maria: a big thank you to steve forbes and ryan payne. have a great day, everybody. "varney & co." begins right now. stu, take it away. stuart: good morning, maria. good morning, everyone. if there's one thing all the markets are reacting to these days, it is inflation. and a half hour ago we got the latest inflation news. here is the magic number, 5.3% innation year-over-year -- inflation, august over august, 5.3%. that actually shows a little moderation in the inflation rate. it's still high but slightly moderating. and if you strip out food and energy if, you get an even lower inflation if rate.

sounds like good news, so here is how the markets are reacting to it, a solid rally pretty much across the board. that's encouraging for the dow, up 100 points at the open, the s&p up about 14, the nasdaq coming in with a gain of about 50 points. that's at the opening bell. interest rates, how are they reacting to moderating inflation? well, the yield on the 10-year treasury coming in little changed from the past few sessions, 1.3 2%. kathywood forecast -- kathy wood thinks bitcoin is going to $500,000. it's at 46 grand this morning. taxes, the democrats have revealed how they're going to pay for their massive spending. they're going after high income earners and big corporations and small business and estates and

tobacco and a whole lot more. and it still won't pay for all the lavish spending. my opinion, it would take us back to the 1970s. it is the california recall election today. president biden stumped for governor newsom last night. he tried to turn it into a contest between newsom and trump. earlier in idaho his staffers cut his mic when he started to answer a question. two personalities making headlines. number one, dr. fauci, when asked about a vaccine travel passport, he said i would support that. in other words, you would have to prove that you are vaccinated before you'd get on a bus, a train or a plane. and then there's aoc attending a fundraiser for new york's metropolitan opera, $30,000 a ticket, and she wore a dress that said tax the rich written on it. tuesday, september 14, 2021. finish "varney & co." is about to begin. ♪

♪ stuart: all right, let's get to the breaking financial news which is inflation news. i'm going to say it again, the consumer price index up 5.3% year-over-year. that's all over august. lauren, good morning to you. do you have anything else out of that report? lauren: let's take a look at how much more you've paid in the past year for certain items. used cars, almost 32%. food away from home, so what you're not cooking yourself, up 4.7%. shelter rising 2.8%. those are big numbers, but the monthly basis tells a different story. these costs have come down sharply from july to august.

used car how the markets take it but, yes, it is moderating inflation. by the way, if you take out food and energy, year on year consumer inflation is just 4%, better than expected. look who's here, we need reaction on this, ed yardeni, market watcher of this tuesday morning. there you go. now, let me look at this. inflation, 5.3% year on year, moderating slightly.

do you inflation front as we go forward? i mean, we got a moderation august to august, just a slight moderation, but looking forward what really worries you? >> well, stuart, you know, last week we got that producer price index, and they actually have a component there for personal consumption, and that continues to be, run very hot in august. however, the ppi doesn't include rent and some other items like sales taxes. but i would think we have to

focus on rent inflation because rent inflation is highly correlated with wages. we are seeing wages starting to pick up here, and so next cpi and in the next several cpis i'll be watching to see what rent inflation does because it has a very big weight in the cpi, much more so, for example, than the ppi. stuart: so today's numbers encouraging, but we're not out of the woods with. that's how you put it? >> that's right. talk to anybody, and they'll say they're seeing inflation all around them. stuart: that's true. ed yardeni, thank you very much, indeed, sir. we will see you again soon. other items on menu this morning. the start with, jpmorgan sending a warning to big tech investors. lauren, what are they saying? lauren: cut back on technology. build with up on energy. they are buying the reopening theme. and you know what, stuart? that contrasts with so much of

what we told you about, these warning signs, these flashing lights from the other big banks, and we've said that throughout the month of september. jpmorgan thinks the opposite. they think delta has likely peaked, the economy will continue to reopen, cut back on tech, buy up on energy as a result. stuart: all right. that's what jpmorgan says. we're looking at it. dow's up 108 as we speak. that's dow futures. all right, lauren, now this, dr. fauci says he supports vaccine mandates for air travel and bus travel and train travel. watch this. >> i would support that. if you want to get on a plane and travel with other people, then you should be vaccinated. stuart: sean duffy joins me this tuesday morning. sean, will this fly? you've got to prove that you're vaccinated before you can get on a bus, a train or a plane? >> well, if the american people allow it, stuart, of course it's going to work. looked at their messaging.

dr. fauci and democrats and a lot of americans say the vaccine works, it's safe, so take it. but then in the next message we say we need to protect the vaccinated from the unvaccinated. if you're vaccinated, what protection do you need if the vaccine works? what concerns me, stuart, is really is a chinese credit-scoring system where they say, listen, if you do what the government says, then you can travel, you can shop, you can use the societal goods and business if you do what we, the government, says. if america allows fauci and biden to put a mandate on travel, we're going into the chinese system which is incredibly scary. stuart: you don't think it's going to happen though, do you? you don't think americans will stand for this. >> well, listen, i don't i don'w that it won't happen because i think a lot of americans are going along with the mandates coming in from government, government employees are going along with this idea that you'll have every business with a hundred employees requiring vaccinations. the problem for biden is the new polling has just come out, and 60% of americans say that that

biden doesn't about have the authority to do these mandates on private business. that was the mandate that came out last week. so if the american people continue to push back on this idea, we will have victory. but you need more americans, listen, we all -- you and i believe in vaccines. vaccines do work. but it's good people like us who say even though we novak seens work -- know vaccine's work, we still know people can choose their own way. still support individuals' rights to choose what kind of health care they receive. it's between them and their doctor on what they put into their body. stuart: sean duffy, we appreciate it, and we'll see you again soon. thank you, sean. i'm going the check the cryptos, nice gains for bitcoin and ethereum this morning, pretty solid. cathie wood is making a big forecast on bitcoin. lauren, what is she saying?

lauren: she says $500,000 per coin in five years' time because countries will accept it, people will use it more, and companies will put it on their balance sheets as a means of diversification. bitcoin's up about 3% today. so is ethereum. wood also said her confidence in ether has gone up dramatically. she was asked how is she going to allocate among the many cryptos, 60% for bitcoin, 40% for ether. stuart: it's workinged today. bitcoin's up $1,400. all right, lauren, when's the latest on that fake -- what's that latest on the fake story? lauren: global news wire published this fake report that walmart would accept litecoin as payment. they saw the press release and retweeted it even though it was false, and as a result, litecoin prices jumped about 30%, then they fell back. traders made money and lost money on this fake trade, if you

will. what do regulators do about that? because cryptocurrencies are not securities. this is something that the sec chair, gary gensler, will certainly be asked about today. he is testifying before the senate. crypto scams are a big deal. nearly 26,500 reports last year costing taxpayers $419 million. and in the first three months of this year, 14,000 scams reported, $215 million lost by investors, stuart. stuart: but lots of people still put their money in, and that's a fact. lauren: nothing you can do about it right now. stuart: let's have a look at futures, please, this is after the favorable numbers we received earlier. pretty much green across the board, and yes, it is recall election day in california. president biden says a vote for democrat governor newsom if -- or, rather, for his opponent, larry elder, is a vote for donald trump. roll tape. >> he's a clone of donald trump.

can you imagine him being governor of this state? you can't let that happen. stuart: okay. is biden really swaying anyone at this point? i'll ask california lawyer harmeet dhillon. goldman sachs says president biden's tax hikes are a greater threat to the market than a slowing economy. what does larry kudlow think about that? he's here to respond after this. ♪ give it away, give it away, give it away now. ♪ give it away, give it away, give it away now ♪♪ i order my groceries online now. shingles doesn't care.

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muck. [laughter] stuart: there's a line in there about taxation by the beatles. it's a great song. a live look, that's toll hill. -- capitol the hill. antony blinken is appearing before the senate this time. it's going to be hot and humid, 90 degrees in the nation's capital. 9 and the democrats have unveiled their new tax hikes to try to pay for their $3.5 trillion bill. hillary vaughn is with us. hillary, will these increases actually pay for all this massive spending? >> reporter: no, they won't, at least with the taxes being considered right now. it wouldn't pay for all of it, but that's not a problem for most progressives in congress, but it is for somed moderate democrats and president biden who has insisted and promised that this social spending package would be completely paid for. but the nonpartisan joint committee on taxation gave congress their estimate of the house ways and means committee's tax proposals. $900 billion would come from new

taxes on corporations and also international tax reforms. nearly a trillion dollars in new tax revenue would be scooped up from new taxes targeting high income individuals, some of those include raising the corporate tax rate to 26.5%, raising capital gains tax to 25% and raising the top marginal tax rate to 39.6% and also an additional 3% tax on anyone making more than $5 million. but not only would taxing the rich not pay the full tab, if the government confiscated all of the combined income of the top 1% in the u.s., it would still come up $1 is trillion short to pay for the $3.5 trillion tab. that price tag is accurate -- if that price tag is accurate. but the estimated real cost of the reconciliation package could top $5.5 trillion. but some top democrats are advising their colleagues not to worry about the cost.

house whip james clyburn tweeting this last night: when it comes to the budget reconciliation process, worry about the price tag after we get done what needs to be done. and, of course, business groups are already reacting to these proposed tax hikes. the business round table said that raising the corporate tax rate to 25% would basically completely not only wipe out the tax cuts they got in 2017, but also would raise them three times what they were cut in 2017. stuart? stuart: there you have it. hillary, thank you very much, indeed. now let's bring in a man who knows something about taxation and policy. that would be larry kudlow. larry, i'm sure you've seen this, goldman sachs says the tax hikes are a bigger threat to the markets than the slowing economy. what say you to that? >> i don't understand their logic, but i frequently don't understand goldman's logic, so we'll just leave that there. look, you've got an incredible

assault on businesses, particularly small businesses, stu. small businesses are the most hurt by this plan. they are actually the shortest end of the straw. and what you're going to get with the corporations, the larger business and the smaller business with, is an assault on their profits, okay? now, profits are the mother's milk of stocks, but profits are also the life blood of the economy. for example, if you have diminished profits because of all these taxes, that means not enough money left over for new hires, there's a tremendous demand for labor but not a supply, not enough money for wage with increases, not enough money for business with equipment and technology investment which makes the work force more productive, and at the end of the day, not enough money to raise family incomes. you're penalizing across the board large and small companies. why would you do that?

they are the lifeline of the economy. profits matter. so i disagree with goldman. the bigger issue here, i mean, what clyburn said is really quite remarkable. but look, whether it's richard neal's ways and means committee or other committees, the democrats have abandoned regular order. they've done this in the dead of night. there are no public hearings, no republicans have participated, there's not an ounce of bipartisanship, and they want to just jam this thing through. it's going to be a 10,000-page bill, and no one will know what's in it. stuart: right, right. last point, my opinion, i think if they get this, i think it takes us back to the 1970s-style economy. last word to you on that. >> well, yeah, that's the risk. i mean, all these taxes, you know, penalizing success in general and killing large and small business, right. so you're choking off the supply

side of the economy. you're taxing production. so you're going to get less production. you're taxing profits, you're going to get fewer profits. meanwhile, the spending increases -- which is all about welfarism, this is no requirement for work, no employment incentives -- but you're increasing demand, the fed is financing all this spending, unfortunately. they should have cut back on their bond purchases. so more demand, less supply, that's a prescription for inflation. and that is, it does smack of stagflation of the 1970s. we're not there yet, stu, but that's the risk. that's the risk -- stuart: it is. >> -- if you pass this kind of legislation. stuart: watch out -- >> i yearn, i yearn -- [laughter] i yearn for the calm days of prosperity when we had the trump tax cuts. i yearn for those days. stuart: exactly. [laughter] calm days, yes. [laughter] they were kind of calm

economically. larry kudlow, you're all right. see you again soon. [laughter] squad member congressman jamal bowman, he's got a plan if senator manchin doesn't budge on opposing the $3.5 trillion spending plan. lauren, what is mr. bowman thinking of doing? lauren: he says go big, get to that $3.5 trillion or to have period doe the bipartisan -- torpedo the bipartisan infrastructure bill. >> we'll see when we get there, but we still have several weeks of negotiation to make sure we are all on the same page before it's time to vote. it's important for the american people to know that this is the democratic agenda in terms of democratic leadership. lauren: and he's willing to hold what both parties agreed on hostage to the progressive wish list, stuart. you heard it there. stuart: i wonder how that goes down. anyway, let's get back to the markets as of this morning. we're looking at a rally at the opening bell. not huge but maybe a 120-point

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stuart: futures suggest a nice rally whe opening bell sounds, going to be up about 114 roughly and 60 points up for the nasdaq. luke lloyd with us this morning. all right, luke, moderating inflation. clearly moderating. just a little, but down to 5.3%. do you think the stock market is going to be off to the races on this moderating inflation? >> listen, a lot of good news right now is priced into the stock market. i think there's actually a lot of headwinds ahead that could derail the momentum. the thing is, stu, inflation's definitely here to stay. we saw inflation come in at 5.3% year-over-year, but it also came in month over month 0.3% which was better than the estimated, but that's still 0.3% month over month. if you put that over a 12-month period, and hopefully we don't see it, that's still 3.6%, that's a lot higher than that

1.8% or 2% we were at before the pandemic. anybody who thinks this is transitory has been wrong and they're going to continue to be wrong. stuart: but when you get stock prices going straight up, up, up, up, and then they plateau for a period of time, that's what gets you nervous. what would it take to go to new highs in they don't look likely in the immediate future, do they in. >> listen, i like to consider this right now consolidation which i think is bullish and a good thing for the long term. the -- you don't want to see the stock market continuing to go up and up, that's exactly how big bubbles are made and then it crashes, right? i'd like to see a base getting down, i think that's what we're seeing right now. i just think we need to continue to see, you know, things that are currently happening and good news to continue to come out. the federal reserve to continue to be accommodative, the federal government to continue to be accommodative which they both

are right now and they're going to continue, you know, taxes, they came in a little bit lower than expected as well which is good for the stock market in the long term, but we can't see restrictions come out. i think restrictions and covid, i think that's the biggest risk to the economy. stuart: i'm still nervous. all right, luke, thanks for joining us. we'll see you later. the bell is ringing, we're expecting a gain pretty much across the board. the dow may be up about 100 points. now, let's see where we're going here. right from the start the dow is up 107, 109, and the vast majority of the dow 30, left-hand side of your screen, the vast majority are in the green. so it's a rally pretty much across the board, virtually -- i say most industries participating. the s&p 500, solid gain, up one-third of 1%, 4484. the nasdaq up .45%, solid gain, 15,173. big tech doing well today. microsoft back to 299, just shy

of $300. apple back to 150, google's at 2862. amazon, 3,480 and facebook at 377. so big tech doing okay. let me focus on apple for a moment. of course, it's hosting its california streaming event morning so, good morning, susan. susan: good morning, stu. it's the second christmas for me. i'm very excited. yes, we are expecting a new iphone, the new iphone 13, the 7 series watch and third generation air pods are expected to be released later on today. this'll be the second 5g-capable iphone, also expect a new updated camera system. iphone still makes up close to 50% of apple sales, so this is kind of a prove me moment for the world's biggest company, is there enough in this iphone 13 to make people want to upgrade and buy at those high price

points? close to $1,000 apiece. wearables are catching up and services make up 21% now of sales, stu. so this is, you know, it'll be an interesting day if they can follow up on the iphone 12 which has been blowaway successful, close to 3 million handsets over the past year, the best introduction of any iphone in its history. stuart: i think investors want to see some innovation from apple, major league innovation. are they likely to see real innovation in the latest iphone? any idea? susan: well, the camera system likely be the biggest selling feature since you'll have more stabilizers, also a diagonal camera as well and, of course, the incredible hd video capabilities that you have now. but what will it take to get stuny to buy an -- stu varney to buy an iphone? around $700 now from at&t and

verizon. stuart: i'm perfectly happy with the iphone i've got -- susan: it's single digit, isn't it? yeah, it's a 7. [laughter] stuart: let's move on to amazon. i believe they have increased their average starting wage. to what, susan? susan: $18 an hour, that's up from 17 an hour, and that's a because of the war for workers. now, remember, amazon was the first company in america to raise the minimum wage to $15 an hour back in 2018 possibly under some bernie sanders pressure there. but today is career day for amazon, they're hiring, they added 425,000, 450,000 over the past year during the pandemic, and they're looking to add another 125,000. so if you're looking for a job, amazon's definitely hiring out there. stuart: well, that's the way capitalism's supposed to work. susan: correct. stuart: ply them with higher wages to get them to work for you. susan: corporate taxes at 21,

more to spend, more to hire. stuart: yeah, you've got it. oracle is down 3.3%, what's the reason? susan: falling behind when it comes to the cloud computing competition behind amazon, microsoft and google, and hardware didn't sell that well. so, yes, they made more profit, but in this year, you have to get people signed up, and they're going to spend a billion dollars to do that. stuart: okay. they are behind in the cloud race, as i understand it. shall we look at coinbase, please? it's up 2.5%ed today. i guess, is it piper sandler who's saying buy that dip? susan: because the stock could go up another 40, so they're saying buy the dip. it's worth $335, in their view, so that's quite a significant amount of upside, right in and that's because crypto is here to stay. it's not going anywhere. also coinbase has some new exciting products, but, you

know, last night this is something interesting, coinbase 's ceo surprisingly weighed into the apple app store debate saying that apple taking a 30% cut on all digital payments is wad policy -- bad policy, but coinbase also wants to build a kind of crypto app store in the future. so this might be an early jab at the competition. stuart: and then we've got mets owner steve cohen, a very wealthy man, billionaire, i believe. what is he doing in the crypto market? susan: heath sending the crypto -- he's sending the crypto world wild. more adoption with billionaires, he's buying a firm radical. point 72, his hedge fund office, manages about $28 billion, so if he's willing to spend a portion of that saying that crypto's only going to get bigger, that's

a very positive sentiment, by the way, and message to the rest of the cryptocurrency space. stuart: and i'm sure you saw cathy wood saying that bitcoin would go to -- susan: she's said that before. stuart: yeah, i know, but she said it again. it didn't hurt, did it? susan: no, it didn't. she says if companies allocate -- right now i think 1% of their cash holdings are going into crypto. if that goes up significantly, which she expects, that could easily reach 500,000 per coin. stuart: you're not supposed to say this -- [laughter] susan: you're going to say it. stuart: all right. the dow has lost some of its early rally. it's now up 70 points, and on the left-hand side of the screen, those are the winners. american express, microsoft just behind. the s&p 500 winners, who are they? topped by moderna, kla ten corp., align, etc., etc. we've got that story in the just a moment. nasdaq winners headed by kla ten

corp., intuit on that list as well. intuit, the tax-filing people, they're acquiring a marketing company called mail chips -- susan: yep. why are they buying it? it's a big deal, intuit has been on a run this year. mail chip is what allows companies and marketers to send mass market mailing, e-mails. but, you know, let me just bring this up quickly was i know we have -- because i know we have a commercial break, but did you know they never in its entire career a had outside money? that's incredible for a company being bought for a billion dollars. stuart: now they're worth $12 billion. that's wealth creation, if you ask me. all right. coming up, an msnbc anchor says if you're no vaxxeded, no problem, you can just work from home and home school your

children. watch this. >> there's always been a choice. if you do not want to get vaccinated, you can work from from home, you can home school your children, you can shop onlinement -- online. [laughter] stuart: it's just as easy as that. i'm glad to know that. facebook is responding to a bombshell report that it allows certain people, elites, to post banned content on the platform if. we'll get into that. inflation hitting grocery store shelves. i'll ask the owner of christie d.c. how long he expects the price hikes to last. we'll be back. ♪ if i'll be back in the high leaf again -- ♪ all the doors i closed one time will open up again ♪♪ ♪

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favorable inflation news this m. we've got 5% consumer price inflation, and that's helping the market to a modest gain across the board. that same is inflation report is helping the 10 is-year treasury yield actually move down, you're at 1.32% now. the price of gold, if inflation is kind of in check, price of gold comes down just a fraction, you're only down 30 cents. and bitcoin, now, that's responding to some statements from cathieed wood and others that bitcoin's going straight up. $46,000 is the price at the moment, oil, 70.91 per gallon. gasoline, 3.17 per gallon, that's the national average. and just look at natural gas, keeps on going up. now you're up 5.29, that is a new seven-year high, up another 1% today. as we told you, inflation at 5.3%, that's year-over-year, august over august. this as we've been seeing prices at the grocery store pop. lydia hu at a locher grocer in

new york -- local grocer in new york. how much have they raised prices there, lydia? >> reporter: across the store it's between 10-12% the increase in their prices here. we're at the chico and sons where the owner tells me he's never seen prices in food pop like this before. take this rack of lamb, for example. last year he said it would cost you $24 a pound, but now this will set you back $39 a pound. he says his costs are going up, and he's got no choice but to pass it off to the consumer. >> all of them are going up. it's one of the biggest problems, transportation. yeah. they a raised this year, for example, twice. never had such a large corporate increase, never saw such a big increase. >> reporter: now, food and home prices are up 3% year over year, and if we take a look at

certain products, we know beef up more than 12%, pork if up nearly 10, poultry up 7% and just like the owner said, the experts say this is all being driven by the cost of transportation, the cost of labor, supply chain issues and because those issues are going to take a while to work out, the experts are also saying the increased food prices are probably going to be around through the end of next year, stuart. stuart: all right, lydia, good stuff. thank you very much. let's bring in the ceo of gristedes foods. we just heard about grocery store prices going straight up, really strong increases in prices. when will grocery prices either level off or start to come down? >> well, he was 100% correct on those increases on beef, pork if, etc. it's the manufacturers that are panicking. it's the increased costs of

transportation. it's the energy cost, it's the cost of gasoline that went from $2 a gallon to 3, 3.50 a gallon. it's the increase on not being able to get truck drivers. we have shortages in our new york stores because coca-cola, they can't get truck drivers to deliver into new york city, and it's a serious problem. so with the perishables, perishables traditionally go up and down. and the manufacturers, not the manufacturers, the producers that have the perishables like beef and pork and dairy products, they raise the products because they have an oh crap moment, we can't afford to lose money. and then if the volume goes down, they have an oh crap moment and say, oh, my god, volume's down, let's get a

little bit sharper. and prices in the perishable departments are sideways. it goes up and down. stuart: when's it over? >> when is it over? stuart: my point is -- yeah. you've outlined the inflation that we've got. when duds it start to plateau and come down? >> well, you know, crude oil is $70 a barrel. i mean, give me a break. do you think this is going to go down? do you think the saudis, the russians are going to accept less than $70 a barrel? that's -- it's not going to happen. i believe crude oil, they said the saudis and those, they said that they're going to try to limit are it to $75 a barrel. so the transportation costs are forever. the shortages in labor, if we get the people back to work, if we stop giving out unemployment checks so the fact says that it pays for them to stay home versus going to work, that'll

help transportation costs on that end. but i don't see prices going down in the near future, and the price of crude oil is not going down and inflation is here to stay. so the question is what is the next step. stuart: yeah. good question and i don't have an answer. john cats maty d.c., you run a grocery store chain -- >> welsh we're in the oil business and we're on the food business, so we know both sides is. stuart: and inflation -- >> we've been more right than wrong. stuart: i hear you. john, thanks for joining us this morning. i'm sure we'll see you again soon. thank you, sir. >> thank you. stuart: credit suisse, by the way, says that food companies will likely have the high prices soon if they haven't done it already. they have already, of course. lauren, let's start with the cereal people, general mills.

what are they saying? lauren: credit suisse says they'll have to raise prices in the second half of the year because they're going to see more margin pressure in the second half of the year. they have to cut costs everywhere they can, cushioning the blow from higher input prices and also labor. stock is up today. there's also mccormack, those are the spice people. you put spices on your meat, all of that up double digits, meat and fish. credit suisse also expects them to hike prices and they have another challenge related to hurricane ida. they have a spice line for louisiana-style food, they have their headquarters in new orleans, so that plant has been impacted as well. stuart: yeah, i can see that. but food prices according to these guys continue to go up. lauren: i know. stuart: i hear it. lauren: i see it. stuart: take a look at this, i'm going to show you congresswoman alexandria ocasio-cortez. is this a fashion statement? she's got tax the rich written on her dress while partying at one of the most expensive and elite vents in town.

events in town. mike huckabee is going to join us shortly. i'm sure he's got a thing or two to say about that. the price of natural gas is at a seven-year high, up again today. why is it up so much and what does it mean as we head into the wintersome we're on it, we'll report it next. ♪ ♪ it was the heat of the moment telling me what my heart meant. ♪ the heat of the moment shone in your eyes ♪♪ ♪ ♪ ♪ ♪ ♪ ♪ monitor, check and lock down you money with security from chase. control feels good.

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stuart: here's a market mover, the pricf oil. just a moment ago it was $71 a barrel, that's where it is, 70.90, right now. patrick dehaan from gasbuddy joins us now. i'm interested in what you're saying about gas demand has fallen four weeks in a row. to me, that's an indicator, an economic indicator of a slowdown, right? >> well, that's exactly it, and the question is, is it an abnormal slowdown, and it doesn't appear to be at least yet. we're getting into some of those seasonal metrics where gasoline demand is starting to trail off. we did see demand in august about 0.8% below july, not too much of a shock. >>.

mid august tends to bring lower gasoline demand as americans return to their routine, schools have reopened, but the abnormality this year is there hasn't been a whole lot of price relief yet. stuart: okay. how about natural gas? we're looking at well over $5 this morning. why are we at a seven-year high, and what does it mean for heating our homes this winter? >> well, just like petroleum, you look at invenn story, stuart, and a lot of -- inventory, and a lot of the oil production still shut in after hurricane ida, and all of that is putting things far behind schedule for injections of natural gas ahead of the peak winter heating season. stuart: inflationary? >> well, that's the biggest question. i think this is still transitory. i don't know how long it will last. china is adding its strategic petroleum reserve, opening it up to domestic refiners, so the chinese are trying to limit the impact on oil prices as your previous guest has said.

the high price of oil is causing ripples in the supply chains, logistics companies, and we're still dealing with a trucker shortage. so there's a lot of complexities, and at least for now because of these hurricanes and now with nicholas, there's a potential that oil production may lag behind and, with it, gas production. stuart: but you still say inflation is transitory. >> i think at this point, stuart. i think opec is maintaining the course of increasing production. but again, if americans, you know, the return to office is delayed, so reduced demand this fall, we should have an answer shortly. stuart: i've got that go. thanks very much, indeed, patrick. always good, see you later. still ahead on the show today, mike huckabee, brian kilmeade, senator marsha is black burn and the governor of montana. the 10:00 hour is straight ahead.

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more businesses choose verizon than any other network. we are open and ready for you. ♪. stuart: we like to play this frequently. pink floyd, money. good morning, everyone, 10:00 eastern. the rally has faded. in fact it has retreated entirely. we have favorable, people called it favorable inflation news early this morning. that sent the market up on a solid rally. that was a half hour ago. we turned around completely, all in red across the board. how about big tech, are they

responding in the same fashion? they were up. now they're a mixed picture. microsoft, amazon, google, facebook are down. not much movement there. the 10-year treasury in light of this, i'm going to again say some people call it the favorable inflation report. what you have got now is sleightly lower interest rates. 1.31 is what you got for the 10-year treasury yield. now this. well now we have seen the democrats tax hiking proposals. they want to take us back to the 1970s. for those of you who were not around then, let me remind you it was a decade of high tax, very slow growth and inflation. they want to take us backwards. if the socialists get their way, wealthy people in high-taxed states will pay almost 60% of their income in taxes. they will be working for 40 cents on the dollar. they will get so sympathy but my

opinion no government should be taking more than half of anyone's income. they will raise taxes on business, to the highest rates in the industrial world. if you build up your fortune, they will take a much bigger piece of it when you pass. all taxes up if you think it only affects the rich, dream on. don't think for a moment all these taxes will be enough to pay for their big spending plans. new entitlements will be much more expensive than they're letting on. they always are. even if you took all of the income, all of it from the top 1%, just confiscate it, just take it, we would still be a running a big deficit. it is amazing to me that we've come to this. 18 months ago before the pandemic america enjoyed the most dynamic and prosperous economy in decades, thanks to tax cuts from president trump. now the democrats proposed one of the largest tax increases in history. if they gave even half of what

they want, our hopes of a roaring 20s decade go out the window. the 1970s were no fun. second hour of "varney & company" just getting started. ♪. stuart: mike huckabee joins me now, former governor of arkansas of course. governor do you think they're trying to take, do you think they will take us back to the 1970s? >> they're on the fast track to get us there but, stu, you have become a liberal. i never saw i would see it. you still think it is oak to take up to 50%. that is still high. no one has the right to take that much money out of our paycheck. we've got people in prison all over america who have stolen a whole lot less money than congress is about to do and congress gets pensions, nice paycheck, they go to all kinds

of swell parts. we have something really screwed up in this country. we ought to turn the prison doors loose, the thieves would be stealing less from us than the members of congress want to. they want to take our tax rate to a rate higher than communist china that says it all. stuart: well, it is this thing about pay your fair share that really gets to me because there are people, there are many people in the states, if we get these tax increases who will be paying 50% of their income, 50 cents on their dollar goes to the government. is that a fair share? i don't think so. i don't know what a fair share is but 50% is absolutely not a fair share. >> stu, jesus thought 10% was a pretty good fair share. you know if that was good enough for jesus to give a tithe i'm not sure where the government gets off thinking that they're worth five times more than jesus is. that is a pretty bold assertion on their part.

but here is what i wish really lower income people understood. people that make 40, $50,000 a year, they are going to pay more for the tax it may not be directly out of their paycheck in a payroll tax or income tax. here is where they will pay it. when you increase taxes on businesses, businesses just don't absorb that, they pass it on to the consumer. what you put on your plate for food, it is costing more because the taxes that cost to put it there are going to be passed on to the consumer. clothing, books for your kids at school, vacations, gasoline in your car, building materials, if you want to paint your young's one room, every single thing you buy, corporations that helped manufacture it, ship it, install it, maintain it, all of those taxes that are going to be collected, the end user, the

consumer is going to pay for it. i don't think aoc and that bunch will ever fully understand that taxes are never paid by corporations. there is no such thing as a corporate tax. taxes are collected by corporations but they are absorbed by the consumers. stuart: speaking of congresswoman alexandria ocasio-cortez, she wore a dress that says, tax the rich at the gala for the metropolitan opera for new york. tickets for the event go around 30,000 bucks f you want to buy a whole table, that is $300,000. in an instagram post the congresswoman claims she didn't even pay for anything. that she borrowed the dress from a designer. governor, i actually thought that was a fine display, a good play on social media. she got a lot of publicity. she really stuck it to the rich. >> she goes to one of these parties where they're all sitting around sipping wine and nibbling on cheese. she walks in with a dress that

says tax the rich. basically sticks her middle finger up in the air, here i am, i am coming after you. will she report as income the use of that dress and the fact that she got a free ticket because law requires her to report gifts. so since that was a gift she said she didn't have to pay for it. now she will have to report it. she should have to report it as income and she should have to pay tax on that gift. let's see if she does that. maybe she will release her tax returns so we can find out. stuart: that was a good one, governor. i never thought of that. that was original thinking, wonderful stuff. i hadn't thought of it myself but you're right, she should pay tax on that. governor huckabee, see you soon. >> thank you. stuart: as we've been telling you all morning the consumer price index released today up 5.3% august over august. more details on the report? lauren: looking under the hood it certainly cost a lot more to

go to places. rental cars rose 53% on annual basis, 53%. gas prices 42%. used vehicles 32% higher. to stay at a hotel up 20%. these are eye-popping up in members. on a monthly basis inflation eased a bit. new narrative becomes prices are starting to might continue to cool but then you ask you know, the retailers and merchants or the suppliers have you cut prices yet? i haven't found one who said yes. they're all increasing prices. stuart: the market doesn't seem to believe that inflation is transient we started up well, but now we're headed south. i don't think they think inflation moves away. dow down 73, up 10 points, s&p down five. scott shellady with us this morning. is inflation the number one topic pour markets everywhere.

>> i was in the transitory camp early on. hard to justify that anymore. the new phrase how long is transitory? how long is a piece of string. these prices stay up for longer ultimately confirms what everybody is worried about we're definitely in the midst of inflation. i would change joe biden's build backpack wards. that is what i would say. we are going back to the 190's. you heard what i was saying earlier. we may be heading back to the 1970s. >> oh, yeah. stuart: you think so? i don't know if you remember the 1970s but i do. very high rates of inflation. it was a very weak economy and taxes were at an astronomical level but you think they will take us back to that? but only if they get all the tax increases. do you think they will get a tax increase?

>> you know, stuart, i don't know but i hope not because it is unconscionable what they're trying to do to this country. they're trying to reshape your relationship with the government. i have written before, this is ridiculous now. being a winner, win something four-letter word now, right? to be a leader is a four letter word. they're trying to change 100% our relationship to the government. think about the fact that ronald reagan ran on american excellence. that would be a bad, that is a bad phrase nowadays. being a patriot is a bad phrase nowadays. we don't want anybody to stick out. we want everybody to be equal and we want you all to be happy on universal basic income so we can control you. we'll scare you. we'll take away your rights. we'll say because it is so expensive for us to look after your rights because you're scared, we're going to tax you for it. that is what is happening right in front of our very eyes. i can't believe america is not more outraged what these taxes

are, what they're about to spend. these things are very serious. here re sit, notice the small language changes. no more equality. we're not all starting on the starting line. it is equity. we all have to finish at the same time. they're taking away winners. they're taking away leaders. the people in the past that built this country would be vilified today. stuart: agreed but they're handing out free money, free everything, whether it is pre-k, community college, doesn't matter. that is popular. there is a group of people in this society which likes it because it is free, they think they're getting back at the rich who make too much money. that is how it works. >> well here is what happens when you get free money, stuart, 15% of america roughly. 15% of america owns 85% of the stocks, right? when the government keeps printing money, handing it out throwing it here. fiat money finds it way back to the stock market. the 15% benefit even more.

the more money government prints, biggest wage divide, wealth gap increases between rich and poor. they don't understand that. in order to stop the wealth gap from widening stop the free money. who will be able to do that? stuart: you make far too much sense, scott shellady. see us on the show. come again please. >> all right. stuart: secretary of state plink ken defending the african withdrawal once again blaming former president trump. watch this. >> we inherited a deadline. we did not inherit a plan. >> so, no plan at all? stuart: all trump's fault. he wasn't the only one. democrats spent a majority of the hearing defending administration's botched plan. tennessee senator marsha blackburn reacts to that in a moment. rules for thee but not for facebook elites. the social media platform is back under fire for catering to

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stuart: complete reversal for the markets. we were up 100 at the opening bell. now we're down 111. maybe inflation is not as transitory as today's inflation numbers suggested. big tech it too has largely reversed course. it is a loss for facebook and for alphabet. weville a small gain for amazon, snap, microsoft.

there you have it. we have a bombshell report from "the wall street journal" which claims social media companies like facebook give special treatment to elites when it comes to removing content violating network rules. edward lawrence has the story. reporter: going to be a series of reports so the stock may be under pressure this week. "wall street journal" investigation showed that facebook uses different rules for vip users. the program is called cross-check t allows celebrities and as well as other high-profile users to be exempt from facebook user rules, most of them. some of them, we're talking about 5.8 million people. so according to the documents, "wall street journal" reviewed says the reason for this is the company feared a high-profile embarassment more than it feared for being fair for everyone. for example, without cross-check, without that exclusion an internal q&a with founder mark zuckerberg was flagged by the algorithm as misinformation and suppressed. so according to

"the wall street journal" company executives knew about the double standard even as congress heard this back in 2018, listen. >> i am worried about bias and we take a number of steps to make sure that none of the changes that we make are targeted at in any kind of biased way. reporter: according to the report facebook allows its any of it the employees to add people to the white list as it was called internally. the reporter breaking the story it was struck by the motivation from the company. listen to this from "mornings with maria." >> facebook is deeply biased towards itself. their concern wasn't right or left. it was who is in a position to cause trouble for us, to embarass us, to pass legislation. these are the people that they are worried about. reporter: facebook's vice president of integrity tweeted this. content moderation isn't perfect and extra layer of checks is logical. so in addition to lying about users being, to users about

being fair in its policy, facebook misled its own oversight board. in a statement the board expressed concern about transparency. facebook has said it is trying to phase out that cross-check program. brac to -- back to you, stu. stuart: edward, thank you very much. i want to bring in senator marsha blackburn republican from the great state of tennessee. seems like according to "the wall street journal" report, they are veering towards the elites offering sustenance for the elites but not in the interest of fairness. i'm not expressing it very well. but i don't think they're doing the right thing. what can we do about it? >> this is one of the things we've been trying to address for the past several years. you have two different tiers of enforcement at facebook. and now of course because of the whistle-blower it is coming out they have this process of white

listing the cross-check which gives preferential treatment to those that they consider to be their elites. in other words, people, that they want to push forward they're going to treat them differently than you or me or people that they disagree with. this is what we've been after them on with section 230, with the issues of censorship, withit theofof dat d d din mining,ack iofivid pricy thaha osenlin oe. itititit we section 2 2 re res,vacyegislationis, io c cs,tu bre llaeg and oie aveheir t t t goals g g to c wha cteee, wha,t, we we ee what w w w w w zs w watririla chenn whonhoho a

e gave $750,000 to gavin newsom for his campaign and of course he is going to get preferential treatment on the site where larry elder is probably having things blocked and censored. that is what facebook is doing and the whistle-blowers and the report reveals that. stuart: senator, you expressed it a lot better than i did. thank you very much indeed. tongue-tied at the beginning there. sorry about that. i want to move on to the hearing about afghanistan. yesterday democrats blamed former president trump. watch this, please, roll it. >> where were the protests when the trump administration negotiated a deal with the taliban. >> how meticulous was the planning for the trump administration declared may fist withdrawal? >> thank you, congressman. we inherited a deadline. we did not inherit a plan. >> so, no plan, no plan at all. >> among those 5000 people

released with the consent and negotiated agreement of the trump administration, i guess our concern about terrorists is pretty selective. your reaction, senator? >> what we do know is, that the biden administration did inherit a plan. it was a conditions-based withdrawal. joe biden decided he didn't want that. he want ad date certain, circled on the calendar there, take a victory lap on september 11th. i'm the guy that ended the war. that is what they wanted? you know what? because they failed to plan we have americans are still behind enemy lines, same for our nato partners, same for our afghan allies and i think the worst thing of all, our allies look at us, say can we trust you? are you good to your word? they look what was done to the afghan people, who is in there

now, china, iran, russia. three members of the axis of evil. stuart: got it. senator blackburn, always a pleasure, thanks for being with us,. >> thank you. stuart: secretary of state blinken is in his second day of testimony on capitol hill. this time before the senate foreign relations committee. aishah hasnie is on capitol hill for us. he showed up in person this time, that correct? reporter: that is true. he is here in person. he was not here in person yesterday. we're not sure exactly why he did have the option to appear virtually. that is the option he took. he is here in person. opening states are underway right now but the latter half of this is anything like it was yesterday then stuart, you can expect some fireworks later on today. yesterday secretary secretary of state antony blinken defending the withdrawal of troops from afghanistan. the underlying message you hit on the nail a little while ago,

he said we didn't inherit a plan. don't expect senate republicans to take that today. >> what i find so disingenuous about, that blame game is that president biden had no problem overturning, for example, successful policies on the border which had our border moving towards pretty good security. he had no problem dismantling all those successful policies. this is the one he had to abide by. it is completely bs. it is dangerous for this country. reporter: you can expect republicans how current afghan allies left stranded will get out there have, why those planes mr. not taking off from mazar-i-sharif. senator ron johnson told me wants to know who is being evacuated, how they are being vetted. senators only get seven minutes each. a lot to pack in a short amount of time, stuart? stuart: secretary of state would know how to play out the clock

too. ashiah good stuff. governor of montana going head-to-head with president biden. he says his vaccine mandate is quote, a gross federal over reach. how does he fight back? i will ask him that question because he is on the show. rapper nicki minaj fires back at msnbc's joy reid tells the pop star to do better when it comes to vaccine skepticism. we'll show you the full exchange next. ♪.

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[music stops] stuart: complete reversal of the market, now we're down 100 points for the dow. the nasdaq also turned south. very different from the opening bell movement. apple, what's going on with that, please? you're checking movers for us, susan. what do we have on apple? susan: big event starts in less than three hours. we're expecting another new iphone, apple watch, next generation airpods. tim cook tweeting this out, saying good morning. we're coming from somewhere a little different this time. there is a lot of guessing in the market as to what that means

and what surprises might be in store from the world's biggest company later on today. apple coming off the best year for its iphone sales in history. how do they follow it up with the new iphone 13, second generation iphone? is there enough to compel people to buy the new iphone when they still cost $1000 a piece. iphones make up the majority of apple sales. more than 50% of apple revenue comes from the hand-sets. we're talking about it coin and crypto, bitcoin sec chair gary gensler testifying up on capitol hill in front of senate baking committee. where is crypto regulation going especially coinbase since the sec quashed their yield product and might be closer scrutiny on crypto banks that have yield products like blockfi. i'm watching for comments on stable coins. stable coins is something that treasury secretary janet yellen has said need to be regulated

but as you said, again, on the program, stu, i think the crypto world wants regulation because when you set the rules that makes it more possible to go mainstream and more people feel safe investing into it. stuart: yep. regulation confers a degree of respectability which is what you might want to have. susan, thank you very much indeed. governor the mississippi tate reeves went of a vaccine mandates on this program yesterday. he caught them an attack on working class americans. roll tape. >> the reality is this is an attack on working class americans. i'm concerned about making individual americans choose between getting a shot in their arm and providing for their families. it is hard for small businesses to hire the necessary people to provide the services that they provide. this is just going to make it even more difficult. stuart: the governor of montana, greg gee tweeted this, the biden

vaccine mandate sun lawful and un-american. we're working to protect mon nannians liberty against this government overreach. governor, if you sue, i think you will see, how long to get a decision to stop this if this is the way the decision goes? >> stuart, thanks for having me on. this is a dangerous precedent from the biden administration. we took steps earlier this year in montana. we love freedom. all mon mon tan that does. it is illegal in this state to discriminate on vaccine status. we passed that law. this is a dangerous precedent when the federal government can take away our individual liberties. stuart: you are suing i believe. how long will it take to get a decision? >> well we need to see the final

rule from osha but we're preparing to use every tool in the box to push back against this unprecedented and gross overreach by the federal government. we, this is a tremendous burden on small businesses, just as our businesses got their cash registers back open again and started seeing business, they're having difficult hiring and now the federal government comes in with new regulations, what's next? we need to draw a line here. stuart: well, doctor anthony fauci says he supports vaccine mandates for travel. that means you would have to have a vaccine passport before you got on a bus, a train or a plane. take it you would oppose that, governor? >> yeah. here in the state of montana, again, we love freedom. it is illegal to ask some one their vaccine status. we outlawed vaccine passports and, we consider it

discrimination if someone decides to provide services or not provide services based on vaccine status. so again, montana, we want it to be a sanctuary state for freedom in the free market. that is the policy we're pursuing and we need to make sure we protect our constitutional rights and we will. stuart: but doesn't the president have that authority on federal property like an airport, for example? the feds run airport policy so, doesn't that conflict with your desire to have the states run that policy? >> well, mostly it conflicts with our constitution. you mentioned dr. fauci. dr. fauci and the cdc have been all over the map with their advice and counsel. let me be very clear, i got vaccinated. i think it is, these vaccines are safe around effective but that being said, that is a

personal decision between individuals and their doctor and i chose to get vaccinated. i encourage other people to consider it but we should not have the federal government lowering this boom of mandates on individuals that are just trying to live their lives. stuart: agreed. governor, thank you very much for being here, sir. we'll see you again soon. thank you. >> my pleasure. stuart: look at this, new york city teachers held a freedom rally to protest the vaccine mandate. they marched across the brooklyn bridge chanting, carrying signs that read, i call the shots, last year's heroes, this year's unemployed. some were chant being expletives at the president. the protest came after mayor de blasio said all school employees must be vaccinated by september 27th. this too, msnbc anchor steph stephanie rule says adults who

don't want to get the rule should stay home. lauren you have the story. lauren: stephanie ruhle says there is a place for those who don't want to get the shot. >> i'm pus selled by these people who continue to say they're forced to get vaccinated here. there is always been a choice. if you do not want to get vaccinated, you can work from home, you can homeschool your children, you can shop online. lauren: i love the secretary's response, well the other choice is weekly testing. you don't have to get vaccinated. it might be a little bit more difficult for you to live a normal life if you don't but you can get weekly testing. stephanie ruhle is saying wait, so easy to work from home, so easy to homeschool and shop online, never go out in public because you're not vaccinated? stuart: oh dear. you've got this one as well. nicki minaj firing back at

msnbc's joy reid after the tv host scolded her over vaccine skepticism. take me through that one as well. lauren: this is a big one, rapper nicki minaj has over 20 million followers. she pack as big punch. i didn't go to the met gala because i didn't want to travel and i'm not vaccinated. they wrote they want you to get vaccinated for the met f i get vaccinated it won't be for the met. once i fool i have done enough research. i'm working on that now. bottom line, doesn't want to be bullied. wants to make her own decision, that did not sit well with msnbc host joy reid. >> for you to use your plat form to put people in the position of dying from a disease they don't have to die from, oh, my god, as a fan, as a hip-hop, fan, somebody as your fan, i'm so sad that you did that. so sad that you did that, sister. lauren: i'm team minaj here. she didn't say that. i'm doing research. she didn't say don't get

vaccinated. stuart: precisely, we should take the word seriously. good stuff, lauren. we have a new study that shows half of young people have anxiety over climate change. i will ask bjorn lonborg what he thinkings of that. he is in the 11:00 hour. president biden campaigned for governor newsom but will it be enough to keep him in office? connell mcshane is there. he has the latest report for us. ♪.

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♪. stuart: you're looking at sacramento, california. it will be a hot one there later on. 97 degrees at some point later on today. it is of course the recall election day in california. that's where our connell

mcshane is right now. what's the latest, connell? by the way are you seeing long lines at the, long lines for voting? reporter: not yet. i mean not where we are at least but to your point it will be hot here later. it is early here now. 66 degrees at almost 7:44 in the morning. they have been only voting in person, dropping off ballots for 44 minutes. i would say a slow, but steady stream for voters at the location in california but these recall elections are unique. it is tough to tell what turnout will be from the naked eye. let me explain the process first before we even talk about the issues. first there is the ballot, ballot itself. two issues for voters on the ballot. first one simple, should gavin newsom the governor be removed from office, yes or no. simple answer. you answer that. the second one is a hypothetical, if he is removed who should take his place. voters are given dozens of names to choose from. if the no votes topping 50% on

first question, newsom stays. yes votes are higher, he is out. no questions asked. the person with the most votes is new governor. this is every registered voter got a physical ballot in the mail. 36% were returned before the election. many people are voting in person today though, in places like the one where i'm standing right now. the way it works, you're open from seven a.m. to 8:00 p.m. you can drop the ballot off in person, come to a new one. you have to be in line before 8:00 to vote. they start to tabulate them. should see tabulation process local time 11:00 this morning. we think we'll get results this evening. first batch will include all early votes or voting by mail at voting center. at 10:00 tonight, which is 1:00 a.m. on the east coast we expect to get our first look at the in-person vote. recall driven mostly by business owners driven by covid lock down. the question whether their anger is enough to unseat a democratic

governor in heavily democratic state. in '03 when arnold schwarzenegger became governor this was not as blue as it was now. in presidential race of 04, john kerry won by 10 points. in 2020, biden won by 40 points. newsom doesn't see a scenario where he loses his job. larry elder, the top challenger is you pushing him to campaign hard. newsom bringing big guns in, president, vice president, to campaign in recent days. he is taking this seriously. we'll see how it turns out. stuart: connell, thank you very much indeed. check the market. it is a complete turn around. this is a 300 point swing in about 45 minutes, up 100 at the opening bell. down 217 as we speak. nasdaq going south to the tune of 25. s&p down 15. we've seen this, reported it time and time again. president biden cutting off other walking away anytime the

press tries to ask questions. roll tape. [shouting questions] >> happy to take questions if that i'm suppose to do, nance, whatever you want me to do? stuart: called pulling the plug t happened again. show you the latest example of president biden's handlers literally pulling the plug. we could see vaccines approved for youngsters under the age of 12. will that give schools the excuse to require those vaccines? brian kilmeade is fired up about it. he said it should be up to the parents, not the government. kilmeade is next.

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stuart: 10:51 on the radio that guy speaking is brian kilmeade. scott gottlieb said covid vaccines could be approved for children five to 11 years of age by end of october. are we requiring vaccines for youngsters in school? after all we do already require some vaccines for schoolchildren? >> ready for a war.

dr. scott gottlieb said in the same interview it is counterproductive i can paraphrase for the president to come down to put mandates that makes the job higher, harder for them to convince people, explain to people why they should take the vaccine, come down with the hammer, better take the vaccine it makes people throw up their hands like governor hutchison and dr. gottlieb. five and up, shoved be ready with the vaccine in a month. good luck with that. telling a bunch of adults, planes, buses, don't go to restaurants unless you have a vaccine card. don't go to work can choose to get fired. nurses don't go to the hospital. you might choose to quit. now you can tell a bunch of five-year-olds, don't go to first grade, kindergarten, because your parents decided the drug has been around for nine months, 10 months, they were queasy about taking, maybe they don't want their five-year-old to take. that is called effective parenting, we never got in

between health care and a parent as far as i know. if a doctor, your pediatrician should be deciding whether somebody in your family gets a shot, not 78-year-old joe biden okay? not a fda that is so politicized people are quitting when they came out with a ridiculous booster shot proclamation two weeks ago. not a cdc that takes their order from the teachers union. don't tell a parent, especially first time parent, you know that five-year-old, tell him to put the school books down, take off his sweater, roll up the flannel shirt that we have only a year's studies to work with. by the way we don't get our other than studies. we go to israel for our studies because evidently. stuart: white house cut off president biden's feed in the middle yesterday when he was talking. >> can i ask you a question?

whoops. one of the things that i have been working on with some others. stuart: that's it, that's it. pulled the plug almost literally swung the camera away. couldn't hear what the president was saying. they don't want him to go off script which raises the age-old question, who is really in charge here, brian? >> it was 10 days ago "politico" did the story, staffers cringe or mute the tv when he starts taking questions. they just quiver. you have no idea how he is going to upend their agenda. think about many so of the things he has said. al qaeda is no longer in afghanistan. we don't have troops into syria. there is no danger of the 300 man afghan force falling into the taliban. it is not inevitable. so much he said that is just wrong that china doesn't want us bogged down inside of that country. really?

china is loving the fact that they're about to take over bagram airbase. do you think that is the case al qaeda threat spread out around the world. really? pretty much concentrated in terror university in afghanistan? so to me i don't know the logistics. maybe a legitimate technological thing but falls into pattern for what we saw. you see how angry he gets when he takes questions? after the russia, russia summit and everything else, it just, he is, he undermines his own agenda. he has got a wicked temper. he is always quick to attack. even though he apologizes later, i think that is the real him. this ben negative learn guy always has a big heart to his life story. i'm not too sure he has a big heart to everybody else's life story. stuart: i hear you, brian kilmeade, thank you very much. good stuff. >> absolutely. stuart: still ahead on this program, shortly, will cain,

texas congressman august pleuger and harm meet dillon. dr. fauci wants to require the jab to flow. ouch. my take on that is next. ♪.

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>> still they fire them communist china. that says it all. >> i would turned into billback backwards. >> the mother's milk of stocks, profits are the lifeblood of the economy. you are a funeral rising across the board large and small companies. >> the calm days of prosperity. >> the price of crude oil is not going down and inflation is here to stay. the question is what is the next step? >> of america allows fauci and biden to put a mandate on

travel we are going to the chinese system which is scary. ♪♪ stuart: tuesday, september 14th. the situation is developing, favorable inflation numbers, 5.3% inflation year over year. the market went up and now we are down 200 points. investors do not believe inflation is transitory. market is down. the 10 year treasury yield all the way down to one.28%. then there is pfizer coast submitting data to the fda

about vaccines for children between the ages of 6 months and 5 years. separately they hope to gain vaccine approval for kids 5 to 12, by early october. pfizer at $34 a share. doctor fauci supports the vaccine mandate in order to fly. to get on a plane you have to be vaccinated and you would have to prove it. when asked to directly fauci said i would support that. he's not getting much support from anyone who knows anything about travel. the us travel association opposes it, the signs back it up, exposure to covert on a plane is, quote, virtually nonexistent. hard to see why we need such a draconian restriction. it restricts the right to travel. is in that fundamental to our

personal freedom? it ignores the millions of people who have a reasonable objection to vaccines and further locks us into a punitive approach. that is the way the president sees it. he's losing patience. it looks like many americans are losing patience with the administration was biden divided us, sent the vaccinated against the unvaccinated and the idea only the vaccinated can get on a bus or train or plane is the most divisive idea of them all. i am all for vaccination but coercion like this only increases the already chronic division in our society. third hour of varney just getting started. will kane joins me this tuesday morning. i'm completely opposed to a vaccine passport for a train, plane or bus. how about you?

>> absolutely. i'm opposed to vaccine mandates period. i don't think doctor fauci has found a restriction or a public health measure to take away our freedoms that he doesn't like and i am serious about that. ever seen him decline one or say that's too far? can't remember when off the top of my head he said that would be on overreach. you very appropriately point out what is happening here in the division of our society, distraction and the division distracting us from failures in afghanistan and a division, this division is not a naturally occurring disaster. it is not a hurricane that blows up out of the gulf. this is division by design. this is division to accumulate power from those who would take away from us. it is compliant. we should all look at who they are dividing us against, who they are pitting us against one another. we've been terminating the period pitting us against each other when it comes to race but

this new tactic of pitting us between the vaccinated and the unvaccinated is not scientifically driven, no scientific backing up the idea the unvaccinated present risks to the vaccinated, who are the vaccinated or the unvaccinated? are they targeting? they are disproportionately black, they are disproportionately brown and disproportionately poor. who they are targeting, who are the other one icing and who they are dividing us against are the most vulnerable people in our society and we should all be standing up right now with sirens going off, red alerts about what is happening in this country. stuart: did you see this? teachers protesting against vaccine mandates in new york city. they are going against their union and certainly going against the president of the united states.

and nursing shortages, they started offering delivery services for pregnant mothers at least in one hospital when there was a nursing shortage, bus driver shortages, people stepping away from their jobs and creating crises intended or unintended but ripple effects of these vaccine mandates. i would imagine they will create the same crisis when it comes to the education system. stuart: i hear you are fired up about this. alexandria ocasio cortez says tax the rich at the gala for the metropolitan opera. what is your problem with that dress? >> the met gala by itself makes the hunger games look like a documentary. we are in the decline of

western civilization. this is a joke. we should laugh to some extent but the other part of it is we should realize what is going on is we are the rubes being sold ridiculous piece of art. this is a performance artist's piece of work. alexandria ocasio cortez is at an event, it cost 30,$000. take it to the met gala, cost 30,$000 and that dress, don't care for was given to her again. this entire thing, hypocrisy doesn't do this service. this is a joke, a bad one. we are the ones paying for this horrendous piece of art, they don't wear masks until cameras come on, alexandria ocasio cortez at the met gallery, spraying magic spray all over classrooms to get students to come back. it is performance art and we are the rubes being sold this

piece of fraudulence. stuart: that was very good. if you are not careful you will be back on this show real fast. you are good, you are great, see you soon. got to go back to the markets. president biden's tax hikes a bigger threat to the market then slowing economy. that's why we have a downside move, mike murphy is with us this morning. that is one of the reasons for this downside move, a complete turnaround, and some traders looking at the data, the fed may move quicker since inflation is under control than expected. that gives the fed the ability to come in and start tightening sooner. don't lose sight of the fact we

are one% off of recent highs for the s&p, the rebound yesterday, although we are down today i wouldn't put much credibility on that. the story is still out that of earnings can be increased. if the biden administration comes in to tax corporations that has an immediate impact on bottom-line earnings and multiples will be out of whack and that causes a correction in the market. stuart: that is what i want to get too. we don't know exactly which taxes the democrats will raise. i assume they will get higher taxes on wealthy individuals and you are telling me the

moment we find out what they are going to get in terms of tax increases is the moment the market looks shaky. you see it coming anytime soon? they are going to vote on this very soon. >> the problem is the tax hike will hurt the market regardless. they say it is just taxing businesses. businesses have less money and less free cash flow, they are not going to hire people give pay raises so that will have an immediate impact on the markets. there are real companies out there, coca-cola, mcdonald's, nike that rely on people's salaries to generate profits so if the government is taxing those companies it is going to have an impact on what consumers can spend and it will hurt the bottom line of all the companies in the s&p 500.

stuart: you are not as gung ho bullish as you used to be, are you? >> know, step back. i am. this is bad for the country, bad for individuals, bad for the market but we will get past it. what is going to happen? all these companies will do what they did under the obama administration, and whether in ireland or somewhere else, and figure out, to keep more of their money. it could be 2% or 3% or 5% or 10% but either way, any correction is a buying opportunity. you will hear from apple today, they are innovating so much. there's a lot of opportunity out there. stuart: a brave guy, and see you again soon. the crypto market, lauren is covering it, bitcoin and ethereum up. lauren: kathy would said the

price of bitcoin is 500,$000 by 2026 of companies diversify their cash and allocate 5% to bitcoin funds. exposure from canadian etf, there are no approved etfs in the us for crypto but so many large firms requesting registration. traditional exposure to a nontraditional asset. the chair just said i'm not negative or minimalist on crypto. most of them are securities. if one week since el salvador approved bitcoin as legal tender and 500,000 people downloaded their bitcoin. stuart: bitcoin 46-9 as we speak. the polls are open in california. governor newsom keeping his job.

we have the latest. many congressman have the exact same message for the secretary of state. >> you should resign. >> call on you to resign. >> you should resign. that would be leadership. stuart: blinken back in the hot seat right now. stay with us. third hour varney just getting started. ♪♪ ♪ music playing. ♪ 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 all-new 3-row

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that warning including financial assistance to pay for plane tickets. stuart: that was anthony blinken testifying on capitol hill moments ago. august full anger, republican from the state of texas. should anthony blinken resign? >> if he continues to tell the american public they have not abandoned american citizens and are not doing everything they can to get them out then yes. at this point in time all we hear is blame for the trump administration. if it weren't for the nonprofit organizations and veterans groups working so diligently we would not have gotten any americans out. stuart: one of your constituents is married to an afghan fighter pilot and you helped that fighter pilot

escape and evacuate. did he get that fighter pilot out? >> at the lower levels of the state department you are seeing diplomats, workers, the administration needs to be held accountable. they are the ones having an application of leadership and i will talk about operation safe diplomas, an organization i'm working closely with. they are doing a phenomenal job and helped with those pilots to get them to safety, tracking almost 2500 pilots, military members in afghanistan to get them out, organizations need help. in the chaotic withdrawal, lack of leadership from president biden and secretary blinken. stuart: does the story, forgive me for putting it in these terms, does the story have legs? will we have forgotten about this, glossed over this debacle by the time the elections come

around in 2022? >> you could hear them turning the page to close the chapter and i asked secretary blinken directly yesterday do you feel you have abandoned americans in afghanistan, he said no. i said what about navy commander mark frerichs who is a hostage currently being held, what about him? would you say his family feels abandoned? absolutely and there are so many americans, no question the liberal media - every single democrat on the committee blaming donald trump, president biden has been in office eight plus month. this is his operation, his administration's problem. stuart: thanks for joining us, always appreciate it. democrats say they can fund administrative spending plans by raising taxes on the top one%, the rich and big business. hillary vaughan on capitol

hill. does the math add up? >> the math does not add up. if you took all the money the top one% made in the last year and gathered it up it would still come up $1 trillion short. business groups are saying it does add up to job losses and lower wages if these tax hikes go into effect. reason the corporate tax rate of 26.5% doesn't just hit the superrich but midsized businesses, and building a strong economy takes wishful thinking and a competitive business environment, they would rethink tax proposals like this, few policies would stall our recovery faster and a look inside the numbers, the study from race university and the national association of manufacturers, raising the tax rate to 20% would mean 1

million jobs lost in the first two years, and over the next decade. stuart: trouble is free stuff is popular. that is the way it goes. got to go back to the markets. i keep saying this but what a turnaround. we opened at 9:30 eastern, straight up 100 points, within a half hour you reverse that completely and we are close to 200 points for the dow, the nasdaq holding onto a fractional gain. next case entertainment venues using amazon's palm scanning technology. ashley webster, what exactly is palm scanning technology? ashley: amazon is partnering with a access to use palm swiping technology to validate entry into the red rocks

amphitheater in colorado, and amazon and whole foods stores, to add more ticketed venues in the future. people can enroll dedicated stations, veins and lines on palms to be used to register you and later verify identity. to encourage sign ups by offering $10 for palm prints but plenty of skeptics out there, privacy expert say the technology simply isn't needed and it is just another way for amazon to collect your data following your shopping habits, hobbies and anything else you may get into. stuart: i shall remember that. stuart: a strange video. this is a drone racing league,

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stuart: that is new york city, the statue of liberty, 77 degrees as of right now. show me apple stock, apple is hosting the california streaming event today. welcome back. what do you expect to see, investors are looking at innovation. do we see any innovation. >> that depends what you call innovation. there's arrested 5g.

we see more of an upgrade cycle in the ipods. you will not see anything new but a desperate move to 5 g. mostly a $2 trillion company and it is working, why are you doing it so fast? stuart: you owned apple stock for many many years. do you ever see a time when you are unloaded, get out of apple? >> the company and management on all cylinders, management is doing what they are supposed to do, creating new product and doing it thoughtfully, wearable has become mainstream, useful things with them. the next 10 years ahead of us for apple were moving beyond

the iphone, ipad and make a difference in moment and no reason to sell this company regardless of the next three months. stuart: are they threatened by some form of legislations and make them pay more taxes. >> to apple and amazon, big tech, the government. apple is the greatest company to come out of the united states in 20 years, let them roll with it. the administration will let them meet acquisitions. let them repatriate cash at a favorable term. we should embrace it, not fight it. stuart: you like the real real, luxury goods company, handbag, jewelry, that kind of thing, so it to me.

>> i said digital ocean, now it is 74. i expect stocks to triple this year, i don't care your political affiliation, people like those handbags and the secondary market for luxury for rolex is a tremendous market growing fast. you buy a louis vuitton handbag, retail is the real deal, 3700 and turn around and sell it for 4400 and they keep the middle. less than 10% of people using secondary market for luxury. it is exploding at all jens the and once it goes to 10% to 40% or 50%, the real world is positioned in the best place to take advantage of. stuart: the stock has been moving. >> stock goes over $20 easy.

stuart: tripleing - >> some stock close to 30. when you see a leader in this space that is booming, you have to be excited about it. stuart: a tripling of the stock would excite me enormously. you are on and if it tanks you are still back on the show because we've got to hold you. >> i will come back on but as - let the economy go bad, people are going to be very -- those louis vuitton handbags, the real retailers, 98% of what comes in a cell. stuart: that is fascinating. interesting idea, we will see

you again soon. now than we have a crypto platform teaming up with a drone racing league. ash has the story. you will tell me what is a drone racing league. ashley: they raced drones and different teams hence the league. it sounds fascinating, those drone devices, fascinating. a 5 year deal is struck with $100 million, the drone racing league features drone pilots, they go up to $90 an hour, base compete for prize money, the lead began in 2015 but get this, it reaches estimated 79 million fans, it makes sense for crypto platforms like that to be involved in drone racing as it attracts the site of

young, tech savvy audiences trying to reach. they formed partnerships, formula one car racing. i would watch the throne racing we get 3 am in the morning because that is what i do. stuart: can you gamble on it, it can't be far behind. ashley: it will come soon. stuart: i wish drone racing team will be called man city or real madrid. following casino stocks, the dow down 180, what have you got? >> a dramatic drop today, down 12.5%, mgm as well and this

concern, a nearby outbreak on the chinese mainland so concern of new travel restrictions, less visitors being allowed over and the largest gaming hub, gaming revenues are 3 times that. plug power, hydrogen fuel cell maker, in the past year extending to europe with his new german headquarters and oracle is down with a miss in sales when it comes to hardware and cloud and lagging behind amazon and microsoft and vaccine makers in the news, with eu approval by october, and children 6 months to 11 years old was the crypto plays, gary gendler testified on

capitol hill about possible regulation, 46,000 once again. the stocker - real madrid, man city, didn't they just find christianoh run also for 15 million pounds cheap? stuart: glad to see you are keeping up with the real sport in this world. manchester united back at the top of the english premier league. educate you every day. tropical storm nicholas could dump two feet of rain in some parts of the south, we are on the ground in texas and will take you to houston in a moment. half of young people say climate anxiety is affecting their daily life. climate anxiety. lemberg wrote about climate change panic, what does he think of climate anxiety? we will be back.

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stuart: tropical storm nicholas battering the gulf coast with half 1 million people without power just in texas. grady trimble, what is the scene like? >> reporter: houston metro area fared better than people originally feared, nowhere is cancellation for the folks live in this area where the flooding is immense. the storm surge from that and heavy rainfall for several hours caused major flooding in this neighborhood and includes a couple bars and restaurants. amy is the owner of this café and coffee shop. unit you get flooding in this area but you didn't expect this.

>> a little bit more, maybe 3 feet. stuart: the water was 3 feet high in there. what was it like? >> we didn't make it inside to see but there was no way to go in there. we came back about mine and were able to look inside and the coolers were pumped over and off. stuart: where do you go from here? >> community support and friends that will help me filter through and organized chaos for a little bit. i don't know what time we will come back, maybe a week. hoping it won't past too long. stuart: we wish you the best of luck, you mentioned half 1 million people without power this morning. if you come this way we are seeing quite a few power crews working on the island which is

without power right now. crude oil production was hit extremely hard by hurricane ida a couple weeks ago, 43% of crude oil production still off-line but some positive news to end with is the fact that the storm was not as detrimental to the disruption of the crude oil industry as that storm was a couple of weeks ago but still some areas like this isolated with some extreme flooding. stuart: grady trimble in the middle of it, thank you. president biden is blaming global warming for the wildfires in idaho. >> the reality is we have a global warming problem. a serious global warming problem and it is consequential. it is not a democrat thing, it's not a republican thing, it is the weather thing. it is a reality. it is serious. stuart: and environmentalist

joins us now. what you say to the president when he says global warming creates those or is responsible for those idaho fires? >> he's right when he says global warming is a real problem but wrong in saying this is the main reason, and also that the right way to tackle these fires is driving an electric vehicle. the right ways to get much better at forest management. we know they can dramatically reduce fires and fires globally have gone down 120 years, for good species. stuart: we have a new study that shows 45% of young people all across the world say climate anxiety is affecting their daily lives. 45%. what would you say to those people? >> if you talk to young people

you get there anxiety and if you watch the news every night you're told there is this catastrophe, that catastrophe because of global warming but we should show them the real facts because you are being lied to. there is global warming, use it is a problem but if you look at what is actually happened the best indicator how many people die from climate related disasters? 100 years ago in the 1920s on average half 1 million people died from floods, droughts, storms, wildfire and extreme temperature. today that number is down to 6000 people per year. it has dropped 99% not because there is no climate problem but because being resilient and rich have helped everyone around the planet. don't focus on making people safe by buying an electric vehicle. make sure you do this by pulling people out of poverty. that is what we need to tell our young people.

it is not the end of the world. it is a problem but we have fixed many problems. stuart: got it. thanks for joining us. thank you very much. i will give you a story about the wii mammoth. we cover everything on this program. it went extinct 10,000 years ago but scientists want to bring it back. this is your story, how are they going to bring back the woolly mammoth? ashley: good question. we've seen this before in jurassic park and how did that end? genetic scientists want to create a variation of the woolly mammoth to help restore the arctic tundra ecosystem and combat climate change. how, you may ask? some scientists believe grazing animals like mammoths kept the earth frozen underneath by tramping down the grass, knocking down trees and compacting the snow. the goal is not to clone a

woolly mammoth because genetically they don't have that available but they do want to genetically alter the code of an asian elephant to create an elephant/mammoth hybrid with long hair but no tusks to deter ivory poachers. the project got a $15 million investment but you can imagine critics calling it unethical and say it will do nothing to change the impact of climate change. there is your woolly mammoth story of the day. stuart: i am going to leave it right there. the market on the downside. that shows you how this market is leaning down. that is the dow 30 stock and i'm looking at 25 of them in the red. the top left corner, microsoft back to $300 a share. that is the state of the market. 8 million mail-in ballots have been returned and accepted.

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>> you want to keep gavin newsom as your governor or get donald trump. it is not a joke. stuart: that was the president campaigning for gavin newsom in california. the rnc national committee for california. it is recall day, newsom is going to win. you are out there saying you want every vote to be counted. is there a problem with counting every vote? speech can't say that today but after the polls close at 8:00 pm tonight in california, able to say with all the dozens of lawyers on site monitoring the process and more throughout the state looking at it closely

the we will say every vote was counted and thousands of ballots from people out of state. i have a long things of to address legally once this is over but the focus is trying to get the vote in. stuart: has there been some ballot harvesting? everybody get a mail in ballot, union guys or everybody collect the balance, make sure they are the right place and send them in? has that been going on? >> ballot harvesting is legal in california. very inappropriate practice lends itself to thuggery and theft and all kinds of shenanigans. it is legal unlike most other states.

it is happening throughout the state because it is legal and we want to win elections republicans taking advantage even as we would like to change that law. stuart: even if newsom is still the governor after today the democrats have taken a really big hit. they've been shaken by this. what say you? >> you can see that from the star turn out yesterday for a rally for the governor with the president of the united states in the wake of all the tragedies, american hostages in afghanistan and all kinds of things happening, he chose to be in california, that shows they are scared. gavin newsom won by a 24 point margin, that's nowhere close to the margin of a republican victory here or if he manages to hold on it would certainly be not by that margin. this should be a lesson to democrats throughout the

country, i listen to president biden that americans are getting fed up with incompetence by democrats and we are not going to put up with it. stuart: harmeet dhillon, thanks for being with us, appreciate it. one of the things we have been showing you with people being robbed in broad daylight. a gaining car jackson bmw at gunpoint. this was in new york city yesterday. ashley: just north in the suburb of in word. we show these videos, a person driving his bmw surrounded by a biker gained. one of the bikers pulled a gun, another one physically pulled the driver out, punches demand they get in their cars with one of them on their bikes and one of them drives off with the car, the driver was taken to the hospital, a number of cuts to the face and a broken nose but this video shows you these

thugs have no fear of police, they just have a gun and do what they want to do. i'm reminded of that video in california, they get robbed at gunpoint, terrible. stuart: absolutely what is terrible. the trivia question for you. how many hours a day on average do panda bears spend eating? i don't know where they get these questions from or the answers but we will have the answer when we come back.

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stuart: just in case you ever wanted to know we asked you how many hours per day panda bears spend eating. the answer is 12 hours. they weigh 300 pounds. they eat 15% of their body weight in 12 hours of eating. bamboo shoots 90% of their diet. my time is up neil. that is yours. neil: 12 hours per day. that is pretty wild. i had no idea that was the case. i have pretty good requested on spending package, it was said and done, over five trillion. be that as it may it would rely heavily on tax increases, even with the substantial tax increases we're looking at, it is nowhere close to be paid for. i do mean substanti.