>> welcome back to open about 40 minutes away take a look at where we stand the dow industrial 84, will be following the ramifications of the debt crisis in china all day. thank you to dagen mcdowell and joe concha, right to "varney & company". i will see you tonight at 9:00 p.m. eastern for your new show america built, i'll be there. stuart thank you very much indeed, that was a nice intro and i'll take it. good morning, everyone i'm going to call this a market slide after three weeks of market losses the slide continues with a vengeance. the dow industrials are going to be down 600-point plus, s&p 75 in the nasdaq down 260-point,

that is a huge selloff at the heart of the problem is a company you may never heard of ever grand china second largest real estate developer it has $300 billion worth of debt, if it doesn't get a government bailout and may default and the ripples are spreading all around the world, for example goldman sachs has a piece of ever grand debt some are calling it china's lehman moment, three and a third%, big drop for a company that sighed that's not the only problem in the wall street journal janet yellen warns about the economic catastrophe if we don't raise the debt ceiling, that is pretty strong words, crypto sliding big time in percentage terms their losses are much worse than stocks bitcoin is down about 10% almost 10%, ethereum way down as well. crypto's are not a safe haven.

let's sum it all up, the financial markets are in turmoil this monday morning, they are sliding, you can also say that the president biden is sliding politically. the parliamentarian elizabeth macdonald said the cannot include immigration in the budget reconciliation package that's a big blow for the president just as the crowds of haitians under the bridge are more than 14000 we are fine some of them back to haiti. the president three map training dollars spending plan takes another hit, joe manchin says push it into next year end the presence in the middle of the big fight with france america did do some plumbing deal with the brits in australia killing a 60 billion-dollar deal lined up by france there furious and has within drawn is a boxer to washington, d.c. where is the president, he spent the weekend at the beach he went bike riding and answered no questions, there is more, asked

why the president did not acknowledge his successful spacex mission elon musk tweeted he still sleeping, the working-class designer of aoc tax the rich dress turns out to be a tax cheat and treated her employees very badly. and the enemies held indoor in los angeles without masks, california kids must wear masks in schools, celebrities not. , monday september the 20th 2021, "varney & company" about to begin ♪ ♪ ♪ ♪. stuart baby are you down, down, down. maybe we have a selloff in a half in progress right now, who better to bring in, left-hand

side of the screen that's a selloff, jason katz joined us, let's get to it several rapidfire questions if you can deal with if you can. is this a lehman event? >> i would characterize it as a long-term capital event than a lehman event and will see the chinese in the 11th hour step up. stuart that's what i was going to ask if beijing does not bailout evergrande, do the ripples spread and we have a global debt crisis? >> china has been tightening their grip and a variety of areas this is one place that can ill afford to do it so the odds are heavily in the favor that they step up and if they don't it could morph into a lehman like moment but there is not enough debt or leverage involved with evergrande to that materialized in my view. stuart the fed meets this week how can the fed started to taper in the middle of what may be a global financial crisis is.

>> ever granted a variety of other issues, the debt ceiling notwithstanding are going to likely give the fed pause this week i do not think they will announce the taper, i think it's a december event. stuart could this be a start of a correction? >> yes without equivocation, if today's market declines two plus% were at or 5% correction which we have had an 11 months and we haven't had a 10% correction in over a year and we could be getting there although i don't think it's going to get materially worse than that. stuart is there anything more to the selloff in evergreen? >> i think were in a show me market show me the earnings market everything has shifted from the micro to the macro the micro earnings are nothing short of spectacular and were done with earnings season and i went do we have to focus on everything that you mentioned in your opening not to mention

delta, tax regime above trend inflation reading and someone is obsessing over that we have a had a selloff likely to see the markets get wobbly, that being said, last week we saw over $60 billion shift from money market into equity the most in one year, i'm going to go back to what i said to you with all the cash on the sideline and rates remaining low and what's likely to be a very decent earning your next year stocks probably are not setting up for a lehman like moment, i'm sorry i'm the ted lasso of the market but i am optimistic that the intermediate term were gonna stabilize and move higher. stuart: ted lasso was very successful at the emmys. thank you for being here, we will see you again really soon. the president spent the weekend at his vacation home in delaware in fact i think he still there he has not left he seems to be

overwhelming crises are not alone in that opinion here is what chuck had to say. >> i think he has a pretty big credibility crisis on his hands because all of these problems in some ways showed up after he said something basically the exact opposite, afghanistan withdrawal was not going to be messy, the booster shots he said eight months now were not sure if anybody under 65 is going to get a booster shot, it's pretty clear we have a bigger problem than we had in years and this is in these policies have turned into becoming a magnet. >> charles h.e.r. joins us as monday morning, overwhelmed, credibility crisis, not a good time for this when there's a global financial slide, what say you. >> of course for the biden administration the real problem he's starting to lose with the media and the media has been his biggest constituency from the very beginning. the whole reason he is in the white house right now because the efforts by the media and

their intense distaste for the previous guy so when chuck todd notices this he's usually the last person to notice anything, you know it's a real problem and whether it's afghanistan or the catastrophe at the border were seen getting worse with the gathering of the haitians in the overpass and dell rio or you're talking about coping and a lot of people tend to give the president some leeway on something like open but president biden ran an entire campaign and say the actions of the president regarding covid he had all the answers and that he could solve this problem he has not solved it in a lot of ways it's gotten worse and he's off on vacation in delaware riding around on a bicycle and we have not gotten into the wholesituation h you've outlined so far in the show it's a pretty terrifying glimpse right now and there's no

indication that the guy has checked into all of this. stuart: if he pushes for three and half trillion dollars worth of spending right now i think that would be a major mistake, that is just me, thank you for being with us on an important day, see you soon i'm gonna try to look for something positive and i think i found it space civilian crew completed the three-day historic commission back on earth, shortly after they landed elon musk mocked the president, what did he say. >> elon musk was asked why joe biden didn't acknowledge the successful launch as were looking here and this is what he said, he is still sleeping, sarcasm, because in donald trump on the campaign trail called biden sleepy joe, i don't do politics but he kind of just got into them but you are looking for good news, here it is space

civilian launched opening up the low orbit earth for business they're good at bringing a lot of money space 6526 a year. stuart: that is good, that is good news i'll take that. >> and trillions and billions of dollars. let's take the good news and run with it the rest of the show i have to show you futures again, this is a major league selloff, the nasdaq is down 250, the dow is down 637, why don't you wrap this up tell our viewers, what is the big problem. >> the driver not the reason, the driver is china there is fears of a default by their major property developer evergreen and that is spilling over to the worldwide market their services the default has ripple effects to the other global economy but also beijing widened its content to include real estate if you have a slowdown in china which is so many commodities that impacts

the price of those commodities let's take a look at copper down three days in a row adding to a 4% selloff last week, aluminum prices, nickel pressures also lower today as you can see the selloff in the major stock falling as a result, that is china, here at home the debt ceiling disagreement or deadline you have a fed meeting in a calendar we have september proceeded to october, bad month for the stock market, not to mention the dow is writing the three week losing streak we have not seen that since last september, september 2020, it seems like the market is right for a pullback but something other than climbing this worry, they're going down the other side. stuart: that's a good wrap up of why we have so much red ink. let's see what the beijing authorities do. we have more on the market selloff coming up. what are voters most worried about, inflation, rising prices that's according to a new fox pool, a question who gets the

blame and pfizer sees positive results from vaccine for kids age 5 - 11, doctor siegel would join us, what does he think about this and will be see the government mandate vaccines for young children to go back to school, the good story, we are on it, more "varney" after this. ♪

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the dow and s&p on pace for the biggest drop since july 19, the largest decline since may 11, plenty of reading, the fox pool, 74% of voters are extremely concerned about the pandemic, let's go further than that, what are they feeling about masks and vaccine mandates speed. a majority say the mandates are effective if you look at where and how free teachers, 67% believe teachers should wear masks, 61% say vaccinate them, for workers whether government or private more than half say they should be vaccinated, what is the polls ask whether they thought the vaccine was safe 65 says safe and effective and asked whether city should require a vaccine passport for indoors, 54% approve, up to 50% last month while the number opposed. stuart: only 54% approve a

vaccine indoor activity. lauren: were very split were moving to being accustomed to being told what to do. stuart: what is the ceo but united airlines with a mandate for airline passengers. lauren: scott kirby said were prepared for a vaccine mandate for passengers but that could be a burden especially on the vaccinated passengers. >> i think the administration is doing admirable job of trying to find all the levers to push to get the whole country vaccinated, getting people vaccinated is a one shot and you can get a high percentage of the country as opposed to making a burden to people vaccinated every time you get on the plane they get great data and science and the we want to check everyone were prepared to do that as well. stuart: he doesn't like you buddy think it might happen. lauren: he's also mandating that is workforce 67 of the employees get vaccinated and they have to show proof of that by september 27 and the number of united employees that have quit

because they don't want to show that they have been vaccinated or get vaccinated, fewer than ten out of 67000. stuart: that is interesting, big news pfizer says the vaccine is safe and appears to generate a robust immune response this is from a clinical trial of kids ages 5 - 11 years old, doctor siegel is with us this morning. if this vaccine is fully approved by the government, do you recommended for children 5 . >> yes, i do and i want pediatricians involved in case-by-case, listen we mandate a lot of vaccines for five euros to go to kindergarten and were facing a ferocious virus we can't do science by press release i want to say this is a good day for pfizer and biontech 2200 kids studied and they gave one third amount of dose which should be safer and they didn't see any serious side effects. interval is too short but the

point is we still need the fda advisory committee on this i think it's likely you will see the vaccines available by halloween and were seen 300 kids hospitalized from covid-19, this is a really important tool, i do think it is safe and effective and here's the most important thing, we need to keep our schools open and the vaccine isn't just about protecting you is about decreasing spread, thickets a very important tool, the devastation from closing schools as an organist. stuart: are we going to cite if this vaccine is fully approved, all children must get vaccinated in order to go to school? >> i think that's a tough question, will depend on how much viruses around and normally that is a local school district or state-by-state question not one that is imposed federally, i am disturbed to see the federal government getting ahead of excuse and the president saying mandate, what you been reacting

to but i do think it makes a safer environment, again if there's a lot of virus in the area i want all children to have it who are going to school even at the age of five and six years old, to me it's an incredibly safe vaccine, as a physician it's a no-brainer if i had a 5-year-old i would give it to them i gave him five seconds to my 16-year-old it took me five seconds to decide it was good for my 16-year-old who also wanted to get it right away. if this data holds up, young children should get it. stuart: let me sum it up. >> it should not be necessary to be mandated, should it be necessary to be mandated. stuart: basically we are both saying and a lot of other people are saying vaccine is good and good for children if they work but no coercion, no mandate, that's a wrong way to go, are we in agreement on that. >> absolutely version does not work it causes a divisiveness

and resentment and comes across as bullying it's not the way to go get your pediatricians is vaccine in their office that's what i want. stuart: thank you for joining is a very important subject on a big day, thank you for being here. there is one country that has already started mass vaccination for children. lauren: is cuba as small as three years old is not mandated but is popular they have their own vaccine and they haven't shared much of the data but it does require three shots for the sovereign vaccine for adults and children, they're not sharing the data. stuart: let's get to the market we are writing all over the place were coming back a little the dow futures are down almost 700 in our ago now are down 580 was their debt buying we don't know but will take it to wall street after this.

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stuart: we need it on a time like this on a monday morning when there's already ink on wall street you need somebody who says buy the dip, our guest

keith fitz has been saved by the differ the last ten years and he's been right, keith fitz are you buying today's dip. >> i am starting to nibble and i'll tell you what i'm looking at this like a viking would look at all-you-can-eat buffet anybody complaining has an opportunity this week. stuart: you're gonna do buying today? >> yes i'm going to obvious and going to take it very seriously this started on hong kong and lots of people are deleveraging so i'm not in a rush but if i'm looking at some of the big names that we talked about companies are changing the world and the business case is still great odds are pretty good i'll be doing that within our, are you convinced it's a dip and not the start of a major correction. >> that is a tough call washington is up to his usual the fed about to make the move it's too early to make that judgment but you have to be flexible, nimble and long-term

perspective so i'm not going to cash in my chips. stuart: is today's downside action about evergrande and a possible default or is there something else going on another negative we should take in account on. >> that's a good question, the early going with evergrande about $300 billion they won twice in the last two weeks, china's lehman moment the washingtons beltway i don't know why they're allowed to go on recess if they can't do their jobs you keep kids off the playground it'll behave in a classroom why should washington be allowed any different. there are concerns about a slowdown in concerns about the variant in the masks but that a been a narrative for weeks. again we can step back and take a deep breath and look at the big companies that's where we want to focus today and as tough as that's going to be and is scary is going to be. stuart: when you say big copies are you talking about big tech, big tech, pfizer is another 11 of the keys the role of the back

page and it hits the front pages 30 past news, what you want to focus on is the back channels and that's where pfizer is talking about mandate or vaccines for children, medical things if you go to pediatricians and what they're gonna do with mrna technology, cancer, hiv and lot of other things that are blown off the front pages today but i think viable stories for tomorrow. stuart: are your clients calling you or messaging you saying what's going on what should i do. >> i'm getting smiley faces in emojis and this is great, what are we gonna get today what's on sale i'm getting very positive messages this morning. stuart: that's because your reputation is a debt buyer and you don't want to lose our reputation, i hope you are right and i hope it bounces up again because if it doesn't we have a problem. we will tune in regularly and see what you have to say and will be back with those real soon, thank you for joining us. stuart: let me tell you one more

time you have a lot of red ink after this morning, essentially i think there's maybe 90 minutes ago the dow futures were down 701 that's a low point, we bounce back a little bit from their but we're still down 567 points and the problem is evergrande real estate developer in china may go bust, it is 930 on a monday morning were not used to this but what we've got is a huge selloff right from the start, 500 points down as we speak, 541 every single one of the dow 30 that's open so far is on the downside 29 out of the 30 were waiting for one were to open, down 537 that is 1.5% 100 over 1.5%. the same with sap the drop in percentage terms down 1.6% and the nasdaq is down 1.9% i

imagine that big tech is not doing well this morning you can't think of any industry group that is going to do well this morning. susan is with us this morning, good morning to you the following the market is down on the chinese property fears, give us his latest before let me ask you china evergreen this is not a new concern we've been here about this for the last few months but they do have payments due this week and if they get the realization for the stock investors and global investors that china is awkward to backstop the people that have overspent which includes the second largest developer by sales evergreen. stuart: you don't think that the chinese government will bail them out. susan: it's clear that they're not quite avail them out this time around and they do have payments this week. but it's also global contagion when you have hong kong down 4% into a weekend that you can't trade in and out of stock people have to sell it when you lose money you have to take money out

somewhere else and that's why we see this here in the u.s. i would note there are domestic factors you have the fed meeting where people expect the tapered and interest rates to go higher earlier than anticipated and you have debt ceiling concerns and cyclicality with december september being in the year. stuart: a 500-point drop from the dow right from the start although that's not as bad as a 700 drop. susan: technicality we did move below the 50 day moving average for the s&p on friday, what that means ufc the momentum on the downside go lower. stuart: i saw you open your computer, you been checking on industry groups which have gone up in the industry group that are gone down, first of all the ones that are the hardest hit. susan: more the growth plays take a look at oil in the occidental to marathon, banks

are economic proxies it looks like there are growth concerns with the delta variant that means financials come down on all of this with high-tech. stuart: i'm sorry to interrupt but i'm looking at the financials if any of them hold evergreen debt and some of the big investment firms like goldman sachs they don't take a hit. >> will contagion because you do have hsbc and standard chartered bank that have the lows for the evergreen properties, have you looked at the fear gauge this is indication to the jitters on the market highest from mid-may above 20. stuart: what about morgan stanley they came out and said it's a warning for morgan stanley there warning about a destructive outcome to the bull run. susan: note that were in a bull run morgan stanley is saying their chief u.s. strategist has been cautious for the last few months heading into the fall now the market with a fork in the

road that there's ice and fire and he thinks the eye scenario is more likely to play out that we could see a 20% correction from here and other factors besides ever grandeur of earnings revision going down week consumer confidence, poor manufacturing numbers and he's calling for thousands for the s&p by this year, that's about 10% down we could see about 20% but a lot of investment banks which have been worrying about stocks and september. stuart: is a sister of a majorly correction or we don't know if this point and will the chinese authorities back up evergrande and stop the run, those are two questions we cannot answer but i wanted take a look at the crypto, look at them on the screen right now all of them way down, not a safe haven. susan: that is true, when you lose money in one market you have to take money out from somewhere else. they capped profits, that's what's happening here we call

this crypto currency down about 10%, bitcoin, ethereum in a like it's up 3000 when hit below a certain level that cascades with algorithm. stuart: you have a modest bounce back but is very modest indeed, bitcoin is up $43000. susan: and the marathons that's having an equity effect as well. stuart: down big time in terms of percentage. look at that. how about tesla i understand the head of the transportation safety board gave elon musk's company tesla some bad news about the self driving software upgrade, what is the bad news. >> tesla is not ready to rollout self driving because they can't cross the basic safety issues, elon musk saint tesla would rollout and upgrade of the new driver assist software but the ntsb says hold on this is misleading not all self driving,

you should keep your hands on the wheels the ntsb is investigating two dozen crashes involving tesla self driving. stuart: as we speak the dow is down about 500 points after five minutes worth of business. there is some green amongst all the red, there you have on your screen right now. susan: this was up for the double digits now it's barely up 2%. they have had some great news when it comes to their cancer drugs, colon cancer shrunk tumors more than a third of patients of the small study and they have a new ceo as well and astrazeneca if you look outperformance of the drugmakers, astrazeneca revealing strong data when it comes to the breast cancer drug in a large medical conference. look for some green there are 70 spots but there they are. stuart: will take it when we can get it, the dow was down 490 points let's take a look if there are any dow winners, drugmakers at the top.

there is a couple of them including on the list of the least worst performers of the dow industrial, that's how bad it is, s&p 500 winners, are there any, yes there are a few difficult viewscreen, drugmakers again. stuart: how about nasdaq winners, are there any, yes there's a few but not the big tech names, anything big? susan: pepsico, but the fact. stuart: were seven minutes in and down almost 500 points, almost 1.5% the ten year treasury yield, i believe it's moving down to 1.32%. that may help big tech, we will check that later, the price of oil -- i'm sorry gold, 1007 at $256 per ounce up just a fraction this morning, oil is down to $70.88 a barrel that's where the oil stocks and oil

companies are down, nat gas is on a tear down this morning but above $5, 508 to be precise. the average price for a gallon of gas is $3.20 per gallon, california still the highest at $4.39. texas the cheapest at $2.80. texas beat them on the downside. we should move. treasury secretary yellen warns the weakest pace and economic catastrophe if congress doesn't raise the debt limit. maybe that has something to do it today selloff, another crisis on the border shows no signs of slowing down will to you to del rio texas were more than 14000 migrants are packed into the bridge, phil is there with a live report. as we go to break another check of the market, is this the big correction we are looking for will the chinese backup evergreen, all good questions we will try to answer them after

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stuart: no were not doing peloton we will bring that later, democrats are moving ahead with the vote to increase the borrowing limit, the debt ceiling, now commit lauren what is janet yellen saying if we don't, what is janet yellen saying if we don't raise the debt ceiling. lauren: she said congress raise the debt limit we are finally emerging from the pandemic, let's not plunge ourselves into a financial one, pretty strong words democrats want and expect

them to help them raise the debt limit and republicans are saying no way we're distancing ourselves as much as possible from the three to half trillion dollars spending package and the debt that it adds, the longer the standoff is drawn out the riskier it becomes for stocks in the riskier for consumer confidence flashed back to 2011, downgraded the u.s. credit rating because of all the drama leading up to lifting the debt limit and we could be in that situation once again. stuart: we need to bring in an economist, his name is stephen moore, what do you make of janet yellen the treasury secretary saying if were not raising the debt ceiling is an economic catastrophe, what do you make of that. >> this is pretty rich for the democrats who say they want to spend 11 chilean dollars, without a single republican vote they pass a 1.9 trillion other blue state a lot without a single republican vote and by the way can you stop saying this is a three and half trillion dollars spending bill it is

5 trillion there using phony accounting is a 5 trillion-dollar bill if he used honest accounting, my point the democrats could pass a debt ceiling increase tomorrow without a single republican vote, they have the votes they own the house and the senate and they own the white house there's no way republicans can stop the democrats from passing the debt ceiling to advert the financial crisis but what the democrats want is the republicans to sign on to this and basically say were proud of the debt ceiling so republicans cannot use that vote against them in november 2022 but what sense does it make to raise the debt ceiling by six and seven try get dollars when the democrat said the first thing were going to do is raise the debt ceiling and pacify trillion dollars spending bill that is economic catastrophe not the debt ceiling itself. stuart: as an economist doesn't have a grand situation default, does that worry you around the world in a lehman moment, do you worry about that.

>> no i worry about a massive increase, the argument would say your spending and spending a borrowing money and then blaming the bank for not raising their credit limit, come on the crisis of the debt itself, democrats want to advert a financial crisis which we all do, the way to do that is stop are weaning spending and taxing so much money, i do believe that this bill we will be debating for the next two or three months on your show is $5 trillion great society part two at the most financially irresponsible bill in at least a half of a century, it raises tax rates, increases borrowing, the green new deal, let's stop the financial crisis but not spending all this money. stuart: if we don't stop the spending, if they somehow or another agree to 2 trillion,

states 3 trillion suppose they agree on 3 trillion total, is that bad for the economy are good. >> you mean more government spending? stuart: yeah. >> no we should be cutting government spending, last year we had the massive borrow because we have the covid lockdown and a lot of businesses went out of operation but that crisis is over and the economy is back all we need to do is stop spending money, when a crisis is over if you look out the last 200 years in the crisis is over that's when you start paying down the debt, this is the first time in american history we have a congress that wants to spend trillions of dollars after the crisis is over, it makes absolutely no sense. stuart: all good stuff and i promise to refer as a 5 trillion-dollar. >> it my mission, 5 trillion not three and half trillion. stuart: thank you so much, senator joe manchin is asking

congress to delay the three and half trillion dollar package, i know it's in total 5 trillion but he wants to delay the three and half trillion. lauren: 2022, until next year axioms reporting that's what he's saying and private we need more clarity on what happened to the virus and the inflation it causes, by the way one week from today the house is set to vote on bipartisan infrastructure bill like the real infrastructure bill, the 1.9 trillion euros in the bridge is not the human infrastructure, if they vote on not only that, what happens to the three to half or $5 trillion human infrastructure bill and imperils it. a lot of numbers here. stuart: is certainly does. the taxi starting point public friday, the ceo on the show to

see how that is going. facebook's claim of the wall street journal after paypal reported facebook knew about several big problems and did nothing about it. we have the latest on that right after this. ♪ as i observe investors balance risk and reward,

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stuart: now we have the peloton story that's a stock that is out the train to grow the business outside of the home, what are they doing. lauren: is down 30% here's how they want to grow their business they want to go into hotels and colleges and resorts outside, they brought on in manufacture equipment most of the time of the u.s., that would help with the wait time and supply issues you can get customers in their bikes faster and also the next enter next catalyst for growth so many people want to peloton they have one. stuart: we've been digging into the wall street journal of facebook, edward lawrence is with us what is the latest on this. >> facebook under fire but

firing back, global affairs says the wall street journal has misrepresented the facts in a series of stories that it did, nick writes this at the heart of the series is an allegation is plain false that facebook conducts research and systematically and willfully ignores it if the findings are inconvenient for the company the wall street journal outlined how facebook's own research one in three teen girls get a worse body image of themselves by looking instagram some have thoughts because of it, the documents show facebook did nothing about it, wall street journal reporting that the algorithm promoted divisive content because it drove user engagement. mark zuckerberg resisted changes because that might reduce user engagement the wall street journal also finding cartels and criminals around the globe using

facebook for illegal activity largely unchecked, marsha blackburn cosponsored a bill for probe to investigate these reports. listen to this. >> their applications are being used for these purposes and they're not blocking it, they're aware they kept studies that show that their applications, instagram is harmful to teens but what are they doing, they are chasing eyeballs and dollar bills. >> will see if anything comes of it mark zuckerberg is dragged in front of congress five times since january 2019 and there have been no changes, we will see what happens. stuart: the facebook stock is down today, check the markets again, we may have seen a debt buying we were down about 700 points and futures, now we are down three and 90 after the market is open there could be debt buying as of right now, look at goldman sachs sharply

lower because they may be exposed to the evergrande situation and there down 3%, that shaves 80 points off the dow industrial, still ahead steve forbes, sandra smith, medal of honor recipient dakota and bobby band steakhouse joseph smith, or his restaurants in new york city for when you have to show vaccination proof the second hour of already just beginning. ♪ and that makes you ♪ ♪ larger-than-life ♪ ♪ ♪ ♪ ♪

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♪. stuart: good morning, everyone. it is 10:00 eastern. let's get straight to your money and i will tell you this right off the top, this is a sell-off or a big slide as i prefer to call it. the dow is down 400. that is 1.2%. a little perspective for the moment though. the dow is still up 12% this calendar year. still up on that basis. nasdaq is down 230 points. that's a slide. how about big tech. all of them in the red. that is pretty much true of every single industry and category on wall street. microsoft is a big loser, down about 1% there. show me the 10-year treasury.

the yield there is 1.32%. now this, china's second largest real estate developer is in danger of going bankrupt and that is the main reason that wall street is sliding. every grand has $300 billion worth of debt. they're having real trouble paying it off of the they're asking their own employees to pitch in. they're supposed to make an interest payment. don't know if they can make it. the big question whether the chinese government will bail them out. they may let them fail to teach investors a lessing. anyone that might have exposure to ever grand bonds they might take a big hit. cryptos, you might think they would offer some protection. they are not. they're not a safe haven. all of them down sharply so along with stocks. oil is down. if china slows because of ever

grand, the world close an less demand for oil. down it goes to $71 a barrel. treasury rates, raising the price, lowering the yield. all this is happening as president biden's political position seriously erodes. he is surrounded by crease sees. there are 14,000 camped under the bridge, mostly haitians. they asked for national guard troops to restore order. they got to response by the biden administration. so thousands of racial shuns are coming here. raising debt ceiling there is a vote own this. the democrats want to spend and build up debt. latest top poll shows voters top concern is inflation. eight out of 10 worried about it. voters believe biden has been a divisive, not a unifier. we have a market slide because

of developments in china. wall street is not helped by the president's political difficulties. the second hour of "varney" just getting started. ♪ stuart: okay. steve forbes joining us this morning. the president is surrounded by crease seasoned the market is sliding. what say you to these two events, steve? >> i think it is accumulation of bad policies over this president and you did know in the past whoo might trigger something on wall street. that is why they call them black swans, you don't know where it comes from. what is happening in china could be trigger of what is happening with all these bad policies and if the president announced today, which he wouldn't, that he would postpone the blowout spending bill, new entitlements, wreck budgets in the future you would see things turn around. if america gets its economic act together we can cope with the

crisis in china and the government there will mitigate it, if they let ever grand go under, they will find ways to mitigate it flooding economy or something else as they did in 2008 and 2009. the key thing comes back to us what will we do now? will congress stand up to biden? that would be great for the market and economy and global economy. stuart: a new fox poll shows inflation is the top concern of voters. 82% saying they are extremely or very concerned about it. but, steve, the fed still thinks that inflation is going to fade. so what do you make of all of this? inflation, we could all see it, we can all feel it, everybody sees it and feels it. i don't think it is going away. the fed does. what say you? >> the fed is engaging in happy talk because its chairman wants to be reappointed by the white house. that decision will be made in a few weeks. in terms of what the fed has done part of the inflation today is because the fed created too much money in 2019 and 2020 and

this year they have mitigated it a bit by buying bonds and putting the money out in the marketplace, hauling it back in through a device called reverse repos, reverse repurchase agreements. that number is $1.12 trillion. how long they can continue games like this to prevent a flood of money and inflation i hate to say remains to be seen. i don't think they can do it much longer especially if congress passes those terrible spending bills. in terms of recovering from the pandemic and government bad policies there, confusing policies on health care that is hurting the economy as well and preventing recovery from disruptions from the lockdowns last year. so all coming together in a bad way, the thing is, stuart it, can be kurd by some sensible policies, short term do nothing. leave it alone. leave the economy alone. stuart: that is out of the question. biden thinks he will get the, democrats will do well in the

elections next year if he floods the market, floods economy with free stuff like free pre-k and free college. he thinks that is political winner. i suspect like you it is a economic disaster. what say you? >> that happened in the 1970s. terrible thing with the dollar. gave inflation. people noticed higher prices. that will be more than perspective free community college in a year or two down the road. they see it now. not what might happen three or five years down the road. stuart: got it. steve forbes, thank you very much, appreciate it. >> thank you. stuart: get back to the market, i want to comment here about dip buying. we were down 700 on the futures, very low prices. some people came in and bought the dip and the market went back up again. but now, market is going back down again off 400 points if that dip buying period failed. so you're down 260 on the nasdaq. down 430 on the dow.

we have movers. start with doordash. lauren: they have a deal. customers can order alcohol through the app in 20 states that could boost checks for restaurants, right? you can see orders up as much as 30%. half a percent gain isn't of when the market is down 400. stuart: take it. lauren: this is big boost, american airlines. up 1 1/2%. so "the financial times" is reporting that the u.s. might relax restrictions for vaccinated europeans starting in november. that is good for the travel sector. stuart: okay. a bitcoin miner, big digital, is that it? lauren: big digital, big farms are riding the cryptocurrency selloff. they are moving in the direction of equity equities. bit farms is down 8%. stuart: in percentage terms the cryptos, crypto miners are off far more than stocks at this

point. lauren: they're not a safe haven. they are morris ski, proving to be so. not a safe haven at all. stuart: jeff sica joins us this morning, you say quote the stupidity of the biden tax plan has reached it is pinnacle. i guess you're referring to the capital gains taxes, the estate taxes, are those proposed tax increases are part of the reason for today's selloff? >> yeah. i think that and one of the things i'm specifically referring to, stuart is the increase in the corporate tax because you're talking about inflation prior, how more people are concerned with inflation than just about anything else? here you have of government, which i'm wondering if the biden administration, any of these people have taken an economics course in high school? because what's happening here is, first off, corporations do

not pay taxes like individuals. that's what you learn in economics. and what i see is that corporations will pass on their taxes to consumers in the form of price hikes and consumers right now need higher prices like a submarine needs a screen door. so that is what they're proposing. these companies that would reinvest in their company are now going to export jobs overseas. they're going to hire less. they will spend less, capital spending is going to decrease. so just as i think that the biden administration has reached the peak of stupidity they go to another level and last week with the fair share rhetoric that was coming out of the biden administration, it just, it just infuriated me. stuart: any there are two questions about the market which are unanswered.

maybe you can help us out here. number one, is this start of a real correction that takes us down five or 10%? number two, will the chinese communist party bail out ever grand and save the day in china? can you answer either question? >> stuart, one thing about the chinese government they're not big on transparency to say the least so this collapse is creating a lot of uncertainty. we're all waiting to see what china is going to do but there is another element of this. the market has been priced to perfection. it has been looking for a reason to sell off but as you mentioned earlier, stuart, this is a 300 billion-dollar chinese developer. you have a big consumer market in china will be greatly hindered if this company is allowed to collapse. then there is the whole, the whole analogy to lehman which is that what is the

cross-contamination risk? and a lot of people are looking at this document that came out in 2020 that talked about the exposure that they had to banks and financial institutions. you're talking about hundreds of banks, financial institutions. that's what the contagion is what the worry is now. stuart: it sure is. >> if this spreads to the banking system. stuart: time is up, jeff sica, good recall performance today. see you soon. >> thank you. stuart: turn our attention to the vaccines and the virus. an fda panel recommends pfizer's booster is it shot for certain people. who are they recommending the boos shot for. lauren: those 65 and older and immunocompromised. this is the advisory panel, fda, cdc, are meeting this week. we'll see what they do. likely they will be guided by the advisory panel. dr. anthony fauci said don't rule out the widespread roll out

of boosters for everybody, because in a few weeks we'll have more data. as they keep getting the data they will tweak their decisions. right now boosters for 65 and up. only are the pfizer booster, they're the only one who submitted the data but that could change. stuart: tell our viewers there is positive results for the pfizer vaccine for children age five to 11. got news this morning. lauren: by halloween we could be possibly injecting our children. stuart: the kids. the dow industrials are down nearly 500 points. 28 of the dow 30 in the red. that is a loss of 1.4%. landowners in texas sick and tired of more than 14,000 migrants remain camped under the bridge waiting to be processed. so bad, residents are is chaing away migrants from their homes. bell medical medical at the border with the latest. as the country face crisis after crisis, president biden goes for a bike ride at the beach. >> mr. president, what will you

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stuart: any bounceback? no. dow industrials down 520 points. two sectors getting hit the hardest, financials, all of them, way, way down. look at these in percentage terms, two, 3% down.

that's a big drop. and energy stocks also hit the hardest. oil back down to $70 a barrel and down come all the oil-related and energy stocks. look at bp and chevron is down 2%. stuart: one of many crises the administration is facing, i'm talking about the one at our southern border. 14,000 migrants remain or are now packed under that bridge in texas. bill melugin is there. bill, what's the latest? reporter: stuart, good morning to you. the situation down here still remain as crisis in every sense of the word. take a look at this. we're live under the international bridge here in dell row yo, texas, where there are still upwards 12,000 migrants living here after they crossed into the united states illegally. some of them have been using sticks and plants to build temporary structures. some brought tents in. some don't know how long they're going to be here. a massive amount of people down here. we'll show you that perspective. take a look at our second live

camera down here right now, to give you a depth shot how many people are down here. like three football fields in lengths. upwards of 12,000 people. most are from haiti. most of them across earlier in the week. now they're just waiting to see what is going to happen to them? will they stay or be deported back to haiti. a third live perspective. a live drone again giving you another perspective how large the cam is. the federal government started repatriation flights back to haiti. that is largely single adult men going back. there will be some women and children who are processed and released into the country with notice to appear. why are there so many people down here? look at this remarkable video we shot on saturday. we were given a boat tour on the rio grand. a constant stream of hundreds of migrants crossed into mexico into the united states, walking across the dam and river. hundreds of people. it went on all day long until

texas dps finally blocked it up. border patrol chief saying to any applying migrants. >> have you heard from the him or vice president. >> i told them about the dire situation here? reporter: apologize the mayor of del rio, texas. that was not the border patrol chief that was my bad. he has not heard a thing from the white house. around noon local time. dhs secretary alejandro mayorkas will be down here on the ground. he will have a press conference with the ongoing situation here. he will have that, and report everything that comes out of it. back to you. stuart: we'll watch, bill melugin there. president biden will deliver his first united nations speech tomorrow. connell mcshane, any idea what to expect from the president? port pot looks like what we can

pick up, stuart, the goal will be to change the subject for the president from issues like afghanistan. even with tensions with france you referenced before the last break. two issues like climate change, the rise of china. will be a tall task for president biden to get the attention of the world off of these foreign policy challenges that hit his administration here in recent weeks. think about how the day played out on friday. within a matter of hours first of all the pentagon admitted the drone strike in afghanistan killed a number of civilians including seven children not the isis-k terrorists who were targeted. france recalled its ambassador to the united states upset over a submarine deal made between the u.s. and australia. that was just on friday. part of the background for president biden this week. he will address the general assembly. his approval rating taken a hit. went down from a high of 56% in june in the fox poll to even 50% of the poll just came out. you look inside of those numbers. it is clear afghanistan is the reason they have gone down. listening to administration officials talk about it, that

shift in focus we refer to does appear to be the goal here this week. >> president biden will speak to our top priorities, ending the covid-19 pandemic, combating climate change, the climate crisis, and defending human rights, democracy and international rules-based order. all three are challenges that stretch across borders. they involve every single country on earth. reporter: there are over 100 world leaders who will be on hand. a little lower than it normally is because of covid. some speak remotely. asking their delegations lower than they normally would. the four people from each country will be allowed in the general assembly hall inscrewedding the speaker. secretary of state antony blinken will be here at some point with meeting with the uk foreign secretary. john kerry the climate envoy has

been seen here at the complex. again the president speaks here tomorrow. stuart. stuart: connell, thank you very much indeed. i want to bring in christian whiton on foreign policy, domestic policy and all the other stuff going on here. president biden is surrounded by crises foreign and domestic. is he up to the job? >> i think pretty clearly he is not. more importantly foreign leaders believe he is not. he ran back bringing putting an end to the trump era, putting end to some of the turbulence not just with foreign adversaries but just with allies. what has happened, anything but that has happened. i think the french are more to blame than the u.s. but we're at loggerheads with france. you have this terrible image and action coming out of afghanistan where the u.s. killed seven children and frankly lied about it until they were caught by the "new york times." and you have the collapse of u.s. power more broadly in afghanistan. they want to change the topic from this but i'm in the sure they will be able to.

stuart: do you think the chinese will bail out evergrande? >> i think so. there is just so much on the line. there is so much zombie debt. there are so many corporations have been allocated capital for political reasons in china. their economy depends on staunching this crisis in some way. a bail out would look very different in the united states where you may just give a company money and wipe out the equity holders. it will look more chinese. the debt holders might be wiped out. some executives may go to prison. some banks may be forced to offer loans at zero interest. things like that are more chinese than american. stuart: beijing is surrounded by crises foreign and domestic almost as much as washington, d.c.? >> you know, xi xinping orchestrated this left turn and resoundingly reversed what began under xiaoping, this idea that china gain power in tacitly

subdued manner. he has been very aggressive. part of it in the name of anticorruption gain control of country himself to reward himself and his predecessor's cronies. hardcore left-wing communism ultimately doesn't work t ultimately is the inefficient allocation of capital. stuart: you got that right. christian white ton. thank you, sir. appreciate it. see you soon. stuart: elon musk mocks president biden after the president neglected to comment on spacex's very successful spaceflight. we'll tell you exactly what musk had to say about that. lumber prices finally dropping. don't hold your breath they could go back up again to the old record highs. we'll tell you why after this. ♪.

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the u.s. will lift its 14-day quarantine requirement for those traveling here from other countries. foreign nationals who are fully vaccinated won't have to go to the quarantine thing but they must be tested three days before they leave on the plane to get them here. got to be tested but once you're here, all negative, no quarantine. that's good. susan back with us. she never really went anywhere. you're studying movers. didi? susan: rest of the chinese stock plays on evergrande default concern. reuters reporting headline crossed the didi's cofounder tells close associates she plans to step down. that is a reuters report. i've known jean lu for a long time. she worked at goldman sachs in hong kong. i have not independently confirmed this, when you look at didi global, the stock is way below the 14-dollar offer price on the ipo, they had a lot of hurdles to cross in terms of

privacy concerns, removed from some of the app stores in china. there is this reuters report, which again i have not been able to independently verify but sounds like the cofounder might be looking to leave. airlines, you mentioned outperformance there, on optimism restrictions could be lifted with the fda relieving them of that 14-day quarantine for all vaccinated adults. but you know, when you're up in the down market, that is outperformance. i thought some stocks rallied 1 1/2% or so. stuart: american still below 20 bucks a share. hasn't gone anywhere. susan: hasn't gone anywhere for a few months. stuart: have we got something on smile direct? susan: outperformance, this is the latest meme performance. it has been going vertical. there is a lot of short interest in the stock. another wall street bets favorite. piling in to this to try to kill the shorts. see where that land. it is up. stuart: a meme stock. you have news on tesla? susan: show you high growth,

high value plays here, tesla, coinbase, apple, amazon. tesla snapping a five day winning streak. losses elsewhere in the world, has concerns here especially with all the domestic issues of the fed, debt ceiling, september typically a weak month for stock. stuart: issue after issue after issue. add them all up you have red ink a go go. thank you very much, suzanne. lumber prices finally coming down. they're off all-time highs. that has people buying more lumber. maybe that could create another shortage, bringing prices back up again. let me welcome our brand new colleague to the show, madison all worth. great to see you. i know you're at a lumberyard in new jersey. is lumber flying off the shelves again as prices come down? reporter: stuart, thank you very much. lumber is flying off the

shelves. this lumberyard has been busy because prices are coming down. they're keeping up with demand. things are getting tight as more and more contract builds start to happen. because we're seeing better prices compared to may, when those prices were very high. so what we're looking at now, a price of around $600. in may we were way higher than that. we spoke to an expert who says if you want to start a project, you better start it now. >> now is a great time to start. now is great time to get material on the grounds. i don't see it going lower again. we're back into a high volume period of time of the season. get it ordered, get it on the ground. they know they warrant to get closed in before the winter months. reporter: so the problem right now is that demand is great, that prices are climbing again, surging 39% this last month but as you can see on the screen we're doing much better today than we were back in may.

that is when you would have been paying $1686 for your lumber. lumber prices are one of the key reasons why new home builds have been more expensive recently. that combined with other material shortages and labor shortage, a new home will goss you 50, to $60,000 more than usual f you're looking to build a new home now is probably the time to do it because lumber prices are that low. if they move anymore they're almost definitely only moving up, stuart. stuart: how about that. matson, a fine start to your fox business and on this show. thanks very much indeed for being here. good stuff. reporter: thank you. stuart: we got numbers earlier today on homebuilder confidence. in september is inched up just a fraction. jerry how warred, the ceo of the national association of homebuilders, joins us now. homebuilder confidence inched up a little. was this because of lower lumber

prices, surely not? >> it had a lot to do with it, stuart. lumber prices coming down is a crucial element building new homes but the real problems that are still out there are the rest of the supply chain which is still inconsistent and unreliable. that means for everything from tools all the way to appliances. so, the demand is out there. the builders are just a little bit leery about the supply chain. stuart: president biden said he wants to build 100,000 new affordable homes, new affordable homes. i don't think you can do that unless you really change the regulations and red tape real quickly. i don't think you can do that. >> you're exactly right, stuart. what is causing the housing affordability crisis, the cost of materials, the supply chain, shortage of labor and regulations and i don't know how the president intends to address those issues but to build

100,000 new affordable homes in whatever markets he is talking about will be extremely difficult. i assume he is talking about some of our toughest markets like california. it is incredibly hard to build in that state right now and i hope he can pull it off. would like to work with him on it. we have miles to go before we sleep on that one. stuart: what is the easiest state to build a new home? >> the mountain west is real easy and the south. those are the two high growth areas. stuart: i will remember that. jerry howard. thanks for being here. see you again soon. >> thank you, sir. stuart: remember archer aviation? they went public last friday. today they rang the opening bell on wall street. can that stock, it is an air taxi, electric air taxi stock, that is what it is, can he do well in this kind of down market? i will ask the co-ceo adam goldstein about that. he is on the show next.

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stuart: it is a september selloff or a plunge or a slide, whatever you want to call it, but the dow is down 500 points and it is getting worse on the nasdaq which is down 309 points. we're following this all through the day of course. we want some good news and got it. spacex capsule splashing down sunday. it was historic all civilian crew going around the earth, orbiting three days. give give me some good news. lauren: this is first time amateur crew. they had six months of training.

they made it through earth's orbit. three days orbiting planet earth. opened market for tourism. they raised $200 million in the process for st. jude's childrens' hospital. it is for charity around gee whiz as well. stuart: elon musk mocked president biden because he ignored the mission. what did he say. lauren: here is the backstory, president biden snubbed elon musk two times. first he invited general motors and ford to the white house for major ev announcement. he did not invite elon musk. probably because they do not use unionized labor and ford and gm do. if you look at 3 1/2 or five trillion dollar spending bill there, is extra tax credit for electric vehicles made in union shops f you're looking to buy a tesla, that bill goes through,

you don't get the extra tax benefit. so elon is mad. stuart: what a ridiculous thing. lauren: varied includes. stuart: to base a tax break on unionization, that makes no economic sense at all. lauren: that is part of the mission and the goals of the progressive party. stuart: i know that. i don't like it. >> americas perfect sense if you're looking at it like that. we'll see if it goes through. stuart: stop it. move on. great guest. show me archer aviation. down 7 1/2% today, they began trading publicly last friday. they rang the opening bell on wall street today. look who is here, cofounder, co-ceo adam goldstein. you're an electric flying taxi company. obviously not a great time to go into the market, is it? you were down last friday. you're down 7% today. you can't do much about it, can you? >> well the good news here, stuart, that we're really in this for the long haul. this is a product we're really excited to bring to the market and the technology has matured

to the point where we can now fly economically viable missions. regulatory environment is now in place to allow for certified vehicles and by raising the capital here and you know opening new york stock exchange itself it is really laying the groundworks here to enable us to bring the vehicles to market in 2024. stuart: just for the benefit of our viewers, what is the recharging time for an electric air taxi? >> a great question. so the way that we designed these vehicles are actually that they can fly back-to-back missions basically all day long. so if you think about a trip like manhattan to jfk or lax to pasadena, those are routes millions of people take the drives every day. they're spending 60 to 90 minutes on the car on the ground taking these trips. these are trips we can fly five to eight minutes. we do it back-to-back all day long with the vehicles. charging time typically take place between loading and

unloading of passengers to enable continuous flights all throughout the day. stuart: so again, you can recharge fully just as you unload the passengers and load them back on again. that implies maybe an hour you can completely recharge? >> well the good news, stuart, we're not going to use the entire battery on every flight. so we will hold a certain amount of the battery in reserves. a certain amount of the battery will hold, that will just keep there as backup as well and then we'll take the battery down, typically around 30% permission. when you go to recharge, you're basically topping off the battery every time for missions, that enables quick turnaround times here. we're talking turn around times of ten minutes or less. stuart: are you fully authorized by the faa? is your machine, equipment, all checked out? you're definitely going into the air, 2024. >> that is really great question. so the faa has been laying the groundwork over the past 10 years to enable this new industry really to come to

market. so we actually just announced a couple weeks ago that we received our g 1 certification basis, which is the first major milestone in the faa certification process. so we're working with the faa to continue working through the process. our goal is to be certified by the end of 2024 which we feel really confident we'll be able to do. it is wonderful working with the faa that they're really a forward thinking agency and enabling a new form of transport to market. stuart: i want to be on your first flight if i'm still around in 2024. >> we're looking for test pilots, stuart. i will tell the team, i will sign you up. stuart: let's not get crazy, adam. we'll have you on the show. best of luck with archer aviation. >> thank you. stuart: new york city updated quarantine guidance for students. what are they saying? lauren: new york city schools have been open for one week. in one week one million students go back to school.

384 tested positive for covid. 592 test positive for covid and 384 staff members. okay? as a result, 445 classes completely shut down in just one week. so now what new york is doing is saying if the kid has a mask on, vaccinated or not and they are three feet apart from other kids you have to close the classroom. you just have to test negative. stuart: that is a very big deal. it keeps kids in schools. it keeps schools open as opposed to shutting down every time they get a positive test. that is big, big deal. lauren: starts monday. stuart: thanks, lauren. show me the dow 30. need to get a sense of the market, as you sense from the graphic right there, left-hand side of the screen. 28 of the dow 30 are in the red. the dow industrials are down 500 points. that is 1.5%. this is a selloff, folks. state alcohol boards warning of shortages ahead of the holiday season. we'll tell you why it could be

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stuart: there were some dip buying early in the trading session today. it didn't last. the market came back up again and the dip buying ended and we're going down again. now we're down 508 for the dow and 318, 319 for the nasdaq. more than a 2% selloff in the nasdaq composite. now i want to pay attention to the cryptos. many people thought that maybe if the stock market really went down sharply then currency, cryptocurrency would be sort of a safe haven but lauren, apparently not. lauren: no. bitcoin is holding 43,000, actually 43, 8. 40 to 42 is sign of resistance on the downside. we'll see if we get there litecoin down sharply. stuart: if you went through the list of group of stocks i would expect to see energy stocks the worst performer. lauren: by far.

energy is down 2 1/2% today, chevron, exxon are down 2%. financials also down sharply. if you look at a chart of the dow 30, goldman sachs and jpmorgan are at the bottom here. goldman, jpmorgan, are the worst performers. that links to the story in china. stuart: because goldman sachs may have some of the bonds owned by -- lauren: evergrande, ever grand cannot pay off on. that is hurts the dow because it is a dow stock. cvs are planning to hire, how many, and are they, can they do it in this market? lauren: they want to do 25,000 additional workers. they want to hire them this week because they're preparing for booster shots. people can go into the pharmacy, get a flu shot, get a covid shot and get the booster shot if that is given the green light for all americans. right now likely just for those 65 and up but that would be big business for them. and they need more workers to do that. stuart: can you get 25,000

workers to show up on short notice. that is not easy these days. >> you pay them more than $15 an hour. stuart: that is something to come back to work people don't like. lauren: we'll see how they do. stuart: still ahead on the program today, sandra smith, jake bequett, the owner of bobby van's steakhouse joseph smith. you have to show proof of vaccination if you want to get into a restaurant in new york city, so are his restaurants in new york city full? i will ask joseph smith. china's second largest real estate developer cannot pay its bills. that is it causing a the market slide. will beijing bail them out and help out. we'll take that on in the third hour of "varney" coming up next. ♪

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>> the early going with evergrande $300 billion they worn twice in the last two weeks china's lehman moment we have to step back take a deep breath and

as tough as that's going to be in as scary as it's going to be. >> china could see the trigger of what's happening with all these policies. if they get its economic act together we can cope with the crisis in china and the government will mitigate it if they let evergrande go under. >> one thing about the chinese government and not under currency to say the least the market has been priced to perfection minutes looking for a reason the selloff. >> were in a show me market to show me the earnings market everything has shifted from the micro to the macro. >> the crisis is the debt itself if democrats want to convert the financial crisis which we all do, the way to do that is stop following in spending and incrementing so much money ♪ ♪. stuart: it's almost 11:00 o'clock eastern time the markets are in selloff mode lots

of red ink the dow is down 500 almost on 1.5% and the nasdaq composite is down better than 2% two and a quarter% down 330-point, no surprises big tech is all on the downside across the board, amazon is down more than $100 per share the yield on the ten year treasury is that 13%. here is why there's so much red ink this monday morning china's second largest real estate development cannot pay the bills evergrande may default that would mean serious losses for the investment firm of $300 billion worth of debt the word contagion is back it is rolling through every market in the world and that includes crypto's they're not acting like safe havens they're going down even more than stocks in percentage terms, over 14000 are

under the bridge in texas we are flying some of them back to haiti the parliamentarian says the democrats can't stick migrant amnesty into the budget biden is under political pressure on immigration he's under a lot of pressure all over the place on his three and half trillion dollars spending plan senator manchin says delay until next year the left is upset about that and the democrats are split the president is not inspiring confidence, voters think he's divisive and spent the weekend at the beach in the crisis world all around him and he would not answer questions he's headed to new york and addresses world leaders at the un summit tomorrow red ink and amounting political trouble that's where we stand this monday morning and sandra smith joins me now. the tactic for investors four years has been by the dip do you

think it'll work this time. >> it'll be a major test of the biden mentality more so than evergrande story which is huge you use the word contagion in the house were ripple effects across the globe, always put the selloff in perspective you will hear that from you dow that that 34000, 546-point drop still only 1.5% want me too point that out there is a lot of concerning stuff happening and a lot of uncertainty that is out there when it comes to raising the debt ceiling and paying off the massive debt, the ability to do so and janet yellen a catastrophe if we don't raise the debt ceiling at three and half trillion dollar package on the table by democrats, joe manchin trying to get into the wave of that, i think all the uncertainty right now is huge but at the end of the day and fox news polling is showing people are concerned about inflation we are paying more for

absolutely everything and you see in the fox news polling, inflation those that concerned, 82% over the coronavirus pin dimmick, over afghanistan and over employment that is certainly something to keep your eye on in addition to this is a laundry list of aggressive taxes right now you have a tough tax rate combined located 62% in this country, people are looking for the safe haven in the equity market has gone on so long going up little volatility although was see the fed's next move, that's a big question. stuart: president biden is sliding politically, he is just leaving his vacation home in delaware. >> amounting crises. stuart: crises were made about him everywhere it doesn't answer

questions. >> with the last time you had 70 for the biden a administration on your show. >> the labor secretary a couple months ago. >> that is fair and i know "kudlow" had the labor secretary as well but where is a transparent, there is so much that the american people want to know and there is so much happening under this administration and so much has changed and were not getting our questions answered that's bothersome for a lot of people on the left and the right. >> all the political crisis does not make the selloff worse. >> public tics are always at play although you have a long equity that's about the raw fundamentals in these markets and why these stocks continue to go higher they will continue to drive them harder the politics is a three and a half, call it $4 trillion spending package, the massive spending is game changing, that changes everything about the way these markets operate in the way the country operates, that the

social spending package. stuart: with all the problems in the crises it doesn't look like you can pushed through the three naturally another package. >> joe manchin is saying given me after 2022, chuck schumer, nancy pelosi that throws all their plans into question. stuart: you did get massive spending, stephen moore said that all, if you get that and you get all the tax increases that they're talking about on capital games and corporations that surely is more bad news for the stock market. >> you get a unlivable environment of business friendly country, that's what everybody should be concerned about we want people to go back to work we have a record amount of job openings in this country and we can't get people to fill them and you want to spend trillions more, the federal reserve is about to look at the economic situation of this country see an improvement in the employment situation and they will potentially back off, will see in a couple of days if they

start to curtail their stimulus we start living in a very different environment and don't think that doesn't mean the wealth divide will continue to spread, this is against anything that this administration promised you're getting get more people in the high income range and the high wealth range and unfortunately you're going to get a bigger divide in the middle and you'll get more people at the lower end. stuart: it's not a good outlook. >> it's not, i'm also optimistic in those reasons that this market can continue to go higher i know morgan stanley is warning of a 20% drop in the s&p 500 and a 10% drop, that can be healthy but we will see what the decisions are made in washington by the federal reserve and see what happens in china. stuart: this is the biggest test yet as by the dip. >> this will be a big deal and you watch stuart varney for all the reactions. stuart: we can watch on "america

reports" weekdays 1:00 p.m. eastern on fox news. >> for clock on the fox news channel. stuart: well done, thank you see you later. we have to report that the man behind iran's nuclear weapons program was assassinated with an artificial intelligent powered remote-controlled machine gun i want to bring in metal of honor recipient dakota meyer, it is an honor to have young the show. this sounds like this is the antiterrorist strategy of the future, remote-controlled robotic assassination, tell me more. >> first off we have to remember that iran is the number one exporter of terrorism, the number one funding terrorism and i think it's awesome i think this administration should take votes on how this is done. stuart: do you approve? doesn't that mean you're not going to use so many seal teams

or ranger teams, that kind of thing. >> any type of operation and drone strike, anything like that is multidimensional, they had to import and bring in all of these different supplies to this like the weapons and put all this together so they had to have people operating on the ground and giving them intel on where this person was, it is still multidimensional but it is an effective way to do it. stuart: mike pompeo slammed the botched cobble drone strike and said the administration was putting political pressure on the military. mike pompeo, roland. >> is a tragedy that civilians were killed this is another piece of an evacuation that was driven by politics and not putting america first in the merc's national security. stuart: political pressure on the military created that mistake and drone strike, what

say you dakota? >> 100%, the faster that you have to take intel, when young the defense anytime you're on the defense you always have to react to situations in the level of the margin of air goes up at that point and this is what happened, this administration took our military they put them in the defensive position and we were attacked and all of a sudden they wanted to react as quickly as possible and just like with the attack and iran anytime on a drone strike is multidimensional you have to work with your allies and have to get intel way these people are out and you're trying to keep her own people safe, like i said this is a political, this is what happens when you let politics drive the tactics instead of our generals. stuart: are you still in the military or have you left completely. >> i'm not in the military.

stuart: you're not in the military, what are you up to, anything military related? >> i still have attentive friends that are in the military and i talked to people who are over there operating in doing and being warriors, i still keep in touch with the community and i just think at the end of the day what the white house and this administration is showing they're not up to the challenges of the united states of america are going to be facing. stuart: dakota meyer the medal of honor winner. i was taken to the woodshed last here on the show because a congressional matter of honor it's on the congressional medal of honor it is the medal of honor, is that correct. >> yes, sir, it is a metal received medal of honor. stuart: you received the medal of honor. i'm honored to have you on the show, come back soon thank you very much. lawrence is with me, the u.s. is

making a big change in the quarantine policy with foreigners who travel here this is a big deal. lauren: international visitors who are vaccinated into a negative code bid test can travel to the u.s. starting in november just in time for the holidays they will not have to quarantine. croom policy only american citizens and green card holders can travel from the eu or the uk to the u.s., this changes in november for the first time in 18 months the blanket ban is lifted. stuart: that means my son and their families can come here to visit from australia and new zealand. lauren: know it's eu or uk. stuart: i was thinking of your family, do you know any family coming from europe. >> no family in australia, new zealand and the united states. >> we still have a few more months. stuart: i apologize. it's not your fault, thank you

very much. a new report claims the company behind aoc tax the rich dress has a history of not paying taxes, what a story we have that for you, more than 100,000 fans in the penn state football game no masks or vaccines required the media is not talking about it that we are. president biden makes his first address of the united nations tomorrow how will world leaders see biden after his batched afghan exit and the problem with france. will be back. ♪

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stuart: i'm going to call this a slide the dow industrial down 500 and the nasdaq composite over 300 and s&p down 70. stuart: call it what you will but red ink this morning. they will start producing low carbon jet fuel by 2025. they want to make the fuel 10% of sales by 2030. american airlines, microsoft, general motors they just committed to boosting green energy they announced investments in breakthrough energy that is a nonprofit founded by bill gates, those companies have invested in it. president biden is going to address the united nations tomorrow for the first time as president. connell mcshane, my dollar says the future is going to be about climate change, what say you. >> it's funny there's somebody topics that you can choose from in the recent weeks but climate

change in the administration officials that's pretty much all they bring up that the president is going to hit that hard this week i know secretary state and city begin will be here later today so that will give us a little bit of an idea we just heard from the state department official about his priorities and they were saying climate change is a big one that he talked about covid a lot and afghanistan official said they are working on humanitarian aid to afghanistan with officials from the human and that'll be our priority for anthony blinken in a few minutes ago the easy to travel restrictions for fully vaccinated people coming in from that you and the uk then there's france we can't forget about france and the tensions over the submarine deal into the u.s. and australia anthony blinken met with the french foreign minister it won't be one-on-one but a group setting which is kind of interesting and he'll stay for the president speech tomorrow

for president biden the approval rating is taken a hit down six points from the fox pole and even 50% if you look behind the numbers and what americans say they currently see as being something extremely or very concerned about, topics or inflation of the pandemic, afghanistan and of those issues it's clear afghanistan is where the president 36% approval will he's about 50 on the economy of the virus response. overall as we set things up with 100 world leaders into my left and you're right we'll see how things are set up, some of the dignitaries being dropped off just a minute ago, the turkish president got out of the car and went into the turkish united nations on first-half and i tell you earlier today iran into the british prime minister in his walk over to the united nations, it's a little smaller this year than it normally is because of covid but you have about 100 world leaders on hand.

stuart: when you're surrounded by crises he changes subject, that was good stuff, will see you soon. did you see this, this is college football stadiums filled to the max, the media stayed mostly silent about it they could've said this is a super spreader but since is popular there say nothing at all. jake is with me now senatorial united states candidate from the great state of arkansas, let's get right on it where do you stand on vaccine mandates. >> i stand for individual liberty i think people should have the freedom to choose and choose the best outcomes and decisions for their own personal health if they want the vaccine they should be able to take the vaccine and if they don't want the vaccine they should be bullied or coerced or threatened with their job or their livelihood if they decide not to make that decision. stuart: we hear today that pfizer has got good news on

vaccinating youngsters ages 5 - 11, would you consider, what would you think about a mandate that youngsters must be vaccinated at that age, what do you say to that. >> i think that's insane, the data is clear the young people especially toddlers, preschoolers, elementary school children are in 0 danger from this virus, these are children they should be living their lives, running around free and they should be talking about forcing them into a baxter unbacked camp, not at all. stuart: one last one on the subject mask mandates for kids or anybody. >> integration of individual liberty people should choose if they want to wear a mask, that is fine but i don't think it's necessary but if they want to do that, look at the football stands with 100,000 people were unmasked living their lives and having a great american saturday night in the college football

stadiums in the media refuses to cover because oppose up the narrative, these masks are not necessary. stuart: let's move on to the crises that are circling around the president we started flying migrants back to haiti that comes after thousands are camping under, 16000 the latest on the bridge in texas and president biden was on vacation and it seems that he is avoiding crises, doesn't answer questions. and up to the job is whatever the asking. >> he is totally incapable and i think this crisis would be handled differently for 15000 illegal migrants were huddled around his delaware beach house rather than the u.s. the classic skin in the game problem where the politicians and media elites whether not personally affected by these crises, they refuse to do anything about it. these migrants were surrounding

the emmys last night for instance i think they would be healing this with a bit more assertiveness. do you think this will bite the president, doesn't answer questions all of these one crisis after another, they may change the subject tomorrow at the united nations looking at climate change or climate policy, is it catching up with him is he losing political clout because of his inability to deal with all these crises. >> i think the american people are waking up to the fact that we have a president and an administration that is asleep at the switch quite literally in some cases, there's a lot among democrats and independents who pulled the lever for joe biden in the latest election and unfortunately there is no refund, we are living with the failures of this democrat administration and we have to take back the house and senate and that's what and running, people can go and donate support me today, we have old, dynamic

conservatives to take back this country. stuart: thank you for joining us, we hope to see you again real soon, thank you. i want more on the pfizer, they have said that the covid vaccine is safe her kids 5 - 11, this is over the big deal in my opinion, ashley webster, what is doc siegel think about this. ashley: on varney earlier doc siegel says he's happy with the latest trials and when it comes to vaccinating youngsters he says it is an brain are. take a listen. >> we mandate a lot of vaccines for five -year-olds to go to kitty guard i think it's likely you'll see these vaccines available by halloween. i do think it's safe and effective and why we keep our schools open and as a physician it's a no-brainer. >> pfizer says since july pediatric cases of covid have

risen by 240% in the united states proving the need for the vaccination and results from two other ongoing trials, one of children aged 2 - 5 and six months - 2 years old are expected later this year. stuart: i should point out that doctor siegel did say don't mandate vaccines for kids, that should be the choice of the parent to the doctor i think we all get along without one. thank you very much indeed. blake makes the immediate words watch the. >> the megabyte for drama series goes to jessica hods. >> the ma for intelligent series the movie goes to scott and gavitt. stuart: netflix 144 awards. how about that. one point to make about the emmys, that was indoors, in los

angeles, they weren't rain masks. change the subject again in alabama only 41% is fully vaccinated, what would a vaccine mandate due to their economy if imposed. i'll ask the attorney general next. ♪ at usaa, we've been called too exclusive. because we were created for officers. but as we've evolved with the military, we've grown to serve all who've honorably served. no matter their rank, or when they were in. a marine just out of basic, or a petty officer from '73. and even his kids. and their kids.

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(other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured so we do better when our clients do better. fisher investments is clearly different. stuart: we still have a 500-point drop for the dow in the near 300-point drop for the nasdaq, that is a slide or selloff call it what you like. susan: you want to talk about her performance, green arrows i found two of them, lucid has gone vertical after the epa certified the longest charge of electric vehicles, 520 miles per hour charge there both retail favorites, reddit favorites given the direct club has a short interest it might be the wall street looking for the short squeeze and they have been buying into direct, what about the value place, caterpillar is

down 5% or so on the pace for the worst day since november of last year, you also have banks like goldman sachs, and jp lead in the dow that's come from the contagion on evergrande given the evergrande as a second logic property developer in china by sales and will they need as many caterpillar heavy machinery that they go into default. stuart: if they default on $300 billion worth of debt like goldman sachs it's a big investment firms take a hit, that's why banks are down. susan: think of the other ones as well, global money moves and it goes to the other and look at the green delta united after the 14 day quarantine being relaxed for fully vaccinated travelers. >> international travelers, you come hear from overseas and you

don't to spend 14 days in quarantine, your fully vaccinated and you can show proof of it too. thank you, there are 24 states threatening to sue the administration over the vaccine mandate it would include the state of alabama, according to the cdc over 41% are fully vaccinated. i want to bring in steve marshall the attorney general of alabama and he joins me now, attorney general before we talk about three administration i have to ask you what happens to your state if you impose a mandate with only 41% of the people fully vaccinated. >> with significant concerns when you have labor shortages across many businesses including our healthcare side to the extent that this mandate is imposed and wants to drive people out of the workplace and create situations like we saw in new york where you're shutting down attorney words because they can't find enough nurses to stop

that facility. stuart: you're intending to sue over the vaccine mandate with all the other states. >> we clearly what this is an administration that is exceeding valid federal law and the use of executive of 40 is warranted when clearly it's not we stand prepared to stand with my colleagues across the country to challenge this fact. stuart: you're suing on constitutional grounds as opposed to this or have a terrible effect on my state if you actually do it. >> clearly rebuild believe it's bad policy not only constitutional but the authority of this administration relies upon and that's an emergency role with osha we don't think it qualifies under the statute we've been very transparent in a letter to the president to share why it's wrong and why it's implemented and will be successful in court. stuart: how long do you think it'll take to get a decision. >> that they can be fairly quickly we can seek injunctive relief court to been known to

act quickly on this but will not be surprised ultimately to see this case rise to the level of the supreme court one of national importance in the one in the interest of alabamians directly into this litigation. stuart: it's a political split the 24 states considering suing our republican state of the restaurant democrat states at the political split. >> its political and not only do we have 24 attorney general's but we saw tennessee as well as idaho weigh in on this issue, it's republican attorney general being able to say that they believe this is an illegal action and will be prepared to take appropriate legal response to what the administration does. >> attorney general marshall thank you for being with us we much appreciate it. we are talking about a complete change of subject, the emmy awards came out last night streaming services are really big winners, who were the big

winners, netflix presumably? ashley: netflix now be the most emmy for a single platform, 44 awards including 11 for a crowd, more than double the wearable which is hbo and hbo max apple tv plus took him ten emmys for the comedy series ted lasso, i love that series. the crowd one for writing and directed the best drama series and netflix is the queens gambit one for best limited series that was terrific, dizzy plus winning 14 awards but only one was for prime time emmy for hamilton, amazon and hulu were completely shut out but notably streaming platforms overall took the top four spots and with always hollywood complete hypocrisy crammed in wearing no masks and apparently the pandemic is over when it comes to the emmys, kids are going to school being forced to wear masks.

what can you say. stuart: we are still not done with aoc tax the rich, it turns out the designer owes a lot of money in taxes with a tax cheat, tell me more. >> the dress should instead of a taxes come according to a report the designer from the infamous dress has a track record of not paying its fair share of taxes, how ironic dress designer companies racked up three open tax warrant in new york from failing to withhold $15000 worth of income taxes from employees paychecks and the post says the company is being hit with 15 warrants since 2015 and the irs replacing six federal liens on the company totally more than $100,000 for failing to remit employee payroll taxes it's one thing for tax employees but what do you do with the money

afterwards, that is the question, tax the rich how ironic. stuart: i thought we saw the last of the tax the rich dress but apparently not. good stuff, thank you very much, first video games now kids in china have time limits on tiktok we have that story, cheryl casone he defined american dream homes and the new prime lineup which starts tonight we have a preview right after this. ♪ i'm so glad we did this.

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stuart: it's still a selloff anyway you want to slice it in the same proportion although the nasdaq is a little further south down 337-point to and 8% it's a red ink day is serious debt

buying yet. cheryl kissed tony is helping couples by their making dream homes, watch this. >> in the past 20 years it's been about grinding it out and were ready to get the dream home. >> this room is incredible, look at these logs finding peace, success and happiness, giving them their dream home. stuart: cheryl joins me, there she is sitting right next to me, we saw the preview, are they dream homes for middle america, that look like dream homes for wealthy americans. >> is a dream home for americans that worked hard all their lives to build something, a lot of times from nothing we have an er nurse that treated covid patients in los angeles and said i'm moving to hawaii we have a couple that decided that they wanted to be in blue ridge

georgia they found their dream home so were not talking about the multimillion dollar houses these are regular people that overcame a lot. stuart: that's good what you're concentrating is individual not just the house is not just a real estate show so much as a people and real estate. >> is about real americans and one gentleman lost 80% of his investment in february of 2020 when the covid crash happened to the market which recovered fox business these people one was an orphan and felt rejection for most of his life but he wanted to own a home to him owning a home was an american dream these were dream homes some of these people had to work and save all of their lives and when they finally walk into that summer 1 million in summer 2 million and they're all beautiful but i'm not going to 50 million-dollar homes anymore. stuart: i'm familiar with the other show what about the

gentleman or the lady who lost 80% of the wealth in february of 2020. >> it was a man in florida and he came back he had to build back his portfolio and reinvest and reinvent himself and he did in the markets but with real estate as well to get the home that he wanted one couple lost their home in a hurricane in florida and another their house burned down, these are all amazing stories. stuart: tuesday's 8:00 o'clock, by the way you and i share a position on fbn, my new show is called american built it is on fox business prime and it starts tonight, i gotta give you a little preview, take a look at this. >> a global problem needing an american solution, an unrelenting president with a bold vision. obstacles, every foot of the

way. >> yelled landslides and explosions. >> 75% flood in fear of dying. for centuries they have tried and failed to find a shortcut between the atlantic and the pacific. >> more than one of the seven wonders of the modern world the panama canal. stuart: you can watch episodes mondays at 9:00 p.m. eastern, tonight is the panama canal and the crystal cathedral, how about that. that starts tonight. new york city requires proof of vaccination for indoor dining, can restaurants keep their dining rooms full all ask the owner of bobby steakhouses he has operations in new york city are you full of the vaccine requirement, were talking about pennsylvania rationing alcohol other states are warning about potential shortages ahead of the holidays guess who is going to report on that, jeff flock after

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worried if the slide continues from here we are already down 565 on the dow in 339 on the nasdaq, any further south and it becomes a route, looking for debt buyers we have not seen much of that yet, doordash going to deliver alcohol in 20 states and the district of columbia and australia put them in competition with uber which acquired the company this year, doordash is down a fraction of 8% there is an alcohol shortage and it is spreading we are told it is due in part to the shortage of workers, common jeff flock in philadelphia liquor stores are rationing alcohol, how is that going to last? >> they say indefinitely you're looking, this is all bourbon and suburban bar in philadelphia called village whiskey these are some of the 40 plus bottles of not only bourbon but tequila,

champagne, cognac that is being rationed and the ceo of the group because the state controls all of alcohol in the state of pennsylvania. >> they do that may lead to some challenges but in fairness these are distribution issues. >> supply chain. >> the shortages of bottles. >> model issues, were in for a smaller distillery it might be the printed label itself. >> that's amazing, workers as well are having trouble getting things delivered. >> the same logistics issues we face from warehousing to trucking. >> in fairness i have to point out nobody has gone thirsty at this point but this rationing is taking place in pennsylvania has

a restrictive law on the country and the government has brought this down and we'll see if it continues. stuart: held once a disdain philadelphia with a shortage of liquor. >> i just drink water so it does not bother me. good stuff, we will see you again soon, let's change the subject were talking about new york city we have a vaccine mandate for indoor activities, you have to show your vaccine card before you walk inside of a restaurant, joseph smith is with us the owner of bobby band steakhouse in new york city, an obvious question are your restaurants full when you need vaccination cards to getting. >> they are not the has not changed until last time we spoke the buildings have only got 20 t getting any more until november,

maybe january and where it really has impacted us as our events and are parties in the last six weeks since they came out with this $1.8 million in bookings between all my restaurants that were parties of 40 and 50 mainly coming in from out of state. we lost the business with them there is nothing that we can do about it, it's once again the mayor is green up the city, we only have six more weeks and he's gone. stuart: you have outdoor dining facilities and as i walk around new york they seem to be doing really well are you going to keep the outdoor going as long as you possibly can into winter to get around the mandate within side? >> it is been a lifeline to many

restaurants not so much to myself because we do businesswomen and businessmen and they don't want to be sitting by the bus or truck going by trying to talk business buffer 80% of the city it's been a lifeline and three of my locations they do get people but if it's hot, think of the weather has broken this week and if it's like last week 90 degrees nobody sits outside, it helps a lot but it would help more if we didn't have them come out with a vaccine card and i lost 1.8 million business, what about the hotels and the taxis and what about the theater and what about the souvenir stores, everybody lost and he doesn't think it's that way. stuart: were sorry to hear that you're in bad shape through no fault of your own at all.

come back and see us again soon we would love to keep in touch and see how you're doing at a difficult time. >> congratulations on the new show. stuart: i appreciate that. one more story for you we talked about china restricting young people spend playing video games now the chinese version of tiktok is making a similar move a restriction, what are they doing. >> under the age of 14 are being limited to 40 minutes a day to engage with the chinese version of tiktok and that 40 minutes can only be used between the hours of 6:00 a.m. and 10:00 p.m. and outside of those hours it will be completely inaccessible it follows more restrictions to impose limits on access to online video games for younger chinese users and to help enforcement, is calling him parents to register their children with their real names and ages, don't forget last month china issued strict

measures limiting playtime for video games for three hours a week, it's interesting you and steve hilton talked about this last week, interesting stuff. stuart: steve hilton is in agreement with the chinese, this party but that's another story entirely. which is the easternmost state and the united states, the answer will become back. ♪ "network, network, network." so you need a network that's built right. verizon business unlimited starts with america's most reliable network. then we add the speed of verizon 5g. . . we are open and ready for you. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat.

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stuart: all right. which is the eastern most state in the united states? the answer, it is really a trick question. the answer is alaska. the state is technically the eastern most and western most in the u.s. that is because alaska aleutian islands pass the 180-degree meridian which separates the western and eastern hemispheres. now you know. alaska is the answer. jackie is in for neil. jackie: thank you, stuart, i will watch you at 9:00 p.m. along with everybody else. i'm jackie deangelis in for neil cavuto. this is cavuto "coast to coast." the nasdaq seeing the biggest decline since may. why are we taking such a beating and are we seeing a bigger correction coming? our experts are here with everything you need to know. plus pfizer pushing its message