i'm not a big sports guy, but the staying power within culture and within media of tom brady really is amazing. "the wall street journal" this weekend, tom brady on two episodes of south park, two episodes of family guy. he's out there and sticking around. maria: yeah. 45 years old. michael lee, christian whiton, good to see you both. "varney & co." begins right now. stu, take it away. stuart: i can't believe it, you're not even talking about liverpool with man city? [laughter] come on. maria: ah, come on, you're right. [laughter] stuart: good morning, everyone. look, it starts told, the grand effort by the president to salvage manager of his -- something of his domestic program. he'll make a statement at the white house at 11:15 is. tomorrow he goes across the country making the case for new entitlements, massive spending and, yes, massive tax increases. his party's in chaos after a

failure to hold any vote, moderate house democrats feel cheated, the far left is triumphant, and the two democrats in the senate, they continue their resistance to the radicals' plans. the president has sided with the left, so starting in a couple of hours you're going to hear a lot more about the need for new entitlement ares and how it will cost zero dollars. it's really hard to know what wall street wants out of all of this. the dow was down over 1% last week, it's maybe down 8 points this morning, s&p down 2% last week, down maybe 5, 5 points this morning. and the nasdaq, big loss last week, down 3%, but it's down 43 this morning -- 41 this morning. so the losses in big tech will continue. facebook, the whistleblower appeared on "60 minutes" last night. she accused facebook of putting profits ahead of the public good. she testifies before congress tomorrow. this is a serious challenge to

facebook's honesty. the tock is down about .8%, 340 per share. tesla, though, maybe the stock of the day. despite the chip shortage, deliveries surged to a new record in the july through september quarter. the stock real close to $800 a share. the cryptos, i'm going to say they're doing well with bitcoin around $47,000. i think -- yeah, 47 grand. that's where it is right now. interest rates, the 10-year treasury holding just below the $1.50 level -- 1.50 level, 1.49 to be precise. covid cases down 28%, deaths down 7. we're coming down the other side of the summer surge. but dr. fauci says it's too early to make any announcements about christmas gatherings, and the cdc still recommends wearing masks indoors. monday, october 4th, 2021. "varney & co." is about to begin. ♪

♪ glory days, yeah, they'll pass by, glory days ♪♪ stuart: so we're playing springsteen, are we? >> glory days. more like déjà vu in washington. stuart: we'll forget about springsteen for a while. the president -- i don't like springsteen. i don't like his politics. >> i understand that. i love him, i'm sorry. stuart: great start to the show, all right. [laughter] president biden insists his stalled $1 trillion infrastructure the bill will get done. lauren -- [laughter] good morning to you again. >> yeah. stuart: when does the white house expect a vote? >> speaker nancy pelosi says by halloween, and october 31st is when the reauthorization of federal highway programs expires, and it's also the following day is the global

climate summit. the white house adviser, and chris wallace certainly hammered him over the weekend, cedric richmond says there's no timeline to pass the $3.5 trillion social spending bill, so what we're seeing is delays to the biden add general da -- agenda. we'll see what they can salvage. stuart: so no time frame for the $3.5 trillion deal, but they want the $1 trillion infrastructure deal by october 31st -- >> that's what they're saying now. halloween for the bipartisan hard infrastructure, and whenever they can for the social spending. we heard from alexandria ocasio-cortez over the weekend, and she said, well, maybe we should talk about fully funding what we want for shorter periods of time. stuart: exactly. >> so it seems like the progressives willing to cave a little bit. stuart: they'll reduce the cost because the time the entitlements are going to be in place, that reduces the cost. so you pass it, and then you've got those entitlement ares

forever, and they'll just keep -- >> with the next administration, yeah. stuart: jason chaffetz with us this morning. pride in's going on the -- president biden's going on the road to michigan. he wants as hutch spending as he can get -- as much spending as he can get, but with his split party, do you think he gets anything in. >> i do think they'll get something. it's amazing how they shoot so high, and then they come in a little bit lower and go, oh, we're so reasonable. but it is a ridiculous, absurd amount of money. i think it shows the desperation to puppet the president on the road. he is not a good communicator. he's prone to gaffes. i also think it's interesting that when they're having a problem and a challenge of bringing congress together, you're supposed to bring your vice president. she used to serve in congress. instead what they did was they put her on an airplane, knew her mysteriously to palm springs to keep her totally out of the way, she is totally infective. nancy pelosi promised the

centrists a vote on september 27th on the infrastructure bill, that didn't happen. i don't think they have this figured out yet other than they just say, hey, we're going to spend an absurd amount of money, we just don't know how much yet. stuart: you really think they deliberately sent the vice president out of town for just one night, flew out to palm springs, california, flew back on saturday morning just to keep her out of the way? really? >> well, i don't know why, this is a mystery. they wouldn't allow the media on the ground, on the tarmac there in palm springs. i'm just saying you have a vice president who comes from the united states congress, and you're trying to sell something in the united states congress, that's who you send over there. they did that with mike pence all the time. mike pence was a regular there. and yet you don't see kamala harris anywhere because she's not an asset. again, the two of them are poor communicators. they are not able to sell the

plan to the american people, they don't have a mandate. they act as if they have a mandate, but they don't. they have such a slim majority, 85 people can get together and hold everything up. that's why nothing's done yet. stuart: probably no infrastructure bill until october 31st. jason, thanks for joining us. i did get that right, october 31st for the infrastructure -- >> yes. stuart: i'm juggling dates, jason. sorry about that. let's check in on futures, nasdaq's down about 44 points. jason katz joins us now. let's just suppose, jason, you've got 3.5 trillion here, 1.5 trillion here, supposing they split the difference and come up with a $2 trillion reconciliation package. would the market love it or hate it? >> you know, stuart, we have to watch what we wish for here on this big spend. the president's economic agenda clearly hangs in the balance over the course of this month,

and i think the markets, obviously, are going to cheer a bit the debt ceiling being raised and a trillion dollar infrastructure which is bipartisan, clearly the markets will embrace that. anything greater than $2 trillion on social spending will simply lead to inflationary pressures, and the markets will loathe that. so we, again, have to watch what we wish for when in this all settles. stuart: so a trillion dollar infrastructure deal, good for the market. but a big spend, bad for the market. supposing they get absolutely nothing on the big spend. you get the 1 trillion infrastructure but you don't get anything of the 3.5 trillion, would the market like that? >> i think it would be a modest disappointment. but, look, all we're hearing about is supply constraints. all we're hearing about is inflationary pressures from companies. and anything in excess of $2 trillion on social spending simply exacerbates those concerns. so at the end of the day, i

think we need to get something, but nowhere near the 2 trillion plus that some people are hoping for. stuart: what do you say to clients when they ask you why would we want to invest in a turbulent market like this? because it is turbulent, to say the least, right now. not much incentive to jump in and buy, is there? >> no, we've had this stealth correction. you know, you think about it, half of the nasdaq is down over 20%. half of the s&p is down over 10%. but, look, the best elixir for the market actually is this anti-viral. it is a complete and utter game-changer. it gets port workers back to the docks, it gets energy workers back to plants, it takes -- it shifts the burden from all this need for goods back to services. so the answer is we haven't had this 10% correction. we're probably going to get it,

but this quarter's earning -- stuart: ah, that's a loss of transmission, as we like to say in this business. maybe we can get him back? no, we lost him. jason katz, thank you very much, indeed, sir, for your elemented -- limited appearance today. facebook down $6 at premarket, dropping below 340. the whistleblower behind the facebook files revealed her identity and appeared on "60 minutes." lauren, go through it. >> francis hogan said facebook his led investors saying one thing in public and another thing internally. >> the thing i saw at facebook over and over again was there were conflicts of interest between what was good for the public and what was good for facebook. and facebook over and is over again chose to optimize for its own interests like making more money. facebooks has realized that if they change the algorithm to be safer, people will spend less time on the site, they'll click on less ads, they'll make less money. >> she said over and over again

that facebook changed its content algorithm to increase polarization online because that drives engagement and eyeballs. tomorrow she testifies before a senate committee, how instagram affects teens' mental health. what you do with this, i'm not sure. should certain age groups be prohibited from seeing certain content, more control for the parents? i don't know. but she came out very is strong. stuart: the other issue here you said she's accused facebook of misleading investors. now, that's a very serious thing. you mislead investors, i think that's actionable on wall street. >> and we'll see what happens in these committees with that, because if you have information as facebook had all of these reports that their service can cause harm for whatever reason and you don't tell the community that, you keep that research, that creates harm. stuart: you've got it. 18 minutes until the opening of the market. look at the futures. we're down across the board. the only big loss is on the

nasdaq which is down about one-third of 1%. arizona senator kyrsten sinema berated by left-wing activists who actually followed her into a bathroom. roll tape. >> we need -- right now. >> we knocked on doors for you to get you elected. we can bet you out of -- get you out of office. stuart: i'm not sure that helps their case, but that's what they did. the administration claiming their multitrillion dollar agenda will cost zero dollars. roll tape. >> i think what's important for people to understand is that this piece of legislation costs zero. we're going to pay for it all by raising taxes on the very wealthy and big corporations. stuart: it costs zero if you raise taxes to pay for it. not quite sure i understand the economic logic. perhaps stephen moore can help us out on that. he helped with trump tax cuts, and he's here after t i'll tellr

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sinema were far apart from the progressives, but is there anything in that package that everybody agrees on and wants? >> reporter: stuart, that's a tricky question. there is some agreement on what should be included in the package, what programs like universal pre-k, paid family medical leave, expanding medicaid and medicare. but how long those problems -- programs last and who actually gets to benefit from this is really -- from them really where there is broad disagreement. you have senator manchin who wants a job requirement for anyone to be able to take advantage of these, he wants means testing so that people who truly cannot afford it do get the benefit for free, but people who can afford to pay a little or a little more do contribute some and maybe get some type of subsidy in return. there is conversation about possibly making these programs not lapse forever, not making them permanent, but shortening them to bring the price tag down. there also is broad disagreement over how much the price tag ultimately will be.

of course, you have manchin at the bottom of the barrel with 1.5 trillion. we still really have not heard from sinema what number is her bottom line. but then you have bernie sanders who over the weekend made it clear. he his 3.5 trillion -- thinks 3.5 trillion is too little. he want it close to 6 federal, and he could -- 6 trillion, and he could also vote against the panel if the price tag is not high enough putting president biden's agenda in jeopardy. they're really figuring out how to consistent and where to do that and still make everybody happy at the same time. you have at least four different viewpoints and four different parties here on capitol hill that really need to be satisfied, and then you need to get the president to sign off on it, of course, at the end of the day. stuart? stuart: hillary, thanks very much. good stuff. one of president biden's senior advisers absolutely insists that the $3.5 trillion budget plan costs zero dollars. roll tape. >> i think what's important for

people to understand is that this piece of legislation costs zero. we're going to pay for it all by raising taxes on the very wealthy and big corporations -- chris: i've got to top you there. it doesn't cost zero. >> at the end of the day, it will cost zero because we're going to pay for it. now, if you go back and look at the trump tax cuts which weren't paid for, they cost billions and billions, but we're going to pay for everything we spend here. stuart: come on in, please, stephen moore. let's sort this out. do you accept the logic that it's all paid for just by taxing the rich, therefore, costs zero dollar. do you accept that logic? >> of course i don't. it will have a very negative effect on the economy. it's not free to people, it doesn't cost zero. it's become a late night comedy, you know, sketch that you've got nancy pelosi, you've got joe biden, you've got all these people at the white house repeating this laughable line that somehow it's free and costs nothing. it's like, you know, when you

get a credit card and you say, gee, this is free, i can just buy all stuff and i don't have to pay for it. you know what? the bills come due at some point. incidentally, one of the tricks that they're going to use in this bill, stuart, is they're going to kind of say that they're only going to count five or six years of the spending over the ten-year period and say, well, it only cost $1.5 trillion when, in fact, the real cost is about two or three times that high. they're using budget gimmicks. and, by the way, i loved hillary's report. what you've got going on right now on the democratic side of the aisle, stiewcht, is a -- stuart, is a circular firing squad where the democrats are firing at each other. that's usually what republicans do. i have to say, it's kind of refreshing to see the democrats do it. they're risking putting the whole agenda at risk so they get nothing if they keep up this behavior. stuart: i agree with you the trick in the accounting is to get the cost down by lowering

the time frame which these programs will be valid for. so you get the programs, and once you've got 'em, you can never get rid of 'em, and they get more and more expensive. that is a piece of financial fraud, in my opinion, but i can't -- >> you know, stuart -- stuart: i'm sorry, i've got to go. i've got a hard break. >> it's fraud, stuart. and the cbo would be put in jail if the they tried to do that. -- a ceo would be put in jail. stuart: stephen moore, thank you very much, indeed. senator sinema was confronted, you you've seen this tape before, give me the story. >> it went viral. it's been viewed about 4 million times. senator was teaching at arizona state university. she goes to take a bathroom break, and she's followed in by activists. and one young lady demanding a pathway to citizenship. watch. >> we need -- [inaudible] right now. >> we knocked on doors for you to get you elected, and just how we got you elected, we can get you out of office if you don't support what you promised us.

>> i can't believe they followed her into the stall, that's crazy. the senate parliamentarian said you cannot put a policy change, you can't put immigration reform into the reconciliation bill. but it doesn't mean it's not going to happen. democrats have come on the record saying we want immigration reform included, and we're going to keep trying to get this through. there is no timeline for that part of the bill, so they have the time to be creative. stuart: following into the bathroom? i just don't think that helps. >> give her credit for her composure. stuart: quick check of futures, six and a half minutes to go before the market opens on a monday morning, mostly in the red. we'll be back after this. ♪ give a little bit of heart and so many, give a little bit of love to grow. ♪ give a little bit of heart and soul and don't you make me beg for more. ♪ give a sign, i need to know, a little bit, a little bit -- ♪♪

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whistleblower behind the facebook files. keith fitz joins us. she says they put profits ahead of people. would you buy facebook with this going on in the background? >> there is no way i would touch that stock right now. i don't think this company has a moral compass. i think it lost any sense of a moral compass years ago, and any investor who touches it better be comfortable with that because the risks are tremendous. stuart: they are accused of misleading investors. that's where it gets real serious for the stock point of view. you mislead investors, that's actionable, literally legally actionable. that could reduce facebook's profitability considerably. >> oh, yeah. stuart: how low do you think this thing's going to go? >> you know, it's hard to put a price on that because the company has to be building litigation reserves because it is proven -- and i've got to believe the instagram-related files she's referencing are a fraction of what they actually know about how facebook

functions, how other programs function, how executives have made decisions. you'll notice that zuckerberg is ever rarely put in front of a microphone, his minions do his bidding, and i think, again, something smells here. stuart: real fast on vaccines, you're telling people to buy the share of pfizer rather than merck. it's a long time since i saw pfizer do anything. it's still in the low 40s. you want to buy that and not merck? >> absolutely. i don't like chasing hot stocks, i like chasing stocks that have really got their act together. they're taking what they know about mrna and moving it through a much broader, more dynamic portfolio. great dividend. to me, that's the long-term hold. merck is a short-term great company, but it's short term. stuart: pfizer's got the vaccine, and it's done nothing. >> yeah, but people said that when amazon had dropped 97% of its value years ago, and look

where it is today? apple almost lost several times despite hemorrhaging billions of dollars. pfizer is a long haul portfolio, and i think that's the psychology you need. stuart: okay, we shall bear that in mind, keith fitz. thanks very much for being with us. we're about to see how this market behaves after a pretty down week last week. >> actually went up pretty well on first day of october, didn't it? is. [laughter] stuart: it did. the dow was down 1% for the week, 2% for the s&p, 3% for the nasdaq. here we are opening up, in the early going the dow is down 50, 34,200 is the level. in the early going the s&p 500 is also on the downside to the one to -- to the tune of one-quarter9 of 1%. the nasdaq is down a half percentage point, so we've got red across board this morning. big tech, i presume that is also lower again, yes, it is. all across the board. facebook's a big loser, amazon

is down, apple's down, alphabet's down and microsoft -- oh, boy, microsoft is down another couple of bucks, 287. but i've got to show you tesla. could be the stock of the day, actually. susan, good morning to you, they're up, is that because they beat the chip shortage? >> handily, by the way. they delivered a record 241,000 cars plus in the summertime. deliveries went up 20% from the springtime, compare that to ford and gm which went down. the majority were model 3s, model ys. now, tesla doesn't break out the cars made in california versus the cars made in china, but even elon musk has admitted tesla has suffered extremely severe parts shortages in the third quarter, but they were able to cross that hurdle. i know you're asking about the short sellers, they've been crushed, obviously, with tesla run up to $800. i was looking at the short interest, only 1% of tesla's stock is being shorted right

now, the lowest since their ipo. stuart: they crushed -- >> they crushed. you don't bet against elon musk, i think that's the lesson that's been learned. stuart: i'll remember that. look at amc, they're down a bit this morning, down a quarter percent. is it true to say that people are going back to the movies? >> this is a big deal. you like talking about the reopening theme and people getting back to normal, and that's exactly what happened. i think the reddit, wall street betses and apes crowd probably likes this news because you saw a record pandemic weekend, $90 million north american box office debut for venom 2, let there be carnage. not for your demographic, probably -- [laughter] apparently, the reviews weren't that great. anyway, biggest opening weekend since covid, and amc says internationally it's the new james bond no time to die helped out. by the way, what are you doing next year, because this is

daniel carol's last james -- craig's last james bond movie. fyi -- [laughter] stuart: the bond movie has not yet been released in the united states. elsewhere in the world but not here. >> venom 2 outperforming. stuart: all right. another group which we always need to keep in touch with, and that's chinese tech companies. they're all down now. this is going to be some fallout for ever? >> last night -- evergrande? >> a lot of people are doubting whether china's property developer will survive. they've missed two important interest payments, $300 billion in unpaid bills and chinese media reporting evergrande will be selling a majority stake in its property management arm for roughly $5 billion, but the damage has been done. there's no confidence right now in chinese stocks. look at alibaba -- stuart: it was at 240 about six months ago or something like that, and it's -- >> 140.

stuart: 140 now, look at that. general motors, show me, please. i think they're up today. yes, they are. 4%. >> so going all electric by 2035. however, they said that 20 new electric models will be introduced in north america by 2028, right? so they're on it. also, by the way, the news that they just released, of course, bloomberg reporting that their self-driving unit, gm cruise, they just got california approval to start commercial autonomous rides with waymo, a $50 billion business for them. and rides could start in 2023. also, by the way, you had that file confirmation finally, the big electric ipo. filed an $80 billion valuation which has a lot of people scratching their heads given that they lost about a billion dollars in the first half of 2021. i think that's the tesla flow. when tesla's trading at these lofty levels, it brings along

the other electric plays. stuart: it's riveon -- >> the electric truckmaker which amazon has backed and has orders for thousands, tens of thousands really. stuart: the price tag -- >> $80 billion. yes, that's right. not many sales. [laughter] stuart: we don't talk about the chemical people very much, but we've got a story this morning on dupont. jpmorgan says they're going straight up. >> value because it's underperform. it's cheap, according to them. by the way, speaking of chemical makers and probably -- [laughter] more staled stocks or -- staid stocks, downgraded to neutral. stuart: i've gotten used to the whole world of amazon, microsoft and google. >> yeah, it's so nuvo and

modern. stuart: these old companies, you just don't talk about them. >> by the way, did you know that william shatner is confirmed to be going up in blue origin? stuart: the guy from star trek? seriously, the man is, what, 8ing 4, 85 years old, he's the original captain kirk. he goes up into space one more time, fantastic publicity. who's he going with? >> blue origin, jeff bezos. he can afford these types of things. stuart: let's saw a quick look at -- have a quick look at the vaccine makers. merck up, moderna, novavax down. >> that's continuing today. the news came out on friday. that's also why you have a lot of the reopening plays also doing well as well, i think. the merck, that experimental -- stuart: oh, the pill. >> cutting 50% of deaths. which is great. stuart: all right. we are now six and a half minutes into the session. the dow is up 42 points, and

let's look at the winners headed by d. >> merck. goldman sachs, jp jpmorgan. stuart: and chevron's there. s&p 500 winners, who's that? >> gm. halliburton, merck, dupont and tesla. stuart: tesla's on there too. >> value plays. stuart: yep. nasdaq winners, craft heinz -- >> and dollar tree, it's no longer a buck, a dollar store, it's $1.25. stuart: the big board now shows a gain of 30 points in the early going. the 10-year treasury, is it still just below 1.50? yes, it is. 1.495. bitcoin, last time we checked it was 47,000, thousandst 48,000 -- 47,000. and price of oil, $77 a barrel. the opec meeting starts today. they may decide to pump some more oil, we'll see.

nat gas, whoa, here we go, up 6%, that means it's way back, very close to $6 per million british thermal units. >> look at you. that's inflation story, by the way, heading into the winter. stuart: absolutely. and, by the way, $6 here is $25 in europe. >> wow. stuart: can you imagine that? >> wow. is that because of pounds? stuart: yeah. that's an adjustment. that's in dollars $25. "saturday night live" is back with a new joe biden. roll it. >> how's everybody's summersome mine was bad. [laughter] definitely not afghanistan good. on the bright side, i went the entire summer without falling down the stairs once. stuart: ooh, that's a little brutal. we'll show you some more of the highlights just ahead. a new warning about her migrants surging toward the border. what's the plan? i'll ask border patrol council president brandon judd later on

the show. we're talking tens of thousands coming soon. married to an unvaccinated person? that will cost you. new requirement for one major health provider has critics outraged. ♪ what's love got to do, got to do with it? ♪ who needs a heart when a heart can be broken? ♪♪

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muck ♪ ♪ stuart: ah, a little tom petty. good. thank you very much, producers. that is san francisco. only 60 degrees there right now. well, will become the first state to require all students to get vaccinated once it gets full fda approval, of course. listen to what dr. fauci had to say about governor newsom's decision. roll tape. >> i'm not going to be

recommending things to other states, i'll let the leaders, but i think what the governor did in california was something of sound judgment. stuart: so dr. fauci, he agrees with that mandate, all kids vaccinated. dr. matt mccarthy on your screen, right-hand side there. do you agree with the california mandate? >> well, you know, what i would remind politicians from both sides of the aisle is that they have continuously said they are going to follow the science, and this is an example once again of getting out ahead of the science. we still haven't seen the safety data from pediatric vaccinations from kids age 5-11. we haven't seen the fda expert panel review that data. so when people ask he if i'm going to vaccinate my 5-year-old and my 7-year-old, i say i hope so is, but i couldn't tell you the risk-benefit right now. so i caution them to not get out ahead of the science because it's only going to frustrate people. there are a lot of parents who are really stressed right now

watching their kids go to school in a mask every day, and the idea that they're going to be mandated to have to be vaccinated is an added stress that's unnecessary. what i would encourage the governor to do is whenever there is going to be a new mandate, to think about an offramp for the existing mandate, you know? california has an indoor mask mandate, and a health official last week in santa clara county suggested that maybe that should be permanent. we're seeing fewer cases of influenza and cases of covid is are going down and maybe an indoor mask mandate for california makes sense. so what i would say is this is a very difficult situation, and we're not going to have full fda approval this school year for kids, so why are we putting this out there now? if they ask me is this message we should be putting forward, i would say, no. how can we pull back on existing mandates and restrictions because we don't have the ability to make a risk-benefit decision on vaccinating young kids right now.

so let's follow the science. let's not have politics lead the science just yet. stuart: seeing the big -- vermont seeing the biggest surge in covid cases despite the fact it's one of the most vaccinated states in america. why is the virus surging with a high vaccination rate in vermont? why? >> yeah. buckle up because people have been convinced that high vaccination rates are going to lead to a decrease in cases. and while that may be true partially, the northeast has not yet had a full delta wave yet. so what you're seeing in vermont is going to likely trickle into massachusetts and into connecticut and into new york. there are very low case counts in the tristate area right now and in the northeast in general. and some people are patting themselves on the back and saying, well, that's because there's so much vaccination in the northeast, we're not going to be like the south, we're not going to be like florida. that's not what i tell people when i give guidance. what i say is that we're going

to certainly see a surge in the winter months in the northeast and that getting vaccinated is an important thing to protect yourself and to protect your community, and a booster is a nice thing to do as well if you're in one of the groups that's recommended, but this does not create a force field. if you're concerned about getting infected, you need to avoid high risk behavior. i'm not surprised at all to see vermont, and i think when you and is i talk a couple of months from now, we're going to be talking about a totally different new york than we see right now. and the tip of the iceberg is really what we're seeing in vermont is. stuart: well, let's talk in a couple of months. dr. matt mccarthy, thank you very much for being here, sir. we appreciate it always. what's this about louisiana's largest health system fining -- this is for you, lauren -- fining employees with unvaccinated spouses? >> yep. because they're covered by the employee who works for ashner health. they say they spent $9 million last year treating people with

covid-19 on their health care plan. so if an unvaccinated spouse wants to remain covered by their plan, that cost will be going up by $200 a month starting next year. stuart: i understand the logic of it, i can see it. >> we've seen a lot of different policies with companies finding ways around an outright mandate, and even if they have a mandate, finding more restrictions for people who don't want to roll up their sleeve. stuart: all right. let's have is a look at big tech. faces many challenges, but their biggest threat, in my opinion, facebook whistleblower frances haugen. that's going to be my take. massive oil pill in southern california. -- spill in southern california. we've got a live report on the clean-up effort after this. ♪ ♪

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i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. stuart: an oil spill off the coast of california has left a lot of dead fish ask contaminated wetlands. local officials call it an environmental catastrophe. william la jeunesse in huntington beach joins us. what's the latest, william? >> reporter: the next 24-48 hours is going to be critical to

stop more of that oil from reaching the shore. and you see the boom here, it's a boom on three sides trying to stop that oil from entering reserve. there's actually seven of these along the coastline here where there's 13 miles of oil, so they're trying to protect those as well as out on the ocean. the coast guard and clean-up crews are trying to corral the oil slicks and patches and and suction that oil off. this is pretty big swill, 126,000 -- spill, 126,000 gallons as of saturday morning before the company says it had stopped the leak. we've got about 23 oil platforms off the california coast. the wells in question are about 8 mile off of huntington beach. there's a 16-inch pipeline off the ella processing platform that collects crude from dozens of wells, then sends that 18 miles to long beach. well, the company on saturday morning reported a leak in that pipeline. they don't know if it's age, corrosion, a welding failure or

a gash from a tanker or fishing boat. but it's not9 that deep, about 100 feet. divers are there now, and after boaters and residents reported smelling oil on friday night, the city closed the beach a day later. >> there's oil deposits all along the shore, and you can see the oil slicks out in the ocean. and so we know that there's going to be a lot more hitting our shores over the next few days. >> the ramifications will extend further than the visible oil and odor that our residents are dealing with at the moment. the impact to the environment is irreversible. >> reporter: so it's trying to hit gate the damage especially to wildlife -- mitigate. oil sticks to the feathers of the birds, right? they can't fly, they lose insulation to the coldwet and the water -- cold weather and the water, toxic to their kidneys. that holds true to mammals as well. some of the young starve because they can't find their mothers,

that kind of situation. so it's not uncommon, stuart, with an oil spill this size to get hundreds of dead birds, mammals as well as fish. i want to give you ally9 perspective -- a little per spect isive. we are on coast highway. the wetland is right there. and the wells we're talking about are in the distance right over there, like i say, about 8 miles offshore. and this is where the ocean enters the, mixes, basically, with the santa ana river where we are now. stuart the, i'm going to send it back to you, but the point is these wells were drilled by shell oil back in the '80s. they're doing an investigation, but this is not over, and there's going to be an economic as well as environmental impact. stuart? stuart: yes, there will. william la jeunesse, thank you very much. representative jason smith, nigel farage, mike huckabee, they're all on the show in the next hour.

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tech. not surprisingly everyone of those stocks are down, significantly lower. we're talking in percentage terms right there. this is why we got a problem with big tech and the nasdaq. the yield on the 10-year treasury gone back to the 1.50% level. price of oil, nearly $78 a barrel. opecs its meeting. that is the markets. now this. at harvard business school they're getting a taste of reality. you can't stop youngsters mixing, mingling, partying. almost all classes on harvard business school are on remote. covid outbreak from all the partying killed in-person teaching. harvard embarked on very heavy heavy-handed restrictions. according to "wall street journal" stop all indoor unmasked activities. mask up, kids. limit in-person interaction with anyone out of your household.

forget the date. forget all group activities, cancel all group travel. my point here this kind of reaction to covid is not sustainable. we can't keep going with draconian restrictions every time there is uptick in the caseload. covid will be with us for the foreseeable future. we have to adjust to that. no good lecturing people, 20 somethings, that they can't do what young people have always done. they will find a way. students and parents paying tens of thousands of dollars a year will not be happy when zoom, masks, isolation, take the place after vibrant campus scene. where are the demands for a refund? despite high vaccination rates, 95% at harvard we're being held in a permanent state of anxiety. long term the aping anxiety wears off. after 18 months it is wearing

off. maybe students should accept no mingling or partying but you know very well they won't. the second hour of "varney" just getting started. ♪. stuart: mike huckabee is with us and by the way everybody i know loves the beard, mike. i don't know whether you know that. governor, that is very popular i got to say. do you think we're being held in a permanent state of anxiety? >> sure seems that way, stu. i mean there is good news in all of this stuff. students in their 20s are not going to end up getting stds if they date via zoom. so there is the good part. the bad part is that there are some people for whom zoom is not sexually safe. think about jeffrey toobin over at cnn. stuart: oh. >> the truth is there is not going to be a way to get young people to sit in their dorm rooms or in their apartments for

the rest of their lives doing all of their activities by way of a video screen. it is just not going to happen. so even the best health experts tell us it is not necessary for that to happen. so we have to ask the question, why are we being told that we may not even get to have christmas this year? stuart: yes. >> ba humbug. this is scrooge, not a doctor telling us this. stuart: i was just getting to that. dr. fauci, tell the audience, here is what dr. fauci had to say about christmas gatherings, roll the tape. >> we can gather for christmas, but just too soon to tell? >> margaret. it is just too soon to tell. we have to concentrate getting numbers down and not try to jump ahead by weeks or months saying what we'll do at a particular time. stuart: react to that again, please, governor. >> well it is real simple. you know fauci is not god.

we don't allow him to tick date whether we meet with our families, who we will talk to. this is getting ridiculous. it becomes incrossingly evident fauci wants to continually have us in some holding position so he remains relevant, not that we get back to normalcy. i think families will ignore that kind of nonsense and frankly, here is the simple solution. stu if we get worried about it, we'll identify as an illegal immigrant because it is apparent you are immune from covid if you're an illegal crossing the border. you're only in a dangerous situation if you go to an sec football game. stuart: that was very good, governor, original thinking. i didn't get there. quickly do you think speaker pelosi surrendered to the progressives? >> she absolutely did, lock, stock and barrel. they own the democrat party from

top to bottom. she is merely the hired hand. it is aoc and bernie sanders running the show. stuart: and senator cruz and governor huckabee who have grown the best beards on television today. that is the collective opinion by the way. >> thank you. stuart: welcome. see you again soon. thanks, governor. former president trump wants to tweet again. how is he going to do that, lauren? lauren: he asked a federal judge in florida to reinstate at real donald trump twitter handle. he accused jack dorsey coerced by lawmakers to suspend his twitter account on january 6th. team trump considers twitter censoring his first amendment rights. the taliban can tweet, right? not just twitter has him banned. facebook has banned trump from january 2023. he is banned indell by alphabet at youtube. stuart: indefinitely. i didn't know that.

on youtube. lauren: don't want him back. stuart: now this the whistle-blower behind the facebook files said they, facebook, put profit before safety. dennis gartman is with us, market watcher at the morning, down 12 bucks, 3.7%. dennis you don't invest in companies like facebook, i got that, will you pass judgment on this particular issue? because it seems to me that is the most serious challenge to any big tech company yet. >> i couldn't agree more. the very serious challenge. the being challenged on making profits, isn't a business supposed to make profits but the question is in front of me would i be a buyer of facebook down $12.82 on the day, down almost 4% today? no from a technical perspective. i don't like to get technical on stocks, gapped lower, huge gap on the downside, that usually means there will be continued selling. will i be a buyer here? no. i think this is attack,

governmental attack upon private enterprise without question. i think that is a serious circumstance, no question about it. stuart: if they did indeed mislead investors that is the charge, that is a very serious charge to level against any company. >> oh, yeah, completely, no question about that and we have other companies that have been charged with that, with the trial going on out in california with young lady who -- stuart: theranos. >> theranos, yeah. that was the same question that preoccupies that trial. you can't mislead, you can't lie, you can't dissuade people from buying stuff. you have to be honest, you have to be aboveboard. the question is facebook dishonest? i'm not a lawyer. i can't answer the question. i will leave it to others. the stock looks terrible given interest rates are rising, always deleterious to high-tech stocks and on the downside and given the fact facebook is under attack, not just from one person

but from others. i will let others buy it. i shant. stuart: 3 1/2 trillion dollar demand on one hand and 1 1/2 trillion dollar program on the other. if they split the difference, just for argument sake, they come up with two trillion dollars worth of social spending, i think you believe that will happen -- >> that is what is going to happen. stuart: what happens to the market? does the market go up or down 2 trillion? >> i think the market continues to go down. we started a bear market. the high was made back in april and may this year when russell index made its high. the other major indices all seem to made their highs in early september, late august. i think no matter what happens, even if they reach consensus, reach some conciliatory, 2.3, $2.4 trillion i think it still will be deleterious to stock prices here on out. stuart: got it. >> be careful. stuart: i will. i will probably buy stocks that

don't hurt when you they fall on your foot. okay? >> buy energy stocks. they have a good dividend. paying five, six and 7%. energy prices are moving from the lower left to the upper right. that is one area i have some interest in at that point. buy energy. stuart: dennis, thank you very much indeed. >> good to see you. stuart: you have movers here, lauren. lauren: cotera, dennis teed me up. oil up new four-year high. opec says they will keep out put where it is. that is the story today. stuart: $77. imagine gas prices will go back up a bit more. i see financials doing well? lauren: if you look at goldman sachs, jpmorgan, at a new high, american express, they're adding 75 points to the dow, the dow is higher because of financials. 10-year yield back up 1.5%. that is what is doing it for the

financials. stuart: i saw a big drop in ford's latest sales figures. lauren: the stock is up. up almost 4% now. so yes, september sales for ford fell 18% versus last year but they said their inventory did improve. we saw the august factory orders overall. those are better than expected. maybe the production challenges are starting to look a little better moving forward. by the way electric vehicle sales at ford up 92%. stuart: 92%. lauren: that is where the industry is moving. looks like they're moving there pretty fast. stuart: talk to me biontech, the german company developed the first covid vacci i think with pfizer? lauren: yep. stuart: they say a new vaccine formula will be needed soon? lauren: i'm assuming this means a booster but what the head of biontech, seases the disease mutates and evades immunity. this is the quote for "the financial times." the vie will stay. the virus will further adam.

we have no reason to assume that the next generation virus will be easier to handle than the existing say russ. new revolution just started. new vaccines will be needed middle of next year. right around the corner. i'm assuming this is a booster shot. but what a market for pfizer and biontech. it says it is $26 billion in revenue. stuart: on the other hand vaccinate every year. it is coming. lauren: continue all strain. stuart: not going to be popular but necessary may be. another story. the governor of texas has had enough with the president's open border policy. he is taking matters into his own hands. we'll tell you how he plans on stopping the next caravan. nearly 100 chinese warplanes swarmed over taiwan in the last three days. should we be concerned? i think so. i will ask kt mcfarland. she is next. ♪.

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texas military including the national guard taking the border crisis in their own hands. don't tell me they are building a fence or wall? lauren: they already built three miles of wire wall and plan to use quarter of a mile a day. it is about nine or 10 feet high. not like trump's border wall but it is something. it is texas saying we can't keep this wide open. so illegal immigrants can't cross. stuart: on that, a guatamala activist the root causes of border crisis has worsened under vice president harris' watch. we could see one million more migrants at our border. can t mcfarland joins us now. kt, there are migrants coming to the southern border in droves? what is the border policy

regarding central america which is supposed to be the root cause of the problem? >> i think we're pushing this whole immigration crisis in a southern border in a wrong way. we keep saying, the critics of the biden administration policy they're so incompetent, they don't know what they're doing. the fans say they're so wonderful, they're so humanitarian, they want to let people in this country with a terrible time in their own home countries. i don't think that has negative to do with it. this is deliberate plan by the democrat, who know the americans don't like what they're selling, this loony left progressive agenda, so what will they do? they will get new voters. the kamala harris to solving the border crisis even if it works will take at least a decade. even her own people say it would take at least a decade to prop up the central american countries to the point where people don't want to leave. the second point, they welcomed all immigrants across the southern border. you know who they are not

welcoming immigrants in? cuban i am migrants trying to flee communist cuba. why are they not welcoming those people, sending the coast guard out to the boats telling them being to go back to cuba. because they vote historically republican. this is vote by the democrats to shift the country to shift to a democrat majority. stuart: i understand that point. i made that point myself. i agree entirely with you. the political fallout of utterly chaotic border getting worse from where it is now i don't think that will be in the democrats favor at all. maybe long term they get a few more democrat voters in. of the short term chaos i don't think is popular. last word to you on this subject. >> yes i think it ties into the other thing you were talking about which is the china crisis. china and other countries looked at united states in the last couple months. they can't control the southern

border. chef a sham evacuation from afghanistan. this is our time to make a move. i think that is why you're seeing a far more aggressive china in the south china sea flying warplanes over taiwan rattling their sabres. stuart: do you think they would actually try to invade taiwan? they wouldn't do that, stuart? >> why do it if you don't have to do it? a military exercise is something countries do to demonstrate to others, adversaries this will happen if you test me. what have the chinese done. they have had military manueverrers and military exercises last few weeks and months showing how they would invade taiwan if they had to. american military, american naval critics, they will not be prepared to help them, or even if we help them we're not necessarily going to prevail. chinese are whispering in the ears of some taiwan leaders if we decide to invade you're on your own. america is not going to help you.

look what happened in afghanistan where they left after 20 years. they're assuming taiwan may say okay, let's find a long term accommodation where we actually become part of china. i think that is what their goal is. but they want to demonstrate to the world they can do whatever they warrant military. by the way, they want to push the united states out of the south china sea which is the most important maritime trade route in the world. stuart: yes it is. kt mcfarland, great insight. thanks for joining us. always a pleasure. thanks so much. >> thank you. stuart: on a similar note the administration just unveiled their china trade policy. edward lawrence in d.c. what is the china trade policy now? reporter: nutshell, put them on notice, we're getting a glimpse how tough the administration plans on being on the chinese. now under the phase one trade deal, china has fallen short buying $200 billion worth of agriculture and goods they were supposed to buy under that

agreement. bejing missed the goal by about 40% according to the petersen institute for international economists. chinese also walked back some of that intellectual property protections that they had given to companies, foreign companies coming into their country. u.s. trade representative katherine tai putting them on notice. we'll use full range of tools we have to develop new tools as needed to defend american economic interests from harmful policies and practice. she will continue how the u.s. intends to invest greatly in infrastructure at home, to match the chinese, adding beyond the domestic invests in the coming days i tend to have frank conversations with my counterpart in china that will include discussions over china's performance of the phase one agreement. directly engage in china over industrial policies. no real action taken today. republicans are saying all that proposed spending is part of the problem. >> china ends up as the big

winner because their theory of victory isn't world war ii. their theory of victory is us going bankrupt and then not being able to afford to build the aircraft carriers around the planes, tankers, ships, we need to compete, to maintain our role as a global leader. reporter: now taken nine months for the administration to get here and put china on notice. we'll see where it leads, stu. stuart: got it, edward, thank you very much. a senior white house advisor keeps insisting that the democrats spending plan will cost nothing. roll that tape. >> i got to stop you there. it doesn't cost zero. if it's a 2 trillion-dollar spending plan, net-net, it costs $2 trillion. >> well, not necessarily sure about that. stuart: okay. that is their narrative and that is what they're sticking with. today's the day new york enforces vaccine mandates for all teachers and staff in city schools. are there enough substitutes to cover those who didn't get the

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stuart: one thing that is very noticeable this morning, the slide in technology stocks continues, actually picks up some steam. the nasdaq is down 1.7% t was down 3.2% last week. if you add it up last week plus today, susan, come into this, please, you're looking at a near 5% drop for the nasdaq. are we going to go back to the yield on the 10-year treasury above 1.50, therefore big tech goes down? susan: i think so. i think inflation concerns are pushing the yield. oil prices up 3%. nat-gas prices up 6% today. stuart: yes. susan: people are building in the expectations, consumers will have to pay more, that means interest rates might have to go up a little bit sooner and makes the tech stocks more riskier and expensive. stuart: movers on the go. airlines are moving?

susan: barclay's is bullish. that is outperformance from the southwest. according to barclay's, you can make more than a third more in southwest stock with more than $75. fortress balance sheet, low fare advantage and jpmorgan upgraded southwest as well. stuart: doing more thinking about the slide in the nasdaq. dead right. inflation concerns. nat-gas six bucks, oil, 77, 78, $79 a barrel, i think you got it right. susan: what about politics. they will stay in session. senators will stay in d.c. over the weekend, trying to get the debt ceiling raised. does that mean more money comes into the economy? again that fuels prices if there is more stimulus coming in. stuart: i would not have thought to answer that question. if you do raise the debt ceiling that is positive for the market. nobody wants a default. lauren: nobody wants to see the first historic default. stuart: nat-gas, oil, inflation, down goes nasdaq.

qualcomm, what have you got? lauren: they are buying a swedish auto parts maker, the stock has gone vertical. qualcomm a analyst favorite by raymond james. stuart: tell me about draftkings after the last night's football game with brady. susan: interesting? did you watch that? close to midnight. stuart: no way. susan: it was a fantastic game. draftkings are opening the second largest office in las vegas. it is down because obviously a lot of risk being taken out of the market with the yield going up to 1.50. stuart: anything else? susan: blue origin, talking about william shatner going up there. check in on virgin galactic as well. a pr coup for jeff bezos and blue origin. does that hurt richard branson and virgin galactic out there with captain kirk going up. stuart: the original captain kirk. he is 85 right now?

susan: you made a good point. he is independently wealthy. he doesn't need the money from jeff bezos. he made a ton in priceline. stuart: did priceline ads years years ago. susan: he didn't ask for salary. he asked for equity. that is how you build wealth. stuart: if the stock goes up you're doing well. thanks, susan. now this, today new york begins enforcing vaccine mandates for all teachers and staff in city schools. we're learned that 18,000 shots were given to new york teachers just ahead of the deadline. lydia hu joins us. you're talking to parents and teachers what are they telling you? reporter: good morning, stuart. the parents and teachers stay the mandates undermine quality of education for their children. they gathered outside this morning of this school on staten island to voice their disapproval. >> now that we have teachers that are gone. we have substitute teachers that are teaching our children when we had relationships with our teachers that were here. it is very sad and it is not

fair. you should be able to choose whether you want a shot in your body or you don't. reporter: the mandate takes effect here in the city after back and forth among the courts. the department of education employees, including teachers, school safety agents, cafeteria, janitors if they have not gotten the shot they will not be permitted to enter the school building. the mayor spoke just moments ago, giving an update on the number of teachers who are vaccinated. now they're up to 96%. that means roughly 3200 school teachers in the city are not vaccinated. now as of today, are placed on unpaid leave. the department says they have enough substitute teach that's are vaccinated to fill in, but again the parents we talked to, say that is not adequate substitution. they want their qualified teachers in the classrooms. some saying vaccinated or not. another element, stuart, is the school safety. nypd i asked them, one in five school safety agents are not vaccinated. that means about 20% of those

officers are not showing up to the classrooms today, stuart. stuart: lydia, thank you very much indeed. i want to bring in naomi schaefer riley who frequently writes on education. kind of our education expert. we understand that the city has hired 3700 substitute teachers or 3700 substitute teachers now that the vaccine mandates are in effect. how will the schools perform with a large amount of substitutes? will the kids take a hit? >> the vaccine mandate removes last excuse for teachers not to be in school which has been the problem for the last couple of years unfortunately. it is amazing. you heard the union head saying oh, i wish this all had been solved over the summer. this man has been pushing off teachers coming back to school, returning to the classroom for

better part of 18 months and for him to say this it takes some nerve. stuart: i get the impression it is tough to teach in some of the schools in new york city and elsewhere in the country. i understand that you might not want to go back to that job. is there a lot of feeling like that? >> i'm sure it is difficult. it was difficult to teach in new york city public schools long before covid and i'm sure it's a difficult job now. but this is what people signed up for. i think that if you want a public sector job like being a new york city public school teacher who are frankly compensated quite well when it comes to their pension by the way and almost impossible to fire no matter the incompetence, you need to follow the rules of city. i think it is perfectly reasonable for the city to say if you want this job, many case this is is plum job when it comes to salary and benefits you have to abide by our rules. it is ludicrous what los angeles

has done which reverse. they have not mandated teacher vaccinations but mandated student vaccinations. stuart: that makes no sense at all. no sense at all. >> kudos for bill de blasio for making sense on this one. stuart: sarcasm naomi is a low form of wit. >> just a little bit. stuart: thank you, naomi. we always appreciate it. >> thank you. stuart: before we move on to the next store, look at that, the dow is down 330 points. we've got pretty strong selloff in progress right now. it is across the board. only four of the dow 30 are in the green. let's get back to the vaccination story. five college students in new jersey are suing their school over the vaccine mandate. on what grounds are they suing? lauren: the college of new jersey. they're protesting the vaccine mandate and test out option to attend in-person classes. >> i definitely a student who is not vaccinated very, very uncomfortable.

my professors have been given all my medical information. every day when i go to school i feel if i'm living in shadows. lauren: one had to sit by a window. one couldn't travel with her lacrosse team. they say test something intrusive. critics you have the test-out option. some people don't have that. they don't even want that. stuart: okay. controversy right there. the end of business class he asks in some airlines are considering getting rid of it, replacing business class seats on flights. we'll tell you why. look at the markets sliding deeper into the red. this is the first full trading week of october. it is kicking off on the downside big time.

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stuart: a reason for why the market is selling off so sharply. it is selling off sharply. the dow is down better than 1%. or right at 350. the nasdaq is down 313 points. that is another 2% down. we're talking with susan just moments ago, concluded that the threat of inflation is hurting the market. nat-gas prices today went above six dollars and the price of oil has reached i think it is 77, $78 as we speak. 5.90 on nat-gas, real close to the 6-dollar level. that is up 5%. oil at 78.11. another thing just crossing the wires here. fed governor james bull ladder, have i got that right? james bullard, is talking about the highest u.s. inflation rate we've seen in a decade and it is coming. be precise. lauren: inflation risks are rising to the upside and it

might not drop to that 2% goal that the fed has for inflation. stuart: ah. lauren: people have been saying this for a while because we see it. we see it everywhere we go and to that point morgan stanley put out a research note this morning, and inflation is being caused in a large part by the supply chain issues. they say that poses a material risk to the third quarter earnings expectations. they're largely not priced in and beyond the third quarter the earnings risks come from the inability of companies to pass on these prices to consumers. stuart: that is some very negative stuff when you take it all together. nasdaq down 300. dow down 300. then there is this. some airlines are taking away, thinking of scrapping the business class section, just getting rid of it. a, why, and what are they going to do in its place? lauren: don't worry about first class, they want to make room for premium economy, one notch below business class. it is cheaper.

people will upgrade to premium economy than downgrade to business i guess. one of the airlines is germany's lufthansa. the seats are big, cheaper for the airline install and more profitable. american airlines and delta are launching premium sections. you want more space on an airplane. a little more space they take it and pay for it. stuart: marvell technology is cheap, i think his name is matt murphy, says the chip shortage will not go away anytime soon. more bad news. lauren: extending next year and maybe beyond that. >> right now every single end market for semiconductors is up simultaneously. i've been in this industry 27 years, i've never seen that happen. if it stays business as usual, everything is up to the right, this will be a very painful period including in 2022 for the

duration of the year. stuart: a very painful period for the duration of the year. lauren: he is not the first person to say that. stuart: no, he is not. he is not helping the market. lauren: get used to paying full price, people, for most everything. stuart: i will change the subject. make a quick programing note. how about this, my new fox business prime show, american built, airs tonight. here is a preview what you can see tonight. roll it. >> this was as close as you could come to the middle of know where. stuart: a risky play in the desert sand. >> people didn't expect it to become the mecca that it is today. stuart: high rollers around deadly stakes. >> you could make a lot of money or could meet a very unfortunate end. stuart: gamblers, mobsters. >> there wasn't that much in the way of law. stuart: and a slew of hollywood stars. that four mile stretch of highway 91 was built by an unlikely line-up of visionaries, swindlers and entertainers. stuart: "american built," every

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stuart: markets still very much reacting to the inflation scare. james bullard thinks we'll have a high rate of inflation in the years to come, in the period to come. that is not good news for stocks and they're selling off pretty much across the board. have a look at amazon. they're all part of the selloff. they're down nearly 100 bucks, nearly 3%, but they're kicking off the holiday season and offering black friday deals right now. not helping the stock. truck driving companies are offering hiring bonuses but

they're not sure they will keep up with the orders for the holidays. grady trimble at a trucking company in chicago. grady, how much are they offering signing bonuses. reporter: this particular company is offering double what a salary a trucker would make pre-covid. they are offering 9,000 to $15,000. this is not just a problem for labor shortage for truckers. also at the ports. you've seen container ships at properties. there are problems at railroads. there are trains in the chicago area backed up for miles. we're with a company called c & k trucking. they could hire 200 drivers and have plenty of work. look at projected shortage of truckers, some 1,620,000 drivers

by -- 16,000 drivers by 2028. they saw this coming and ordering earlier than they normally do. some ways that exacerbates the problem. with more goods moving all over the country and should help with holiday shopping and surge in demand they're expecting. our trucking company president is confident they will be able to fill the demand. listen. >> we're hoping the supply chain is a little resilient and able to pick up and deliver a lot of the product. reporter: when the companies, the retailers orders more in advance that just exacerbates the problem too, right? >> yes, it does. reporter: the good news for anyone in the logistics industry right now, stuart, revenue is at record highs because they are moving so many product. stu? stuart: thanks, grady. i have andy puzder coming on the show talking about delays for

christmas but i want to get this in. mitch mcconnell, minority leader in the senate, has written a letter to schumer saying that he is not going to get any help with raising the debt ceiling so that is a pretty big negative for the market. the market is taking it on chin. another reason for the selloff along with inflation. come on in andy puzder. come on to this. i want you to talk to us about the holiday delays. you have a shipping problem. you've got a trucking problem. you have a supply chain problem. how bad are these delays going to be, and how seriously will it hurt the economy. >> the delays are going to be substantial and they wit hurt the economy in that they will exacerbate the problems that already exist with respect to inflation. inflation is a tax on the working and middle class more than a tax on anybody else. if you're encouraging people not to work, they have increased snap benefits. they have the child tax credits they want to make permanent. we just ended the unemployment

bonus. people still have a ton of savings from all the largess during the shutdown. you have all this government support for not working, hard to get people working in the manufacturing plants. hard to get them in the trucks, get those goods delivered. we're seeing the results. stuart: inflation is the problem of the day, the week, the month and possibly the year. we have nat-gas at six bucks. oil at 77.78. now we have got the supply chain shortage t messes it up. i have the dow down 420 points and that is the inflation news i presume. >> stuart, you can't, you can't tell the world that the largest energy producer is going to be producing less oil, cutting down the pipelines and canceling leases and that energy producer goes and begs saudi arabia and russia to produce more oil to keep the prices down. that is a ridiculous situation. it is all caused by government. it is caused by the biden administration energy policy. stuart: while which have you,

andy, some restaurant owners are pushing to make the outdoor dining areas, i think they call them outdoor eateries, they want to make them permanent. what do you think of that? >> it is great for restaurants. reluctant to go into the dining rooms, likely to come. if it is nice weather everybody likes to sit outside. they're generally not paying rent. nicer to have people sitting out in front of your tables in your restaurant, rather than a line of suvs parked out there where they can't see the restaurant. restaurant sector needs a lot of help particularly for places like new york this could be a positive. stuart: you know some of those outdoor eateryies become homeless shelters, don't you? a difficult scene there sometimes? >> i have to get up to new york. i haven't been there for a few months so i haven't seen that yet. i can understand. this needs to be managed. businesses need help to manage it and help from the city. i think overall it could be a

positive for the restaurants t could be a positive for creating jobs in the restaurants as long as it is properly managed. stuart: i will buy you lunch as long as it is not too cold outside. >> sounds great. good to see you. stuart: here is what is coming up straight ahead, sean duffy, border guy brandon judd, missouri congressman, jason smith and the governor of west virginia, jim justice. you hear my take on facebook. i say facebook is more powerful than ever but this new his kel blower mark as serious change. -- whistle-blower marks a serious challenge. my take next.

>> nancy pelosi promised the progressives or the centrists a vote on september 27th on the infrastructure bill, that didn't happen. i don't think they have this figured out yet. i think it shows the desperation to put the president on the road. he is not a good communicator. >> you've got nancy pelosi, joe biden, all of these people at the white house repeating this laughable line that somehow it costs nothing. [audio difficulty] >> infrastructure,s which is bipartisan, clearly the markets will embrace that.

anything greater than $2 trillion on social spending will simply lead to inflationary pressure ares. >> even if they reach a consensus, some kind of conciliatory -- [audio difficulty] 2.3, 2.4 trillion, i think it's still going to be deleterious to the stock prices from here on out. ♪ ♪ jealousy -- ♪ stuart: all right. 11:00 eastern time. let's get straight to the markets because it's not good news. there's plenty of red ink across the boarded today. the dow is down 400, the nasdaq's down 331 and a 1.5% drop for the s&p 500. getting particularly hard hit, big tech all across the board. they're all way down. i'll read 'em for you, just in case you're a radio listener. apple is below 140. amazon is just 3200. microsoft is down $8, 2.7%.

alphabet is down $102, and facebook -- one of the biggest losers of them all -- down 4%. that's nearly $15 lower. that's the story on big tech. the problem is inflation which is rearing its ugly head, and that's -- although the 10-year treasury yield is actually down to 1 is.47 -- 1.47% as we speak. what you've got is a stock market selloff, a rise in energy prices, the threat of energy price inflation and, again, a stock market selloff. now this. the "wall street journal" found a whistleblower inside facebook. the revelations from frances haugen have shaken the company. last night she appeared on "60 minutes." she said when there's a conflict between doing what's good for the public and doing what's good for facebook, facebook's interests won. making hundred was the priority. she worked inside the company, she knows it firsthand.

she said facebook knows if they make content safer -- that is, less hateful or polarizing -- users spend less time on the site and facebook makes less money. we continue to make significant improvements to tackle the spread of misinformation and harmful content. to suggest we encourage bad content and do nothing is just not true. end quote. step back a minute. we've been talking about reining in big tech for years, too big, too powerful, monopolistic and all too ready to censor free speech, got it. nothings has changed despite the heated debate. they're bigger and her powerful than err ever, but frances haugen may change that. she will testify in front of politicians tomorrow, they will hear about facebook being harmful to teens and deliberately putting profits ahead of safety. that's pretty strong stuff. of all the challenges that big tech faces, frances haugen is

maybe the biggest threat of them all. third hour of "varney" just getting started. ♪ ♪ stuart: sean duffy with us this morning, former congressman as we all know. sean, the politicians will hear from from frances haugen tomorrow. what can they do to facebook? >> well, listen, the assumption is we have to have phased-in politicians to do what's right by facebook whether we promote breaking them up or making them a utility. i don't think politicians are going to do that, stuart is. i think politicians see facebook as a tool, a medium and a platform to get their message out and shut down the message of their political opponents. we've seen democrats do that for a while. when we see a platform that is incredibly powerful in the news feed that it pushes its consumers but also what content, what americans they allow

content on the platform and which ones they don't. donald trump, for example, is off of facebook. and one last point, i have teenage girls, i am so concerned about instagram and the attraction of it to young teens and the depression and anxiety that it causes little kids and the fact that facebook doesn't care about the depression of our children. they care ab selling more ads to our certain. it's outrageous. stuart so what do you do? do you take charge and stop your teenagers from doing what they're doing on the social networks? >> so i made mistakes with the older ones, stuart. they have phones and i limit screen times, but my other ones that are getting older, literally i said, no, i made the mistake, you're not getting a phone, and if you do, it's going to be a flip phone. you can call me or it'll take you, like, two minutes to send a three-word text, but that's it. these phones are dangerous for our kids, and they don't need 'em! stuart: well, they need it to communicate, and i just wonder if you can be so draconian.

have you got an age in mind? are you saying no social networks if you're under 4 $14 or 12 or 15, whatever it is? >> i think you give them a phone, and they're going to get the network. they find a way around it. i'm thinking high school before i give them an iphone where they can get these apps and access these platforms. but my older kids, if i let them, they'll spend hours on hours using the platform. it takes them away from their studies, from reading, from interpersonal engagement, just engagement with their whole family. the it's an issue that rachel and i have a lot of conversations about, and it's really hard to get your hands around because teenage kids, this is public square for them. if they're not on social media, they're not involved in the conversation. the they're not on social media, if they didn't actually go to the parties or the movies with their kids, they can't post about it. so, frankly, it becomes challenging, but i think it becomes parents' job to step in and say, listen, if big tech

executives don't let their kids use these platforms, maybe we should stop our kids from using the platform z because they're so dangerous and they create so many mental issues for our children and especially girls. stuart: i understand that some teens are walking away from facebook, but here comes tiktok, and that's replacing facebook, and that's what i'm hearing. real fast -- >> instagram too. stuart: exactly. real fast, cedric richmond, senior white house adviser, saying again9 that the democrats' spending plan will cost zero. watch this, please. >> at the end of the day, chris, i think what's important for people to understand is that this piece of legislation costs zero. we're going to pay for it all by raising taxes on the very wealthy and big corporations. >> i've got to stop you there. it doesn't cost. the fact that you're raising people's taxes is a cost. if it's a $2 trillion spending plan, net-net it'd cost $2 trillion.

>> well, i'm not necessarily sure about that, chris. stuart: what do you say to that, sean? what's the logic here? if you pay for it from taxing the rich, it doesn't cost anything. >> first of all, i'm concerned about those mathematicians that are working in the white house, because this makes no sense to me, stuart. take a trip down memory lane. when we passed the tax cuts with donald trump, i was in congress, we saw revenue to the federal coffers go up. we made more money because more people were working, there was more economic activity. if you raise taxes, you don't bring in more money. you have less economic activity. you know this, stuart. companies and jobs will leave america, they will go somewhere else, and we'll make less money. this is idiotic, one, that it's going to be paid for, but the thought that it doesn't cost anything because we're going to tax the rich, the producers that are going to go somewhere else doesn't make any sense. and i think the wall street thinks we're all too stupid to get the joke and thank god for chris wallace at fox for pointing that out to cedric richmond. stuart: you're going to sere

more about these zero -- hear more these zero dollar costs as the president mix his way around the country -- makings his way around the country. thanks for joining us, appreciate it. still plenty of red ink across the board, dow and nasdaq both down 300 points. let's go through these. big tech, what have you got? >> so the rotation is continuing out of big tech. and look at this, apple is down 2.3%, facebook down 4.25%. of course, there's other pressures on facebook today. where is the money going if it's leaving the tech sectors which are down about 2.5% each, where's it going? it's going to energy. energy's number one sector today. oil hitting its seven-year high as opec is seen sticking to its outlook plan, so they're not the raising output, and these are some of the names benefiting, and you have higher yields. jpmorgan at a new high. stuart: just about every time in the past when big tech sells

off, dip buyers come in and put a floor under it. we've not seen much yet, have we? >> with the financials some are higher, but we just were showing three that were leading the dow about an hour ago now negative. so they've turned9 into the red. it could be because the 10-year, it's close to 1.5%. it's not quite there. it's not at those june highs like we saw last week, but we're even seeing some money pull out of financials. stuart: bitcoin's at $47,000 a coin. what's this i hear about a surge in brick and mortar crypto exchanges? >> this is a great idea. an actual store where you can go in and talk to someone about bitcoin and cryptocurrencies. they can help you set up a digital wallet. one example is called coin nurse, they charge a fee of .99% per transaction, putting it on main street. people understand it better because i think understanding it is one of the barriers to it.

stuart: i need to get more information on this developing news story which is the large are oil spill off the coast of california. what do we have? >> yeah. it's being considered one of the largest spills in california history. a suspected leak in an underwater pipe released 126,000 gallons of water just 3 miles offshore, so the nearby beaches have been closed, and the mayor of huntington beach says the closures could last for months. the owner of the oil rig is a subsidiary of texas' amplify energy, so this is a disaster right there in california and the beaches are closed. stuart: got it. thank you, lauren. coming up, the largest health system in one state going to charge its employees $200 per month if their spouse is not vaccinated. all right. got the story for you. then what did the governor of west virginia have to say when asked about mandating the vaccine for kids in school? roll tape. >> are you going to mandate it for school kids as well?

>> no chance. stuart: the governor is on the show shortly. then take a look at this, that's texas national guard at the border gearing up for the increase in caravans and migrants. but what's the plan when the caravans actually arrive? brandon judd from the former -- from the border patrol is here next. ♪♪ as someone who resembles someone else... i appreciate that liberty mutual knows everyone's unique. that's why they customize your car insurance, so you only pay for what you need. oh, yeah. that's the spot. only pay for what you need. ♪ liberty, liberty, liberty, liberty ♪ that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. you see it. you want it. you ten-x it. it's that fast. if i could, i'd ten-x everything. like... uh... these salads. or these sandwiches... ten-x does the same thing,

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can your internet do that? people were afraid i was contagious. i felt gross. it was kind of a shock after i started cosentyx. four years clear. real people with psoriasis look and feel better with cosentyx. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections —some serious— and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms, or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. learn more at cosentyx.com. stuart: markets are showing an awful lof red ink. dow's off 360, nasdaq's down 300. main reason being we've got inflation rearing its ugly head, and mitch mcconnell in the senate has said he's not going to help the democrats raise the debt ceiling. those are big deals. the yield on the 10-year

treasury at 1.48% as big tech down all across the board, significant losses. and at this point, we've not seen any dip buying. usually these stocks go down sharply are, someone will come in on the understanding that they're going to bounce back up again. so far today no big dip buying for big tech. by the way, president biden's supposed to be speaking at any moment. he's going to address the debt ceiling. when he starts to speak, we will, no doubt, monitor exactly what he's saying, and if he that takes any questions, you'll hear 'em right here, live. tens of thousands of migrants still making their way to our southern border. brandon judd is with us, president of the national border patrol council. brandon, is there any kind of plan of any kind for what happens when these tens of thousands of migrants actually get here? >> no, i wish i could report that we've got a good strategy in place, but there is nothing right now. this administration continues to deflect, it continues to fail on

the border, but it continues to try to tell the american public that there's nothing wrong, don't look over here, look over here. but in reality what we're looking at is we're looking at the most catastrophic event that we've ever dealt with. we just dealt with del rio which was largest single illegal immigration event in the history of the united states, and there's actually more people coming, so we could continue to see events just like that playing out along the southwest border. and the problem with that, stuart, is that when you look at the cartels and when you look at their profit margins and what they're trying to accomplish, they're trying to dictate our operations by sending these large groups across so that they can create these artificial gaps and get drugs into our country which is killing our children in the rural suburbs and inner cities. and it's at a pace that we've never seen before. and that's the problem, and that's what's so frustrating to all law enforcement throughout the nation on why this white

house is not getting on top of this issue. stuart: is the border fully staffed? >> oh, well, i mean, we're fully staffed as far as we have the number of agents if we had the policy in place. you know, i get can asked all the time would you rather have more agents, technology and infrastructure, and i'll tell everybody that will listen, no, i would rather have policy. we can control the border with what we currently have. but if we don't have the policies in place, it really doesn't matter. you could double the border patrol right now, but if we continue to release people in the country after they violate our laws, they're going to continue to come, and it's basically nullifying all of our efforts. we have to have the policies. and that's where the white house has to step in, and that's where they have to be leaders. unfortunately, they care more about their base than they do the american public. stuart: can you update us on the situation regarding those border guys who were on horseback and, you know, keeping, corralling

the haitians? the president said they were going to pay, those were his words. can you give us an update on the investigation and what's happening to those guys? >> yeah. the investigation continues today. what i can tell you is that if there's a fair and honest investigation, those individuals are going to be the common rated. the -- exonerated. the problem is anytime the president of the united states, before an investigation even started, i mean, the investigation hadn't even started yet, and the president comes out and says those individuals are going to pay. once that happens you're never going to get an honest investigation. the only positive throughout this entire thing is this is ultimately going to go to an uninterested third party, and we have extremely competent attorneys. they didn't do anything wrong. they acted exactly as the president of the united states wanted them to act, but as soon as he saw there was going to be something he could use to deflect from haze fill offs --

his failures, that's what he did. stuart: it's a disaster for morale, isn't it? >> it is. stuart: when the president says they're going to pay before the the investigation starts, morale is not improved. brandon, thank you very much for being here. >> always good to be with you, thank you. stuart: the president's on track to resettle the lowest number of refugees in the history of the refugee settlement program. ashley, good morning to you. president promised to raise the refugee cap. >> yes, he did, back in february joe biden said he would raise the cap to 62,500 for the fiscal year, part of which we'll actually reach 125,000 within the first year this office. well, guess what? turns out the president has fallen very short of that goal. by the end of august, the administration had resettled just 7,637 refugees, less than the lows of the trump

administration that it has consistently criticized. program coordinators say biden's administration has failed to provide resources and infrastructure needed to meet the refugee goals, and critics say the chaos on the southern border certainly may be playing a role in biden's slow-walking of the refuge ski program. -- refugee program. stuart: hopeless. thanks, ash. let's get back to the market. i'm going to show you the dow 30 just to show you the extent of the damage. almost all of the dow stocks are in the red, and the dow itself is down just over 1%. the chair of the progressive caucus says the spending plan was never about the price tag. roll tape. >> what we've said from the beginning is it's never been about the price tag, it's about a what we want to deliver. the price tag comes out of that. stuart: republican congressman jason smith is the ranking member of the house budget committee, and he's here to respond to this after this. ♪ -- getting back to together.

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releasedder mitch mcconnell -- leader mitch mcconnell says democrats do not need republican cooperation in any form to raids raids -- to raise the debt limit. republicans will not facilitate outside reconciliation. have you got all of this? let's bring a guy who knows it, chad pergram on capitol hill. is mcconnell right that the democrats can, indeed, raise the debt limit on their own? can they do it? >> reporter: there is a procedure there under budget reconciliation where they could go it alone and then use another reconciliation package or reuse the reconciliation package again for their social spending plan. that's new this year under a ruling by the house parliamentarian. but house speaker nancy pelosi set the end of the month as the new deadline to work out the two domestic spending bills, but debate about the debt ceiling is going to hijack those conversations. secretary of the treasury, janet yellen, warned a senate panel

that the government would literally run out of money october 18th. >> for example, nearly 50 million seniors would or could stop receiving social security payments or see them delayed. >> reporter: 2011 standard & poor's actually downgraded the country's credit rating even though congress lifted the debt ceiling in time. the reason, s&p thought the process was so messy that it failed to instill confidence in the markets. it's possible the u.s. could be approaching that window now. >> the u.s. is aaa rated. it is on negative watch on standard and or poor's, so they are looking for a reason to down grade the u.s. this could very well be the reason they're looking for, so i'm concerned about the politics really having an economic fallout that we don't like. >> reporter: republicans have extended no request to democrats in this debate, they simply say they won't help lift the tet ceiling. there's chatter of altering senate provisions to overcome a

filibuster or even treasury minting a special $1 trillion coin. stuart. stuart: trillion dollar coin -- >> reporter: i want one of those. [laughter] stuart: how big is it, i want to know. chad, good stuff. thanks for being with us. i'm going to change the subject ask get back to this gigantic spending bill. democratic congresswoman pramila jayapal is not worried about the price tag of the spending bill. watch this. >> what we've said from the beginning is it's never been about the price tag. it's about what we want to deliver. >> so if we're not looking at numbers, what about 1.5 -- >> well, that's not going to happen because that's too small to get our priorities in. st going to be somewhere between, you know, 1.5-3.5. stuart: congressman jason smith is the ranking member of the house budget committee and joins me now. if t it's going to be somewhere between 1.5 and 3.5 trillion, are are you comfortable with that? >> stuart, i'm not comfortable with any of this reckless are

spending that we're doing. let's be honest with america. whether it's 3.5 trillion or if the they move it down to 1.5 trillion, there's a lot of budget gimmicks that they can do, stuart, where they can have the year sunset with, like, a year away instead of nine years away, where they can just change some new knobs, and that can drive it down from 3.5 trillion to 1 is.5. -- 1.5. let's give the example of the child tax credit. every year you take off it's $130 billion that can be saved so that they can put all the policies they want for a 1.5 trillion that they could a 3.5 trillion just by changing some dates. stuart: and then once the program, once a entitlement in place, the government's giving something away, you can never, ever take it back. i guess that's the theory. come in with a lower number, a lower time frame, get the entitlement program established

and then plain sailing from there on out. you've got yourself a socialist society. is that really the game plan? >> you know, once you squeeze the toothpaste out of the container, you let the horses out of the barn, you can't get 'em back in. this is what they want to do. they want to expand government more and more so that they have more command and control over the lives and livelihoods of all americans. it is all about control. the democrats, they don't care about the amounts they're spending. i have colleagues that believe that you can just print more money, that's all that you needed to do. unfortunately, that's not the case. stuart: you're from the state of missouri, and so relatively low income statement. wouldn't -- state. wouldn't your state receive a lot of benefits from this vast spending? >> we'd receive a lot of negatives. right now our country is facing numerous crises created by joe biden, nancy pelosi and chuck schumer whether it's the border crises, whether it's the afghanistan crises, whether it's

the inflation crises or the energy crisis, this bill only makes all those crises even worse. making inflation the highest that it's been since 1981. increasing taxes on people making less than $400,000. gas prices in my home state of missouri are up 80% since joe biden's been president. that's a problem. this bill only makes it worse, and we have to save america by killing the bill. stuart: all right, congressman, we hear you. thank you very much for being here, sir. appreciate it. back to the markets. that selloff continues. in fact, for the dow industrials it's got a little bit worse. susan's with me. now, we went through some of the reasons for this selloff; inflation, gas prices, oil prices, nat gas, etc., etc., james bullard at the fed saying we're going to see the worst and highest inflation rate for decades and then we've got this debt ceiling problem where mcconnell says he's not going to help the democrats push over the line and raise the debt ceiling, so you could default. it raises that specter.

have i missed something out? >> i would say internationally there's some concerns over china, we heard from the u.s. trade rep talking about china not living up to its phase one trade obligations, so what does that mean for the world's two largest economy. you talked about how tech is falling, but there is some pick-up when it comes to the airlines stocks. southwest is outperforming today. the financial markets, banks doing well with higher yields, they make more on their loans. and merck, by the way, that rotation, merck is doing well because of that experimental drug which has shown to be 50% effective. is there's maybe a reopening trade that's taking place. stuart: where's all the dip buying? in the past when big tech sells off quite dramatically, people come in and say, well, they're great companies -- >> it's been a great year so far is. you have to remember we're up 15% for the s&p 500, right? i mean, most people would just cap off their earnings and just

take vacation after each percent. stuart: okay. last week the nasdaq was down 3.2%. in this monday the nasdaq is down, i'm trying squint -- >> 2%, 2.5. stuart: so you're looking at already a near 4.5-5% drop in the nasdaq. i would have thought if the dip buying was going to come in, it would come in pretty soon. >> well, again, i want to say that, look, you have had a fantastic year. also you came off a seasonally weak month in september. the fourth quarter's actually usually pretty good for stock markets. maybe there's a rebalancing taking place. again, the opening trade over tech. stuart: what have we got on tesla? because that's a bright spot. still up. >> still up. we actually crossed 800 earlier this morning because of those huge deliveries that were really impressive, 241,000 plus, and somehow they are weathering the chip shortage better than gm is ford. deliveries are thousand at 100% -- are now at 100% plus

from last year, and we could get to 8ing 00,000 for the year which would be huge for tesla. stuart: what about ford -- >> here's what i man even about there is out-- i mean about there is outperform. look at gm. up 4% in the session and, yes, falling sales because of the global chip shortage, but look, they're going all electric by 2035 if, introducing at least 20 new electric models by 2028, and their self-driving unit cruise is a business in the future. stuart: $50 trillion -- >> self-driving autonomous ride in 2023, they have california dmv approval if, so, yes. again, let's look at oil prices, maybe this is a transition shift, right? exxon to mobile, chevron and the like higher because oil prices are at the highest since 20 the 14 because you have opec plus is going to keep those production targets online at 400,000 plus

barrels. stuart: i think we got that. that's a pretty good run-through of why we're down 450 on the dow industrials because we are. thank you, susan. a programming note for you, a new episode of my show "american built" airs tonight. here's a preview of what's coming up. henry ford's moving assembly line revolutionized automotive manufacturing. a new car comes out in 48 hours flat. tonight the vegas strip and the ford river, the river rouge plant built by ford, those are the two episodes tonight starting at 9:00, actually, every monday, 9 eastern. we'll have "american built" on fox business. the region with the highest vaccination rate in the country is seeing a covid surge. why? we'll tell you where it is and why. the governor of west virginia is, jim justice, says there is no chance he will issue a vaccine mandate for kids in school. he's next. ♪ get up, stand up, stand up for

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♪ ♪ ♪ ♪ stuart: the president was going to start addressing the issue of the debt ceiling at 11:15 this morning. he's still not started that presentation. there's some debate, obviously, going on about can you raise the debt ceiling and how are you going to do it. earlier today we heard from senator mcconnell who said he's not going to help the democrats who want to raise the debt ceiling, and senator schumer said they would have a vote on it by this week. that's a very contentious issue, and as you can tell, it's had an impact on the market. the dow is now down 500 points, the nasdaq's down 371. the nasdaq taking a very big hit in the last couple of sessions, last six,ish say. susan, what are the names?

>> facebook, the worst in a year. i would argue that has nothing to do with with the "60 minutes" whistle blower piece, a because we knew about this. this probably has more to do with that higher yield. of course, when the yield goes up which is above 1.5% this morn, that makes these tech names a lot more expensive. stuart: yes, but, the yield on the 10-year actually went down to 1.47, 1.48. >> so last year the 10-year rate topped at 11.56% -- 1.56, so we're hovering a little bit below that, but if you have nat gas and oil prices up, that rate will go up. what does that mean also, by the way, the federal reserve and their policy, i think you're going to get a big clue later on this week with the non-farm payrolls on friday. if we have inflation burning, that's a tough policy to be in. stuart: it is. right now the market is responding to inflation fears and debt ceiling fears.

primarily. that's the story on the market at the moment. the governor of west virginia says there is absolutely no chance he will mandate the covid vaccine for students in his state. the governor is jim justice, and he joins me now. governor, why won't you mandate the jab for kids in your schools? >> well, stuart, really and truly west virginia's doing fantastically, to tell you the honest truth. if you'll just step back and give me a chance to tell you that west virginia's the third old state, the state that has the most chronic illnesses of any state, a state that's not protected by an ocean around them yet, we're still below the national average as far as death, and absolutely west virginia has led the way in getting out and vaccinating our people. we've been trying like crazy to try and get our people the booster shots, we finally got it. and west virginia's standpoint, we're going to continue to lead the way. we've got the booster go ahead,

and we've gone into our nursing homes and tuesday, tomorrow, the pfizer vaccine throughout all of our nursing home system will be done, you know? it's amazing work, but we do -- but to answer your question point-blank, here's all there is to it: we are so divided in this country right now, it is unbelievable. i truly believe our president has lost his way in every way you can imagine. we do not need to divide our people even more. you know, to just run out and say we're going to mandate something like vaccines, all it's going to do is divide us even more. and really and truly we only have is -- get this number -- went 003% infection -- .003% infection in our schools. you know, why in the world would we layman kates on top of this situation? it's tough enough. we don't need to be doing that. stuart: okay. senator manchin is a democrat from your state. he opposes the $3.5 trillion mammoth spending bill.

you're a republican, he's a democrat. do you agree with him? >> i do. i do can wholeheartedly, you know? and i hope that joe holds to his convictions and everything as we all do. but really and truly, you know, stuart, i've spoken with you several times, i mean, here's the whole thing -- and people need to understand this -- all the democrats are doing is trying to change the narrative and throw a whole bunch of money because they don't have a prayer in the world of getting anything other than landslided in the midterms. if they throw enough money at this thing, maybe they can buy the midterm election. that's what this is all about. this is genuinely, in my if opinion, not about really caring, really deep down caring for people and everything, it's throwing money at this situation because they're up a creek right now and no way out. and that's all there is to it, in my opinion. stuart governor, thank you very much. we always appreciate it. come see us again soon.

>> okay, thank you, stuart. stuart: and here is the president of the united states just appearing now to make remarks. we believe they'll be short remarks on the debt ceiling. listen in, please. >> -- to raise the debt limit. the republicans in congress, what they're doing today is so reckless and dangerous, in my view. raising the debt limit comes down to paying what we already owe. what has already been acquired. not anything new. it starts with a simple truth, the united states is a nation that pays its bills and always has from its inception. we have never defaulted. what we pay for for keeps us a great nation. social security benefits for seniors, salaries for brave service members and benefits for veterans and other financial obligations for our people and for our nation. we're able to meet these obligations based on the revenue

we receive from from taxes and based on our ability to borrow when needed. and in that case, we're able to borrow because we always pay our debt. we always pay what we owe. we've never failed. that's america. that's who we are. that's what's called for. it's called full faith and credit of the united states. it's rock solid, it's the best in the world. but here's the deal, a -- there's a cap on what we can borrow called the debt limit, and is only congress are raise or lower that debt limit are. so let me be really clear. this is really important to know. raising the debt limit is ability paying off -- about paying off our old debts. it has nothing to do with any new spending being considered. it has nothing to do with my plan for infrastructure or building back better, zero. zero. both of which, i might add, are paid for.

so if we're going to make good on what's already been approved by previous congresses and previous presidents and parties, we have to pay for it. social security benefits, american people are promised, salaries for servicemen and is women, benefits for veterans. we're going to have to raise the debt limit if we're going to meet those obligations. and raising the debt limit is usually a bipartisan undertaking, and it should be. that's what is not happening today. the reason we have to raise the debt limit is in part because of the reckless tax and spending policies under the previous trump administration. in four years they incurred nearly $8 trillion, in four years, $8 trillion in additional debt and bills we have to now pay off. that's more than a quarter of the entire debt incrurred now outstanding -- inning curred

after more than 200 years. and republicans in congress raised the debt three times when donald trump was president, and each time with democrat support. but now they won't raise it even though they're responsible for more than $8 trillion in bills incurred in four years under the previous administration. that's what be paying off. they won't raise it even though defaulting on the department would lead to a self-inflicted wound and take our economy over a cliff and risk jobs and retirement savings, social security benefits, salaries for service members, benefits for veterans and so much more. a failure to raise the debt limit will call into question congress' willingness to meet our obligations that we've already incurred. not new ones, we've already incurred. this is going to underhine the safety of -- undermine the safety of securities and it'll threaten the reserve status of

the dollar as the world's currency that the world relies on. america's credit rating will be downgraded, interest rates will rise for mortgages, auto loans, credit cards, borrowing. folks watching at home, you should know this is republican position, because it is. they won't vote to raise the debt limit to cover their own spending. democrats voted with them to cover that spending a the last four years, previous four years. they say democrats should do it alone, but then they're threatening to use a procedural power called the filibuster, meaning that we'd have to get 60 votes, not 50 votes, to increase the debt limit. this would block the democrats from meeting our obligations and responsibilities to prevent congress from raising the debt limit. so let's be cheer. not only -- clear. not only are republicans

refusing to do their job, they're threatening to use the power, their power to prevent us from doing our job, saving the economy from a catastrophic event. i think, quite frankly, it's hypocritical, dangerous and disgraceful. their obstruction and irresponsibility knows absolutely no bounds, excuse me, especially as we're clawing our way out of this pandemic. democrats will meet our responsibility and obligation in this country. we're not expecting republicans to do their part. they've made that clear from the beginning. we tried asking to no avail. we just asked them not to use procedural tricks to block us from doing the job that they won't do. a meteor is headed to crash into our economy. democrats willing to do all the work stopping it. republicans just have to let us do our job, just get out of the way. if you don't want to help save the country, get out of the way

so you don't destroy it. we don't have time to delay we elaborate procedural schemes, scores of votes without any certainty at all many of which have nothing to do with the debt limit at all. and that's when accidents happen. in the days ahead even before the afault date -- default date, people may see the value of their retirement accounts shrink, they may see interest rates go up which will only a raise their mortgage payments and car payments, and the american people, look, let he just say it this way: as soon as this week your savings and your pocketbook could be directly impacted by this republican stunt. it's as simple as that. republicans say they will not do their part to avoid this needless calamity. so be it. but they need to stop playing russian i roulette with the u.s.

economy. it's one thing to pay our debts already acquired, it's another to require a supermajority to pay the debts already acquire. it's not right. let the democrats vote to raise the debt ceiling this week without obstruction or further delays. democrats in the house have already passed a bill that would do that. it's sitting in the united states senate where democrats have the votes ready to pass it. that's the only way to eliminate the uncertainty and risk that's going to harm american families and our economy. let us vote and end the mess. you know, we've got to get this done. we must get this done. it is, as i said, playing russian roulette to play these games. we can do it this week. just get out of the way and leapt us pass it. thank you. -- let us pass it. [inaudible conversations] >> mr. president, senator mitch

mcconnell says he sent a letter to you explaining his view. have you seen that letter? have you communicated with him, and how dire do you believe this is if action doesn't take place in the next few days? >> first of all, i did get a letter, i got it ten minutes before i walked in here. i've read it. i plan on talking to mitch about it. he and i have been down this road once before back when i was vice president. and i hope we can have some intelligent and honest conversation about what he's proposing. and i think the easiest way to do this -- and if the republicans would not use the filibuster -- would be to let us vote on what is already in the senate right now, passed by the house to raise the debt limit. and we could do that in the next several days. [inaudible conversations] >> thank you, mr. president. you've often touted your experience in the senate, your 36 years in the senate, your aides have talked about your ability to be a closer on deals

involving legislation. why were you unable, mr. president, to close the deal with members of your own party on key parts of your legislative agenda last week? >> i've been able to close the deal with 99% of my party. [laughter] two, two people. that's still underway. i don't think there's been a president who's been able to close deals that's been in a position where he has only 50 votes in the senate. and a bare majority in the house. it's a process. this is the process. we'll get it done. [inaudible conversations] >> mr. president, it sounds like you're putting the blame squarely on two u.s. senators on your inability to close that deal, senator sinema and senator manchin. am i correct? >> look, i need 50 votes in the senate. i have 48. >> mr. president --

[inaudible] raise the debt ceiling through the reconciliation process, so -- [inaudible] leader schumer has said you won't a raise the debt limit through the reconciliation process, so ultimately if push comes to shove and senator mcconnell does not change his position, what is more important, that position that senator schumer has or raising the debt ceiling? i also have a question -- >> i'm going to answer one, i'm not going to answer the question on the debt so we don't confuse the american people. number one, the cold, what's -- the code, what's reconciliation, there is a process that i understand the republican leader is willing to initiate, go through that would require literally up to hundreds of votes, unlimited number of votes having nothing directly to do with the debt limit. could be everything from

ethiopia to anything else. it has nothing to do with the debt limit. and it's fraught with all kinds of potential danger or mess calculation, and it would have to happen twice. so you could literally have several hundred votes over the next number of days. everything else would come to a standstill, but you still find yourself in the situation where at the end of the day we may have passed something that, in fact, has to be undone again by either democrats or republicans. it's an incredibly complicated, cumbersome process, and there's a very simple process sitting out there. sitting at the desk in the united states senate is a bill passed by the house saying we,democrats, will raise the debt can ceiling even -- we will go ahead and do

reporter: reconciliation or raising the debt ceiling which position would you take? >> i'm not crossing that bridge until we get there. reporter: mr. president, why you haven't imposed the extensions that you spoke two weeks ago. >> speak to that later. reporter: build back better again, top line figure of smart manchin, 1.5 trillion. senator kyrsten sinema not given number where she is willing to go. she says she is negotiating with the good faith with the white house. what is her figure. >> i won't tell let letter tell you that. reporter: higher than the 1.5? >> i'm not going to negotiate in public. reporter: mr. president -- reporter: mr. president, how is what the republicans doing now any different when you opposed raising the debt limit as a senator in those years? >> we weren't calling for

filibuster. not requiring 60 votes t it was a straight up and down vote. reporter: mr. president, you talked about how you have 48 democratic votes right now. the other two have been pressured over the weekend by activists. joe manchin had people on kayaks show up to his boat. senator sinema last night was chased into a restroom. do you think those tactics are crossing a line? >> i don't think they're appropriate tactics but happens to everybody. from the, only people it doesn't happen to are people who have secret service standing around them. so it is, part of the process. reporter: a lot of people have been trying to attack immigration? reporter: comment on other senators positions in the negotiations what do you think the size of the reconciliation package should be? what specific dollar figure? >> i think what i thought it should be. it will not be that. it will be less. i mean, look, the legislation,

both the build back better piece as well as the infrastructure piece are things that i wrote. these didn't come from, god love them bernie sanders or aoc or anybody else, i wrote them. i disagreed with "medicare for all" for example. i disagreed but i laid out what i thought would be important. for example, i think from the build back better program it required that we in fact have the best education available to us, i will be speaking to this in detail tomorrow but look, here's the situation, how can we in ever competitive world increasingly competitive world, how can we not meet the educational standards at least other countries are working toward? nobody is reducing the number of years they want their children to go to school, people to g