have the video. look at this.

merrin software, stock has soared 370% in the course of one week. is it just because they have a new deal with insta cart? we will dig into it. the ceo is with me next. ♪♪

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♪♪ stuart: that is fox square in midtown manhattan, 90 degrees already going to 97 in a couple hours. the dow industrials up over 100, nasdaq down a fraction, s&p up 6. not that much moment. a french drugmaker going to invest $480 million per year to speed up the development of more mrna vaccines, the technology used in many of the covid 19 shots. moderna hit a new high today, lab tests show their vaccine protects against different

variants including delta. look at merrin software soaring over the past week. the founder and ceo of merrin software, that is an incredible rally. like it or not you are being called the meme stock. what do you make of that? >> you've got to respect when investors label your company, a valuable company focused on the adoption of digital advertising and the relationship advertisers have to reach their audiences. there is three news events. one is eu investigation of google and its practices around the ad tools market, the second is support for insta cart ads. we look forward to helping advertisers to reach their audiences which involves covid

and plan to use going forward and the third is google announced it was delaying the blocking of third-party cookies and that led to many investors taking another look at ad tech stock so some combination of those factors is likely behind the rise in our stock price. stuart: you've got to be worried about that kind of stock price rise in such a short period of time. the stock is behaving like a meme stock. how do you deal with that? these meme stocks go up like that and come down like that. stuart: the markets will do what markets do. we are focused on building a valuable platform for online ad management, many are long tenured with us and customers long tenured with us but stocks will go up and down. that is what you do on your show and right now one could comment the stock price is a bit exuberant. stuart: nicely put.

nicely put indeed. i will throw this at you. you are headquartered in san francisco. would you ever consider a move to austin, miami, get away from san francisco? >> i think a lot of that is overblown. a large office in austin already and candidly for over a year we've been working largely remotely. i'm talking to you over skype, we use google hang outs and resume, the idea of relocating corporate headquarters is not a topic we've discussed, most tech companies are operating in virtual mode not only where they have a headquarters but we are committed to san francisco area and have a large office in austin in london and so forth. stuart: whatever you said has done wonders for the stock again. what -- while you have been sitting there stock has gone up significantly in the last 2 or 3 minutes.

may be your explanation, you are walking away from the meme stock ideas what did it. you are up 81%. suppress the smile because you are doing very well. stuart: appreciate the attention of the company and encourage investors to look at the software. markets will do what markets do. stuart: thanks for joining us. great stuff and appreciate you being here. let's get to sports, that shocking loss of the euro 2020 tournament, todd pyro will go through this. i'm too passionate about this. >> i feel weird talking to the britt about soccer. stuart: so you should. >> next i will talk to you about the markets. here's what you need to know. i was in it. things were set up pretty well for france, one of the best

players in the world at the ready, a decisive penalty kick, the keeper with the save and this after they gave away two goal lead in regulation, france won the world cup in 2018 hoping to win the euros. first team all conference in verona as a keeper. that was the from the world cup story. stuart: i don't know if you watch the game or not. >> i don't. stuart: it was one of the most exciting soccer games i have ever seen and i have seen quite a few. all my producers pouring cold water all over it. one more story for you. ncaa athletes just scored a big win. >> division i council kind of

like the big guys voting to support an interim policy that would allow college athletes to profit off of their name, image and likeness into federal legislation or new incidentally rules are adopted. in states the pass laws like this, alabama, florida, georgia, athletes could cash in. the ncaa reportedly plans to have temporary compensation measures in place by july 1st, that is thursday, the move comes after the supreme court unanimously decided student athletes could receive education related payments. this is a >>. stuart: the door is opening towards remuneration for college athletes. we've got this coming at us. formula one racing landed a huge sponsorship with crypto.com, an online platform that lets users buy and sell different cryptos. a 5 year deal worth $100 million. this is a big deal for formula one and cryptos. stuart: you liken it to

betting. crypto.com is vegas. they are making their money, that is how crypto.com will make its money. a lot of money, a young individual throwing back a few beers want to get a little tipsy, let's make some crypto trades. crypto.com is formula one, nice business move. stuart: a good description, that is what it is all about. stuart: dow winners up 100 points, nike out front with a gain of 2 and a half%. jpmorgan doing very well. s&p 500 winners, top of the

line followed by big bank, the energy company doing well recently. nasdaq winners headed by sky work solutions and advanced micro devices up 3% and then this. mcallen, texas, southern border town historically democrat but a republican just became the city's new mayor. is the border crisis to blame for that? federal judge just dismissed facebook, their legal backers may not be completely over. we have the report from capitol hill next. ♪♪ no more mister nice guy ♪♪ no more mister nice guy ♪♪

♪ ♪ when technology is easier to use... ♪ barriers don't stand a chance. ♪ that's why we'll stop at nothing to deliver our technology as-a-service. ♪

stuart: a federal judge dismissed the antitrust case

against facebook. hillary vaughan is with us on this story. that is good news for facebook but they are not out of the legal woods yet. >> the case is not closed in terms of the end of facebook's legal woes. the judge said the ftc completed their case. they just said they need to come back with better evidence to back up their claim that facebook has monopoly power. facebook is pleased with this decision to dismiss not only the ftc's case but also the state attorney general case as well saying we are pleased at today's decisions recognize the defect in the government complaints filed against facebook. we compete to earn people's time and attention, the ftc want to the court to break up facebook by splitting of competing apps they acquired and now owned like instagram and what's apps. they dismissed the lawsuit from

the state attorneys general saying they waited too long to challenge these acquisitions, some from a decade ago but democratic house lawmakers said of the court won't ask congress, house judiciary chair jerry nadler and david sicily me are supporting building to cracking down on big tech's power saying this decision underscores the need to modernize our antitrust laws and address anticompetitive mergers and abusive conduct in the digital economy in the majority of americans agree these tech companies need to be broken up. a new fox poll says 53% of registered voters polled think that facebook should be broken up, 63% of those voters that were polled also say they believe facebook has too much power. stuart: thanks very much. todd pyro, you are a recovering lawyer. it seems to me to be difficult after a blistering decision

like that from the judge for the government to go away and in 30 days come back with a much better case. >> you should think you are the government, you have a limited resources, you should have been evidenced by now. another thing on that point. who else besides big tech has a limited resources to fight the government? if you are i find ourselves in the crosshairs of the government we are in trouble because we don't have a limited resources. that individual company with very limited resources, you have amicus briefs filed by everybody else, two governments going against each other. not a great day for josh howleys of the world who wanted to go after big tech but at that point we heard in hillary's reported has to be through congress and we will see if they get it done. stuart: dow is up 91 points, there's not much stock price movement so far but i will give you individual movers starting with disney. they delay their first test cruise, they made the decision

after a small number of workers heading consistent covid test result, disney at 174. royal caribbean will require unvaccinated passengers to buy travel insurance on cruises from florida. the policy goes into effect in august, stock is up a fraction. 47 million people expected to get away for the fourth of july holiday. if you are hitting the road the national average for a gallon of gas is $3.10. that is the national average for regular in california, one gallon will cost you $4.27 per gallon. that is the average for regular in california. some gas stations reportedly running out of gas in the northwest, colorado and iowa, but nothing to do with the supply of gas but a shortage of truck drivers to deliver the stuff in the first place. show me the dow, pretty evenly split, winners and losers and

then this. migrant encounters. that is when you stop people at the border up 674% from last year. keeping the border secure costs millions of dollars a week, we will breakdown those numbers after this. ♪♪

stuart: biden have to border crisis but donald trump visits the border tomorrow is grady trimble is waiting. these border crossings, they are costing taxpayers of texas a great deal of money. how much, do you know? >> 2 and a half million dollars a week and that is for operational lone star to supplement the work of border patrol done by the texas department of public safety. border patrol is so overwhelmed with so many moving through this area in particular. griff jenkins shot this video earlier today of civil men who

told him they were from mexico trying to escape from border patrol and eventually caught up to him. we shot some video ourselves of a group of migrants, dozen of them or more of women of children who were apprehended, loaded into vans to presumably be processed at the processing facilities outside where we were and 2100 apprehensions in the last 24 hours in the rio grande valley alone not including the rest of the southern border and law-enforcement officials here tell us that when people are being moved across the border cartels are involved moving drugs across the border as well so they say the more people and drugs they move into the united states the more dangerous and powerful they get. listen. >> these migrants coming across, treated as a, do the. they are profiting off of the situation making millions of dollars a month.

>> on a day like today there's cloud cover, not too hot so we are seeing these crossings in broad daylight but a big concern heading into the summer months is the heat. there is real danger of heat related illnesses and deaths as so many migrants are moving into the united states. stuart: thank you very much. i want to bring in the mayor of mcallen, texas, your are welcome back on the program. what do you want to hear from donald trump when he goes to the border. >> we are happy he is coming. we welcome any elected official state or federal but to do something to tighten our borders, we are not talking a wall. we need some enforcement. it is starting to affect us. we used to have -- we have had over 1000 a day and it is

burdensome on the city. we shouldn't have to be expending a single federal dollar and we keep saying that so hopefully this brings attention to the issues whether it is the border or not doesn't matter. stuart: you just won the mayor's race in mcallen, texas, you are a republican of hispanic descent. how do you account for this? look like a political switch because that area was heavily democratic and they voted in a republican mayor. is that political switch, that change because of the crisis at the border? >> it is a combination of things, generally you reach out, make some understand the republican party is not evil but you have to reach out and talk to people.

i tell republicans and democrats and everybody what you can do when we reach across the aisle and work with different people. they knew i was a republican chairman. there are different factors, things are changing in south texas. stuart: in texas governor abbott says he's going to finish the wall that was not finished under the trump administration. are you behind that? you support finishing the wall? >> no 2 ways about it, in south texas more than anybody else. we don't know the details he intends to achieve. a lot of issues regarding whatever is necessary. the federal government has it so we don't have the details

yet. difficult to get an opinion on the issue. stuart: you are diplomat. that was very good. last one. have you heard anything from vice president harris? >> know. i did an interview yesterday. this is where the action is, where they can talk and what the issues are. here we have a lot of people coming in. we need to do something. i want president biden or vice president harris or anybody, federal or state that can do something about these issues. stuart: thank you for being with us today, you are spending valuable time with us. the varney trivia question. what us city, i think it should be which us city, receive the

most average, new orleans, pensacola, the answer, i got it wrong, after the break. th a cot powers a digital world, traded with a touch. the gold standard, so to speak ;)

. .

stuart: i got it wrong. which u.s. city receives most rain on average in a year. totally wrong. todd piro got it right.

it is mobile. mobile, alabama, gets more than five 1/2 feet of rain annually. they get 59 rainy days a year. how did you know that? >> i may have seen it on a episode of my lottery dream home my wife makes me watch. as i'm falling assleep on a 7:00 on friday. stuart: i thought i was dead right on seattle. >> that is why sue tried to fool you. stuart: thought it might be new orleans with the hurricanes. look, i've got 50 seconds left. at which point, 12 noon sharp i'm out of here. you know why i'm out of here. >> you got to watch the soccers. stuart: precisely, let me tell everybody in our viewing audience that england is playing germany at 12 noon today. that is about 40 seconds from now. it won't be as good of a game as yesterday's game which todd piro well described for you earlier. missing the shot there the french are out.

swiss go through. it is great stuff. i will be in no mood, believe me, if england looses to germany. i will not be in a mood at all. england better win. or else, pyro, you will not eat lunch on this set again. neil cavuto, if i'm pitching to, if england doesn't win, you can do nine to 12 tomorrow, neil. you want to do that? neil: first of all you call it football. in europe they call it football. we have a different football, right. so yours is the bothering one. ours is the riveting one. yours goes on and on and on. ours can be violent. do i have it pretty much summed up. stuart: no. totally wrong neil, but who cares. neil: got it. very good. note to self, don't bother with soccer game. thank you,