the race environment we will couldn't to see m&a in the market. a lot of liquidity driving assets prices up. we may begin to see more acquisitions of public private by private companies that are able to access chief capital. we are in the beginning of the trend that will continue for some time to come. maria: all right, were happy to have you, vacek, new face on mornings with maria. lee also welcomes you and thanks you, have a great day, everybody. varney & company begins right now. stu, take it away. stuart: good morning, maria, good morning, everyone. right from the start we will bring you the election results by 2 to 1 margin gavin newsom won the recall vote. he's still the governor. lucky california, you still have couple of high taxes, high crime, homelessness. at least the rest of us can see what damage liberal policies can do. blockbuster news from microsoft,

yes, i do own some microsoft shares. they will raise dividend and buyback up to $60 billion worth of their own stock. the left hates buybacks but investors love them. microsoft is up big this morning. 1.3%, $4 a share. going the other way, gaming stocks, the chinese communist party reportedly wants to have officials inside macao's gaming company. a gambling center. xi jinping wants to control the money going to casinos. mgm on the downside. wall street, looking a little shaky again. big drop for stocks yesterday. the sixth pullback in the last 7 sessions. you're looking at the yield on the ten-year treasury, down 1.28%. now look at stock futures, dow industrials, s&p, the nasdaq, they will be up just a little. not much actually compared to

yesterday's big selling. by the way, yesterday for the sixth time in 7 sessions, stocks went down. the cryptos this morning, slightly higher. bitcoin up 473. next away from the markets for a moment. president biden's approval rating have dropped to 42%. he's under water on foreign policy and on the economy. this is a problem for him and his party as they try to push through trillions of dollars worth of new spending. let me show you this. show it to you, please. you are looking at the spacex rocket. that's the crew actually. spacex rocket will soon be taking off. all civilians four of them. big breakthrough for the private industry. wednesday september the 15th, 2021. varney & company is about to begin.

♪ ♪ ♪ >> stuart: all right. are you ready for this? governor newsom survived the recall election. carl break down the results, please. >> the easiest way to break it down was the recall was overwhelmingly rejected by the voters here in the state of california. i was speaking to a leader in the california business community yesterday. he told me that even if newsom were to hang onto his job he was hoping that the voters would send them a message of economic policies, if the no votes came in low 50's. that was not to be. no votes running well over 60% as the numbers are still even coming in this morning, but 64.2%. it's a big number and a couple of areas stood out to us. we were looking at some of the

counties. san francisco, 87% no. i mean, the mayor in san francisco, much more liberal in the area. that's a big number. 87%. the real problem for republicans a place like orange county which has been friendly to conservative by california standards, almost 53% in orange county. the governor he appeared last night here in sacramento. said the voters said yes to agreesive pandemic policies and he claims they said yes to science and vaccines. i do want to show you a quick look at other numbers last night that ended up being moot at the end of the day at least for last night. larry elder, clear choice by the minority of voters that were picking alternative to newsom. now the question becomes did i woulder establish himself as someone who might run again for governor. >> i can't think of anything that this man has done in the last two years that deserves another day in office, however,

recognize that we lost the battle but we are certainly going to win the war. >> win the war. there's another election next november where newsom more likely to face california voters again seeking reelection. you listen to those comments. elder said that over and over again talking about winning the war and he may face elder for a second time, stuart. stuart: got it. connell. frozen in time there but we did hear all that you had to say. i want to bring in matt schlapp, good conservative. he joins us now. the vote reveals results of disastrous liberal policies. at least you can say that out of california, can't you? my question is what now? >> yeah, i think there's a very sad thing going on this country, stuart, where i think more than half of the country certainly more than half of the states are completely rejecting federal mandates, they are rejecting socialism, they don't like crt, that don't like the left wing

vent in our schools both public and private. look at california voters, look at the voters of san francisco. look at the voters in our major cities, these are failing cities in california that started the trend of the big failing city and the people who reside there really want these policies. we have a divide in this country like we've never had before. stuart: and it's not going away either. matt, i want to move on to the idea of who -- with president biden, who is calling the shots? we have a senator calling out the president demanding to know who is in charge, what's this, matt. roll tape. >> this is a puppeteer act, if you would, we need to know who is in charge and who is making these decisions. somebody in the white house has authority to press the button and stop the president, cut off the president's speaking ability and sound, who is that person? stuart: by the way, biden's approval rating keeps slipping, 42% only, only 42% approve of

him and his policies right now. biden's popularity, it's shrinking, doesn't that put pressure on his huge spending plan? matt: yeah, there's no question, you know, stuart the backbone of joe biden's approvals as they were above 50% for much of his short presidency was its handling of the coronavirus and the economy is one of those things in american politics when it start going south every politician no matter what your party, you are punished. joe biden has the only piece of the economy that i think has really become really widely covered by everybody in the national news is inflation. but right behind that are some real serious questions about the long-term strength of economic growth and jobs especially as the new variant really spreads around the country and people start to react to it. so let me just explain to you, the real clear politics average

this poll that you're talking about that has him at 42%. this is historically low, next to no honeymoon and the american people are very concerned about everything, inflation in the economy. that's going to get worse, i believe, over time when you see all the big spending and the effect it's going to have on the economy. look at foreign affairs and what we did in afghanistan. don't forget the border and the fact that that's offensive to a lot of people in texas who are not republicans who live in these communities. i can't see an area of strength for joe biden. he was supposed to bring it back to a normal and calmness and instead we have complete incompetence. stuart: yes, we do. matt schlapp, thank you very much for joining us. appreciate it. let's get to microsoft and the huge announcement. they got a major league buyback plan, lauren, good morning to you, giver me the numbers, please. lauren: it really is major league. $60 billion, much greater than the last one which was two years ago at 40 billion.

it was also 40 billion in 2013 and 2016. so this one is bigger. with the move microsoft takes millions of shares off the market at a time when the stock is rising. it's already up 35% this year and push it higher. microsoft returning cash to investors. they increased dividend by 11% payable on the ninth of december, stuart. stuart: i will take my dividend payment, thank you very much, indeed, lauren. i want to check markets again. we have minor gains across the board. let's bring in shah galani. you know, shah, that's not much of a rebound after some -- a lot of selling recently. are you getting nervous like the rest of us? >> no, stuart. i wouldn't call what we've been seeing as really anything other than some minor profit taking, i wouldn't even term it as selling. it's profit taking. if you look at where we are, it

seems disconcerting that we are down 6 of the last 7 sessions but numbers wise, depending on which benchmark of the market you look at, we are between 2.4% and 2.9% away from all-time record highs. so the market has been very orderly with whatever minor selling it's seen and nothing dramatic. i don't see for any reason for investors to take anything off the table whatsoever. this is just a little bit of a breather, if you will, some minor profit taking, doesn't seem we can't see more but nothing fundamentally wrong with the economy and nothing fundamentally wrong with the market. if we do get down a couple percent it's a buying opportunity once again. stuart: are you buying this dip if i can call this a dip, are you buying it again? >> this isn't a dip for me yet. as far as some of the stocks i want to look at and i am looking at if they get down low, they will start to add to positions. but this is isn't a dip. 5% is an opportunity for people to look at stocks that they have missed out and want to get back

in. 10% is a jump-on moment and 15% is load up the truck and 20% if you're lucky to get that which we are not going to get any time soon is back the truck up and take it to down but we will not see anything like that. we will be lucky if we see 5% pullback here. stuart: you've been relieving my anxiety for many years. keep it up. that's a promise. all right. there are now calls for a top general to resign. a new book claims general mark milley had secret communications with china undermining president trump's policies. details on that and reaction from eric trump. democrats' massive 3 and a half trillion dollar spending plan packed with woke tax credits including buying electric bike. that's not all, grover norquist has more of these examples and he joins us after this.

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much as $8,000. they are looking to spend maybe $7 billion on this joint committee on taxation thinks that's what it'll cost taxpayers. these are writing checks, these are credits. this is not a deduction. this is cash on the barrel head. stuart: wait a second. why are we offering up to 1500 bucks to buy an electric bike probably made in china that replaces pedal power, what on earth is going on? >> corporate welfare, slush funds, paying back old friends, who knows -- obviously it's not the environment, you're quite right. it's something that's supposed to be terribly green. woke changes every couple of weeks so i guess we are away from bikes and into electric bikes this week. but this is a great deal.

stuart: what's this about giving tax credits to local newspaper reporters, why? >> well, if you look at it, it's for certain targeted ones of certain size. say the malibu times, the aspen institute, the vineyard gazette in martha's vineyard, these are for the friends of rich congressmen and senators who run left-wing newspapers, this is cash. this is corporate welfare targeted. i mean, this stuff is very targeted. some of this is targeted for automotive communities meaning places and are targeting cash to friends, allies, organized labor. in 1986 we ended the tax deduction for people paying union dues, this was a democrat-republican, completely bipartisan effort because they were simplifying the tax code. the democrats as paidback to

organized labor, a billion dollars into the last election will make it tax deductible, 250 bucks. this is one way to push money towards the union bosses. stuart: how about 3al billion dollar program to create a civilian climate core, is that activist knocking on my door convincing me that i should use less fossil fuels, is this what this is all about? >> it is whatever they want them to be. they didn't learn necessarily how to read or do math and things like that but they care deeply. how do you get paid for caring deeply about something that you know very little about? you sign up for the ccc, civilian climate corp. it was ended because of the problems in it in 1940's and they are bringing it back and

they will go around ask you what your thermostat was set at and how to organize your life because a bunch of 18-year-olds know better. stuart: grover, we need you, we need people to go through this thing with fine comb and throw out the nonsense that we should be knowing about that we don't. grover, come back soon. >> there's more and there's worse. stuart: come back, i want to hear it. let's get to democrats that want to close a tax loophole used by crypto investors. okay, i'm not familiar with what this loophole is. can you explain it, lauren. lauren: okay, so right now crypto traders can sell a coin andrea the tax benefits from the loss immediately by back the same or similar asset and they capture the rebound. it's in the hard to do because crypto prices are very volatile. well, house democrats could pay for their 3 and a half trillion dollar spending bill, they want to close that ability. they say doing so brings in

$16.8 billion in ten years. but to do so and here is the thing, cryptos would have to be treated as a security to be regulated the way -- you can't do that so easily without penalty with stock so if they are going to do that, restrictions with cryptos, what is a crypto currency, is it a security then? sec regulated, does the irs, who does? stuart: we don't know yet, do we? lauren: to pay for their bill. stuart: maybe. lose the tax break if they did it. got that un. next one, new book claims president biden personally called senator joe manchin in march of this year over his critical vote on -- on the $1.9 trillion stimulus package. lauren, what did he say on the phone call? lauren: quote from the book, if you don't come along, you're really f word me says the new book by the washington post bob woodward and bob costa. manchin was strong-armed by the

president when it came to passing the stimulus package. manchin was concerned about the size, duration of extra unemployment benefits. in my opinion, stuart, he's making his concerns much per public this time again, think that wall street journal editorial board piece that he wrote. maybe he doesn't want to be biden's strong arm again and putting feelings out there and making it very clear. stuart: he is, indeed. that's exactly what he's doing. lauren, quick check on futures. we have about 7 minutes to go before we open the market. small gain for the nasdaq and the s&p, a small loss for the dow industrials. we will take you to the opening bell next. ♪ ♪ ♪

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as i observe investors balance risk and reward, i see one element securing portfolios, time after time. gold. your strategic advantage. stuart: look who is here as we look at futures just before the market opens. eddy gabore joins us. i know that you're getting nervous just like the rest of us, join the club because you're saying you will sell into the next rally. i want to hear more about this.

>> absolutely, stuart. so right now we think the market sentiment is very, very bearish so short-term, we are buying this dip as i shared with you. when we get rift upwards that we think we are going to see, we will start really playing for defense as we go into next year. look, inflation is a big, big problem and i think people undermining it just because we had some soft data come out yesterday. when you take a look at what the fed position is going to be, because they delayed tightening and tapering for so long, we are going to be forced to have a fed that is tightening while we are decelerating in regard to gdp growth and when you're tightening while the economy is slowing down, that's about a worst case scenario for monetary policy. if you get increase tax hikes during the same period, that's a perfect storm for a double-digit correction that we haven't seen in quite a while. really concern next year especially the beginning part of the year when you have to compare comps to the prior year.

right now we are buying the dip. we are expecting a rally especially in energy space but we will be scaling back towards year end to be prepared. so investors need to have a defensive game plan as you head into this time period that we haven't seen in a long time. stuart: sounds like your scenario, your strategy is very similar to that of many, many other people. everybody is nervous that a correction of significant proportions is coming. you're saying end of the year or certainly into next year. that's your strategy. buy into it and when the rally is done, you needily -- immediately get out. but the timing is the problem, isn't it? >> you will not time it and that's why you have to increment. i don't think we will see drop into next half of next year.

the fed has continued to delay but, again, i can't stress enough. they are going to taper and tightening while gdp is decelerating because that's the position they put themselves in by kicking the can down the road and normally you want to tighten things while things are going well and the market will have to reset and then from there the bullish case could possibly come back into play. stuart: of course, if you sell at a profit this year, you can probably take advantage of a much lower capital gains tax rate than if the democrats succeed in raising the capital gains tax rate next year, so selling this year makes some good tax sense, doesn't it? >> it really does. and looked i talked to business owner yesterday and he said, based on what is going to happen with the tax code, if they do the capital gains and don't make it retro active, they are going to be selling assets and sit on

the sideline and you will see a lot of investors do that. you had a hell of a 12 months and done really well. if capital gains are going up next year, it's common sense to take some off the table and pay lower tax rate and wait for the correction and buy back into that dip next year. [bell] stuart: as long as they don't make it retroactive. eddy, you make a lot of sense. see you again soon. 9:30 eastern time this wednesday morning, we are up and running, expecting to see a small gain for the dow. actually we have a tinny, tinny lost. down 11 points at about a third of the dow 30 on on the upside and the rest on the downside. that's roughly speaking. we have 2 point gain for the dow and 7-point gain for the s&p, fractional gain, really. and the nasdaq composite, up a quarter 1%. the technology is relatively strong this morning. let me show you big tech.

i'm sure that microsoft is going to be a huge standout. it is -- it's up 4 and a half, 4.58, apple is up not much only 95 cents, alphabet facebook up. amazon down just a fraction this morning. let me get to the microsoft news again because very big news. yes, i do own a small sliver of microsoft stock. they've announced a major buyback program up to $60 billion and they raised the quarterly dividend and the buyback program could be terminated at any time. you are up 5 bucks on microsoft. let's have a look at apple, please. they unveiled i should say their new products, the california streaming event yesterday. susan, good morning to you. it looks to me like investors are not that keen on all the new products. susan: apple stock traditionally falls 75% of the time on device

launch days. that's according to one analysis. this is a tradition and kind of par for the course. 6 new devices yesterday including the next generation 5g iphone 13 and upgraded camera system and the takeaway for the markets with the ipads and the new watch series 7 as well in the device announcement is that apple supply chain in the global chip shortage is doing not bad. remember last year when we had the iphone 12 being released, you had a stagger shift. some phones were available and available by few weeks. this time all 4 of the iphone 13's are shipping on the next day which is next friday. that tells me that their supply chain is doing just fine compared to other people. also one tera byte of storage, big deal for customers, this can be a catalyst and the generous carrier subsidies, at&t, new iphone 13 for a thousand dollars off. that's almost a free phone right there and i promise you that will drive sales for iphone

13's. stuart: okay, got it, susan. casino, this is your story as well. down big this morning. look at them go down. look at that. mgm china, down 21%. i hear reports that the communist party is going to put an official inside the gaming companies in macao, that's a disaster. susan: being wiped out in one single day and china is cracking down on business once again. they want tighter oversight of casino names, they could be putting chinese representative on the board overseeing the company and reviewing the gaming licenses, concessions in the world's biggest gaming hub which by the way macao is four times bigger than vegas strip. a cash cow for the gaming names for the past decade. some of them might lose licenses or have licenses shortened.

that's a big problem for the names who have invested heavily in macao. stuart: yeah, no wonder they are down so much. look at the percentage declines. susan: as an investor would you touch a chinese stock? they've looked at tech, tutoring companies, gaming companies and now casino companies, i think this is sending a really bad message to global investors. stuart: absolutely. very bad message. i wouldn't touch it with a ten-foot pole. that's just me. the grill people, might bounce above ipo price. susan: record grill sales in the summer. i don't know if you bought one. forecasting higher sales for the entire rest of this year and gapping more market shares. a lot of people are barbecuing up there and they are choosing the rubber grills. i'm not a grilling specialist so i wouldn't know. stuart: neither am i. susan: not surprising. stuart: the lucid group.

they are up 3%, why? susan: bank of america is predicting 6% in lucid stocks, they are saying it's worth $30 a piece and the bank says can rival tesla and ferrari, not only make sweet consumer cars but the formula e-racing which is reminiscence of ferrari. didn't you own a sports car once in your -- >> stuart: i did. a porsche 911 turbo carrera. susan: your complain that was too low to the ground. stuart: too difficult to get out of it. i got to an age that you needed much more hand coordination. this was many years ago. i want to talk to you about crocs. the ugly show people. [laughter] susan: well, positive sentiments from investors. they predicted better than anticipated sales not only this year but they are going to get

$5 billion in sales by 2026 and, yes, accelerating stock buybacks as well. you will look great, probably looked great in the 911 porsche maybe not so much in the plastic crocc shoes. stuart: i agree with you wholeheartedly and i move on. we will talk covid treatments, regeneron, the u.s. is going to pay $2.9 billion for an additional 1.4 million doses of the covid antibody treatment for covid. that is from regeneron. we don't talk much about treatments. look at the stock. new doses should be delivered in the last 3 months of this year. in other words, delivery is eminent. now, we have the dow down 21 points but we still have some winners there headed by microsoft. look at that thing go. $305 a share up 544. that's a major development there for one of the biggest companies

in the world. the s&p 500 winners are headed by cetric systems, again, another big gain there. 4.7%. nasdaq winners headed by, is it microsoft, it could well be, it's ebay, regeneron and then microsoft, adobe. the market is not going very far so far today. the dow is off 22. the ten-year treasury yield, very interesting, you're at 1.28%. well below the 1.3% level. the price of gold not doing very much. down 6 bucks right at $1,800 an ounce. bitcoin last time we checked it was 47.5. it's 47.5. oil, $72 this morning. up 2.9%. net gas, that's -- whoa, 6% up. watch out, that is going to

create inflation this winter when you have to heat your home. as for the price of gasoline, well, the average across the country is 318. it'll cost you 4.39 for a gallon of regular on average and the golden state of california has newsom as governor. rules for thee but not for me. caught maskless in amtrak train, that's a violation of federal law and he wants to be the governor of virginia and wants to be back in the governor's seat again. take a look at this, we will show you it to you again. violent gang pulling gun on driver in new york city. they pulled a gun on him. does this make you feel comfortable heading back to the office? heather mcdonald who has written extensively on the defund the police movement will join us. just look at that. we told you about apple

unveiling its latest gadgets and our next guest says it may not only be apple's product launch this fall. ray wong is here. he's next. ♪ ♪ ♪

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you can experience better hearing with no obligation. call 1-800-miracle right now and experience a better life. stuart: check those markets. we are down now across the board. we opened slightly higher. now we are slightly lower. i want to get back to apple and bring in ray wong. all right, ray, take me through the 3 big reveals from yesterday. first of all, the iphone 13. tell me more. >> yeah, we get better camera and better battery life and more importantly what people are saying right now is that the iphone is really the driver for all the other services that's going into apple's revenue

stream. people are expecting this is to be the super cycle of replacement as big as iphone 6 and see up to 240 million devices in the super cycle. stuart: repeat that, please. 239 -- 240 million devices, all kinds of watches, airpods, the whole lot. >> no, iphones in this replacement cycle. people are switching because of 5g and people are switching because of the new camera and people will be switching because of the incentives that susan was talking about from the carriers especially the 800-dollar credits you will be hearing from folks. >> stuart: 240 million, good lord. what about the apple watch. >> got larger and more rounded edge, what's interesting about that it sets apple up for whole new bunch of health features. those haven't been announced yet but the capability to do that, a little bit go from rectangular

-- square to rectangular and people excited about the new watch series 7. stuart: investors are not that excited. the stock is down this morning. round it out, tell me about airpods, the new ones. >> well, the airpods actually aren't out and was hinted earlier. what's been going on we think there's going to be a second event in october. that's the one where they announce the mac books, the mac lineup and the operating systems. those were the things that were not announced yesterday but that along with the airpods we think are things that people are anticipating the new airpod 3's but those weren't announced either and people will be waiting for those. stuart: there's more product launches coming this fall. let me ask you this, were you wowed by these new products, the iphone 13, larger watch, were you wowed by it, breakthrough as usual? >> you neglect, i think people are getting used to these

devices are part of their lives. the big thing for people are the cameras and i was wowed by the camera piece. if it was me and i was on an iphone 11, i'd probably make an upgrade to iphone 13. i have an iphone 12 but i want the camera piece that's going to be the driver. there's still a lot of iphones out there that haven't been upgraded to 5g and that's really what is driving the growth but the piece i'm looking at is the service's aspect. you saw new shows that were being announced but that's the tip of the iceberg. services grew 33% to almost 17.5 billion in the quarter. so services is the piece that i'm looking at. i think it's much more interesting and some of the new features in the use of ai, the use of the arvr capabilities that they have been showcasing allow apple to place in the metaverse economy. that's what people should be thinking about. stuart: one day you can explain

the mevavrese. until then, i'm still confused. let's bring in lauren again. you have to explain something to me. apple issued emergency software update after security flaw allowed iphones to be hacked without any user action. take me through this, please. lauren: typically when you're phone is hacked, you click on suspicious link. this did not happen that way, infect all apple devices not just the iphone but the ipads, the mac, the watch, user did not click on the link, instead on the hackers pushed an image that they couldn't see and then it exploited the apple, the technology that reads that image and what they did was spyware got in from israel group, holy grail of surveillance and secretly break into device, turn on your camera, record even your encrypted messages and no one knows.

so apple was notified about this, figured out a fix to the flaw and they deployed the latest ios system, ios 14.8 but the criminals are getting very sophisticated. they can get in without you even having to click on anything. stuart: do i have to do it myself? lauren: there's the automatic upgrades. stuart: automatic. lauren: at night and it went through a couple of days ago. stuart: thank you very much, indeed. i'm very glad to hear that. i don't have to do anything. thanks. still to come, democrat gavin newsom beating back the recall. i'm sorry, california, you're stuck with policies for a couple of. facebook's own documents show instagram is toxic for teen girls. they knew about it. we have detail on this after

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saltreeoutreetree charch swstwstt giagram is is i ioxic toxic t tf i wi heair more me t edward lawrence has it. edward, what do you got? >> we are talking about facebook and the impact on the people that use it. facebook isn't signing, you know, there's strong reaction, new research that was uncovered. now it's about the effects on teenage girls as well as young girls. now in an investigation by the wall street journal they reviewed documents, internal documents and say facebook knew, instagram makes the body image worse for one and three teenage girls. some have thoughts of self-harm because of the social media exposure and facebook did nothing about it. the document the wall street journal reviewed showed executives including mark zuckerberg knew about the ill-effects of the app and the company not finding many allies.

>> i feel like the company has failed ultimately to tell all the truth that needs to be told to the american people as well as to the congress. >> senator richard blumenthal are teaming up with senator marsha blackburn to open probe on negative effects of facebook on teenagers and young users, subcommittee on consumer protection, we will have a hearing about this based on information revealed in the wall street journal investigation. the head of public polls your for instagram says this that the report focused on a limited set of findings that cast them in negative light. the research on the effects of social media on people's well-being is mixed. our own research nears the external research. social media isn't inherently good or bad for people. many find it helpful one day and problematic the next day. facebook does standby the research they have done, however, she did not mention any specific changes made because of the research, back to you, stu. stuart: yeah, i really don't see how you get a toxicity for teen

girls if they use it. i don't see how you get rid of it. i really don't. tiktok is rolling out new features on their app for mental health, lauren, explain that to me. lauren: if you search suicide on tiktok, they are going to direct you to support line, also guides on well-being and support for people who are struggling with diseases like eating disorders. how many times do young people go on these apps per day? there's all sorts of numbers but by one metric average user is opening tiktok 19 times a day spending an hour on the app, so you know, there's a lot of time being spent there so now the apps are saying, well, what can we do about that to make sure that we are protecting people's well-being mentally. one more thing not to give tiktok too much credit, suicide awareness month is actually september so it kind of coincides with that as well. stuart: look, the use of social media is a very difficult

problem in some instances. i don't have the answer. okay. thanks, lauren. check those markets, please. look at what happened to the dow. all of a sudden you have a 125-point gain. that's one-third of 1%. 34.7 is the level. still ahead bret baier, congressman andy biggs, senator mike brawn and eric trump. the 10:00 a.m. hour of varney is next. ♪ ♪ ♪

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♪. stuart: well, good morning, everyone. it's 10:00 eastern. i will get straight to your money in particular the dow industrials. i will call that is a solid rally. you're up over 100 points. s&p up 11. nasdaq on the downside. big tech, if the nasdaq down generally speaking damage among the big tech stocks and there is. apple, google, amazon, facebook all down. look at microsoft go.

they have got a 60 billion-dollar stock buyback program. investors love it. the stock's up. the 10-year treasury yield, 1.29%. that is a look at the markets this wednesday morning. now this. gavin newsom won by a two to one vote the recall failed. gavin newsom remains the governor. i don't hear much cheering but i do hear a big sigh of relief. the left cannot continue newsom's damaging policies. oh, lucky you in california. how fortunate for you nothing will change. there will still be a chronic housing shortage. california's red tape stops building project es. newsom will do nothing about that. california will still have the highest taxes in the land and highest poverty rate. newsom will do nothing. do you really think that the sorry state of minority education will improve? come on. get real. inadequate forest management,

sky-high gas prices, most expensive electricity in the whole country, all of this result of newsom's climate policies which will not change. let's play it again, three women robbed at gunpoint in broad daylight in the middle of los angeles. where is the newsom stop crime plan? sorry, california but you are stuck. there is a glimmer of light here for the rest of us. we can now see clearly what happens when a very liberal state imposes very liberal policies. it is a warning to the rest of us. your state too, can be ruined. the second hour of "varney & company" is just getting started. ♪. >> i'm humbled and grateful to the millions and millions of californians that exercised their fundamental right to vote and expressed themselves so

overwhelmingly by rejecting the division. >> we are forcing them now to pay attention to the problem of homelessness. we are forcing them now to do a better job on schools. we are forcing them now to do a better job on clearing our forests. we lost the battle but we are certainly going to win the war. stuart: there you have it, larry elder, conceding as governor newsom holds out in the california recall election. liz peek joining me now. now what? where does california go from here, liz? >> well, i think you said it very well, stuart. the policies that not only gavin newsom but the decades of democratic leaders have put in place in california have been absolutely terrible for the residents of that state. if they don't see that, if they don't understand there is an alternative that better policies can make their life better, safer, better educated et cetera, that is kind of a tragedy. i do think that this is sort of

a goofy election recall process in the sense that, in a sense there should be one person running against gavin newsom instead of many people in that fight. that would have given republicans maybe a chance to coalesce around a candidate and really turn out in strength but make no mistake, this was a shot across democrats bow. biden campaigning for newsom as vice president kamala harris was out there, all the dignitaries of the political process, democratic side were showing up and showing their support for this failed governor. it is really a statement. i think, look, at least we know that california residents heard some pushback to the idea that you have to have laws in san francisco, for example, which make it not a crime to steal up to $900 worth of merchandise. how insane is that? in new york, thank heavens i

think we have begun the process of righting a very sinking ship, i think, our new mayor hopefully will impose some order in terms of fighting crime, fighting homelessness, some of things that make life awful for people living in the city. in california they just don't have that hope of a turnaround. stuart: no. it is more of the same. the same is not really good. liz -- >> terrible. stuart: did you see the new poll, president biden's approval rating down to 42% following the botched afghan exit and surge of covid? his declining support will surely give him problems with the 3 1/2 trillion dollar massive spending bill, won't it? >> i think stuart, it already has. i think his ability to barnstorm the nation and promote this bill has been weakened immeasurably. the ability of people, centrists like joe manchin or kyrsten sinema to stand up to an impaired president is much

better than if joe biden was doing well. by the way i think there are reasons other than afghanistan that his polling is so terrible. it is terrible on all fronts and i think it really hits to a credibility issue, which is incredibly important right now. if joe biden tells voters we can spend 3 1/2 trillion dollars and the country will be so much better off, nobody will pay taxes if they earn under $400,000, all these things, trust me, there will work out well and will not increase inflation. if he can make that message credibly, he is much strengthened but he can't. if you look at the poll, negative ratings on afghanistan and foreign policy get worse and worse. why is that? the coverup, the on few situation, the fact that biden won't take responsibility. that he lied about several elements of the afghanistan debach well. all of those are destroying his

credibility. i think that is incredibly important right now. stuart: got it. liz, thanks for being with us today. we will see you again. >> thanks, stuart. thank you for having me. stuart: you got it. let's get back to the markets. we have 100 point gain for the dow now. just a fractional gain for the nasdaq. s&p is up 10. i got green left-hand side of the screen. kenny polcari joins us this morning. straight up, kenny, do you see a september selloff of any magnitude? >> i keep hoping for september selloff of some magnitude. i actually thought last week, yesterday would be the beginning of that. but it seems like they always get this opportunity to come in there. i will say we tested the 50-day moving average on the s&p which was something we were all waiting to see if it held. i have to see it will test it again to see if the -- [inaudible] i think we'll get a selloff, we'll get a pullback in the

market before the end of october. i'm expecting that weak september, october seasonal period. stuart: well that is a very weak period, september and october. and i just pick up a sense of real anxiety from so many people. i'm sure it is the same for you, kenny. you walk around. people know who you are, saying when should i sell, when should i sell? it can't keep going up. >> yes, i can hear it. stuart: that is the ongoing conversation, submit it? >> it is the ongoing conversation. i think there is some, i have to say i was very surprised when i saw the cpi report yesterday. while it was still elevated it wasn't as hot as maybe the expectation was. that is confusing because it doesn't make a lot of sense. it's a little bit illogical, considering what the other data is and what people are feeling when they walk around, when they live in the world, go out and buy things, the anxiety in the market what the fed will do next, what the global economy is doing, is going to create that anxiety. i think that will be the recipe

for the pullback. i don't think jay powell now, he has enough cover to go, whoa, whoa, we'll remain dovish. we're not going anywhere yet. we can afford to push this off just because the fed has a job to do, as if they hadn't been doing it for 12 years. i think that is what is going to blunt any pullback. i think you are going to get a pullback. stuart: okay. we're not talking about anybody in particular here but take the case of somebody in the early0's, done quite well in the stock market. what advice would you give to that particular person? >> i know we're not talking about anyone in particular. what is the exposure. you can't be 70% exposed, if he 100% exposed to stocks. stuart: amany i am. no, i'm not 90%, 85% stocks.

>> right. okay, but you're, you are 85, you have nice gains in those stocks, right. what you should do, buy some downside protection. you're not going anywhere, right? things are good. you're hanging around couple more years. nothing to worry about. if i were you i wouldn't be selling my stocks. i wouldn't contribute more to the names gotten away but i would contribute to names that continue to underperform. stay long with the names you have. i might consider buying downside protection just in the short term because i do think once we have the pullback that we are going to have a rally to the year-end. by no means should you be sitting, let me sell everything, absolutely not. stuart: you got 20 seconds to tell me what is downside protection. >> well, so you can do it a couple ways, right? you can go long one of the products that actually makes you short, increases in value if the market backs up. therefore if the market backs up

so you could buy the vix, sh, s&p short etf, which allows you to buy. they're not over leveraged. one for one. so they trade with, right? they will move, the vixy will move dramatically if the vix suddenly bites, you will get protection as holdings will increase in value. it will increase value to offset and hedge some of your positions. as a -- stuart: fun doing this job because you get personal advice from the best in the business. that is really pretty good, kenny. thank you very much for joining us. check out the downside risk vehicle. you're all right. listen to this, households making at least one million dollars a year in income could be hit the hardest by the democrats tax plan. explain that one, lauren. lauren: tax the rich. the democrats plan would increase the tax rate by 10.6% of those households with income

at least a million dollars. this is the year 2023. according to the joint committee on taxation the average federal rate for that group becomes 37.3% in two years. so an increase of over 10%. puts back above 37%. we're going back to 2016 levels. your taxes are going up. stuart: that is the bottom line. your taxes are going up. thanks very much, lauren. still ahead, spacex will make history today. launching the first all civilian crew. we're on it. look at this, former governor of virginia, terry mcauliffe, caught maskless on a train. that is against federal law. general mark milley a new book claims he went behind president trump's back and made secret calls to china.

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policy of the united states as his senior military person. that cannot stand, can it? >> no. it really can't, stuart. i mean the u.s. conestution is set up in a very specific way where the president is a civilian commander-in-chief. milley is required to obey every lawful order and he is required to be loyal to those policies of commander-in-chief. if he was doing that i think precedent was set with harry truman and douglas macarthur, truman fired macarthur because he felt that macarthur was undermining his foreign policy initiatives. that should happen here. biden should fire him. if he has honor, i think general milley should resign. stuart: at the end of the day, do you think we will get resignations from general milley and from mr. blinken, secretary of state and maybe even from the

defense secretary. at the end of the day do you expect to see resignations at that level? >> i would imagine that you're going to see, somebody is going to resign because this whole afghanistan thing, leave the china thing out, the whole afghanistan thing requires accountability. because, as we go further we're going to find out even more as this opens up and so, i would imagine blinken resigns. i would imagine milley resigns. because they cannot allow, the democrats can't allow biden to take all the heat on this because you see his approval ratings are dropping like a stone. so there will be a political consideration and there will be some political scapegoating. that it is not unwarranted that these folks resign but this will be done largely to protect joe biden. stuart: congressman, could you bring us up to speed on a subject which is being almost forgotten and that is the border? i know you've been down to the southern border. you are there now i believe.

can you give us an update? are still having people pour across? >> stuart, you have, i'm taking several congressman down with me today beginning with a multiple day tour again but here's what is happening. between known got-aways, known got-aways, people we're apprehending you're averaging 10,000 people a day. rio grande valley, multiples of 3,000 a day. rest of the border, getting somewhere north of 6,000 between all other areas. the reality this is happening there is no real vetting of these folks. they do the best they can. if you don't know what somebody's criminal record say el salvador, we don't have anything on them here, they will let them in. the catch-and-release program is going. there is covid coming in. there is other communicable coming in. indentured servitude coming in

as the cartels control the border. it is a open border. stuart: nothing is being done, nothing is being done. that is extraordinary. nothing is being done. almost 10,000 a day coming across. just extraordinary. congressman, i wishing we had more time. that is a story should be headline news. thanks for joining us, congressman. >> thank you, stuart. stuart: president biden reportedly asked china's president xi xinping for an in-person summit trying to smooth relations over. lauren did xi xinping accept the invitation? lauren: hard no, no way. "the financial times" reports that president biden proposed a face-to-face during their 90 minute phone call last week. he wanted to break the impasse that the lower level talks were having. president xi said no. he think the u.s. has to tone down the rhetoric. reuters said biden denied he asked for that in-person meeting. do they meet in the middle, somehow? a video call that happens next

month ahead of the g20? relations are so soured and strained right now because there is so much that the countries disagree on. the origin of covid. the way china is acting in hong kong and other territories around the world. i don't know how you see eye-to-eye. what is the point of having a face-to-face. stuart: it is a new cold war, which is not going to be solved by a face-to-face or much else, i believe. lauren, thanks very much indeed. i got to check the market moving quite rapidly today. up0 points for the dow, down 30 on the nasdaq. repeat the big news on microsoft. they announced a new share buyback program. could be up to what, $60 billion, lauren. >> $60 billion. they have a $130 billion in cash, right? this is 2 trillion-dollar company. it is interesting the timing because two democratic senators proposed a 2% tax on stock buybacks by big companies as a way to fund the reconciliation

bill. now we have microsoft. i think this is the biggest buyback ever. they did $40 billion three times in the past. this one is bigger. stuart: the thing is though, the left, the left-wing part of the democrat party, they want to tax these stock buybacks. i'm not sure what percentage they wanted to take but they are threatening to take some money off the table that you have laid down in your own stock. i don't know whether that goes through or not. but microsoft is surely aware of that. they are saying they could stop the share buyback program at anytime. maybe when the left demands that they stop, who knows. lauren: what is that tax? this proposal is 2%. it's a proposal. stuart: 2%? 2% of 60 billion would be still quite a chunk of money. lauren: there you go. stuart: stuart: 30 stocks in the dow. the winners are walgreens boots, chevron, merck, united health

amgen all on the winners list. s&p 500 winners topped by cabot oil and gas. i'm seeing a lot of oil companies and energy companies, look at that, that list is full of them right there. oil has gone to $72 per barrel today. nasdaq winners headed by ebay, very solid gain up 4 1/2%. see if you find the story on it. regeneron, a covid treatment company essentially. they're up 2%. got that. then there is this, senator risch from idaho demanding to know who is in charge at the white house. roll tape. >> this is puppeteer act if you would. we need to know who is in charge, who is making these decisions. stuart: yeah, who is making the decisions? kayleigh mcenany was on the white house communications team with president trump. i will ask her if she knows who is running the show with president biden. she is on the show later. we told you about spacex

launching all civilian crew three days orbiting the earth for heaven's sake. does it mean anyone with training and money can go? michio kaku on that next. incomparable design makes it beautiful. state of the art technology makes it brilliant.

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stuart: those markets are all over the place. the dow is now up 60. the s&p is up 5. the nasdaq down 28. lots of changes today. do look at pfizer. they're saying the efficacy of their covid vaccine, it actually vanes over time. however they're saying the booster dose is safe and effective. the stock meandering around at $45 per share. come back in again, susan, please. green sky up 52%? susan: chose that to get your eyebrows raised. it is a specialty lender, green sky. they are getting a $2.2 billion take over offer from goldman sachs. that is roughly 12 bucks a share. that is where the stock is

trading up close to. green sky has loans for big time purchases like construction projects, cosmetic surgery for some. works for big companies like home depot. you noted nat-gas is up and so are oil prices. oil production and gas production has been disrupted by hurricane ida. more than a third in the gulf of mexico. half the gas output was off-line yesterday. that was uplifting likes of exxon, chevron, occidental. i'm looking at meme stocks. they're down, amc, gamestop, wish, clover. these names are still in the top 10 most mentioned names on wall street bets this morning but you have retail investor appetite waning according to evander research. they're buying crypto, 30% less money rotating into stocks markets. with less cash, that means stock prices come down. stuart: very interesting developments in cryptos and meme stocks and major league tech

stocks. susan: whole new world. stuart: can't get used to the cash flow. you're yes, susan, you're right. a whole new world. spacex, about to make history again today. they will launch much first civilian spaceflight orbit the either for three days. michio kaku, what is the purpose of this? what is the purpose of civilians in space orbiting in space. >> for first time in history a civilian crew will boldly go where no civilian crew has gone before. for three days. they are flying higher than the hubble space telescope in outer space, breaking records in the process. think of the railroads, the airlines. they went through three stages of evolution. in the first stage, airplanes and railroads were used to ship

cargo. in the second stage, wealthy luxury liners. in the third stage, mom and dad can go on airplane and railroad. we're in the stage two of the space program. stage three mom and dad can go into outer space. maybe our descendents will be able to honey moon on the moon. stuart: you really believe this is the start of not space tourism, but ordinary everyday space travel, really, the start of that? >> well look at the numbers. it costs $10,000 to put a pound of anything into orbit around the planet earth. that is your weight in gold. now prices are dropping by factor of two to five. rockets are reusable. billionaires are opening up their checkbooks to help subsidize many of these experiments. prices are dropping. meaning that more and more wealthy individuals at first, but eventually maybe even common folk will be able to enjoy the

benefits of exploring the universe. stuart: where are we going next? i mean today's flight is a three-day orbit of the earth. where to next? >> well where to next? believe it or not spacex is actually selling tickets to the moon. in fact there is a japanese billionaire who has already bought up all the tickets for this flight to the moon. so we think that perhaps within two to three years the first astronauts will go back to the moon after a 50-year gap. and right after that, perhaps tourists will also be walking the surface of the moon as well. stuart: so ordinary civilian restaurants will replace the government trained astronauts of nasa, is that how it works? >> that is the thinking. again elon musk has even greater vision. he actually wants to go to mars. now i think it is still premature to put a date when we

can go to mars but the very fact we're thinking about that, means that the game has changed. we're no longer simply beating the russians, beating the russians, no. we have a new vision, a new vision for the exploration of the universe rather than simply beating the russians. stuart: it is a whole new world. great to be a part of it too. michio kaku, thanks so much for being here, sir. we appreciate it always. >> my pleasure. stuart: susan, you got to come back in now. what is this about steve wozniak. i know he is a apple cofounder. i go back that far. what is he doing launching a new private space company. susan: back in the garage in california, in the 1980s where they famously founded apple. the private space race attracting a lot of rich entrepreneurs. that includes wozniak, who famously founded apple. he is founding his own privateer space company what it is called,

different from spacex and different from rival jeff bezos' blue origin. we're light on details in the privateer space company. wozniak says it is safe and axisable for you will. they want to solve problems together. this is not a space race or competition, but this is food for humanity. stuart: he is late to the game. lauren: i went online i tried to look at the promo and couldn't figure it out. a lot of spaceflights and climate change. stuart: he has tens of billions of dollars, so he can afford it even though he is late in the fame. susan: yeah. stuart: what with very got now, weekly oil inventories a build larger than -- sorry a drawdown. a large demand for oil, 6.24 million barrels. when you're drawing down a lot more oil than expected.

that means demand is strong. up goes the price. you're at 72.90. up 3% on the day. that is the price of oil. expect gas prices to go up soon too. the taliban wants the u.s. to have a big heart and send them more money. we've already given them $64 million in so-called aid. we have a report on money to the taliban. general mark milley accused of undermining former president trump and calling china secretly during the final days of the trump administration. if this is true, should milley resign? bret baier takes that on. he is on the show later.

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stuart: market the all over the pace today. at the moment the dow up 50. nasdaq down 2. we'll keep you informed. look at casino stocks please. really taking it on the chin. las vegas sands down only 3%. wynn is down 8% and mgm china down 21%. why? because the chinese communist party is thinking about putting officials inside of the gaming companies in macau which is the world's largest gaming center. xi xinping wants to control everything including all that money going to the casinos. there is this, a new book by bob woodward claims that general mark milley made secret calls to china to assure them that president trump would not start a war. the book quotes milley as saying this, general lee, that is his counterpart, i want to assure you the american government is stable. everything is okay. we'll not attack or conduct any

kinetic operations against you. general lee, you and i know each other for five years, if we're going to attack, i'm calling you ahead of time. it is not going to be a surprise. blockbuster stuff. bret baier joins us now, bret, if this is true, surely milley should resign? >> i think that is the first line. if this is true. i have a lot of respect for bob woodward and bob costa in this book, from the bush administration, trump administration, obama administration, now the biden administration, there are things in books that come from woodward unless they're quoted directly he has got the tape they may be overstated. i think this is a situation where there are back channel communications that happen all the time between the chairman of the joint chiefs and various counterparts, russia, china, allies. in this case, remember, the riot up on capitol hill had just happened and he was back

channeling they say to take down the temperature. the line i have a problem with, the line i don't know is accurate, if we do attack i will call you first. that doesn't sound like something a chairman of the joint chiefs would say. also more perhaps problematic are the quotes where after a talk with speaker pelosi about the nuclear codes and how to take the nuclear football away from the president, which is insane as far as the constitutional authority, the book says that milley goes down to the national military command center, which is essentially the situation room in the pentagon in the basement where all the operations happen and he goes down the line to the people in the process and says that he should be in that process and get a call, if they get the call for launching on a nuclear weapon. if that's true, again, the key phrase, and he goes down to get that oath, the book says, that is a real problem in the chain of command and he is not in that line of authority.

he is an advisor to the president. so the chairman is scheduled to testify on capitol hill september 28th. that will be quite something if he doesn't talk before then. there is no on the record response as of yet from the joint chiefs. stuart: let's not rush to judgment? >> exactly. stuart: the taliban thanked the world for $1.2 billion in aid that afghanistan received. 4 million of that came from the united states. that seems to me to be an issue, bret, it looks like we are paying ransom? >> yeah. it is a big deal and senator rand paul really went after secretary of state blinken up on capitol hill on this issue and it is really in question. you can go through ngos, you can go through different organizations but in the end the taliban will get that money. the fact that they have $83 billion of u.s. military equipment that we left behind, and you can argue whether it is going to work long term or not, they will have it.

we'll put whatever number of billions back in there, they are stuart, going to deal with a humanitarian crisis. could that help, helping things? it seems like there is a lot of pushback on capitol hill to this allotment of money. stuart: you know, you have a lot of issues to cover tonight on "special report," don't you? >> lots, you got your work cut out for you there, lad. >> i do. stuart: we will be watching, 6:00 p.m. eastern, "special report" on fox news. thanks, bret, see you later. republican lawmakers are calling on the state department to designate the taliban as a terrorist group. lauren, what is the significance of being labeled a terrorist group. what does it mean? lauren: if you designate them a terrorist organization you're sending a very strong signal. we're not engaging with you, we're not doing business with you. all this talk of international aid, humanitarian aid going into afghanistan but who is on the ground to vet that money? can we trust the taliban to give

it to the right people? the interior minister on the cabinet of the taliban is of al qaeda leadership, amid the warnings that al qaeda can launch an attack from afghanistan within two years. so, stuart, how can the taliban not be a terrorist group? so says many republicans. stuart: if we need their help, want to buy them out, we don't call them terrorists, it is as simple as that. lauren: if you want to work with them, need their help, i agree with you, but i think lindsey graham and his counterparts think you send a strong signal when you call them what they are. stuart: yes you do. they probably send the strong signal too. lauren, governor of california i should say fails to remove governor newsom into office. what happens now? connell mcshane he is in california. he will bring us the latest. democrats trying to turn texas blue, but reportedly losing ground with a key demographic,

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♪. stuart: the markets are still all over the place. the dow is up 60. the nasdaq is down one. the s&p is up nine. that is not a great deal of stocks price movement really. check big tech. look at microsoft. what is a standout it is today. microsoft will get there eventually. microsoft has a huge buyback program, $60 billion worth. that that's why microsoft is up, to 303. apple releasing new products yesterday. investors not too impressed. apple stock is down this morning. then there is this. larry elder concedes. governor newsom holds out. he is still the governor of california. connell mcshane is in sacramento. what was the biggest issue for voters? reporter: the pandemic, it wasn't close.

there was big issue of voters themselves. there was irony, governor newsom's economic approach in covid was in many ways the driving force to the recall for you know, the last number of months. we talked to so many small business owners who were upset with the shutdowns, upset with the high unemployment rate as a result of those shutdowns. then last night, we heard this from the governor in his remarks he suggested that it was his public health approach to the pandemic that ended up keeping him in his job here in sack -- sacramento. >> i want to focus what he said yes to in the state. we said yes to science. we said yes to vaccines. we said yes to ending pandemic. reporter: voters spoke emphatically, if you look at numbers, coming in well above the 60% mark, 64% with some tabulating. concerns about democratic turnout were put to bed. to put it about the alternative

or president trump. that seemed to work. talk show host larry elder who was the leading alternative. easily topped the field of potential replacements. even in his remarks he hinted he might not be done with politics. maybe he makes another you run for governor. he said a number of times, he lost the battle we will still win the war. he kept saying that over and over in his remarks to supporters. for now newsom stays. keeps his office in the building behind me. california can get ready for its next gubernatorial election which will be held next year. stuart? stuart: another couple hundred million dollars to be spent on that as well. connell? thank you very much indeed. meanwhile officials in california are saying that wildfires and droughts are the new normal there. what else are they saying, lauren? lauren: don't treat wildfires. don't treat dow as emergencies. so the state's manager of water resources told fox news this, this is a quote. we have to stop thinking about drought as an emergency that

only happens once in a while and that we respond to it as a rare event but recognize that this is becoming the new norm and we need to shift water management approaches that say we have new normal now, we have to manage things differently. so, include the ways that they save water. the ways that they help their farmers and ranchers affected by all of this as part of the way they do business daily instead of just saying oh, national emergency, we have a wildfire, we have a drought. no. this is happening all the time. stuart: i think there is a more important story from my perspective at least emerging out of texas. the democrats are losing ground with hispanics. now that is extraordinary thing. they want to turn texas blue. what is the latest on this? >> many hispanics live near the border town. many are increasingly voting

republican. mcallen, texas has a republican mayor. that is huge deal. many hispanics came to texas and settled legally. they don't like what they she at the border. they don't like the population particularly with covid, move from california and new york to texas. texas gained two congressional seats. they saw four million people come in. half of them, this is in the past decade, are hispanic and hispanics more than you would realize tend tovote red, not blue. there is also the argument that many of them, this might not be for texas per se but they came from countries that had dictatorships and communist regimes. they came to the united states for freedom. they don't want to see the socialism repeat itself. stuart: nicely put, lauren. i like that last point. very good, very interesting. i'm with you 100%. still ahead on this wonderful program, kayleigh mcenany, eric trump and indiana senator mike braun.

president biden's approval rating just keeps on dropping. that is not good for the democrats. my take on that next. ..

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>> can see an area of strength, president biden was supposed to bring it back to normal and columnists, >> of president biden tells voters we can spend $3 trillion in the country will be so much better off, if he can make that message credibly, - >> we are forced to be tightening when the economy is slowing down. you to get monetary policy. if you get the increased tax hikes during that time. go that is a perfect storm for double digit correction. we will get a selloff and a pull back in the market. >> we are between 2.4%, and

2.9% away from all-time record highs. ♪♪ >> it is 11:00 eastern time, a nice rebound for the dow, s&p is up 10. no change at all for the nasdaq. i want to highlight facebook, down sharply more than 2%. that is because of the new report instagram is toxic for teen girls. a gain of 354, $303 a share of microsoft. the big tech winner today. now this. the president's approval rating is falling and that is bad news

for him and his party as they tried to spend trillions of dollars. the new quinnipiac poll shows the approval rating down to 42%. this should not be surprising, the evaluation in afghanistan, mass confusion over covid and inflation that is eating up wage gains, you add it up and have a grim picture. the timing of this approval slide could not be worse for the president. he has seen senator manchin opt out of spending $3 trillion induced today three democrats, drug pricing, an essential part of the spending plan. he is running into trouble because he's trying to reshape our entire society without the full support of the american people. president johnson had bipartisan support for the great society, president biden does not. investors should be pleased. who wants to see those new

taxes, inflation that will surely come with all that spending. as his approval rating falls and some key democrats. the biden honeymoon is clearly over. won't get socialism with a split party and the thinking approval rating and that is a good thing. the third hour of varney roles on. kayleigh mcenany joined me now. the president is losing support. will it hurt the spending plan. >> we are seeing a vocal joe manchin, he feels emboldened and made a 42% approval rating is what president biden had in

quinnipiac which is a left-leaning pole, doesn't do any favors for republicans, 65% disapprove of afghanistan, 52% of the economy. each and every issue he is in trouble and as he gets in trouble, joe manchin and others flexing their muscles. stuart: senator rich from idaho demanding who is in charge at the white house. >> this is a puppeteer act. we need to know who is in charge, somebody in the white house has authority to press the button and cut off the president's speaking ability. who is that person? >> you are on that team, during donald trump's presidency. who is writing biden's scripts. >> they are writing a script

but i will say this. a lot made of the fact that his mike was cut early for me, this is a third-party organization but they take directions from the staff in the white house. my rule is you don't cut off the president of the united states until he's done speaking and clearly come to a end. i wonder what the rule is in the biden white house, he is cut off often, the bars go up. a lot of time he is taking questions. stuart: the real question is the president's cognitive ability, seems like his handlers are protecting him. if he goes out and lives in response to questions he may say something that is really off script and the president's cognitive ability, keep returning to this. >> the white house is in full

cover-up mode, anthony blinken had the audacity to say biden speaks clearly and deliberately. we know that's not true. and jen psaki told david axelrod, and there is full-blown cover-up mode. president biden does not speak very clearly or deliberately. >> would you like to go out to the white house and the president biden's press secretary? >> you always have the hardest questions. that is an easy one. never in my lifetime what i the president biden's press secretary. seems like a pretty hard job especially when you don't get access to the president. i always had firsthand access to donald trump, oval office walk in privileges, new where he stood at any given moment. >> we will be watching you on

outnumbered at 12 noon eastern. >> the dow recovered nicely. a 12:45% higher. mark tepper, the man himself. and a lot of people worried about 2022. most are forecasting a correction of some spot. >> it is always a week month. this is a little more than your normal september flat line, exhaustion from the stock market. can't be 20% year-over-year

forever. we've not seen a 10% mark in correction since the pandemic took hold last year. the deepest we've seen is 4%. when i look at the catalyst on the horizon, the 10% correction will not be far away. we may experience it in the fourth quarter this year. stuart: i go along way back, march of 2009, the dow was 6000. fast forward to today, almost a continual straight upslope. with the exception of last spring for covid. it has been straight up. that makes everybody nervous. you've never seen a straightforward line rally like that. >> it is insane. the market has gone straight up. you mention the correction, the bear market from last year, we

experienced the fastest recovery, the pull back, the correction, the bear market, they are becoming more shallow and correcting out of them but when you look at the s&p, the greatest pullback is 4%, 45% of the stocks in the s&p already in a correction. the market still being led by the big boys, talk about big tech every day, they continue to lead the market. stuart: microsoft, $60 billion share buyback program, amazing. and the dating site. >> you haven't figured out how to date on zoom at least as of now.

the valuation looked right. when the economy is open, you slight right and you are lined up. things were difficult for us in the day, win them over with our charm, there is no courage in this country anymore. you might as well make some money off of it. stuart: the best answer, you really are - see you soon. let's get to the cryptos please. they are all up today, bitcoin, ethereum, they want to close this tax loophole used by crypto investors. what is this loophole? >> crypto wasn't necessarily

part of this, it is not considered a security by the government. some regulation may be coming in what a wash it is. something smart traders take advantage of the government doesn't want to do that. they sell crypto for a lot and buy it back and get the benefit of the price move, they roll up a price higher, getting a tax benefit from the loss from when they pulled it, the government essentially saying crypto, should all be considered in this wash pool here. stuart: you can do that with the stock and the crypto. some and vaccinated sports fans will have to cheer on their teams from home. we will tell you which city added vaccine mandates as the football season kicks off. the city of oakland, california, thing a deadly spike in violent crime, the

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donald trump has not announced whether he will run again but he tells fox news digital, quote, i don't think we are going to have a choice. president biden is an incompetent person is the leader of the country. we need eric trump and here he is. thanks for being here. a long time, a very opportune time. seems to me mister trump, your dad, is hinting at a run in 2024. give us some news. >> you know where his head is, you use incompetent, administration is totally incompetent, they haven't gotten a single thing right in this country in the last 7 months. obviously afghanistan is a disaster. what they've done to the military is a disaster, generals in this country

spending more time on white privilege than teaching people how to shoot and winning mores. a mess on the southern border. look what is happening with oil and gas prices, look at natural gas prices, everything more expensive, rampant installation. i could go on and on. stuart: you could and we've done that on this show. does your dad think that he is the republican best suited to run against president biden in the next election? is he going to run? >> no question he is the republican - approval rating 99% among the republican party, second of all he can say i had the greatest economy in the world and the greatest - lowest unemployment ever and i did rebuild and no terrorist was messing with us and had no

attacks on us soil and go down the list, respected by china and russia and north korea. he walked into north korea, north korea went passive when my father was in office and you look at these bad actors, look at the amount of intellectual property being stolen while we deal with this mess in afghanistan as the taliban and flies our helicopters and drives our tanks and armored vehicles and nightvision goggles, china is looking their lips as they see this happen and my father will deliver the message, fix these problems before and now people see the true incompetence of president biden and the radical left that is running the country. stuart: according to a new book general mark millie told china he would warn them if donald trump was going to attack. i want to show everybody your father's response to that. >> called china and done these

things and was willing to advise them of an attacker in advance of an attack, that is treason. stuart: bret baer said let's not have a rush to judgment here but what are your thoughts? >> my thoughts are simple. general patton in general eisenhower and the great generals of our time would be rolling in their graves if they heard a comment like that or see the disaster this guy made, we are not respected. we were the most respected country in the world and losing awful fashion to these people who were using 7-year-old rifles and fighting off the back of milk heads. it is inconceivable that we lost this war. how is it we won every single battle since korea but we always lose the war? somebody has to be held to account for that and i think

the leadership at the pentagon, we have the greatest men and women, someone is not doing the job and probably millie. stuart: always a pleasure, don't be a stranger. see us soon. i've got a quick programming note, a new show called american bills and it premieres monday september 20th. the design and ingenuity and challenges of iconic american landmarks. role tape. >> global problem needing an american solution. unrelenting president with the bold vision. obstacles every foot of away. >> you had landslides, explosions. >> 75% fled in fear of dying. >> nations tried and failed to find a shortcut between the atlantic and pacific. building one of the 7 wonders

of the modern world. the panama canal. stuart: i hope you can watch american built mondays at 9:00 pm eastern. part of the new foxbusiness prime lineup. back to the markets, the dow has come back, nasdaq fractionally higher, s&p up 13. democrat just caught ignoring max mandates, jackie deangelis who was not wearing a mask. >> virginia's former democratic governor. remember he is wanting to bring his seat back, this isn't just a past politician. he wants to move forward in politics. he was seen on this amtrak train, people recognized him and started snapping photos,

skirted the federal mask mandate also amtrak as well. another example of do as i say but not as i do. stuart: there's been a lot. >> policy, gavin newsom. i could go on. stuart: and fill out the rest of the show. good stuff. the buffalo bills football team will require proof of vaccination at home games, the rule goes into effect october 31st. vaccinated fans will not need to unmask. the nfl opening week ratings are in, 17 million people tuned into the games. on average that is up from last year. ratings are up for the first time in three years, let's talk in english premier league soccer. they are deciding whether to remove a comcast contract.

>> we are talking to billion dollars. this is pretty significant and it is part of comcast's strategy and it is turning its attention to this to build a franchise. essentially we are looking at rights that expire at the end of the 2021-2022 season and we have to see where this goes but it is a big deal and comcast is a big player in this space. stuart: the ratings for english premier soccer are huge, really challenging for tv ratings so a lot of money. thanks. we've got this, a space x rocket is going to launch the first all civilian crew into orbit today, into orbit. this is a historic flight. we tell you about it in a moment. senator mike braun says his phone has been raining off the hook since president biden announced his vaccine mandates.

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>> the space x rocket, it will - the one that is going to take off tonight at 8:02 tonight, a real revolution because it will carry four civilians that will go dormant for three days around the earth. come on in, this seems to be a major developing for the private space industry. >> bankrolled by another billionaire, we don't know how much he is paying but a 3 day expedition in the dragon capsule will cost a pretty penny. we are looking at a launch window, a 70% probability, and

and a 70%, >> isakson, this guy, with the orbiters. >> with 3 of his with them. when musk is going to go up himself, space x rocket, why does the test it like jeff bezos did with blue origin. stuart: that is a question i cannot answer. next time you see him. grayscale is the ethereum stock. >> and average folks like me, 30% less. the big coin prices are helping these.

if you take a look at microsoft, getting your pay in different ways and 11% increase in dividends, microsoft will buy back $60 billion, and and apple, 90% of stock each and every year. that will be a big head wind, >> and they will stop doing it pretty soon. bring us up to speed on the gaming stock, the casino, they are down like crazy. >> the biggest drop we've seen since the covid selloff. beijing is threatening to

cancel or shorten gaming licenses, the world's biggest gaming hub is four times the size of the vegas strip and beijing officials to oversee the company and that is not good messaging for global investors and they are trying to sell what they can. this might make draft kings more attractive, wells fargo calling it overweight worth $75. 50% upside there. stuart: what is wrong with draft kings. >> and 26.5%. this is to try to pay for the big spending plans. hillary on capitol hill, will this trickle to the middle-class? >> it is, that is the message we've heard from business

groups across industries, big businesses are made a part of the middle class, they were going to make business make tough calls. it will mean lower wages for workers, less wages and less raises and fewer jobs. fewer job opportunities. >> downward pressure on wages, downward pressure on the ability of manufacturers to create jobs so tax policy, the tax framework, - >> they will talk about this trillion dollar spending plan, they left the meeting at the white house earlier, sources tell us manchin will be meeting with the president, cinema and manchin rejected the $3.5 trillion price tag for the social reform plan so a lot of democrats today are trying to

get away from talking about the cost. >> talk less about the number and more what is in the plan. >> i hope we stop this obsession over with a number is and what american families need. we can come to common ground pretty quickly. >> if you are a taxpayer, trillions of dollars of taxpayer cash does matter and that price tag is important to you. stuart: funny you should say that. as hillary vaughan reported senators manchin and cinema i meeting with the president today. he will probably try to persuade them to be more in favor of the $3 trillion spending bill. let's bring in senator mike braun. at the end of the day regardless what happens with cinema and manchin will they be

50 votes in the senate for $3 trillion of spending? >> when we are down to two democrats that have to hold the line for all of us it is clear on our side there won't be a vote for it, it is marked up over the house currently but they are worried about cinema and especially manchin, he's put a lot out in terms of political capital because he said no way am i doing $3.5 trillion. i'm worried about them trying to sell us a bargain at $2.5 trillion. i told you political entrepreneurs, you didn't like using entrepreneurs, the best way to see how they roll, the federal government is their growth business and they will get in my opinion cinema and manchin to come along with

something. i heard manchin on the voting rights bill, they watered that down where they've got him on board. they view this as a political opportunity and go for broke on not only this stuff with policy and spending money and put so much emphasis on build back better, policy, schumer, they will end up with something or have a lot of egg on their face. i worry we are down to two of them that hold the dike in place and it will be bad for americans especially main street businesses. stuart: you told us your phone is ringing off the hook with the business owners who don't like the federal vaccine mandate. i understand why businesses don't like it. have you any response from ordinary people to the vaccine mandate? >> most people have their mind made up. i've been clear on that unless

you have a good reason you got to get the vaccine. on the other hand i don't know vaccines are going to quell, squash covid 19 and all its variants. that calculation is being made, they lowered the threshold, fewer employees, lowered to 200. if they do something they will push the envelope and individuals as well as business owners finally getting back on their feet, $4 trillion on both of them in 2020 we want to burden them with this, another unforced error they will have trouble enforcing, 93,000 businesses are between 100, and 500 employees and they changed

the rules from the small business defined as 500 or fewer, that is how far they will push what they want done. stuart: thanks for being with us again. now this. aoc's appearance at the met gala got more controversial, she's facing an ethics complaint for going to the party. the real estate market red-hot, shaquille o'neal can't sell his house. we sent ashley to figure out why and give us a tour of the $16 billion mansion shack built, we will be right back. ♪♪

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stuart: we thought we would show you sixth avenue activity picking up after all these years, shaquille o'neal trying to sell his florida mansion for two years, he can't find a buyer. ashley webster went to shack's house. give us a tour. >> i would have to show you everything but we will show you the movie theater room. you would think that was superman. it is shack. let me go into the living room, at the living room, two or three, and shack was known debited he would parent his way

into the paint and there he is, a semi-truck, stuart varney behind the wheel of the caravan. could look good on the walls. this property has a 90 foot pole, 17 car garage, 6000 feet indoor basketball court. let me find out if we are getting any nibbles, $16.5 million, benjamin hillman, anything of interest? >> sits on four acres of land on lake butler, the premier lake and the biggest thing, it is fit for a king or queen.

stuart: 5 they do -- ashley: they have an offer kicking around. maybe we will break the story by the end of the day but there you have it. like every thing to do is shack it is outside this larger-than-life missed property is an example of that. stuart: we enjoyed that tour especially the diesel truck. nonetheless interesting. you are all right, thanks very much. foxbusiness prime will feature more real estate stories each tuesday at 8:00 pm eastern with american dream home hosted by cheryl casone and manchin global hosted by casey mcdonald. this is part of the all-new foxbusiness prime weeknights beginning this monday september 20th. i want to get back to the facebook story, stock price is

down on the report that instagram is toxic for teen girls. >> the wall street journal released another of its investigative report in the journal reporting his new investigation that when they change the algorithm, made the news feed more divisive. the internal documents show employees saw this and started to make changes, according to the wall street journal mark zuckerberg resisted those changes because it would reduce engagement on the platform. marco berg last march in front of congress. >> optimizing or keeping people on the service. the way we view this we are trying to help people have meaningful social interaction. if we deliver the value it will be natural to use our services more. >> wall street journal found it is an angrier place and they knew it.

stuart: very pleasant story. an extraordinary video pulled from a bmw, carjacked in new york city. how does the city come back with crime like this? heather mcdonald will take it on. ♪♪

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all while controlling stress and emotional eating. at last, a diet pill that actually works. go to golo.com to get yours. stuart: markets are up and down all over the place, alexandria ocasio cortez facing ethics complaint at the met gala. what is the problem? >> the rules allow house members to accept free tickets to charity events as long as the organizer is the charity function. the met is okay but the argument being made is they were providing 30,$000 diminish

a private company. aoc has to disclose this. 35,$000 a head gala. tax the rich. stuart: a lot of publicity, it is another story. dominated social networks for a long time. i change the subject, a man out of his bmw at gunpoint, steals his car, this happened in new york. how do you get people to go back to the city which we see so often. >> we've unleashed the forces of several edgy, citizen and

cruelty by defunding the police, demoralizing the cops. when you get rid of law enforcement you don't get harmony, you get brutality. not just a new york city, gangs of robbers beating people unconscious and shooting, pedestrians, from washington dc, gangs that are kidnapping, drivers driving from one atm to another, the kind of behavior you see in brazil. unless we can demoralize the police this will keep happening in cities across the country and it is coming to a suburb near you. this type of inner-city violence is a result of the breakdown of the family, the other lack of socialization, civilization of these young males is not going to stop in the near future. the only solution is the precinct. stuart: we have a police chief

who agrees with you, four people shot and killed over the course of 24 hours in oakland, the police association president blames the city council for defunding the police. this is why residents face extended wait times for police response, alternatives had not been stood up and violent crime is escalating on our streets. these sound like you. >> results speak for themselves. we are living an experiment in the left's ideology and it is unambiguous what the results are. it will start happening, the more the crime comes into the suburbs when white children start getting shot and black children getting shot in their beds right now. then things will change. the democratic party is still wedded to an ideology of racial victim knowledge he, the complete opposite of the truth.

we keep hearing about racist cops. he is the fact. a police officer is 370 times as likely to be killed by a black american as an arms a black is to be killed by a police officer. the police are not the problem, criminals are. stuart: you will keep appearing on this program because you are a lone voice on this issue and appreciate you being here. see you soon. how do you go from violent crime to this, the trivia question is wednesday morning. which bridge was the first to be made entirely of steel. i made several wrong guesses on this one. we will give you the right answer when we come back.

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stuart: which bridge was the first to be made entirely of steel? jackie wants to come into this. what is your guess. >> i don't know any of bridges or mid of steel. i will guess, i have a 25% chance. liberty bridge, stuart. stuart: i'm sorry, jackie. you are wrong. all right. >> i'm always wrong. stuart: eads bridge. construction was completed in 1874. it crosses the mississippi river in st. louis n 1964 the national

parks service named that bridge an official national historic landmark. eads bridge, first all steel. i want to check big tech because we've got some standouts there. we have apple with new products. eninvestors don't seem too keen on these new products. apple is down. microsoft is way up. they have a 60 billion-dollar stock buyback program. facebook is running into trouble with instagram and toxicity for teen girls. time is up for me. neil, it is yours. neil: microsoft is amazing. raising dividends 10%. holy toledo. they're standings out. we're following other developments. the president as you know meeting with top ceos at the white house. not as many as you would think. some ceos are divided forcing their employees to be vaccinated. this is companies more than 100