this isn't just a walk up the stairs. when you have an irregular heartbeat, it's more. it's dignity. the freedom to go where you want, knowing your doctor can watch over your heart. ♪♪ >> a great day. "varney and company" begins right now. stuart: good morning, everyone. we have a huge new spending plan, $3 trillion. the democrats have a plan to open the banks to the marijuana industry. we've got big tech on a tear all over again and a very divisive speech from the president on voting reform. where do we start? we start with your money. first off, apple. look at that.

apple stock this morning, this is the most widely held of all stocks and it is hitting anotheher record. apple reportedly did 90 million next-generation iphones this year. apple is closing in on the valuation of $2.5 trillion up again this morning. speaking of records just look at the nasdaq, powering ahead today, the nasdaq is close to 100 points at "the opening bell". a good day for technology. we have a modest gain for the s&p, 16 points out and the dow is gaining 100 points, a 12:45%. plenty of green for stocks this morning, bit coin in the doldrums holding around 32,$300. let's get to that spending plan, senator schumer gets the support of bernie sanders for

this, massive spending for the green new deal and much more. here's the catch, the plan needs the support of all 50 democrats in the senate and that looks unlikely. senator schumer has a plan to allow banks to handle marijuana money. pot would be removed from the list of controlled substances and it would be taxed as he wants it in place by april 20th, traditionally considered marijuana day. we have a big show for you. you hear the harsh and divisive words from our president on voter reform, you will see inflation at the producer level way up 7.3% in the past year but that did not hurt stocks. it is wednesday july 14th, 2021, "varney and company" is about to begin. ♪♪ that's the way i like it

♪♪ that's the way ♪♪ i like it ♪♪ stuart: we open up in new york city and business he and cloudy. you can barely see the top of the empire state building even though kc and the sunshine band are singing that's the way i like it. >> i like the sunshine. before we go anywhere or talk about your money listen to this from senator schumer, leader of the senate democrats praising the texas democrats who fled their state to block the gop led voting bill. watch this. >> history will show these brave people visiting us here in dc are on the right side and history will show that the texas governor are on the wrong side. stuart: senator schumer calls

the fleeing democrats heroes. president biden called the voting laws, some of them in some places, jim crow laws. we will cover it throughout the show. it is a very big deal. let's get to money. we are going to go off of "the opening bell" across the board for the stock market, dallas up 100, nasdaq also up 100. bob doll is with us. what about the 7.3% rise in producer prices and the market still goes up. >> i have a hard time, i'm scratching my head of this was the fed we want to get above 2%. the careful what you wish for. it is hard for me to believe it is all transitory. i do think there is some transitory, some supply related. at some point the market struggle a bit. stuart: i understand that.

with inflation staying with us probably through the summer it doesn't sound like we have much chance of a strong summer rally for the stock market, does it? >> i think you are right. remember how powerful the economy is, that's the other side of the story. the path of least resistance is still up and it will be bumpier than the first half. stuart: i want to deal with bank earnings. bank of america, wells fargo reported first in this morning. take us through the headlines of those big banks. >> bank of america shares are down even though profitable because like jpmorgan they felt confident assuring their rainy day fund but net interest income was hit by rock-bottom

rates. revenue $21.5 billion just shy of estimates, that stock is the loser but look at citigroup, profit grew 6fold, revenue fell 12%, that is unless market volatility and lower car loan so customers are pulling back on their spending and paying off their debt. that is good but bad if you are a bank. wells fargo did swing to $6 million raining in costs they emerged from the expensive sales scandal from five years ago. stuart: let's get back to bob doll. we have had five big banks reporting earnings this morning and yesterday -- >> they are bleeding back the unnecessary reserve they took from the pandemic, the impact is longer. the problem with bank stock is interest rates. when 10 year treasury yields

move from 179, that is a big thing. they need modestly high rates to get back on track. but it is something like that. stuart: did you catch this from the fed chair powell just before we got those inflation numbers he was saying inflation is no big deal and we are not tapering anytime soon. that is why the market is up this morning. >> at some point the markets will force their had. they will taper and raise rates, they will raise rates starting next year rather than 2022, any hint of the market, thanks for joining us as always. let's get to real estate, we have the latest on mortgage applications but i bet they are down.

>> purchase applications up from last week seasonally adjusted but down 29%. you like the annual numbers. you are right. stuart: bottom line is they were down 29%. rates are low 20%. maybe this is one of their last chances to take advantage of mortgage rates. stuart: now this. senator schumer announced a $3.5 trillion spending plan. senator john barrasso joins me now. this is a whole lot of free money and i suspect it is politically popular, how are you going to do this and win elections? >> we are seeing outlines of

the democrats radical freight train to socialism and everybody one way or another is going to pay for it. with radically high increase in taxes that will hit every family of the kind of inflation on top of what we are seeing with these high numbers this will be child's play compared to what we do if we get this additional spending. the debt of kids and grandkids will be massive so republicans are united and doing everything we can to knock this train off of the tracks because our liberties are tied to the track in front of us, this is a terrible idea massively expensive, we can't afford it, the taxes and regulations alone are enough to sink the economy. stuart: it shouldn't be that difficult to knock it off the rails as you say because this measure requires all 50 senate

democrats -- in line with that. >> bernie sanders is chairman of the budget committee. he has never hidden the fact that he is for turning america into a socialist nation so he's in on this. this is on top of the core infrastructure like roads and bridges. this is on top of this. they are acting like this is monopoly money. this is about the green new deal, massive expansion of government control in our healthcare and that's just the tip of the iceberg. there's going to be a long list of things here that the american people are going to be concerned about, they will need every democrat because there is not going to be a single republican who is going to vote for this. stuart: we have inflation as

announced this morning, 7% at the producer level, 5% at the consumer level, strong inflation. i don't see it going away anytime soon and it is because of the spending we are seeing already. where do you see inflation going, at risk of hurting the stock market this morning, where do you see inflation going? >> i agree with you. i was home in wyoming, people all across the state are seeing it, paying the price at the grocery store, paying the price at the gas station, paying the price when they go to other stores to buy goods and services. president biden's inflation is hurting american families. when you go and fill up your car if you are paying $25 more than you were at the beginning of the year to philip that is money that makes you realize your paycheck isn't going as far as it had before. all this additional government spending is going to add to the inflation fire. i look at these numbers and this takes me back to what we

saw when jimmy carter was president. these numbers are high and i think they will go higher with inflation. it was that misery index of jimmy carter that brought us ronald reagan as president of the united states. stuart: we should end it right there. thanks for joining us. always appreciate it, hope to see you again soon. have a look at futures, we have 18 minutes before we open this market. lots of green, not a huge gain by any means but those inflation numbers, 7% inflation at the producer level and you still have a stock market that is going up. we should listen to jay powell who is saying inflation is no big deal. he will say that in his testimony later today. next case, migrants are pouring across our open southern border but migrants fleeing cuba can't come here. listen to secretary mayorkas.

>> this risk is not worth taking. i repeat, do not risk your life attempting to enter the united states. stuart: secretary mayorkas was born in cuba and fled the communist regime with his family in 1960, more on that coming up. you own bitcoin or ethereum and want to avoid capital gains taxes? we have a guest who says she will help you. it comes with a hefty price tag and we will report on it after this. or speaking. reason, or fun. daring, or thoughtful. sensitive, or strong. progress isn't either or progress is everything.

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>> that somebody will reach 90 degrees, futures green this morning, lots of green, dow is up 100, nasdaq is up 100. and jay powell says in coming months, inflation will ease, i inflation will ease in coming months. transitory, it up she goes. not much movement on the cryptos, we have bitcoin at 32-7, ethereum, one 9, not that much movement and now this. related to cryptos. for 200,$000 our next guest will sell you a passport to one of 7 nations that do not impose

capital gains taxes, welcome to the show, let me get this right, you have 7 nations and you can sell me a passport from those 7 nations and if i have that passport i don't have to pay capital gains tax on bitcoin. is that right? >> depends where you are coming from. the united states has a unique feature. each united states citizen resides in a foreign country it will still be necessary to file taxes in the united states. it is one reason we see a growth in the number of people but it is right. stuart: wait a second. i am an american citizen. i have an american passport. i live in the united states. if i buy one of your passports doesn't make any difference to me. i still got to pay capital

gains taxes on bitcoin gains. >> if you still reside in the united states, yes. stuart: anybody who buys one of these passports has to go and live in the 7 nations. >> exactly. you would have to become -- you are currently a citizen which is hard in the united states and you don't need to live in this country but maintain -- high tax nation and then take advantage of the tax regime those nations provide. stuart: how many people have paid you 200,$000 for these passports? >> you will be surprised about that. taxation is not the only reason. for many people it is a second

option as a hedge against their government for other country's citizenship. it can be -- stuart: how many have you sold? >> a lot. stuart: how many? >> i cannot tell. stuart: to people from where? >> i work with mostly english-speaking countries. australia, canada, uk, united states but it is not limited to that. i look at government as service providers just like your internet or cell company you look for a better product for you personally at a better price. companies like plan b accelerate the involvement of free-market in nationstates incentivizing them to compete for our wealth and fruits of our labor. i want this to become a global trend to incentivize those governments to get better. i'm willing to work with

anybody around the world not limited to us citizens. stuart: we hear you. i'm a little skeptical but we do hear you and thank you for being on the show today. appreciate it. i want to get back to apple. look at that stock go, 148, they are working on a service that allows users to buy now, play later. i just that sends the competition tumbling. >> apple should open a record high today. what is this buy now pay later market? you might have seen this when you buy something online you can buy it outright or split the payment interest-free for different payments. it's great for people sitting at home with nothing to do during the pandemic. that is the news and reports that apple is partnering with

goldman on this apple buy now pay later service. stuart: penne attention to that now. dropped my microphone. >> can still hear you. stuart: i need to get a little more on apple. more drama on this show and i just got it. apple looking to ramp up production of the iphone, asking suppliers to build 90 million new iphones this year, 20% increase from 2020 and look at the stock, up 272, one 4836 on apple. it is worth $2.5 trillion right now. look at the market, up for "the opening bell" across the board. edyard dennis will join us and inflation is not going to go away. royal superheroes, baby yoda, big winners of the streaming dominated in the nations. we are going to talk about that, yoda included. ♪♪

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ease in coming months. fed chair repeating a statement that inflation is temporary. don't think you agree with that. >> it will last longer than he is expecting, a base effect in inflation, not that prices are going up but compared to a year ago, but readjusting back to normal, not that prices are going up now but fell year ago and we are getting back to normal. the base effect covers a few items that show the effect with a surge in demand, meeting a

shortage of lots of goods. shocked the supply system with shortages. stuart: and yet the stock market is going up. the dow is up 113. we hear what the fed is saying but we will feel this inflation but market stock still goes up. >> the conclusion can only be the fed rigged the bond markets. the fed keeps buying bonds in the size, $120 billion a month and that kept the bond yield artificially low, the bond market was free to vote and express an opinion we would be

looking at a 2% bond yield easily but the stock market likes it. stuart: despite the rise in inflation, bond yields are down this morning and threats are up. that is where we are. thank you for joining us, good timing, precisely 9:30 and the market is now open and we have gone straight up, the dow industrials up 129 points and rising back above 30,000 and if you look at the left-hand side of the screen that is where we display the stocks, almost all of them up, 24 on the upside and that is most of them. you have a gain from the start of 0.39.4% for the dow.

the s&p 500 is on the upside as well, a gain of 0.45%, solid gain, probably an all-time high, intraday high but that is a record, 14,766 for the nasdaq, up 0.6%, 89 points, that is a rally. i will show you the banks, three reported earlier this morning, we had citigroup's sixfold increase in profits and the stock of 3%, wells fargo did extremely well. look at this. here is where the action is. big tech, microsoft, a new high, 282, apple, 148, facebook at 354, amazon $3,700 per share. that is a big tech rally and is pushing the nasdaq strata. blackrock, the world's largest asset manager reported 28% jump

in profit. assets under management hit an incredible $9 trillion, stock is down 2.4%. they must've said something to look into the future that wasn't so hot because investors are pulling them down. larry think who runs black rocks is not seeing much investor demand for cryptos. delta airlines up just a little, they reported earlier this morning. lauren is here with the headline. >> domestic leisure travel has fully recovered to pre-pandemic levels, business and international travel, those numbers looking encouraging. revenue $7.13 billion down 43% from 2019. i give you the 2020 numbers. you need business to come back in the quarterly loss was narrower at one dollar and $0.07. numbers were good and delta air lines of $0.13. stuart: the point is leisure travel or nonbusiness, non-international travel back

the way we were. >> they need the expensive travel now. stuart: show me american airlines, up 5% higher this morning. looking at some good numbers on the horizon. >> they have positive cash flow, no longer burning through money, it is the first time this happened since covid started and they lost, they flew 44 million passengers, 5 times more than last year but below 2019 levels. the official report is one week from today but that the gain up 27%. it wasn't looking good in the premarket. stuart: how about the cruise lines? all of them on the upside. norwegian is suing the state of florida. i believe they want vaccine passports. lauren: they want 100% of the

blemishes vaccinated with documentation to show it. they are suing the florida surgeon general for not allowing that information. norwegian says it is a matter of life and death in close quarters of a cruise ship but you know the story, florida banned the use of covid passports was the workaround is royal caribbean recommending vaccinations, carnival requiring the unvaccinated to buy travel insurance if sailing out of florida. you are not as liable. the issue is kids aren't vaccinated so what do you do with them? stuart: the other issue is liability. let's not get into it but liability is a big problem. the cruise lines, all of them up today. pellets on down 3.8%, they downgraded the company, palestine's customer engagement is falling as gyms reopen.

we have lulu lemon, and -- >> a $447 price target. what is great about lulu lemon, most women did, more flattering, you cover everything up and they are comfortable. it is a strong brand post covid. stuart: they had trouble with commercial made. pellets on took the stock down and investment firms up to 447,$000 a share. another one that i missed. susan usually sits there.

apple, up top, $3, goldman is in there, chevron, intel is in there. s&p 500 winners, american airlines up 6%, sky works 4%, some big winners today, the nasdaq, micron, applied materials, with significant gains. show me the streaming companies, a huge number of emmy nominations went to streaming shows. they took over. lauren: the big winners tied at 24, the mandalaurion, 23, first time the top 3 nominated shows came from streaming platforms. hbo, hbo max, netflix right

behind them, disney plus, 71, has been around for two years, 71 nominations, apple tv got 34 and most, have you seen the comedy ted lasso, people love it. i haven't started yet but everyone is talking about it. the final point is these are a lot of nominations through the streamers but don't need that was only one time a streamer won for best drama and that was the handmade's tail, it got nominated. stuart: they are not winners, the nominations do count. >> i can't think of the show that i watched. stuart: except for foxbusiness and fox news. texas democrats fully and are phrased as heroes. watch this. >> i first salute them, respect

them, they are wonderful. >> it comes with great sacrifice personal and political. stuart: one of those texas democrats ridiculed for this tweet, he called that salad his, quote, first meal as a fugitive. private planes, room and board, who is paying for this? we will dig into those numbers. the administration has a message for cubans, fighting for their freedom, don't come here. we have that story too. experience our advance standards safety technology on a full line of vehicles. at the lexus golden opportunity sales event. get 1.9% apr financing

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[speaking spanish] stuart: protesters in miami blocking a major highway to

support cuban protesters. try breaking down socialism to explain the downfall of cuba. >> an activist right now, the us embargo, it is their failed economic policy, listen. >> translator: it is not the blockade but the inefficiency, the socialism in cuba. ration cards for 62 years on the ration card, can the us government be blamed by constant reductions of our freedom and free speeches in cuba, can the us government be blamed that it is more restrictive every day? >> fidel castro in 1959, keep living, sounds great but

citizens lost their homes they owned and companies that build them went bankrupt. castro nationalized states and farm leaving people without work and when the soviet union fell cuba lost the source of its fuel and food, face blackouts and constant food rationing and insecurity so cubans right now, very rare, they are saying enough. they want their freedom. i was bringing up those examples of socialism, how it killed cuba and made these people stick to the streets because will look what we are do with free-for-all everything, free healthcare, free tuition, you name it, look what happens in the end, it doesn't work. this is another failed economic example. stuart: good stuff, thanks. i will add to that our border might be wide open. i believe it is. wide open to illegals, but the secretary of homeland security changed his tune when it comes to cuban migrants. >> allow me to be clear.

if you take to the sea you will not come to the united states. the time is never right to attempt migration by see. to those who risk their lives doing so, this risk is not worth taking. again, i repeat, do not risk your life attempting to enter the united states illegally. you will not come to the united states. stuart: david grassoh is a political commentator in florida, thank you for being with us. a tough subject for a guy like you. what do you make of the secretary's comments? >> this is difficult. alejandro mayorkas was born in havana and escape the cuban

revolution, we don't want a humanitarian crisis, don't want people dying on the high seas but at the same time we need secure borders. this is a difficult balance to attend to and i want to remind your viewers the obama administration got rid of the wet foot drive foot policy which means any cuban the touched dryland was given refuge in the united states. stuart: that was ended in the obama administration. >> and the trump administration ended family reunification into temporary protective services. this is a much more complex and bipartisan issue than a lot of us want to help the people in cuba and a lot of us escaped here in miami, a re-creation of pre-castro cuba. all of you have been to miami, we've done well over here so this is a difficult balance and what we are seeing is two things. this is a social media revolution in this is the d dollaris asian of cuba, a brutal recession causing the surprising. stuart: what do you want to see, you want an intervention. what kind of intervention?

>> we have to -- this is one of the problems here. we have always left, the safety valve was always wet foot drive foot. we export a lot of the dissidents. tourism always papered over the economic problems. the embargo made life more difficult for the government but i don't know if it is time to now when they are falling finally change is occurring to give up on our long-standing economic policy. this is been debated endlessly and i think it is really hard for the biden administration and for republicans to figure out what to do next. what i would do is try to support the protest movement to the best of our abilities while simultaneously providing refuge for cubans who are already here and don't have documentation to give them tps for the time being while discouraging migration at the moment. stuart: thanks for joining us but i'm astonished at the contradiction between an open southern border and us closed

passage from cuba to the united states. that is an extraordinary contradiction. thanks for being with us. best of luck to you. i have more on what is going on in cuba, in an attempt assignments protesters cuba's government shutdown the internet, just shut it down. there's a downside to that. >> the downside is the world can't see the protesters in huge numbers demanding freedom but the financial cost of $13 million because the internet was shut off for 32 hours and who was responsible for that censorship? cuba's internet company has three providers and all chinese, huawei, tp link -- stuart: they shutdown the internet, controlled tv stations, total control, we cannot see what is going on there. >> i met fidel castro in 2001.

now i tell you. there was a food shortage at the time. we had a curfew. i was scared being in cuba. at castro's palace, there were 200 of us, tons of food. i felt guilty taking it. it was the oddest and scariest trip of my entire life. stuart: i want to hear more about that in succeeding days and weeks on this program. check the markets, coming up on 9:50 eastern time, 100 point gain for the dow industrials, all-time high for the s&p at 4386, all three major indicators are on track for a record closing level today. want to know what president biden think the republican backed voting laws >> the 21st century jim crow assault is real. we are facing the most significant test of our

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stuart: nice-looking day in knoxville, tennessee. ic traffic picking up. this is back, chicago's all your show returning after cancellation, grady, i am going to bet that electric vehicles have totally taken over. what do you say? >> a lot more electric vehicle models compared to before the pandemic in last year's show

which was last february. this is the mustang coming soon and another vehicle getting a lot of attention is the f150 lightning, darren palmer is head of electric vehicles, i don't know about electric. can you sell him on that? >> it is the power front. 400 leaders, power, 2.4 kilowatts of power in the front trunk. >> you can store anything you want and to it acts as a generator if you lose power. >> directional power. your house or home goes down with power. it will switch over and power the business for 3 days and 10 days if you ration power. >> what about how it drives? >> those things may get peoples interest, 30 seconds in the drivers seat. >> does that sell you? a lot more electric models from

ford and general motors. they are going electric in the future if they are not all there now. stuart: i did not realize you could put stuff in the front under the hood because the engine is in their. you can put suitcase there. i didn't know that and sell that gentleman with a fine british accent that he might have made a sale. we will see you later in the show. markets looking pretty good, the dow is up 120 points, a statement, the federal reserve sees current high inflation in the coming months. there you have the results. liz p, wesley hunt and a lot more is the second hour of varnontinues.

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♪. ♪ i feel good ♪ stuart: i don't know how many times we played that. we play it because we do feel good. even though it's a little misty on the empire state building. that is todd piro here for the last hour.

the dow is up almost 100 points. nasdaq up 75. us proker prices with the biggest gain since 2010. you might expect the 10-year treasury yield to come up. it is not. it is down. 1.36% on the 10-year treasury. one standout, actually two standouts on the market. look at apple up three bucks at 148.67. that is an all-time high. look at alphabet, otherwise known as google at all-time high. big tech apart from facebook doing very well today. now this. we need some clarity on voting reform. clarity is not what we're getting from the president. instead we get wild, over the top statements which really should be beneath a president. that is my opinion. he claims voting reform is the most significant test of our

democracy since the civil war! he says it is a 21st century jim crow assault. in texas he claims state lawmakers are trying to make voting quote, so hard and inconvenient that they hope people don't vote at all, end quote. that is wrong. that is flat-out wrong and dangerous to boot when he deliberately zeros in on race. it is no secret the democrats were disappointed in the support they received from people of color last year. he is hoping that playing the race card with extreme language brings them back. that is no way to unite the country. it is deliberately divisive. look at the facts. florida's voting reform expanded early voting, allowed anyone to request a mail-in ballot using the last four digits of your social security number. georgia's law allows sunday voting, weekend voting, three weeks of early voting. anybody can request a mail-in ballot n texas, expanded voting hours. five hours of sunday voting.

anyone get as mail-in ballot using the last four digits of their social security number as i.d. the president calls this un-american and reminiscent of the jim crow era? texas democrats are hailed as heroes for fleeing the state in their private jets. who exactly is undermining democracy? we don't need the president divisive, frankly irresponsible rhetoric. we need to make it easier to vote but harder to cheat. we won't get that from progressives. the second hour of "varney & company" is about to begin. ♪. stuart: gentleman to my left, not politically, to my left geographically, he it with me this morning todd piro. what do you make of the president's statements. >> i have nothing to say of

substance. that soliloquy to teach everybody to talk about the voting law in america. the fact that people believe what the democrats are saying shows that democrats are somehow winning the messaging war on this. republicans should be very, very worried about that. there is old adage in the law, if you don't have the law, pound the facts, if you don't have the facts pound the table. there are enough people that republicans want to prevent them from voting even though as you point out it is wrong. stuart: every time i read this in the establishment media, "new york times," they use the expression suppressing the vote, limiting the vote, restricting voting that simply is not true. they're opening up voting. that is the way it is. >> you compare the blue states and the red states, if you took away the names just compared the facts so many states like you said that are considered red states have more open voting rules than the blue states but that message is not getting out

because you see shenanigans like we saw with the individuals in texas, georgia. it is all over. i think the messaging is a problem for republicans. they need to figure it out. stuart: todd, good stuff. we need you. get back to the markets. 10:04 eastern time a rally for the dow, nasdaq, s&p, not huge but it's a rally. david bahnsen joins me now. i want to start inflation. we got this number 7.3% producer price inflation over the past year. that is strong inflation. you're not worried about it, are you? you agree with the fed it is transitory. >> i'm very worried. it is not about inflation. what the bond market is telling us we're in for a long period of low growth. this excessive government spending is not inflationary. it is like japan. it is really disinflationary over time because it contradicts productivity growth.

that is what i think our economy most needs. the ppi was mostly from energy related, very low prices a year ago. it has pushed things higher. there are pockets of inflationary pressures that concern me but the big term issue, i want to focus on is getting economic growth for the next five and 10 years. stuart: how do we do that? >> well i mean the playbook in history is very clear. you need rest regulation and taxation of the economy but i don't say that politically. i say that as an economist. economics are incentives. you need to have incentives for productive growth. but all that we get in our economy is investment that comes from savings. and you can't have savings in the government is spending more money. this is basic economics. stuart: interesting stuff. all right, david, we always have you on the show because you come to us with dividend stock picks. that is stocks which pay a high and growing dividend. i know you favor, second on the

list there, jpmorgan, a very big name. what's the payout for the dividend? >> well, i want to answer this with a little nuance because right now the current dividend is about 2 1/2% but if you bought the stock eight years ago the cash you would be getting every single year is 8.1% on what you invested. so all that means is the stock price has gone up a lot but they have been growing the dividend year-over-year. they have grown the dividend 165%. that is what we're in the business of doing, getting that growing growth. by the way for those who are worried about inflation you won't have anything to worry about when you're getting that kind of dividend growth. stuart: okay. i am a little wary of just 2%. i can do better than that elsewhere. >> but, stuart, 2 1/2%, but remember, the s&p is yielding less than 1 1/2%. 10-year treasury is he would i don'ting less than 1 1/2. and you're not getting growth of

income. with jpmorgan you're entering 2 1/2 but getting about 8% growth of that income every year. stuart: okay. all right. let's have a look at lyondell basel. what is that? >> lyondell bazell, i went five years pronouncing it wrong when we first bought it almost when years ago. you have a 4 1/2% dividend yield. their dividend is also up 100% and it is a great hedge if oil prices keep going higher because it makes their products more competitive because they use natural gas liquids. it's a more volatile name but we love it. they have been really disciplined with capital, great dividend grower. you have a higher yield even as you enter the stock, which we know stuart varney loves. stuart: right. i'm still very thankful to you for bx, as in blackstone.

you recommended i bought that back when it was about 30, $31 a share, paying 6%. it is now $100 a share and pay about 3%. but i will take that capital gain, david, any day of the week. thank you very much indeed. my gain however is not commissionable to you. >> no, sir. stuart: david bahnsen, we really enjoy having you here. all right we have movers on the screen, biggest stock of them all, apple. hit an all-time high today. we're considering, we're told reportedly ramping up production of the new iphone by 20% this year compared to last year. apple is at 148. microsoft joining apple and alphabet just hit another all-time high. question i got a thin sliver of microsoft. 283. i never saw that coming. american airlines on the upside.

flu 44 million passengers, five times more than last year but it us actually below 2019 levels. oakley, what do i call them the fake milk people -- oatly. down, spruce point capital management as accused the company of shady accounting practices. oh. they claim oatly misled consumers and investors about sustainability practice of the dow drink oat milk. >> i don't drink oat milk i'm not my dad or my babyi'm find the only people that drink milk. i have to drink milk, 2%, 1% whole. stuart: when i was a kid in english school, every kid got 1/3 of a pint of milk every morning given by the government. twas milk. everybody got it. nobody. everybody drank it, nobody was lactose intolerant. fast forward to now, a quarter of the population is lactose

intolerant. where did that come from. >> i did not prepare for lactose intolerance discussion on our show but i will say my dad and you are about the same age. you are a little younger than my pops. they come from the british linage. milk is a big deal. doing yard work, drink water. he says give them milk. what are you doing. stuart: it is a rock and roll show. >> i have cheese later on. the milk product discussion out of control here on "varney." stuart: let's get serious. senate democrats agreed to a massive $3.5 trillion budget deal. todd piro knows all about it. >> we're talking about inflation, i have don't think this will help inflation if it happens. senate democrats approved a $3.5 trillion. with things that have no chance getting into the bipartisan infrastructure deal. social climate, green energy programs. if the proposal passes both chambers it will allow democrats to avoid a gop fill duster using

reconciliation process but it will require every senate democrat to be on board, west virginia senator joe manchin won't go along with the price tag is too high or not paid through revenue. stuart: you can't get 50 senate democrats to agree to all of that 3 1/2 trillion dollars. todd: not going to happen with manchin. stuart: thank, todd. coming up a professor at one university singled out a white student. roll tape. >> you assume it is all good. we'll pick the best person for the job. we controlled for everything, yell we're still going to pick this guy over this guy. stuart: we got more from the white privilege seminar just ahead. plus, democrats in one state have a bone to pick with chick-fil-a. we'll tell you why they're trying to stop chick-fil-a from setting up shop. first taking on critical race theory and winning. big changes coming to the

curriculum in oklahoma and maybe elsewhere. that story is next. ♪ as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage.

♪. stuart: all right. you are looking at oklahoma. it is gloomy skies. the temperature hits 89 degrees later on this afternoon. a little misty right there. let's bring in pam pollard, rnc committee woman in the great state of oklahoma. pam, let me get straight at it.

i believe you just won a major victory against critical race theory. what did you win? how did you do it? >> well, our legislators are very wise. representative kevin webb didn't write a bill specifically against critical race theory. he wrote a bill against discrimination. that is what we believe and what he believes critical race theory is. it is creating discrimination which all of us fought against, especially since 1865 but he specifically wrote in there protections against discrimination for psychological stress on all these kids. he told me one of the kids up at a local school, the teacher gave him a questionnaire, asked kids how many bedrooms they had in their house. from that they determined who was the most privileged child in the classroom. i thought we stood against bullying and discrimination. teaching this type of critical race theory, stuff behind it, that is exactly what it does. it creates discrimination for children in the classroom. stuart: in oklahoma, can parents

see the curriculum. can they see what is being taught, that can they see what is being taught if they want to? >> that is the historic part of this bill we hope all 50 states can pass. that should be national law. for the first time in history the parents have the right to inspect the curriculum, to inspect the instructional materials, the classroom assignments and the lesson plans, not just regarding critical race theory, about anything that they're teaching. that is built into this bill. so for the first time ever, it puts the power in the hands of the parents what their children are being taught. stuart: what do you do if the teachers are defiant, will not accept this what do you do? >> well, what they're saying, it is very clear, teach the state standards. our state academic standards covers things like the civil rights act. it covers things like the tulsa

race riot, the land run, the civil war and slavery. teach history. just don't add your comments and don't add what is being defined as critical race behind it. if you add your own comments, and if it is proven, you can have your license suspended and be fired. the school can actually lose its accreditation from the state department of education. we're saying teach what you're supposed to teach. teach what the law says to teach around don't add anything else to it. there are stiff penalties if you do. stuart: pam bollard, oklahoma. thanks for joining us. that is a victory and a half. we'll take it. >> thank you. stuart: we have a professor, you may have seen this video earlier a professor singled out a white student that his skin color gave him advantage over a black student. >> this prof is getting a little back -- own the seminar on white privilege. take a look. >> you assume there's both going

to get treated fairly. you assume it is all good. we're going to pick the best person for the job. kids, we can't even go that far. we would pick the white guy. this is only one study of many, many, many, studies. in which we controlled for everything, yet we're still going to pick this guy over this guy. >> that professor, sam richard singling out a black and white student explains how the white student has advantage in hiring. richards has done this lesson several times. the school has not yet responded to the controversy. looks a lot different than my classrooms in college, stuart. stuart: certain live does to me as well. there is another one, the california board of education, that is the authority there, backtracking on this woke math curriculum overhaul. they reveried. todd: this is the most important story of the day. let me explain why. the california board of education stopping overhaul of

math curriculum after opponents argued that it needlessly inserts politics and social justice. hundreds of former, current professionals, working in stem fields, as well as educators, venture capitalists signed an open letter deannounces the plan that it will demathize math. the new curriculum would have focused on equity, that mathematics over the years developedded in a way that excluded many students, adding that we reject ideas of natural gifts and talents. i don't know about you, don't you want to know the person who designed the plane had natural gifts and talent so it stayed in the sky? stuart: i would like that. >> stem field, why you get in the stem fields we have to stop. this we we need people prepared with the numbers. all this equity stuff has to go by the wayside. stuart: good, reverse it. dr. fauci under fire saying kids as young as three should still

be masking up. roll that tape. >> unvaccinated children of a certain age, greater than two years old should be wearing masks, no doubt about that. that is the way to protect them from getting infected. stuart: there is some backlash to that. we'll bring it to you. plus the first national auto show since before the pandemic has kicked off. it is today. it is in chicago. it is all about electric. we'll take you back there in a moment. ♪

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♪. stuart: look at those markets. still in the green. it is not a huge gain by any means. but the dow is up 100 points. many look at the dow 30. get better impression how the market is shaping up. pretty much to the upside. looking at least 2/3 of the dow 30 in the green. that means they're up. the dow itself is just a little shy of 35,000 as we speak. i have got to show you big tech. that is where the action is this morning. all-time highs for apple, alphabet, and for microsoft. look at apple go, 1.7% higher. we'll deal with that a little later on. look who is here, all of

sudden he pops up on the screen, the man himself, mark grant. you've been losing weight, grant. that is at least 20-pound off, isn't it? >> no, i'm 10 pounds off. before we start off this morning i have a very important thing to say. i hope all your viewers will join me in an event that occurred a week ago today wishing stuart varney a very happy birthday. stuart: thank you very much, mark. you have lost weight. i had a birthday. great way to start. >> one other thing that my mother's birthday is sunday, informed me about a important part of life. life is youth, middle age, oh, you're looking good. stuart, oh, you're looking good. stuart: shall we get serious, grant? >> yes, sir. stuart: you know i read your stuff. you know we communicate. and i know you're saying, time to sell chinese stocks like the alibaba's of this world.

that is a big deal, a big move. explain yourself. >> they're about 2.1 trillion of chinese equities listed on the american exchanges. the problem right now is that china is refusing to have audited statements of their companies. china offered the sec that they would do the audit, make sure the information was accurate, the government of china. the sec probe rattily said no. so if we're not going to have audited statements of these companies, i say, you don't know what you're owning and you shouldn't be owning them, and two, there is a real question with the bonds of the chinese companies. that they're not going to be audited how will they get ratings from moody's, s&p, fitch or anyone? so in my mind there is a question should we be owning chinese bonds and my answer to that is also no. we're not going to know what we own. stuart: should we be owning big

name stocks which do a lot of business in china? i'm thinking particularly apple and i'm thinking general motors? >> my answer to that would be yes, stuart, because they do have audited financials so we do know what they're doing. the issue isn't u.s. companies investing in china where we can see what is actually going on. the issue is chinese companies that are listed here, have equities or bonds here, where the chinese government is refusing to allow audited statements that is the problem. stuart: seems like we're setting up for a real cold war freeze between the two economies, does it. not all together healthy but inevitable. >> unless china moves or changes their viewpoint. how can you own a company if you don't know their financials are accurate or not. i say you shouldn't. why i told my institutional, individual investors to think seriously about divest being in any chinese companies equitywise

or bondwise that they own. stuart: all right, the issue today, this week, in fact this month i expect is inflation. we got inflation numbers today on producer prices up 7% in a year. consumer prices are up 5%. fed chair powell says look, high inflation right now is going to fade. it is not going to be here long term. where do you stand on this? >> where i stand on this is that inflation used to move the markets. when the fed and the other central banks came in to the picture after the financial crisis of 2008 and 2009, the fed's assets right now are about $8 trillion and they're controlling the markets. just because of the size and their continue all bond buying every month in governments and mortgage securities. so inflation to me used to be a market mover and now it is a fed influencer. basically even today in chairman

powell's comments he said we're not anywhere close to where we're going to change our buying patterns or our reactions to the markets. he said earlier would be in late 2023 at some point. and so to me the inflation numbers they are there, but it is also recognition when he says they're transitory of a economy that is improving significantly as we come out of the pandemic. stuart: that it is. should i still be invested in big tech? >> i think big tech is fine. as long as the fed is in the markets will do well. what we have to watch out for, whenever it comes if the fed starts to back up, then everybody should take cover but right now i think we're still in good shape. and i expect the markets to go higher. stuart: got it. mr. grant, thanks for joining us this morning. my best regards to your dear mother and keep up that weight

loss, fellow. you're putting me to shame. that is just a terrible -- >> happy birthday again to you, stuart. stuart: thank you my son. thank you very much indeed. all right we got this story for you democrat mayor urging vaccinated residents to wear masks indoors even vaccinated. what is the reason for that? todd: orange county florida mayor, say residents wear masks, jerry demings wearing masks indoors, cases rising among the unvaccinated. stuart: that is true. i look at front pages of "the new york times." they got this chart, for the first time i saw this today, cases are rising quite sharply actually. todd: delta variant. stuart: delta variant, that is what it is. dr. fauci getting heat for his latest mask recommendation. what is the mask recommendation now. todd: the white house medical advisor under fire for saying this on another network. >> unvaccinated children of a

certain age greater than two years old should be wear being masks. no doubt about that. that is the way to protect them from getting infected because if they do, they can then spread the infection to someone else. todd: fauci has been criticized for his calls to mask up kids who have a far smaller risk of getting covid or growing seriously ill from it. studies show mask wearing for youngsters can be harmful to their health, with parents claiming the kids are suffering headaches it ability and difficulty concentrating. i'm not a child, my wife would disagree with that, i have a trouble dealing with the mask. stuart: that is it what it is. especially kids all day long. what is this? a singer goes to the white house today to meet the president and meet dr. fauci. you're a young guy. what is she doing at white house. todd: what did i tell you, start not knowing who the pop stars are, that is when you know you're getting old stuart varney.

pop star olivia rodrigo heading to the white house to encourage vaccines to young children ♪ todd: stuart told me this video jogged his memory. now you know who she is, right? stuart: the lady right there. >> disney actress will meet with president biden and dr. fauci to record videos sharing with rodrigo's, get this, more than 28 million social media followers and whitehouse.gov. she can reach the young people. trying to accomplish a goal. the person with 28 million followers, you and i don't know who she is, that is how you get to the young-ins. stuart: how much money you can make with 28 million followers? todd: can be an influencer, make money that way. stuart: my days for that are passed. i do believe. serious stuff, change of subject this is serious, wildlife, wildfires raging across the west. there is a shortage of volunteer

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stuart: wildfires, still raging across the west and connell mcshane is with us. joining us this morning from colorado. what is this about a labor shortage, a shortage of firefighters? tell me more. reporter: it's a real problem, stuart. on the federal level people complain sometimes about low pay, generally speaking for federal firefighters. they have been running low on manpower. here on the local level, we're here in colorado, what you hear about, you don't have as many people volunteering to be firefighters as they did years ago. we're half an hour outside of denver. one of the things you notice when you're here a few days, how

hazy the skies are. there are some fires burning not only in the state of colorado but across the western united states. the problem for the local leaders, they have trouble keeping up. right now you have more than 14,000 firefighters attacking fires that cover close to a million acres around the country. that sounds like a lot. what we're finding out when we come to towns like this, from a manpower perspective those numbers don't add up. take a listen. >> about 25 years ago when i joined the volunteer fire department we had between 60 and 70 volunteers. today we're at about 30 volunteers. our call volume in that time has nearly doubled and criticality, acuity of those emergency responses has increased. reporter: he was showing us around here, intercanyon fire chief said there is bigger issue with larger fire. you get people like him reaching

out to the federal government looking for support. >> the shortage of firefighters is always a concern because as those fires grow in their size and intensity, we get very concerned about availability and we would then have to in a large fire reach out to those federal resources. reporter: the problem is those resources as i said at the top are thin themselves. you don't really have an easy solution to this. i know in this area they're saying trying to obviously recruit more volunteers that has been difficult. they're thinking about maybe combining this fire department with one of the local fire departments, merge the two and combine resources that way. it has been a problem building up for a number of years. but with all the fires this year, stuart, it is really coming, getting a lot more attention. back to you. stuart: a problem in every industry and a real problem for firefighters. reporter: true. stuart: connell, good stuff. thank you, sir. we'll see you again soon. check those markets. we have to keep you in touch with your money. plenty of green. not as much as we had before. dow up 70.

the nasdaq up 72. we do have movers on the market today, l brands, parent company of victoria secret. they like what they see. improved sales of victoria secret and bath and bodyworks. the stock is up 1.3%. lululemon is up. why? goldman sachs calls this the act leisure company. they say it is a buy. enough to put them up 2.4%. lululemon at 3 $80 a share. peloton way down, 4% down. wedbush says falling customer engagement with the peloton bike as gyms reopen. here is a good story, amc, is it still a meme stock? it is down 10% as we speak. tumbling to 35. is it a still a meme stock? i don't know but it is down big. then there is this, a new york lawmaker wants to ban

chik-fil-as on highways. what is that all about. todd: three democratic lawmakers want to stop chik-fil-as. hairy bronson says the chicken chain has history of sending millions of dollars to organizations. we welcome, everyone in our restaurants. they are about three-years late to the story. many of my friends in the lgbtq controversy. this is irrelevant to the controversy. they love the sandwiches, and they go. stuart: they opened the first chick-fil-a lee or four years ago,. todd: across the street, there is a line out the brock because the mayor says boycott them. todd: there is still a line. stuart: still a line. l ate get serious on this one. we showed you a supermarket dealt yesterday stockpiling. the risk of preallots would to up in price. todd, are we seeing the same

thing at popeye's, hoarding chicken. is that the story? todd: different reason. fast-food giant popeye's has been stashing chicken amid a nationwide shortage and price hike. you are somewhat correct. it doesn't have any problems with its new nugget rollout later this month. that is a phrase i never said on tv. popeye's is building a reserve of frozen chicken for six months. here is the reason. executiveses from the vary fuss fast-food joints a meat slow down caused by pandemic safety measures and a surge in demand for recently debuted fried chicken sandwiches behind the shortage. we used to do this on "fox & friends first." every time we had someone with a new chicken sandwich. we thought it was a silly store. amazing the macroeconomic implications, like we invented a chicken sand witch which you would have thought was invented many years ago. here we go. stuart: sorry, todd, looking at prompter. todd: you don't like this one. stuart: you have brought this ridiculous story to this show.

begin necessary book of records, world record for most expensive french fries. we're doing this story? i will get credibility in the financial world for this story? how much? todd: have i brought a pox on the house of varney? stuart: could have. todd: take a look. the world's most expensive french fry, costing $200 at serendipity 3, which you don't know is a famous restaurant in new york city. a place where stuart will take me one day for lunch. why do you think i do this show hours after my show ended. i'm playing the long game. on national french friday. why are they so expensive. they're blanched in dom perrigne. goose fat and sprinkled with 23-carat edible gold. stuart: heart attack. todd: i think it sounds great. stuart: at 200 bucks. i believe today today is national mac and cheese day. todd: favorite day of the year. stuart: today or yesterday. one of the days.

i understand somebody is introducing mac and cheese ice cream? todd: go with you on this one. this is gross. would you out there eat macaroni and cheese flavored ice cream? kraft and van leeuwen, ice cream company created that. limited edition. it is vegan. goes on sale in new york, l.a., houston. can be yours 12 bucks on line. the ingredient list is not released. are they sprinkling powder in with vanilla and saying 12 bucks america? stuart: why put me on camera to respond with this. are we done with the food stories? todd: i am ready if they want to give me more. we have 13 minutes. stuart: some are bloody awful. real good stuff. texas lawmakers, they were al applauded for flee fleeing their state leaving the state. they were being called heroes. they are calling themselves heroes. i will ask texas native karl rove with he thinks about that.

he is on the show. vivek ramaswamy says former president trump will win his lawsuit against big tech. that is next. ♪ there's an america we build and one we explore. one that's been paved and one that's forever wild. but freedom means you don't have to choose just one adventure. you get both. introducing the wildly civilized all-new 3-row jeep grand cherokee l we made usaa insurance for members like martin. an air force veteran made of doing what's right, not what's easy. so when a hailstorm hit, usaa reached out before he could even inspect the damage.

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♪. stuart: well it was a nice rally but it is coming back off a little bit. we still got the dow up 88. we still have the nasdaq up 76. s&p, that is a new high, up 16 points. have a look at big tech. this is where the action is. been saying that all morning. google a new high there. it is up 1.2%. amazon was at $3700 a share just a few moments ago. when we turned the board around you will see that microsoft has reached i think about 248, something like that? no, more than that, 282. can you move that board? show me microsoft. i own that thing. i need to see it, sports fans. it is coming, it is coming. any day now, todd, we'll get it. forget it. we'll get later. former president trump says more americans are joining his lawsuit against big tech by the day. roll tape. >> people are joining because it is a class action. it is not about me, it is about

everybody and people are joining left and right. and what it is is they're taking away your freedom of speech. they're taking away your right to speak. they're taking away everything and they get powers -- stuart: my next guest has written a new op-ed that says the former president can win that case. vivek ramaswamy, ault thor of "woke, inc.." that big tech violates the constitution, is that what essentially what president trump is saying is he right on that? >> stuart, if he argues the case in the right way he can take it all to the supreme court and win. the core of the argument is this. private companies get to decide what goes up on their website. big tech companies are doing the work of big government in disguise.

if you have any doubt about that, threats of legislators made and way big tech companies responded to the threats, to take down hate speech and misinformation defined by the party in power. willful coordination with companies like facebook, google, twitter, with the big government, the party in power take down and censor information. best of all for those companies they're protected by federal immunity in the form ever section 230 to do that. the argument i make in the op-ed, when they governed by state enterprise it is governed by the first amendment and constitution itself and that is the case president trump needs to take to court. stuart: what do you think should be done with big tech? >> i think the first thing that needs to be done we need to stop giving them this special form of federal protection and federal immunity in the form of section 230, c-2. of the communications decency act. the problem stuart, that was a bad law in my opinion when it was passed. if we repeal section 230 now,

ironically that would advantage the monopoly power incumbents in power today. we need to say, if you get this special form of federal immunity you can't have it both ways it comes with strings attached f you get the federal special benefit you have to abide by the same standards as the federal government itself, including the first amendment to the constitution of the united states. if not, fine, then you don't get section 230 protection but you can't have it both ways. that is where it starts. that begins to open up a real free marketplace of ideas that these companies otherwise have a chokehold over. they can't engage in selective political censorship if the federal government is protecting them at the same time. stuart: vivek, realistically do you have any chance of that actually happening? i have only got 30 seconds? >> realistically i don't see that passing congress. congress is divided. it will not get anything meaningful done. we need the battle fought in the courts. that is why i was focus

president trump's lawsuit. it is about the american people. and open democracy. stuart: thank you for following us. come back soon. you were right on point. >> thank you, stuart. stuart: thank you to todd piro joining me for the entire hour. todd: thank you for having me, sir. stuart: urn pretty good. catch todd every week stay morning on "fox & friends first." starts at the unbelievably the hour 4:00 a.m. slot. todd: you start me on the slot? stuart: pay me. we have karl rove coming up, former wisconsin governor scott walker, texas congressional candidate wesley hunt and a whole lot more. stay with us, folks. a big day.

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in size. >> it is disinflation area he over time because it can restrict productive growth. economics are not attentive. you need to have incentives for productive growth. you can't have savings if the government is spending more money. >> you want to get inflation bumped 2%, be careful what you wish for. ♪♪ play that funky music white boy ♪♪ play that funky music ♪♪ stuart: that particular piece of music, you are looking at the fox news operation and sixth avenue new york city and it is 11:00 eastern time wednesday july 14th. look at the dow up 40, the s&p up 13, nasdaq up 75. i call that a modest rally thus far today. the 10 year treasury yield very interesting all the way down to one.35% even though we got a

report that inflation at the producer level is running hot, 7.3%, despite that the yield on the 10 year goes down. we got a couple tech stocks hitting all-time highs. microsoft, apple, google, all-time highs, look at apple getting close to $150 per share, microsoft, 283. in one hour fed chair jerome powell will testify on capitol hill. he has already released his opening statement so we know what is in it. lauren has read it. lauren: inflation is increased notably and will stay high in coming months before it moderates. supply constraints like bottlenecks are reason for these high prices. the consumer and the job market are strong but rates will stay near 0 for, quote, sometime. that is why the market is up. why is the 10 year treasury yields down.

one could make the argument high prices crimp growth. they don't moderate these prices it will hurt consumers in the overall economy. stuart: one.35% on a day you get solid series inflation news that is a signal of slower growth as opposed to higher inflation. let's bring in joe durand, a hotshot, a big on show at goldman sachs on wall street and is with us now. do you think inflation is temporary the way jay powell says it is temporary? >> yes, that is our forecast. to give you some facts, 2 thirds of the inflation we have seen is from used cars and transportation and we know it is mostly driven by shortage of ships and the travel lines of gotten very very clogged up

because there wasn't enough on airplanes and ships and even trains and so now this pent-up demand, companies looking to fill it and cost implied in that takes a long time to get things off the ship if you are trying to buy anything it takes a long time and because of the shortage of ships, it is being driven right now by that as a large element. stuart: everywhere i go i see inflation. serious inflation that comes right at you every time, several pieces of it over the past several days. the price of act -- ice cream, haircut, gasoline, everything is straight up, very hard for me to imagine everything will moderate, everything is going to be fine, we are chucking money by trillions into the economy, consumers are flush with cash. i don't see how we can moderate inflation in the months to

come. you made a good case. >> the reality is it will be really tough the next few months and what we have seen his people want to spend money so restaurants can charge a lot more. inflation unfortunately hurts the people who can least afford it the most. we have seen it. you see it in everything you do, prices have gone up. 7.4% is a material difference year-over-year. the question where there is systemic and persistent, what happens when people aren't in the same rush to travel or to go to restaurants? we spend less, restaurants will bring prices down, gas prices which have taken a spike but the fed doesn't look at inflation caused by energy or food prices the core inflation. if you look at what will drive inflation prices will go up, the spike we are seeing, much more demand than we have supply

but what does it mean for investors which is much more relevant to all of us because we can't control inflation but we can control how we invested if you own with inflation stocks you are over any 5-year period since 1926 going to out perform the market 3 quarters of the time outperform inflation and over a 20 year period there is no period in history since 1926 that you haven't done better with stocks and outperformed inflation. even if there is inflation you have equities. stuart: you made your point. i'm not selling. i'm sticking with you. see how that works out. thank you for being with us. we will see you shortly. down is up 11 points as we speak and now this. the democrats have a plan to open the banking industry to marijuana money. big deal.

this is what the pot guys want. access to the banks and all the capital they control. this is not an argument about legalization one way or the other but the expansion of a relatively new business and the politics of pot. senator schumer's plan takes advantage of an obvious shift in public opinion. more than half the state of legalized marijuana for recreational and medical use. he wants to open the country by making the pot business financially legitimate. my guess is it is a political winner. the plan, it would limit purchases to people 21 and older and would impose taxes on the lead you by. that is the path to legality and senator schumer wants it in place by april 20th next year. that is 4-20. where does it leave the

republicans? the libertarian wing has long favored full legalization. younger voters republicans want on their side have largely taken side. they want their legal weed. who wants to be left off the gravy train of increased tax revenue. you add it all up and it will look like marijuana is headed for mitre use, distribution and financial legitimacy. my question is will the republicans jump on the pot terrain and if it they do is a winner for them like it seems to be a winner for the democrats? third hour of "varney and company" roles on. she is back. liz peek is with us. let's get right into this. should republicans push to legalize pot on a national basis? liz: it is complicated because

not all republicans favor legalized marijuana. they favor law and order. it is an absurd situation where you have states that legalize a product the federal government still imposes and criminalizes so the banking industry is caught in between. it makes sense to have this decision made at this point with so many states having approved marijuana. i would like to talk about whether this was a good idea or not but as you point out, if you look at who favors legalization clearly does younger people. it is more liberal people, you go down the spectrum of political views the more liberal you are the more you like marijuana, i want to point out it is great to have democrats finally embrace some business, this appears to be the only business they they like which is questionable but the answer to your question is republicans don't really win

from this argument by opposing it and they stay behind the curve and realize the horse has left the barn and something will happen nationally. stuart: looks like it at least. let's talk inflation because that is the topic of conversation. we've got these numbers 7% inflation at the producer level, 5% consumer level. in an hour fed chair powell on capitol hill will talk about inflation. he says, i am paraphrasing, that it will fade, it won't be as strong at the end of the year as it is now. what do you say? >> that is wrong. you are seeing inflation creep into every industry, every business, every earnings call we are seeing and have seen, ceos talk about raising prices, the nfib is reporting small

businesses he raising prices, what we are seeing is it is embedded in the entire production chain and some of this for sure has been impacted by covid supply chain problems but it has spread beyond that. the fed has got to step in and apparently powell will tell congress he has no intention of doing that before the end of the year. the bond market signals are totally mixed up, totally influenced by the fed continuing to spend $120 billion per month by bond. that is distorted yields and i don't think that's a good indicator of what inflation trends look like 6 months to a year from now. it is a problem and i think it is the democrats push forward $3 trillion more in spending, it becomes a massive problem. stuart: and the problem for the

market at some point. thanks for joining us, see you again soon. now this, the taliban executes 22 afghan commandos as they tried to surrender. should we be leaving afghanistan? i will ask a military veteran who is running for congress. fleeing the state is not a new tactic for democrats. they did it 10 years ago to block a bill in wisconsin. how did governor scott walker handle that? i will ask him because he's coming up on the show but i want to talk to thousand 22. where do the r tub repin wo t t ke ac thk use antesena ke kee d thn wiwiwi ebitkae. re. ♪♪♪'ve e wepor ♪ ♪ ♪ choia toit oiquiroi noir i

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stuart: since you've been gone. it has been an hour. that is capitol hill, that is austin, texas. tell me, producers. i think that is austin, texas. one of the lawmakers who fled austin, texas fled to dc is being marked because of the tweet that he sent out. what is the tweet? >> congressman jean lou, this

is his tweet. there is a picture of caesar salad, delicious, and fugitives don't get catered lunches. other democrats called their bus ride and private jet trip a sacrifice and compared to their protest of texas election reform to the suffrage and the civil rights movement. stuart: i say that is a little over-the-top. it was a typo right? fist. >> he documented his movement. >> the same lawmakers are calling themselves heroes. karl rove is in austin, texas. what do you think of the great escape of the democrats from austin? >> i think it is a bunch of

malarkey to use a favorite phrase of our president and i'm writing about it in the wall street journal and will scorch a couple people in the whole idea. it is stupid, idiotic and insane. strong message to follow. stuart: you believe it at that. what i stood point out, the midterm elections next year. don't know if you got your whiteboard on you or not but i want to know where do republicans win seats to win back the house and senate? >> i believe we win back the house because the white house party has lost seats in every midterm election of a new president since 1888, since 1818 except two times, 1934 under fdr in 2002 under george w. bush. i happens to be in the white house in 2002 and i know how difficult it was to pull that off even in the aftermath of 9/11. we are likely to see democrats lose the house next time around. by july 20 seventh when we

finish our special election in texas in which all the two republicans on the ballot, no democrat made it into the runoff, the democratic margin in the house will be three with a couple other special elections it will be 5, i think the republicans will take the house by 10 or 15 seats given the normal circumstances. where exactly that is going to be we don't know but it will probably be states that at a congressional seat like texas and florida and montana. the democrats will try to offset that by gerrymandering in illinois, new york but overall the republicans are likely to take the house. stuart: the senate, tell me more about the senate. >> the senate is more iffy because republicans have open seats right now in north carolina and pennsylvania that they have to defend. they've got to hold on to everything they have today and knock off nevada, arizona, georgia, new hampshire, one

open seat in ohio but we should hold onto both of those. the senate will be closely divided after this, and it is a more iffy thing. >> it was an exceptionally divisive speech and he played the race card. didn't go down well with many many people. how about you. >> didn't go down well with me but texas, this bill bans 24 hour voting. we don't have a law allowing 24-hour around-the-clock voting during early voting period. in harris county houston took a novel unique interpretation of the state law requiring you to have a minimum of a certain number of hours during early

but 13 day early voting period and said we have october 20 ninth around-the-clock voting, no legal authority, no county in the state has ever done that before, this bans 24 hour voting and also says in texas you have an expense the state statute that the drive-through voting is only permissible for people who can physically are unable to get into the polls and assisted so what happened is harris county, houston, said we will all our drive in voting in primarily democratic parts of the county because of the pandemic. this says you can't do that and puts penalties in place. the bill expand the number of hours for early voting, 13 days we have of early voting. why do i say this? because the president of the united states called this bill a racist bill and part of the jim crow project. i remind the president the delaware does not allow 24 hour

voting, and will have early voting in 2022 for the first time ever for eight days. texas under republican governor past early voting in 1987 and has 13 days. when is he going to do announce his home state of delaware for having racist voting laws? shame on him for doing this. stuart: thank you for being with us this morning. appreciate it. back to the markets, we lost much of the rally but we have movers on the market including american airlines. 3.5%. >> number one on the s&p, forecasting positive cash flow so they are no longer burning through $100 million a day, no one was flying anywhere. they had to get the federal money, keep workers on board and we see the effects of that. you change an airline ticket,

try to get someone on the phone it is impossible because you don't have the workers. stuart: how about l brands very much in the news of 2.5%. lauren: they raise earnings guidance on profit margins that victoria's secret and bath and body works have a slew of price target increases, i want to bring up jpmorgan, 102 is quite a bit above the 75 for l brands right now. stuart: ali baba, what do they do? >> the wall street journal reports ali baba and their archrivals are going to open their services up to one another. i am thinking strength in numbers as china cracks down on their tech giants, ali baba lost a lot of ground last weekend starting to get some of it back this week. stuart: we should deal with gun stocks because there has been a legal developed affecting gun owners in the blue to buy a gun, an appeals court has issued a ruling on whether or not 18-year-olds can buy now.

charles: lauren: the circuit court says you have to buy a line. if you fight using a weapon, using a gun, if you could voted 18 you should be able to legally own a handgun so that was the ruling. the appeals court said 53 years ago unconstitutional, not helping gun stocks or ammunition stocks today. stuart: if you can vote at 18 and own a gun in 18 why can't you have a beer in a bar. stuart: to you can on the open season. stuart: i can't. an interesting question. lauren: maybe that is next. stuart: restrict everything except drinking. here's a story for you. 3000 cruise passengers confined to their rooms after one person tested positive for covid. we will tell you where the lockdown is underway. president biden comparing voting restrictions to jim crow laws. former governor of wisconsin

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stuart: a little cloudy in new york city, 70 degrees and stay cloudy the next several days. the dow industrials just turned south. we are down one points. the rally has faded but apple hit an all-time earlier, it is up 140878, that is the dow stock and that adds 23 points to the dow industrials. president biden calling republicans election build jim crow. role tape. >> 21st-century jim crow assault is real. it is unrelenting and we are going to challenge it

vigorously. this broad assault is not unprecedented. it is taking on a new and pernicious form. stuart: the president is saying the republican idea makes it harder to vote. the gentleman on the right-hand side of the screen is scott walker, former governor of wisconsin who passed a voter id law 10 years ago in wisconsin. did it make it harder for people to vote? >> know. we had one of the biggest turnouts in the country last fall, nearly 75% of eligible voters showed up to vote in the november of 2020 election despite all the hysteria ten years ago showing a photo id, bringing your driver's license or state issued id card which in our state is available free upon request at dmv offices, just one way to make it easier to vote but hard to cheat. we need to push back against

the big lie that people aren't capable of getting identification. stuart: you want to make it easy to vote but harder to cheat. very simplistic sounding but that is exactly what you want in any new election law. what do you think the democrats's idea for electoral changes? does that meet the test? make it easier to vote but harder to cheat? >> the problem with what they want to do is they want to federalize all the elections. most americans regardless of party understand state and local governments or local jurisdiction should be run -- running elections. not a bunch of politicians in washington dc where the federal government constantly screws things up a lasting we want, we want to -- give welfare to politicians you disagree with. let elections the run at the local and state level. make sure there is true integrity, transparency so people can see what is going on

and have legitimacy. it is insulting when you have president biden and a bunch of democrats from texas insulting the american people thinking they can't get photo id themselves was overwhelmingly people support even among black voters 2 thirds plus say it makes sense to show some form of identification to get to the polls. the irony is president biden's big lie cost the people of georgia, atlanta the all-star game and the bottom line is they had a sensible law that would protect the integrity and make it easy to vote but hard to cheat. stuart: i was in your state 10 years ago at the time a lot of democrats left the state just as they are doing in texas, trying to block an antiunion bill. i understand eventually the union bill went through. how did you do that? >> we split off the reason they can hold up even though the are

in the minority, you need to have a quorum for appropriation bill for the state of wisconsin, every state is a little different. we split the appropriation out and prevailed. in texas as in the past they got to wait them out, hold firm, greg abbott is right, these people should face arrest once they get near the border, they don't have jurisdiction beyond that and put public pressure on. the average citizen doesn't get paid if they don't show up for work, the average citizen can't go on an airplane without a mask on or an airplane without photo id. so much for standing up for the average citizen. these democrats, that is where their power control base is. the people of texas need to rise up and say get back in the arena, do your job and the longer they hold out the more public pressure and ultimately tie into whether they get paid or come back or whether or not they want to stand on other

issues and get the job done. i think people in texas want to get the job done. stuart: easier to vote, harder to cheat, we appreciate you being with us, please come again soon. let's get to that story about 3000 people combined to their cabins on a cruise. just one person tested for covid? >> 40-year-old tested positive and the test, he or she got the test before getting on the ship, it was negative and once tested on the ship another test was positive. 3000 other people on the ship are confined to their state rooms from 1:00 am until the ship returned to port a few hours ago and now those passengers are finally, they did a good job seeing an uptick. >> any time you open up to the slightest degree you bring it

back in again. they've got no cases that can't open up because they get a few cases and they have to shut down all over again. >> the deck of a cruise is you are isolated, don't want to stay in the rooms, you have a big room with a balcony but if you don't use it for hours and hours with meals dropped at your doorstep, that's the opposite of what you want on a cruise. this is a cruise to nowhere so passengers, can't do that. >> is norwegian cruise lines suing the state of florida because they want vaccine passports? >> there is doing the surgeon general over a state law that prohibits private companies from requiring vaccine documentation. they say you needed because if you want to operate as safely as possible you want to prove that passengers are vaccinated. what carnival is doing instead of mandating proof of vaccination they are mandating proof of travel insurance

requiring unvaccinated passengers to buy a policy worth 10,$000, this starts next month, it adds $200 to the total cost per person and royal caribbean is doing something similar. if you don't have the required vaccination why do you get travel insurance? it is the honor system. >> it is the honor system. what do you do? sue retroactively? >> this is a pandora's box. stuart: more on travel, we did with cheap hotel rooms? >> people are still going away, there is pent-up demand but if you put prices of 7.9% in june from may, that is the second biggest monthly gain ever. airfare rising 70% so this, if you are looking to go somewhere you will pay more to get there

and whether it is gas or jet fuel. >> hotel rooms up 7%. that is a spot. good stuff. thanks. foxbusiness demanding answers from texas democrats. role tape. >> what your message is to texans, you can't just not show up to work and you have a message for texans? >> we will have that lawmaker's response coming up for you. the first major auto show since the pandemic is about to kick off. we will take you back there in a moment. ♪♪

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stuart: chicago, by the way, 80 degrees, fairly sunny. right there in chicago you have the chicago auto show that starts tomorrow. the first major auto show since the pandemic. i started out by saying electric is taking over but you are not in an electric car at this moment. >> far from it and life is not a highway. we are taking it off road at the auto show. you see this 20 foothill, 38% grade we are about to go up following this red bronco in front of us. i'm with us on jennings, this a big release for you, the first one started rolling off the assembly line a few weeks ago. >> we had our first trucks up the line at michigan a simile

plant, excited to get in customer hands. >> what have orders been like? >> 125,000 trucks on order. we are superfocused, getting trucks out the doors. >> reporter: these things are built for what we are doing now, uphill, 38% grade, roof is off. feel like a roller coaster. steeper than it sounds. >> the capabilities of the vehicle. >> we head down our 20 foothill. got to get some news into this. the semiconductor shortage, computer chip shortage is ravaging the auto industry. that's a problem for the bronco rollout. >> we are focused on getting the struck out the door. we are doing what we can to build those 125,000 orders and get them to customers. >> chips being allocated to the bronco to make sure things go

smoothly as this vehicle returns for the first time in 20 years as we head down the hill. stuart: a 38% incline. let's go electric. general motors placing an expensive bet on workers. >> a big $70 billion campus not in detroit in southern california and design schools, recruiting grounds. this is a bet by general motors that you can't design cars, test out in field them and talk to other people. stuart: extremely high taxes and gasoline prices they will design from there. >> electric cars amid the high gasoline prices. stuart: back to the market. show the dow 30 please, broad

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the one reporting on texas democrats who fled the state to block a gop voting bill, have much to their great escape cost. hillary vaughan was digging into the numbers. what is the cost of the great escape? >> what it is costing, in the lone star state, took two

private charter planes here, spending money on 50 hotel rooms for 25 days at a rate of $200 a night, it all comes from donations, not taxpayers back home. the texas democratic caucus saying, quote, the charter flights were donated of caucus. the hotel and other instances are paid for by a combination of campaign accounts and fundraising, 0 state dollars or taxpayer dollars are going into this but that doesn't add up. it is costing taxpayers, texas democrats being here means governor greg abbott has to call a special session over and over again costing texans $1 million every time he does it if it is a 30 day session and legislators are still getting paid $7,000 a year.

they pick up $221 in per diem every day they are in session. i caught up with the chair of the caucus yesterday and he said they are working harder here in dc than they would have been back home. >> are you guys going to forfeit part of your salary by spending time up here, not participating in the business of the texas legislature which is your job? >> we are doing our jobs. we are fighting for our constituents here. >> reporter: the press is allowed to ask questions. what your message is to texans who can't just not show up to work and still get a paycheck, do you have a message to texans? >> we are working hard every single day for our constituents. >> reporter: there are other costs, they are not only stalling a vote on voting

reform back home but also votes on critical legislation that would give more funding to law enforcement agencies, extra checks to retired teachers and also protections that would protect kids in foster care as well. stuart: the gentleman did not seem really willing to answer your questions of any kind. is that because you are with fox? or they were embarrassed by what they were doing? >> reporter: before that exchange i asked chris turner, introduced myself and said i was with fox and can i walk with you and chat? he's a great. he never told me he didn't want to answer but after my first question one of his house came over and tried to stop me from continuing to ask follow-up questions but at no point did chris turner ever tell me he had to go or didn't want to answer questions. it was someone else interjecting. stuart: fair enough. it was a good report and we thank you for it, good stuff, see you later. let's look at the market. when we open this market at

9:30 eastern this morning we were straight up on all the exchanges, the dow is up 100, nasdaq couple hundred as well, this is completely turned around. we have jay powell starting his testimony at 12:00 noon, 5 or 6 minutes away. we know what he is going to say, he's downplaying the risk of long-term inflation that was initially good for the market and we have turned south. big tech especially apple still way up there. that is a new high for apple, 148.35. why is it up so much? there is a report that they are going to report -- to build 90 know you an iphones this year. that will be up 20% from last year. a very bullish signal and the stock has gone straight up. google is up $17. microsoft 281.90 as we speak. i have time for a trivia question. don't know the answer to this one. which and all produces the

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see it. want it. ten-x it. yum! stuart: all right. which animal makes the loudest sound? answer, i don't believe this, sperm whale. for a start, i don't believe a sperm whale is an animal. is it? lauren: they're predators. what sound do they make? stuart: i have no idea. whale noises underwater. they must be very loud. they can create sounds up to

230 decibels. by comparison a jet engine at takeoff produces 188 decibels. lauren: so it is loud. stuart: it is loud. lauren: you will never hear it. stuart: i was miles away from that one. which of the large animals is mute? lauren: you told me the answer is giraffe. i was doing animal sounds with my kids, giraffe came up and i made up a sound. stuart: a giraffe does make a sound during courtship. the male giraffe coughs very loudly. does that ring a bell? you learn something every day on this program. lauren: 15 seconds, stuart. stuart: sperm whales make a lot of noise, giraffes don't. you learn something. the olympics are a week away. no crowds. we're hearing the athletes will be barred from hugging and shaking hands. they will also have to put their medal around their necks by themselves. my, it will be fun. lauren: no cheering.

no fans. no congratulating each other. stuart: none of that. it will be such fun, won't it? i admire the japanese going ahead with this. all kinds of opposition. they will do it. good for them. dow industrials down 40. nasdaq down 42. s&p down six. what a difference three hours makes. we were up as we went on the air. we're down as we leave. neil, it is yours. neil: thank you as well for the update on giraffes. i did not know that, stuart. thank you for that. i got a double mammal update. i appreciate that. we are finding a lot going on here. nothing in the animal kingdom so far, stuart, but we are focusing on the wall street animals around whether they like or dislike what jerome powell is saying. we have gotten a lot of this telegraphed here but basically what he is saying, yeah, i'm aware of inflation. i don't think it will be a long-term issue. don't see any need right now to