stuart: good morning everyone. if you own stocks, odds are you have a small piece of those gigantic tech stocks that have done so well for you for so long. there is a lot of reading on your screen. apple, amazon, google, facebook, microsoft, always down. this is a major league point. for years if you bought a big tech did you came out ahead. who will buy the dip today? e.l

here hes e reasor fhe t se yield oneld t 1 t0 he 1 rysuento55 i, it i, il at 1bove t o tnehe ve ioflisioriiss.s. aichpolimp tr ansi.ry re he eprrge prinfleo ar styoin fe.ac pr e of oif to t almost os6t os baranturaangas abs e s e a few min, no, atat $5.88, a huge gain in price. down the thrills down 160. s&p down 36 and look at the nasdaq, down 200 points, that happens to the nasdaq when big text crumbles. cryptos offering no safe haven in my with stocks. bitcoin at 41,$000 a coin. the senate held a vote on a

bill that would vote to keep the government running and raise the debt ceiling. republicans didn't want them linked and voted it down. unless there's a deal by thursday night the government shutdown. what we are seeing is a civil war among democrats. the progressives and moderates i bitterly fighting over how much to spend and on what. it is a war unresolved and that is why for the democrat it is hell week in washington dc. a new covid case, new covid cases, new cases of covid have a sharp decline. we will ask if mask and vaccine mandates end of delta goes away. vaccine mandates will push a lot of people out of their jobs, many of them minorities. how is that going? and shaq, big is to distance himself from famous people,

walk away from his own celebrity. can he do that? what a show, tuesday september 20th, 2021, "varney and company" is about to begin. ♪♪ stuart: i think that is my favorite song to get going, start me up. the rolling stones. how old is mick jagger? >> 79 or 70 or something. the case shiller price index for july. >> prices surge 19.9% in july from july of 2020 and that is the biggest annual increase, that is inflation. prices up 32% in phoenix, up

27%, 25 in seattle. we are talking 20% hike in the cost of a home. stuart: that is for july. august and much of september when i suspect the price increase leveled off, i don't know that, i'm just speculating. lauren: it might decrease, but exorbitantly high. try being a first time homebuyer. they are beating you out and - stuart: more on this later on. senate republicans blocked a democrat bill to fund the government and raise the debt ceiling. neil: government runs out of money if nothing is done. democrats try to push a house pass deal to fund federal agencies through december 3rd and raise the debt ceiling through 2022.

we are not increasing the debt limit so democrats can spend on build back better. $8 trillion in new spending, that is the equivalent of 60,$000 per american family. let's give democrat said enough rope to hang themselves if they shoulder the burden of raising the debt building over controlling washington it can cost them committed terms. democrats have shown no desire but they might have to. stuart: let's see how that works because it is hell week in dc. it is hell week. a civil war, a brutal civil war

among the democrats? >> i agree with that because someone has to break some promises. nancy pelosi walking back the idea that she was going to couple the infrastructure bill with the big trillion dollar package, had to walk that back, progressives are going to be on the mark because the bipartisan infrastructure bill is lingering in the house. the speaker wants to bring it up at the promise to the progressives was we are going to couple them together. something has to break or they are going to get nothing. democrats have to out the senate and the presidency. >> will he get the blame if the government does shutdown, the democrats i mean? >> you can hardly republicans when they have no levers of control. they could have temporarily funded the government and got the disaster relief past but they added the debt ceiling to

it. if they pulled it back it would pass by wide margins. they are playing political games. the democrats own this. stuart: they could do a stand-alone bill to keep the government running. they don't have - they have the votes to pass keep the government running, they could do it this morning if they wanted to but they don't want to because they want the republicans to share the blame for this huge debt. that is the story, isn't it? >> so much of what chuck schumer and nancy pelosi are doing right now is all about how they deal with television ads going into the following year into the midterms. they want to pin some things on republicans but this is the democratic show, this is their wish list, spending like we have never ever seen in this nation and it is coupled with president biden saying it is all paid for which is the biggest joke ever. stuart: i am not laughing.

that is not funny. that is a con job in my opinion. 30 seconds left, friday afternoon of this week, how much of this $3.5 trillion worth of spending will actually get? >> they will get close to $3 trillion, democrats are notorious for raising the number so high and they bring it back by 1 trillion or two, look how reasonable we are being, the numbers stunning, we've seen nothing like this. in 2009 it was $800 billion, we thought it was outrageous, this is multiple trillions of dollars. stuart: glad you are away from hell week.

we will see you again soon. check big tech, big story of the morning. all way down. any explanation? >> yields our way up. this started last week, in that time from the fed announced that the nasdaq is down, apple down 4%, investors are rotating in that corner of the market like financials, highest level since june, that's the sign of optimism, getting past the central banks, not in the us but can move away from the pandemic policies and that is why bank is up, that leads to the inflation question. stuart: that was at 155, - >> the highest level since june for the tenure or 30 year which is a 1-month high. stuart: bill baruch is going to

cover this market first thing in the morning, inflation is the big financial story, oils up, natural gas is up, do you think inflation is worse from here? >> it will be persistence, even chair powell will say this transitory. these deals continue to rise, one.5% of the 10 year and 2% on the 30 year, and and we will see one 6, to get the ball rolling. at 205-206. look at that being a big level. it starts to snowball which is how the yields move or treasury

prices move? >> they snowball on themselves and go up from here, what happens to the stock market? >> tech is underperforming, a little more downside but i think financial energies will outperform. i've been on your show, looking at the back half of the year, i love the way they are setting up so they are outperforming and more stock pick or market. microsoft, google, alphabet, protecting downside is something to think about. stuart: thanks for joining us, appreciate it. this is how the market is likely to open, down 140 for the dow, the nasdaq down 200 points. president biden claims his

$3 trillion spending package will add $0 to the national debt, watch this again. >> it is 0 price tag, pay for everything we spend. stuart: larry kudlow will try to do the math. millions of people are subject to vaccine mandates, my next guest is not too happy with that. the freedom from mandates bill will tell us all about it after this. ♪♪ ip will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support

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stuart: new york, new york, by brian adams. looking at the statue of liberty, 67 degrees but i believe it is going to rain later on. a federal appeals court removed temporary block on new york city's vaccine mandate for teachers and staff. that means they can enforce the mandate. >> they must get the dose by 5:00 pm friday october 1st meaning if you want to get paid you have to be at least partially vaccinated by monday. if you are not you don't get paid and position will be filled by someone else was out of 150,000 staff, 95% of teachers, 87% of staff are vaccinated begging the question is that going to be a disruption to classrooms come monday as a result. the union say yeah, a third of schools can open monday with no disruption.

that is not a lot, 2 thirds will have some sort of problem with the reopening if they don't have all the staff. >> 5% of the teachers are not vaccinated and cannot go to school. this is interesting. airline unions want an exemption from the vaccine mandate. their reasoning is it will disrupt the holidays. >> what i found interesting is the unions pleading with the white house right now are american and southwest, both headquartered in texas and don't have vaccine mandate, those are the two airlines that don't. they are saying please don't pressure our company to force an occupation because pilots will retire earlier take long-term leave and that will impact with a lot of people go somewhere for the holiday season. stuart: if you exempt one industry you've got to exempt them all because they all want

the exemption. >> that is why the biden ministration says if you have 100 workers you've got to figure out how to get them vaccinated. stuart: vaccine coverage for now. more later in the show. congressman andy biggs introduced a bill called freedom from mandates to block the president's vaccine mandate. big picture is this where the republican party as a whole is coming from? is this republican party policy no mandates? >> i think it is. the rnc is filing a lawsuit to stop it. we have various state gop attorneys filing lawsuits. in the various states attorneys general like our own in arizona filed a lawsuit to prevent the mandate so it gets to where we are as the heart of the republican party. stuart: if you look at red

states and blue states you've got a higher number of new cases in red states than blue states. at the same time you have more economic liberty in gop states. is that a trade off your prepared to accept, more cases, more hospitalizations but more freedom? >> it is a real trade-off we can accept and here's why. the numbers of mortality are lower in red states. hospitalizations are not measurably higher. they are equivalent in some red states but you have economic activity and personal freedom that allows individuals to make those choices. before covid you and i everybody made choices even to communicable diseases. we assess those risks and lived our lives like free mature adults and that is where we need to be today. stuart: you are in arizona guy,

you've come back from the border but we have reports there is a new caravan approaching the border. what did you see at the border? >> the caravan is coming and more following behind them, the remnants of a mass migration refugee camp. article for the constitution invasion, this was huge, the biggest single day border crossing in the history of the country. border patrol agents did a great job, a lot of questions need to be answered about which over the course of eight days, 26,000 people processed through that encampment in del rio and only 2000 of them repatriated. the rest are somewhere in the united states and since we are talking about covid, more testing. stuart: mayorkas said 20% of them are sick. he didn't specify covid, just said they are sick. 20%.

extraordinary stuff. i am out of time. i know you will be back soon and we appreciate it always. up tiny fraction. why are they ending their vaccine effort? >> the market is too crowded. there shot use the same mrna technology and their own phase 3 trials, the markets well served by those two drugmakers. stuart: they are out of the vaccine thing. >> they work on the vaccine for other things like glaxosmithkline but not their own. stuart: moving on from there, pfizer and biotech submitted initial data to the fda, they want to use their vaccine on kids 5 to 11. the ceo says younger kids could be vaccinated by halloween.

to close futures going into the opening of the market with a lot of red ink on the screen and big tech is way down taking it on the chin today as 10 year treasury yields rise. "the opening bell" is next. ♪♪ then i saw her face ♪♪ now i'm a believer ♪♪ not a trace ♪♪ or doubt of my mind ♪♪ i'm in love ♪♪ i'm a believer ♪♪ i couldn't leave her i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living.

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before we talk about tax-smart investing, what's new? -well, audrey's expecting... -twins! grandparents! we want to put money aside for them, so...change in plans. alright, let's see what we can adjust. ♪♪ we'd be closer to the twins. change in plans. okay. mom, are you painting again? you could sell these.

lemme guess, change in plans? at fidelity, a change in plans is always part of the plan. stuart: take a look at your money and how it will play when wall street opens. there's a lot of red ink right there. you are saying put your money into energy stocks. make your case. >> you need to be diversified. discussing the notion that it is still a bull market and broad sectors, you can't focus on technology or energy but have some of both. you need a net embrace for this market for its internals, and energy is lagging and

financials lagging and other times like today we will see and yesterday probably going to see financial tools. stuart: it is not the end of the bull market but rotating into different stocks which perform very well. if you want to put money into energy stocks would you take it out at this point? >> on a trading basis yes. and there's an energy crisis right now in the euros own and china, mostly gas related, a great opportunity. stuart: the big concern at the moment is inflation, it is all

going straight up. it is not as transient as he thought. if it is a cold winter, does that the stock market? >> it increases the chances chairman powell will be transient. he's taken a firm position that it is transient and problems that are more persistent, concern about inflation, made some sense, didn't make much sense the bond yields could be going down the last few months unless the bond market bought into the transitory story, the bond market has less credibility to the story and it will go and retest the one.77% level, that will keep value stocks. stuart: that is the headline

that the 10 year treasury yield will hit one.77% and i have no idea that hit 177 on the 10 year. always a pleasure. 15 seconds before we open the market and i confidently predict big tech will go down in price, that is an easy price. here we go, 32 one, it is 9:30 eastern time, we are down right from the start, on the dow jones industrial average, the dow 30 opening up and that is where we are, down one third of one%. show me the s&p 500, down 0.74%, 3 quarters of one%, bigger loss on the s&p than the dow, the biggest loss of all, the nasdaq down one%. big tech is down after "the

opening bell" and it is we are talking percentages, the big 5 down one% or more. >> this isn't surprising, looking at what the peak was, we came close to one.77 in march and that is where we saw the selloff. that they will hit one.7%, i don't think it is out of the realm of fossil a given most investment banks predicted that but when you have higher yields what does that do to big tech? people ask about the correlation and make these companies look more expensive, guaranteed money. stuart: how much money. >> so far adding to that today, you can see this goes higher as we go into that jerome powell janet yellen at the top of the hour. stuart: you could lose a

12:$45 trillion. >> the top 5 are present the s&p 500 and that is, the big group of the big 5. stuart: anybody has a piece of big tech. you have more than that. stuart: tesla, and sandler, tesla's best ever. >> more than that and for a record year of tesla, 50% upside in stock worth $1,200,

delivering 800 cars a year. in 2021, 50% up from last year delivering 500 k. they cross $800 and last time we saw that, we go back to february, and 900 was a record high closer to january. stuart: $900. still on the car companies, 3.7%, they will build the largest plant ever in the united states. >> two states, two battery factories, in western tennessee in kentucky itself. we look at that in aggregate,

and $11 investment, it comes with 11,000 jobs. 40% will be electric, the stock is almost doubled. stuart: that is their commitment to electric cars. >> it comes with jobs especially american jobs in american factories. stuart: what do i see on my prompter? aurora cannabis, sales are down. are you kidding me? sales of weed are down? >> looking at lower than expect -- stuart: people going back to work, no longer sitting at home and getting stoned in their home office. >> down 45% from a year ago. guess what aurora is blaming,

covid 19 restrictions, can't get enough people to work for them and going back to work - stuart: the opposite story today, hundreds of thousands of young people are working in pot shops out of retail establishments. >> fascinated by this growing - more states get permission to legalize marijuana. stuart: every day when i walk out of the studio i walked down sixth avenue fortieth street and smell marijuana. it is there every day. let's talk about coin base. i thought they were crypto exchange. >> they are but also -- stuart: getting into banking? >> it is a layered service the you anticipated from coin base, what they are going to allow you to do is start depositing, they weren't depositing their check or seller into coin base

itself, but then the stable coins, usdcs and ealing assets. i would say my first thought was what is the irs going to say about this in taxes especially gary gensler talking stable coins and the fact that they are not that stable. these are supposed to be backed by actual currency in the bank and some have not proven to be that way. stuart: if i pay my dollar check into coin base. >> you want to be paid in bitcoin or either, 100 plus coins available to stuart varney if he knows that. stuart: there are a few dow winners, dow inc. is the top story and the banks because rates of, oil companies do well.

s&p 500 winners, ford motor company. stuart: they got to $14. nasdaq winners. are there winners on the nasdaq. >> a games maker as well. stuart: if we had a chart of the nasdaq's biggest losers across the board. stuart: coming up forget threats from russia and china and they are focused on climate change. >> when we think defense we should be thinking defending ourselves against the climate catastrophe, defense against white supremacists, that would be real defense. stuart: age doesn't improve him, we have the story, it is a tad on the.

kareem abdul-jabbar says on vaccinated nba players should be kicked off their team is. brian kilmeade has a thing or two to say. the far left climate crowd wants to reshape america with spending demands the arrival fdr's new deal. chad program will break it down for us. ♪♪

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stuart: 82 degrees today. democrats trying to reshape america with spending demands the arrival fdr's new deal. chad, they claim the spending is paid for.

what do you make of that? >> it is not just the new deal. it is more ambitious than lbj's great society plan. the problem for democrats is nancy pelosi made the case the bill is paid for but that is hard to judge when you lack a final bill. moderate democrats are pushing for cost of the bill to come down in order to pass, they are getting any are full from progressives. >> i actually like them to make their demands clear so we can engage with that. to use republican talking points can we didn't envision having republicans as part of our party. >> reporter: the bill is likely not paid for when congress approves big bills, almost never paid for. the congressional budget office uses a static evaluation so it looks like the bills are paid for initially but real world events happen. hurricanes, wars, pandemics.

that is why the debt his sword from $6 trillion, $20 trillion today. the gop filibuster to heighten the debt limit, democrats lift the debt ceiling on your own if you're going to drive up spending. secretary of the treasury janet yellen says the government will have limited resources of congress doesn't like the debt ceiling by october 18th. stuart: sound like a civil war among the democrats to me. you are not a little bit. >> that is where the tension is, not between democrats and republicans but among the democrats. stuart: thanks for joining us. president biden says his build back better plan most -- will cost $0. this man on screen is larry kudlow. i want him to do the math. this costs $0, break it down please. >> something to prove.

you might call it a falsehood. here is what we know. the budget committee, the house budget committee markup which was done saturday came to spending $4.3 trillion. that is not gimmick 3, because it is extended to 10 years, not 3 or 5 years, probably 5 trillion plus. i can say when you look at the sheet they publish, $4.3 trillion here is where the problem comes in. there's only $2 trillion in taxes from the ways and means committee and that is from the joint tax committee scoring. i don't want any of this stuff. save america kill the bill, this is totally unnecessary

will do damage to the economy and the country but using these metrics that congress uses you've got $4.3 trillion in spending in $2 trillion in taxing so obviously it will cost a lot. stuart: if we get any of these tax increases do we get pushed into recession or stagflation? >> good estimates, dynamic estimates of tax penalties on the economy, you got $1 trillion plus of entitlements not to speak of the green new deal, there is no work requirement, no educational requirements, incentive not to work and tax penalties on companies that create jobs at higher wages so i use the tax foundation.

i look at the university of pennsylvania wharton school economic models and they are pretty much in agreement. at least one% of gdp will be lost as a result the spending and tax hikes. probably a similar number, one% of wages will be lost, wages will come down. job estimates very. i've seen the tax foundation, 300 person job loss, some have it worse. nothing good comes out of it. it is a tragedy. you still got the remnants of the trump tax cut deregulation, the remnants but still you are growing here. this can be a wet blanket over the entire economy. you ask about inflation. spending and deficits put

pressure on the fed monetized debt. the other day on our show, the fed has bought 57% of the new marketable treasuries issued in the past 17 or 18 months. by more than half of the debt, that creates excess money which creates higher inflation was on top of the pandemic supply shortages. these are ongoing problems. stuart: add it up and it is a stream of bad news. i don't want any of it. we will watch you, none of it. kill the bill, save america. i will use that as a banner. cut the weekdays 4:00 pm eastern. thanks for being with us this morning. employers and employees found it hard to file taxes last year

but this year i'm told could be even more complicated. >> depends on where you work and where you live. the state where you reside is where you pay your taxes but if you work in another state you might have to pay another tax bill too and the amount depends on where it is in the arrangement your state has with other states. 23 states say a few work here you pay taxes here, then states like arizona, you can work there for two month without knowing anything in taxes and 9 states no income tax at all. talk to your accountant, not is lenient as last year. we are new york and new jersey. good news report about covid d. appears to be in sharp retreat.

president biden will probably take credit whether he deserves it or not. our car guy takes the electric pickup for a spin, electric truck amazon may use for its deliveries. gary says it is the most impressive he has given years. he has a preview after this. oh yeah, we gotta take off. you downloaded the td ameritrade mobile app so you can quickly check the markets? yeah, actually i'm taking one last look at my dashboard before we board. excellent. and you have thinkorswim mobile- -so i can finish analyzing the risk on this position. you two are all set. have a great flight. thanks. we'll see ya. ah, they're getting so smart. choose the app that fits your investing style. ♪♪

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stuart: check the markets. plenty of red, the dow is approaching up 300 that a lot and the nasdaq is down 258. maybe this is why. the yield on the 10 year treasury just hit one.56%, backed off a little bit that is the highest since mid-june. we told you about a dark spot which is big tech come all down, financials are doing very well his interest rates rise. electric start up beating everyone to market and their first electric vehicle truck hits the road. gary, amazon, are we going to see amazon deliveries in these trucks soon? >> you won't see them using the

pickup truck but the technology in his pickup is being used, designed specifically for the prime service they are testing that on the road, 100,000 of those kick started the brand, helped bring his pickup truck to market, beating ford, general motors and has with the first pickup truck with battery power and it is made in the united states. it is a midsize truck, has four electric motors, and to tell 11,000 pounds. it feels like a sports sedan to climb up and drive up in those vehicles and screws up in silence which is nice when you are off road. this is a do everything vehicle with a couple of cool electric specific features, and a tunnel

runs through the center of the vehicle or fill it with an electric kitchen. they say more demand, 3 meals cooked on that thing. this put the industry on notice and any of them, 67,500 after the federal tax credit and it is a luxury model that feel like a land rover, if you saw it in the land rover showroom you wouldn't even blink. stuart: you love it. we will be back with more later. still ahead brian kilmeade, matt schlapp, eric schmidt and abby horn a sick, second hour of varney coming right at you after this.

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♪. stuart: okay. phil collins, in the air tonight. i will pass that one on by. 10 eastern, straight to your money. looking at red ink across the board. dow down 300. nasdaq is down 250. why? largely because of this. the-year-old on the 10-year treasury went up to 1.55%. it was 1.56 moments ago.

that was the highest if some time. big tech sells off when interest rates go up. facebook is down 2%. i can't read it from here, when you start talking percentage losses you know the losses are big. financials though, they do well when interest rate go up, they do well. bank of america, jpmorgan, citigroup on the upside this morning. we had, 10:01 exactly. latest read on consumer confidence. elizabeth: for september down sharply much more than expected. number one 09.3.

stuart: scott shellady with us this morning. is this sell off about rising inflation and rising yield on the 10-year treasury? >> we have a few things to worry about here, exactly right. well, in august the economic indicators you talk a lot about on your show. had one on consumer confidence, they definitely turned down. august was a weak month for those indicators. every now and again we get something that is good. we remember the last jobs number was absolutely horrific. so we have an economy nowhere near where we thought it would be at the beginning of this year. first quarter of this year we were smoking "hopium" think this would be great, getting a vaccine. away we would go. things are getting worse. at the same time we have the fed talking about raising interest rates. when was the last time we talked about raising interest rates in the teeth of a weakening economy? that is what the stock market is thinking about. i will put a big black bow

around this, stuart. if we have historic tax rises, higher interest rates and weakening economy, you tell me what you think is happening? this is not looking food. this administration, the fed, either one of them will take this market out by its knees. stuart: that sounds pretty ugly. take this market out by its knees. that is strong stuff, scott shellady. you want to add to it. >> at some point in time the market is going to recover, right? i'm not calling for a crash by any means. i'm definitely calling for a slowdown. we'll not grow at rate we were going to. not compared to the growth in the pandemic last year. we see the economic indicators today. they're slowing. we have people still worried about covid. we have got supply lines not just here in the state, but around the world still screwing up things. look at the long beach port out in california.

we have things really hampering, which is causing inflation, which is causing the fed to worry about raising interest rates in the face, of the teeth after weakening economy which i can't believe. then on top of it, i don't know who lost their mind more, in congress we have people who think we havespend all the money to make things better, raise taxes to historic levels. so we'll raise taxes to historic levels, interest rates going up, economy is weakening. it doesn't make sense. what are these people thinking? stuart: it is madness. spent another five trillion dollars, there is no consequences and no costs. that is madness. scott, thanks for joining us. thank you for being restrained in this moment of madness. >> all right. stuart: lauren, looking at movers, natural gas companies have to be doing well. lauren: all three are high. these are some of the biggest natural gas producers in the

world. the spike in the commodity price that we're seeing just moves through the entire economy. it increases the cost of most things. stuart: yep. lauren: heating your home, packaging items for christmas. stuart: price of natural gas moved above six bucks early this morning. do you know what the equivalent price is in europe this morning? 25 bucks. that is crisis happening right there, right now. you can see them right there. laggard, moderna down 6%? lauren: it is down sharply yesterday too. 11% selloff in two days. the stock is up 3% but seeing profit-taking last couple days. stuart: all right, everyone now this. going green is not cheap. the climate warriors insist it is worth it. they are after all saving the planet but voters will have to decide if the price is too high. the price is already rising

sharply. europe has an energy price crisis and it is largely because they scaled down fossil fuel use at every opportunity. they spent literally trillions subsidizing renewables like wind but this summer the wind didn't blow. they couldn't produce enough electricity to satisfy demand. the result? the cost of electricity has doubled just this year. the price of natural gas has gone up five-fold, got that? over here we've been showing you the sharp rise in nat-gas prices. we are paying the highest price in over seven years. that was up over six bucks earlier. hurricane ida did shut down some production that did not help obviously. the greens, the jihad against fossil fuels that really hurt. when you look at heating bill this winter, you will literally see inflation. yet we're debating a multitrillion dollar green new deal. the climate crowd wants to spend

enormous amount of money to reorganize our entire society. to kill oil, and natural gas. will we as a country go down the european road? will we sacrifice our living standard now to save the planet in the future. i think not. this is not about climate skepticism. this about the cost of going green. this winter is crunch time. the attempt to keep the government going failed. senate republicans blocked the democrats funding bill. bill mcgurn joins us now. now you have a civil war within the democrat party. chaos in congress. this is absolute hell week for everybody. what say you? >> yes, it does look for everyone but especially for mrs. pelosi and joe biden. look there, is a game of chicken going on right now. what the republicans want, the democrats have to do this all on their own. they have the votes we had shut

down threats before and traditionally republicans get the blame. typically they have a majority in the house and the democrats have a president. the democrats can do this all by themselves. that is what mitch mcconnell wants. he wants to make, you're going to go down this path that scott outlined, spending and everything. you're going to bear the consequences all yourself. stuart: what about this 3 1/2 or five trillion dollar spending plan? what's your best guess as to how much of that gets through? >> well even mrs. pelosi said on sunday it is self-evident it doesn't get through at 3.5 trillion. first of all it is more than 3.5 trillion in reality. i think, if i were in bernie sanders's shoes, i would take 1.5 million, plus the infrastructure plus covid spending, would have touted that as a huge victory but they're very greedy. they do want to do what you were

just talking about. they want to transform the united states into a european style welfare nation and the progressives have one thing they're probably right about. traditionally the midterm elections goes against the white house. so they only have a small window to get all of this stuff through and they want to just pack it all in and do it all at once because they figure they won't be in this place for another decade. stuart: when push comes to shove, i think the progressives lose. they won't get all they want. i just don't see how they could. what say you? >> yeah, they can't. mrs. pelosi mentioned they can't. right now all of washington is obsessing over the political consequences if this fails. it would leave the biden presidency dead in the water on its major domestic initiative but what they're not considering is what you and scott were talking about, the consequences of actually passing it, what it would do for an economy. all presidents need growth,

growing economy. it helps all presidents, whatever political flavor but after afghanistan, the border, covid, all the problems joe biden has the only way he moves america past this is with a growing economy. and he is moving in the opposite direction. so i think the political consequences, they won't be immediate but of passing this bill will really hurt -- stuart: interesting. bill mcgurn, we'll see you again soon. thanks for being here today. appreciate it. >> thank you. stuart: lauren is back with us. i'm reading this thing. democrat states, some of them want even tougher co2 emissions standards, get more tough? lauren: 21 states led by california they want to have cars get average of 52 miles per gallon by 2026. the trump regulation was reducing it. you will see savings when you

look at the fuel savings. two points here, the companies are already moving in this direction on its own. ford expects 40 to 50% of its fleet to be all electric by 2030. it is also pressure. look at supply and demand situation right now. jd power says new vehicle sales fell 25% this month because they can't get cars to market. so this adds unneeded pressure, this regulation to car companies already moving in the direction the white house wants to move in. stuart: one of these daves the californians will tell us how we use electricity which is twice the price in california. lauren: run your dishwasher certain times of the day. put the heat on whenever. stuart: don't drive the electric car. step me. lauren: i know. stuart: lauren, thank you very much. first the white house said we needed up to 80% vaccination before we could return to normal. now that number has changed and senator cruz is calling out the president, calling him out for, moving the goalposts.

we've got that story for you. take a look at this, a haitian migrant making his way to the united states is seen wearing a biden-harris t-shirt. he has a message for the president. watch this. >> i would like for biden because haiti -- [inaudible]. united states, i opportunity for, because i'm young. stuart: we also have to tell you that a new caravan, more than 15,000 strong, is getting ready to head to our southern border. looks like to surge is showing no sign of slowing down. former acting director of i.c.e., tom homan takes that on next.

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stuart: can really say it's a sea of red unfortunately. nasdaq is down 300 points. the dow is down 354. that is a selloff and a half. interest rates rising, inflation on the upside. we might have a government shutdown come thursday night. add it all together, slowing economy, inflation, selloff on wall street. it's a big one. a new report from the fbi shows murders spiking nearly 30% in 2020. making it worse, some cops are threatening to quit because of vaccine mandates. lydia hu is in times square new york. lydia, how many cops in new york could potentially resign? reporter: hi, there, stuart. we're talking about potentially

hundreds of police officers could resign over these mandates. we know in massachusetts, dozens of state troopers resigned over the mandate there. n san diego a report shows almost half of the department would resign over mandates in that area. there are a patchwork of mandates taking shape across the country. look at the police we assembled abouted. some are in effected. some are not yet. some allow testing alternative like nypd. others don't allow testing as alternative in massachusetts and newark, new jersey. now law enforcement experts, the president of the national fraternal order of police i have spoken with, tell me vaccine mandates are not the preferred approach. the better approach here is encourage vaccinations. mandates risk losing critically needed personnel. >> we were in the throes of this pandemic. cops, firefighters, ems personnel, health care workers

were heroes. now that they're not getting vaccines they're being called words other than heroes. that really is having a negative impact. reporter: according to reports nearly 3,000 employees of the lapd plan to seek exemptions. 200 will seek exemptions in san francisco. what exactly happens in the exemptions are denied, stu, remains to be seen. this comes at a time when early retirement in police departments are up by 45% across the country. resignations also up by 18%. the law enforcement community tells me that these mandates are adding pressure. how they will insure public safety especially as you point out, violent crime across the country are up year-over-year. back to you. stuart: big problem. lydia. thanks for the report. appreciate it. let's bring in tom homan. tom, we heard about people leaving the police force in many different parts of the country. what about people leaving the border patrol because of a

vaccine mandate? >> actually i just talked to special agent day before yesterday and he is part of a group that is writing letters and there will be several hundred i.c.e. agents that will leave and there are probably over 1000 border patrol agents that will leave. insulting part about this, stuart, is, the border patrol is down there dealing with the crisis in the del rio, rio grande valley, arresting thousands a day, white house is not requiring vaccinations. men and women arresting them wearing green uniforms, they get vaccinated or lose their jobs. this is hypocrisy at highest level. stuart: a new caravan, we're told 15, 20,000 migrants heading to the border. what are we going to do when they get there? >> if secretary mayorkas has his way he will release them into the united states. remember he was on the podium, he said if you come you will fail and you will not succeed. on sunday with chris wallace he

admitted at least 15,000 are released into the united states. this endgame is to be released into the united states. this caravan comes, more released into the united states. out of that 15,000 secretary mayorkas allowed in the country, zero were tested for covid. stuart: mayorkas also just said 20% of those coming into the country are sick. he didn't define sickness. he didn't say covid or whatever. but 20% are sick. we have to deal with that. we've got to pay for that. we're distributing it around all over our country. this is really a crisis, isn't it? we've got to the point where the border is flat-out open. anybody and everybody is coming right across we have to pay. nothing has been done. >> it is humanitarian crisis. it is an immigration crisis. it's a public safety crisis because border patrol arrested 8,000 criminals. 49 convicted of homicide. if they arrested 49 homicide convicted how many didn't get arrested in the 350,000 got

aways? dea says 95% of the fentanyl comes across the border. it is national security crisis, rodney scott, had a senate hearing those on fbi terror watch list came across the border. they arrested 11. how many of the 350,000 were on the terrorist watch list. we don't know. we'll find out some day. it will be a tragedy. stuart: there is no endgame in site, is there? nothing being done about a totally open border. last word to you. i don't see anything being done. >> no. this is, this is an incompetent, this isn't mismanagement. this is by design. joe biden ran on open borders. he signed executive orders to keep open borders there. this is an endgame. these are future democratic voters. they care more about the political power than the safety and security of nation. only thing that will fix this is returning to the trump policies. stuart: thank you for saying

that. tom homan, you are all right. our best wishes to you. >> 2024 we'll get it back. stuart: another vaccine border story for but before i get there, look at the market. now we're down 430 on the dow and we're down 340 on the nasdaq. that is a significant selloff. remember the top of the hour we got bad news on consumer confidence. it really fell sharply and at that point interest rates kept going on and market took off on the downside. get to another story about migrants. one of them, several were actually seen sporting biden-harris t-shirts. i think fox news was talking to these guys. what did they have to say? lauren: that gentleman right there says he is not going back to haiti. >> i would -- biden. [inaudible]. [speaking in native tongue]

no jobs. for here, united states, i hoping opportunity for young because i'm young. lauren: his t-shirt, biden-harris just underlines this, what you're seeing as a biden harris border crisis. look, many haitians don't come straight from haiti. they come from central and south america. 180,000 haitians in chile. they're not happy there. the chileans don't want them there. because they're draining the social system. come on here. part of the 3 1/2 trillion dollar progressive plan of spending gives them free community college. why not come here? stuart: the door is open. lauren: the door is open. the welcome mat is there. stuart: they have been invited. lauren: now they're wearing t-shirts supporting the administration. stuart: thanks, lauren. i'm moving on. parents in indiana, they reached breaking point. they are suing the governor for

his covid rules for kids in school. rules they say are breaking the law. got to the story. school teachers, staff, forced to get the jab here in new york city but will this new mandate, this morse, cause some of them to walk away from teaching? i will ask naomi schaefer riley, our expert in education. ♪.

>> you're looking at the biggest loss for the nasdaq since may. dow jones average down close to 400 t was down more than 400 moments ago. this is a big problem, the 10-year treasury yield. it is up to 1.53%. it was 1.56 earlier. stock prices don't like that generally speaking. we've got a likewise of dow losers for you. see if i can read it. sales force a big loser. salesforce.com. mike softer -- lauren: i knew you were going to react that way. stuart: look at nasdaq losers, shall we? i'm sure microsoft is on there. lauren: amat is there as well,

applied materials. lauren: microchip servicing company. stuart: s&p losers, top of that list is moderna. interestingly enough. lauren: below sub400 by the way. the stock has gone vertical the last 1months or so. could be profit-taking. susan: jerome powell started speaking. the peak for 10-year treasury yields was 1.74% back on march thirty first. we've been here before. we've been here before. stuart: right now, it is 1.53, got that. there are some move suppresser independent of the overall market. i'm looking at spotify, the story? susan: the spotify story is because well, it looks like they were going to launch and they are launching this different kind of campaign, high growth company. they're kicking off a way to boost their advertising sales away from the traditional big advertisers. they're targeting small and medium-sized ones. stuart: not doing much for the stock. susan: it was actually up in the premarket and the open. i think there are some new

reports that came out that suppressed outlook. stuart: big deal in the works, don't we? susan: merck and act seller ron. this is a move to boast the disease drug business for merck. hard to find green. stuart: give me another deal in progress. susan: endeavor, the entainment giant, buying game developer, scientific games for online sports betting. $1.2 billion cashing and stock deal. stuart: anyone else? susan: amat, one of the big declineers from to neutral. you have some upside. the stock is up 140% this year. check in on the other chip names leading the way down as you mentioned. nvidia, amd, lam research and chip services providers rocketed this year because after global shortage of chips. stuart: nvidia back around 200 bucks a share. susan: yeah. stuart: susan, thank you very

much indeed. federal judges are allowing new york city to force the vaccine on teachers and staff in schools. the mandate will actually be imposed fried evening -- friday evening. we have naomi schaefer riley, education expert. what do you think of the result of forced vaccination in new york city schools. >> the city final called the teachers union bluff with this. this is fascinating progression what happened. think back to the beginning of the year the vaccines were first coming out. the teachers unions insisted teachers on the front line, should be in the front of the line to get the vaccine. now we have this nine months later, they're the last resistors. as much as they want to mock trump, all the other people who are vaccine refusers, turns out there are quite a lot among the teachers unions who are not interested in getting this. i'm not even sure they're arguing in good faith frankly. as we've seen from the last year

they will do anything to stay out of the classroom. who knows why they're really refusing it or whether they have. stuart: i would suggest the impact will fall heavily on minorities. they have already suffered mightily during the lockdown, not being educated at all well. now a lot of minority minorities amongst those refused to be vaccinated and won't go to work. seems there is disparate impact from the mandate from the minority population and minorities. what do you say to that? >> that is absolutely true. but it is also among the students who will not presumably have enough teachers in front of the classroom. i do think a lot of teachers will get vaccinated as a result of this. and i do think that you, all this concern that we'll never have enough people and 150 kids in a classroom because people won't show up to work. i think that is a lot of baloney at this point. the city said they have plenty of substitutes. this, again, you are seeing

finally pushback against unions and people saying look, our kids have to be in school. they have to be safe. we want to stop this outbreak business like you know, we're tired of the quarantines. i don't think kids are at great risk from this virus anymore than any other scientist does but i do think everybody is sick of the quarantining and the staying homes. we need to take away all the excuses at this point. stuart: do you think that youngsters under the age of 12 should be vaccinated? >> i think that that is probably an open question that parents are going to have to figure out. i think that we've seen there are just very little risk to kids under that age. i don't know enough about you know the effect of vaccines on kids that age yet to be able to say whether it should be mandatory. people don't have a right to a job in the school system. i actually am much more in favor of mandates for public workers than i am for the private sector. if you want a job working for

the new york city public school system you know, they get to determine a lot of things about how you're going to work, where you're going to work and what kind of health you need to be in to do it. i don't mind that. i think for the private sector it is an entirely different story. stuart: naomi, we hear you. thank you for representing your point of view on the program. always appreciate it. >> thanks, stuart. stuart: now this, parents in indiana are you seeing the governor there over covid rules for kids in school. lauren, explain this. what are they saying? do they want masks or not in school? >> they want schools to stay open. the issue is not the masks or the safety protocols. it is that if the kids come into close contact with someone infected everybody is sent home. they're sick of the quarantines. they reached their breaking point. four families filing suit ends if the republican governor, the health commissioner and the school saying your policies are arbitrary break the law, violating kids right to public

education. these are healthy kids they're quarantining. we may know it will bring unwanted attention for ourselves and our kids, we're three years into this. it is not going away. we're done. the district sent more than one in 10 students home based on the definition of close contact. the parents want to know how many are sick? i have a healthy kid at home for 10 days now. why can't we show a negative pcr test to send them back? stuart: it is a fair argument. you want the schools open you have to change the quarantine rules. new york did. lauren: they did. stuart: social media addicts, perhaps not the right word to use, but, a problem with social media when this, our guest was young. our guest says instagram is destroying young lives and preying on their insecurities. does she have a solution? i will certainly ask her. she is on the show. schools in virginia coming under scrutiny for collecting personal data from students.

get this, though, all stems from a survey handled by a company mark zuckerberg, the facebook guy he invested in. mark meredith will run down that story for us after this. ♪. as an independent financial advisor, i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always.

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stuart: okay. we're still seeing plenty of red. we narrowed the losses a tiny fraction. we're not down 4 on the dow. we're down 350. not 350 on the nasdaq, 319. you get the point. lauren is looking at headlines, showing us headlines from the yellen-powell testimony on capitol hill. lauren: start with janet yellen. now given us a date. congress needs to raise the debt ceiling by october 18th, to

avoid recession, to avoid market calamity there is the date congress has to get together before the first-ever debt default. second headline, delta is slowing the economic recovery. i give pushback to that. i think inflation is giving pushback. look at packed football stadiums. inflation, comments from jay powell, supply side restrictions at the heart of inflation have gotten worse. when he said that we saw the market came down sharply. the market came up a little not to be down more than 400 points. when jay powell says he expects inflation to ebb over time. stuart: over time. lauren: over time. stuart: how much time. if it ebbs in 20 years that is fine and dandy doesn't do much good. students in fairfax county, virginia, are asked to fill out questions how much do you think

about a some one after different race, culture, experiences. mark meredith has the story. tell me more, mr. meredith. reporter: stu, nationwide there is debate how much schools should focus on race. this is fairfax, virginia, outside of d.c. students are asked about their thoughts on these subjects. fox news got hands on a letter, sent to parents knowing about the survey going out to thousand of students. it includes questions about emotional well being but asks things how often what do you think of someone after different race, ethnicity or culture experiences? another question, how confident are you that student at your school can have honest conversations with each other about race? while parents can choose to have the kids opt it, there are concerns about privacy. some parents are telling fox they're speaking up to protect their kid's data. >> i just don't really think it is the role of the school system to dive into those things and then, you know, moreover to

collect and store that information about our children. reporter: this goes beyond fairfax. this debate over privacy and data collection comes as facebook announced it is delaying the unveiling of instagram kids. it was meant to serve kids 13 and under. that is on hold. the head of instagram putting out a statement on monday this will give us time to work with parents, experts, policymakers, regulators to listen to their concerns and demonstrate the value and importance of this project for younger teens online today. but on thursday the senate commerce committee will hold a hearing examining impact of social media and impact on kids mental health. facebook head of global safety is set to testify. a lot of people are concerned about what impact this is having on american kids. stu? stuart: mark, thank you very much. a student at nyu says she became addicted to technology as a young girl with very negative consequences. she is speaking out against instagram saying it destroys young lives. that student is ricky schlapp

who joins me right now. ricky, what were the negative consequences for you using social networks? >> absolutely. i began using instagram at the delicate age of 11 and i was absolutely pulled in with this algorithmic matrix, completely against my own free will. my experience was not particularly different from many young people who are constantly bombarded with the highlight real of everyone else's lives, holding up my young teen girl frame to photoshop ideals. it take as image on young girls and they tend to be insecure in the first place. stuart: we hear you. i wonder how you think social networks could be changed to be less toxic for teenage girls, what do you have in mind? >> my thought, i think young people, parents of young people we need to take back in charge. these are not set up to foster

our well-being. wise parenting will be so important. i'm 21. i'm a member of gen-z. i'm coming of age. while we have been victim of addictive technology, acting like it won't help anyone, need personal resolve, 61% of gen-z, young people like me are actively taking a break from social media. it is clear with all the revelations in "the wall street journal" and the recent expose', we have sacrificed inordinate hours of youth on big tech, time to claim for autonomy. i did it and other young people can too. stuart: look just fine to me. thank you very much for joining us, we appreciate it. >> thank you, so much. thank you, mr. varney. stuart: all right, kareem abdul-jabbar says nba players who don't get the jab should be kicked off of their teams. brian kilmeade will discuss that after this. ♪.

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stuart: we're still in the red across the board. the dow is down 350. the nasdaq is down 342. there you have it. i should say at 10:00 this morning, that would be 50 minutes ago, lauren reported a sharp decline in consumer

confidence. the market headed south right from there, didn't it? lauren: they did. the conference board says spending intentions for cars, homes, appliances retreated again. inflation is impacting consumer confidence and that impacts consumer behavior. so inflation going you there the economy, changing our purchasing power. with that is one of the reasons we're seeing a major sell-off in stocks. stuart: that is slowing the economy. look at that. 10:51 precisely. that means it is time for brian kilmeade who appears right now. >> in a simulcast. stuart: caught the tail end of your comment right there i will digress for a second, mr. kilmeade. i will show you a video. it is from australia. a man was arrested for leaving his house not wearing a mask. he was smoking a cigarette. look at this. are it. >> what do you mean -- >> has no reason to be here. no reason to be outside. he wasn't wearing a face mask.

>> he has one in pocket. smoking a cigarette. came to -- >> the reason we mask, having a cigarette. >> i have two masks in my pocket. what else do you want me to do? stuart: brian you saw that. i would call that a gross overreaction. i hope to heaven is does not occur here? >> not the first time. i've seeing this video last three months. total lockdown in melbourne and other cities. i talked about that is the place to be if you can't be in america. they have no idea how to handle this. i watched scott morrison on sunday on "face the nation." i think that is his first name. i apologize if it is not. he basically grabbed, getting to the other side of this variant. bracing about what cost? you totally destroyed cities and livelihoods. you told people going outside of their house a certain amount of time. i expect that from china. not from australia. they're marching the streets in france. australia without any freedom of

speech, second amendment, you were getting arrested for marching in the streets for freedom. why, the australians are the most headstrong people i know. i can't believe they're giving in to this. stuart: me too. my son's business was really badly affected by this. he is still locked down. i got to move on to kareem abdul-jabbar, calling for unhaving nated players in the nba to be removed from their teams. players willing to risk the health and lives of teammates are unable to grasp the seriousness of the situation. what do you think to that? >> he also says, i paraphrase in "rolling stone," it plays into the stereotype that colored players are not smart enough to figure out what's good for them. what is he talking about? some of the smartest people i know, phds are not buying into the vaccine. i got the vaccine. most people i know did get the vaccine. for kareem abdul-jabbar should decide to get into lock stop, the guy protesting at ucla,

changing his name, didn't like the way society was heading? now all of sudden nba players should get in line, professional athletes get in line, do what he thinks is the right thing. what happened to him? kyrie irving who he is talking to. they have to solve this, stuart. he can't play a home game in brooklyn if he is not vaccinated. you're paying him $20 million not to play home games? will that work out? should athletes take the lead when it came to social activism, with black lives matter on the floor and decals on back of their helmets, that we'll take a stand for freedom. if i give in to the vaccine now, what is the next thing you will demand i put in my body? stuart: what do you think will happen in a place like new york city where you have got a vaccine mandate for teachers and people in schools that goes into effect this friday? if you ain't vaccinated you're out. i suspect there will be a lot of teachers who do not go to work.

many will be minorities. we'll have a real problem with education even worse than the problem we've got now. what say you? >> stuart, if we had 10% of the population inoculated, and country was not realizing this actually works i could see it but 75% of the country gotten their first shot. 66% have gotten fully vaccinated. in these schools and these medical systems in new york, there were over 80% closer to 90%. these are the people that kept us going and they were hailed as heroes, we were banging pots for them. now we're firing them in hospitals. teachers many of which did extraordinary work in tough times in distancing that didn't need to happen, three and six feet, now we're saying you're fired by friday? is there any nuance in joe biden's world, in governor cuomo and governor hochul's world? do you know what you're doing to lives? you know what they're doing, preventing them from getting unemployment insurance. think about this, preventing them from doing it because they're not taking the shot,

that politicians told you to and kareem abdul-jabbar wants me to. what planet are we on? stuart: punishing the people as rate of new infection falls 30%. which i will get to later. thank you very much, brian. poignant stuff. appreciate it. still ahead, matt schlapp, christian whiton, michigan attorney general eric schmidt. coasts in the united states are falling very sharply. delta, whether you know it or not is in retreat. that is my take next. ♪.

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change and economy nowhere near where we thought it was going to be. this administration and the fed, take it out by its knees. >> they are at a big inflection point or how treasury prices move as well. >> using these metrics, $2 trillion in taxing and it

will cost a lot. >> this time democrats could do this all by themselves. >> they could have temporarily funded the government and gotten disaster relief past but they added the debt ceiling. >> what is it? not sure i have ever heard of it but no response from the people in the studio. 11:00 eastern, tuesday september 20 eighth. ac of red ink on wall street, the dow is close to 400 points lower and the nasdaq is 350 points, that is a selloff and here's why. the yield on the 10 year treasury has moved up one.53%,

highest in several months, 156 earlier, big tech doesn't like the rise in long-term interest rate and look at the fallout. the big tech companies are sharply lower house, headed by microsoft which is down $8. there are however some winning groups when interest rates go up, financials were on the upside, all of them. now they have all slipped except bank of america, the only financial which is now up. luke loyd, market watcher of the morning, inflation is the big worry. should we be buying stocks nowadays inflation appears to be taking off? >> i hate the word transitory. what it means to me is it will fall back close to where it was before the pandemic. first it will take years to make it through the economy which pushes prices higher, want company raise prices they never take him back down. it is be impact inflation will

have on people's pocketbooks and not on the stock market. if the cost of food goes up 20%, less money for consumers to spend somewhere else. and stocks are the ultimate hedge against inflation. the federal reserve and the rising interest rates. stuart: going toward stagflation, it is increasing and it is stagnating a little. it is slowing down a little. you still have inflation on the horizon. >> don't think it is going away anytime soon. all this money has to make it

through. powell admitted they were wrong and inflation will be here longer than they expect. the question, investors should be paying attention to is how much to raise interest rates and fed raising rates debited stuart: which taxes are they going to raise and win? that will be a huge problem if they raise taxes to a couple trillion dollars you will get stagflation. i think you will at the economy slowing down, you might even get a recession? >> the biggest impact is small business. small business will make it through a lot of these, a lot of small businesses can't hire workers, for small business will hurt them even worse. there is more of a separation

towards wall street and main street, wall street will grow farther because it will hurt small business because it has to go somewhere else, from small business to large corporations which is not good for the economy specially before the pandemic when small business made up 50% of the economy. stuart: appreciate the input. there are some companies that are moving significantly, moderna is up 36. >> the issue is booster shots, pfizer is out there, moderna has rates keeping people safe. those people with the moderna series, they are going to sell the shot. stuart: a friend of mine just had her moderna booster shot

canceled because moderna - >> still waiting on moderna and j and j. activision blizzard, any news? >> a settlement in a lawsuit, $18 million creating a fund to compensate people who spoke up at the company about harassment and complaints of that sort, discrimination, the ceo said there is no place anywhere in our company for discrimination or unequal treatment of any kind. stuart: stock up a little bit in the down market. that makes it a movie. disney is down 2%. >> $3.69. price target cut from wells fargo, $13 to $203, citing subscriber resets, certain amount of reset, get through

the pandemic as people get back, looking at these numbers, it is not terrible but a reset is likely. stuart: trying to figure out how mini streaming services we need. you don't stream? okay. it is a shocker. do you have a tv set? >> know. stuart: i am going to hang on. there are dow winners even though the dow is down 400 points. oil company, chevron, top of the list, s&p 500 winners, there have got to be some. and energy company, there has got to be some nasdaq winners even though it is down sharply, electronic arts, activision blizzard. all right, now this. here is something unusual, good news on covid. the down trend in new cases has

become a sharp trend, it shows 30% drop, delta is in retreat. a new variant could come along to upset thing so let's not ignore success. please think this through. will we insist on vaccination mandates? at the moment a significant number of workers in a variety of industries are being told to stay home. will we keep saying that? has the virus retreated? in new york the governor wants to replace unvaccinated healthcare workers with national guard troops. there are plans to bring in nurses from the philippines and many of those being forced out of their job are minorities. there are bound to be demands to relax those mandates when delta fades into the changed atmosphere when the dire threat of infection receives strict rules on who can do what and where are likely to fade too. maybe individual liberty will make a comeback and president biden will try to take the credit.

he needs a win and if delta goes away he will claim he did it. it doesn't matter his vaccine targets were missed or he jumped the gun on boosters or falsely claimed trump had bungled covid in the first place. he will not give credit for trump's warp speed vaccine developed either. the delta went away on his watch and in politics the timing of success is very important but let's not ignore the good news now. new cases falling very sharply. check with us, we will check the new caseload every single day for you. matt schlapp is with us, conservative kind of guy. have you any doubt that biden will try to take credit for this? >> i agree with you and i said before on your show from my analytics up to 2 thirds of the backbone of president biden's approval numbers which are coming down was because of handling of the virus.

the american people were worried about this virus and i agree with you the numbers are confusing, hard to know where to look to get strong numbers. firing people from jobs on united airlines, completely unwarranted and completely unconstitutional, won't be adjudicated when they are destroyed. stuart: let me turn to congress where it is hell week. $5 trillion worth of spending from a narrowly divided house and senate. there is a civil war among democrats to get it done. >> i always marveled at nancy pelosi's ability to hold this together. her majority is so slim, she will lose it next year, she has a problem with a couple

moderates, senate moderates, a handful of windows - her caucus in the house, i think you are right, i don't see how they put this together, the more president biden's numbers plummet, he said 31% in iowa, low 40s nationwide, more democrats are beginning to feel they don't want to attach themselves to the biden policies which on taxes and spending a popular either. stuart: president biden is meeting today with senators manchin and senator, sounds like crunch time, what will biden accept? what will come of it? >> joe manchin has never been a democratic vote to take anything down. he's always the second vote. watch christensen a. she might be the senate with courage on the democratic side, try to get the price tag way down.

christensen and manchin are looking for a win. they want to reduce this number. how do they get through the house? this is tougher pelosi and schumer. stuart: you are having a good time watching democrats fight among themselves. i did a smile and got one. good stuff. let's check the market, the selloff got worse, nasdaq is down 380 and home prices hit a new record high, but real estate is it flying off the market? we have a report on that for you. top pentagon officials including joint chiefs general milley being grilled on capitol hill. when we finally get some answers? jennifer griffin has the story after this.

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stuart: the markets are awash in red ink, that was close to minus 500 points, show me the biggest losers among the dow 30 headed by salesforce. look at microsoft down mine dollars better than 3%. a small chunk of that and can't retire. applied materials way down and s&p losers, can i read that and

the exchange, it is down 7.5%, significant losers across the board today. venture powell and treasury secretary yellen have been there for a couple hours. >> she wrote a letter to congress and eventually set of congress doesn't raise the debt ceiling there could be a financial crisis or calamity so that is weighing on this market little bit. remember october 18th is the deadline, october 1st is thursday, we are getting to see progress with this. the second on powell. supply-side restrictions are at the heart of inflation, that's not positive sign. he believed it will come down but the big question is when. >> supply-side, supply-chain problems are worse and that is a big deal. that pushed the market down

along with consumer confidence. >> that's what wall street is watching, inflation at this point. >> 500 on the dow. general milley and secretary austen testifying on the hill about the withdrawal from afghanistan. millie has said damaged is one word that could be used to describe us credibility following the withdrawal, he also said they assist in 2020 that 2500 to 3500 troops should have been kept in afghanistan to allow negotiated solution and on withdrawals my advice is don't put specific dates, make things, conditions based. christian wyden is with us. general milley is saying he ignored military advice. >> millie has been loyal to team biden, he was a holdover

as chairman of the joint chiefs of staff from trump. he hasn't broken publicly. the way uniformed officers do that is leaks are retired uniformed officers, what he just described, withdraw or drawdown that is conditional based on political military development. that was the trump plan, trump had a deadline but it was adjusted repeatedly. stuart: general milley without using a common expression has thrown president biden under the bus, he is confirming that biden insisted on a date certain will get out regardless. >> he is not in the chain of command, top or military advisor to the president and secretary of defense but is duty-bound to tell the truth to congress and seems in his own circumspect way he is doing so. stuart: so should he lose his

job? >> he avoid austen should go. what happened in afghanistan was a disgrace and a disaster, they are both mediocrities and at some point do what we expect of young staff sergeants and captains and navy lieutenants which is to put their country and armed service first and respect the uniform, he has become politically charged because he walked with trump across lafayette square after it was cleared of violent protesters, he is hated by the left and disliked by the right so do the best thing for the army and leave. we want a lot of speculation after the relation in afghanistan and the withdrawal that we are getting soft on china. what do you say to that? >> absolutely true and it is unfortunate, not just our adversaries so weakness and afghanistan but with iran continuing to bake them for a

nuclear deal, as and the daughter of the founder of huawei was held for 3 years because she admitted they invaded us sanctions on iran is and she left him and got two essentially she was arrested and the commerce secretary said -- things about we can do business with china or more business with china and president biden at the un saying we don't need to have another cold war. that is rhetoric from the 2000s before we realize china was being duplicitous and wanted to confront us and john kerry is going over so looks like softening. stuart: thank you very much, see you again soon. before i move on i want to look at the market because that selloff is pretty dramatic, dow is down over 480 points and the

nasdaq is down 374. we've got a problem with rising interest rates, rising inflation, oil is up, natural gas is up and there is chaos in washington dc. switching gears completely we have one state offering its unemployed residents a $500 return to work bonus. i think i know who it is but don't want you to tell me. >> it is a blue state, not surprising given they are giving these bonuses, it is new jersey, what they are doing is $500 to return to work if you are unemployed, that is for those people going back and giving incentives to employers too, 10,$000 in wage subsidies if they hire and train new workers, really catch is you've got to have 100 or fewer employees and you must pay $15 an hour. this is coming from the governor. stuart: if you do go back to

work. >> you get a paycheck. isn't that enough? stuart: apparently not. you got to have an inducement these days. what is the inducement if you are a wall street banker to go back? they are earning of money? any numbers? >> of this made your eyes pop out wait until you this, first year associate 200,$000 for the first year right out of school. this will be retroactive going back to july, they were getting 150, not like they were badly paid but what they are saying is you want us back in the office working like this, the market seeing a lot of inflation we want more money. stuart: they have a problem getting people to go back to work so they offer more money? >> it has been tricky on wall street, the expectation was if you weren't one of the first to go back eventually you are going back, this is microsoft, not google. stuart: okay. thanks so much. get the jab or get off the court is the message from

kareem abdul-jabbar. the attorney general of missouri wants to ban mask mandate in schools but most kids are not vaccinated so what is wrong with having the mask up. i will ask attorney general eric schmidt who is on after this. ♪ ♪ ♪ ♪ ♪

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stuart: the overall markets are sharply lower. show me big tech, taking it on the chin especially microsoft which is down $9.51. maria: what does it mean for your portfolio when it is down $9.50? stuart: i can't retire tomorrow morning. >> we are moving up the 10 year treasury yield, one.5 since june of this year and you heard from jerome powell on capitol hill saying conditions have been met to start the taper which a lot of people say will start in november so dialing back on the $120 billion in monthly bond purchases and that is why the yield is up and what we are seeing technology and the nasdaq.

amazon is going to announce their new devices and services at the top of the hour which i will listen into and also debuting their new world games on pcs. stuart: it is not helping them in this sea of red ink but energy is outperforming the rest of the market. >> you have oil prices up 3 year highs, commodities are higher and oil majors along with it and look hard for some green onscreen and what about the low income of the company that provides wi-fi on board flight and they are increasing their long-term financial targeted free cash flow, more cash these days in this type of environment. stuart: when i fly i can't get the wi-fi. >> do you pay for the wi-fi on board.

it might be hard to get stuart varney to pay. stuart: there are still some problems. >> there are some hiccups but one more stock, the biotech company, this is interesting, they are because they took an equity stake in electric truckmaker, does that make sense? biotech using cash, but people seem to like that diversification. stuart: it is only $0.85 per share. >> also going to find stock up 5% today. stuart: very good to find aside from go-go ink. thanks very much. the attorney general of the state of missouri suing school districts to put a end to mask mandate in schools. the attorney general is eric schmidt who joined me now. just for a second, i will take

the other side. what is wrong with the mask mandate in schools when most schoolkids are not vaccinated? >> i don't believe in the forced masking of schoolkids, if you look at the data vaccination status aside when you look at the data kids are very unlikely to contract, transmit or get seriously ill from covid. all viruses are different, kids do exceedingly well here and when you balance that with what we do know about the forced masking, the psychological issues, social anxiety, studies about more difficult aspect of learning, when you balance that there is no rationale for bureaucrats making decisions, these are decisions families can make. if you take a step back this is

a broader debate about what kind of country we want to live in. how much power do we want to see to government, president biden talked about when can americans go back to normal, 98% vaccination rate, they are never going to let this going we have to fight back on every front, an executive order on the vaccine mandate for 100 million americans, missouri, pushing back at the local level when forced masking a 5-year-olds that are at low risk. stuart: you also are looking for a court order to force the administration to reimpose the remain in mexico policy. you are not a border state. why is this so important to you? >> we filed suit, won at the supreme court go back to the remain in mexico policy which made mexico the waiting room for 5 and claims that 9 out of 10 are bogus but president biden has been letting those folks in the country, released into the interior never to be seen again. we've got that order, that relief from the supreme court. president biden is not abiding by it so missouri and texas seeking to enforce that and

make president biden play by the rules and follow the law. this is an important issue, crisis at the southern border, mainstream media doesn't want to cover it but we have a crisis at the border, we have people crossing illegally, that is 5 st. louises. missouri is in the lead. stuart: it is a health crisis at the border, the secretary said 20%, one in 5, haitians, didn't define the sickness. 20% of those thousands of people coming in, your state has a health crisis. >> we take human trafficking very seriously. we are leading the country. we let 14% - we know the cartels have been emboldened and not just with drug trafficking but human trafficking, president biden not worried about people coming from somewhere else with covid but very focused on 5-year-olds wearing masks all day long, the

hypocrisy is thick but it is up to the ag to push back. >> when will we hear from blue states, when will we hear from them? >> their silence is deafening but democrat party has gotten so radical here that the idea you would let these many people in illegally, then through reconciliation tried to grant mask amnesty is unconscionable. we are living in a policy-setting for the democrats in favor of open borders and amnesty but it is up to red states to push back, rule of law is at stake in a federal overreach, local overreach with local mask mandate that we have to fight back, if we believe this country has been the freest country in the history of the world we've got to protect that. stuart: fight for this country to be itself. appreciate it. let's talk facebook, pushing back against claims that is to ram is toxic for teen girls, they positive plans for instagram for kids.

abby takes that on. she's young after all. netflix just released a new documentary on britney spears, britney says don't believe everything you hear, we have a report on that too. ♪♪ ♪♪ give me a sign ♪♪ the baby one more time

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stuart: let's update you on the market, dow is down, nasdaq is down 368, that is the selloff and a half right in the middle of it. netflix released a new britney spears documentary. that is a real change of subject. a document on netflix about

britney spears's release today. >> he didn't cooperate or participate so the implication is not everything in this documentary is necessarily true. the producer talked about trying to contact her and hoping she would be part of it but she had so much going on in her life. they do think she watched it, they think part of this were very emotional for her. she has been through a roller coaster. that is why the conservatorship battle. the document tree comes out today, the next hearing in the conservatorship cases tomorrow. stuart: she will probably get out of the conservatorship. >> it has to proceed to happen. stuart: still on celebrities. kareem abdul-jabbar says unvaccinated players to be removed from their teams. abby horn a sick is with us whose dad was a star basketball player, what you think? >> i'm impressed by your transition here. very good job. kareem abdul-jabbar has been a

spoken advocate for receiving the covid 19 vaccine for a long time. he got his on camera and encouraged everyone else to get it as well. his comment shouldn't surprise anyone was a quote he told rolling stone, there is no reason for players willing to risk the health and lives with her teammates, staff and fans simply because they are unable to grasp the seriousness of the situation or do the necessary research was on that comes the conversation that for some individuals it might be more complicated. take andrew wiggins who was denied religious exemption by the nba for getting the covid 19 vaccine. also tyree irving said i don't think i need to tell everyone my vaccination status. i am a human being and this stuff should remain private. right now, 90% of the nba is vaccinated. until it remains 10% get vaccinated but doesn't get vaccinated will continue to be a conversation. stuart: when you stop putting basketball players out of the game that is a big deal i think. next one. facebook security chief says

young kids should not be on social media. you are young, you grew up in the era of social networking. what do you make of this? do you think young kids should not be on? >> i think young kids should not be on social media. stuart: give me an age. >> that is tough. old enough, maybe high school, because that is what i experienced but i am old school. my parents didn't allow me a cell phone until i was in heiskell and didn't get social media until later in high school. before social media existed, you don't deal with the anxiety and depression linked with social media the kids nowadays do. stuart: getting out of it. we have kids now with smart smart phone 7 or 8 years old if not younger. would you ban them? >> what i band them? i don't have the billy to do

so. stuart: the parents, no social media for young kids? >> know social media. for my own kids, obviously it is up to everyone else because i do think social media can be used for good as well. you look at the gap - the gabby petit case, super sleuth on social media hopefully tracking down brian laundrie and small businesses, people can get their businesses out to other people in a wider audience. in that case yes. let's keep it maybe high school is unrealistic, times have changed since i have been in high school. but to preserve the mental health of young kids and get them outside maybe a little bit. stuart: my colleague steve hilton. >> i haven't met him yet. stuart: you know what he says? know smart phones of any kind until they are 16. no smart phones. >> maybe get kids a pager so

they can be contacted. i am sure you can find one on ebay. stuart: you are generous and saying how easy it was to make transitions from one subject to another. try this one but thank you very much for being here. secretary yellen adventure powell are still testifying. wait a minute. just had senator elizabeth warren say something dramatic to jay powell. >> i are how this works, the drama and the tension, nominating powell as chair is not a risk worth taking and said you are a dangerous man to head up the fed, saying powell's record gives her grave concerns. stuart: okay. that is telling it. this from the senator who wants to go into your wealth and to see some of it every year. i'm out of this one and that is a fact.

back to the market. the selloff continues, out of 30 stocks only two are winners and dow is down 500 points. nashville tied for the fastest moving real estate market in the country. the average home sells in 10 days. madison all worth has the report from the music city itself after this. ♪♪ ♪♪ i like to move it move it ♪♪ i like to move it move it id. life is for living. let's partner for all of it. i'm so glad we did this. edward jones

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>> the dow is down 480, the s&p down 83. let's get to nashville. that was pretty fast i would say. what about the national market? >> what is there not to love? live music, entertainment and it turns of space.

this is a prime example of why real estate is flying in nashville. home selling at an average of 10 days so much faster than the national average of 24 days. we spoke to one real estate agent who said some places are selling in one weekend. take a listen. >> on the market on friday, 67 scheduled appointments, 30 or 40 families and we ended up with 19 officers. >> not hard to so when you have gorgeous homes like this one. this one comes with a 200 bottle wine cellar, incredible master bedroom and closet and shifts kitchen. this house here, the asking price for an average home in nashville looking at $7.6 million but if you decide

to take this place your home, that's more money in your pocket. it is a steel. stuart: how much was that house? >> 7.6 mill. >> i want to hear about it. thanks very much, see you again soon. don't forget to tune into the new foxbusiness, manchin global, 9:00 pm eastern. the case shiller home price index for july surged 19%. that was in july. that is the biggest gain on record but that was for july. the home price escalation has

slowed a lot in august and september. >> agree with you completely. it may be the high watermark for home prices, not suggesting home prices go down but the rate of change is going to slow as economic concerns like inflation start to weigh on homebuyers. stuart: i'm watching interest rates go up sharply, the yield on the 10 year treasury which is considered a baseline for mortgage rates 151 at the moment and it had been 155. if the rate keeps going up then mortgage rates will go back above 3%. is that enough to cool down the housing market? >> it could cool it considerably, the second time we've seen a move in interest rate to stay but instead of the

$7 million house in nashville, what showed the lowest quartile of homes on the biggest decline in sales volume and the big reason is inflation is biting would be homebuyers because of the costs like gasoline or limiting mortgage payments. if you have higher interest rates the american dream could be in jeopardy. stuart: we had a report from nashville, tennessee where there is a hot market, home selling an average of 10 days but what about outside those hot markets like nashville and the rest of the country? you often do a quick survey of realtors, are they still seeing bidding wars elsewhere? >> they are a little concerned about interest rates. i did that survey yesterday and interest rates was the number one thing they brought up because clearly it is in the

news cycle. we have to see but there's a lot of cash buyers, some markets in the high end, if cash buyers still around the sidelines. stuart: i can see stocks coming down. that's where i am coming from. out of time, see you again soon. 11:55 meaning the trivia question. don't know where they get these questions but i will ask anyway. which animal has the thickest for in the world? polar bears, bison, crs, snow leopards? who knew? we will tell you the answer after this.

. .

stuart: we ask the strayingest questions, do we not? which animal has the thickest fur in the world? the answer please? answer. thank you, sea otters. let me describe this. a sea otters fur contains between 600,000 and a million hair follicles per square inch. they lack a layer of blubber, depend on their defense and water resistant fur to supply insulation. sea otters. did you believe that? >> i look at fur. when i imagine the sea otter in my mind they were like a sale.

stuart: seal skin. seal skin, not seal fur. i think we should stand corrected right there. big tech, we have a market selloff. show how bad it is. they're all way, way down. my question where are the big tech dip buyers? we haven't seen them yet. it has been straight down since the start of the show. time es up for me, neil. it is yours. neil: thank you, stuart. we'll follow up on that question you asked. why is it so disproportionally on the nasdaq you feel the pinch followed with the 480 point dip for the dow. any rise in rates makes future cash flows less desirable. you can apply to other candidates but their cash flows are like steroids. the return, retreat would be on steroids as well.