great to have you both here. on this market selloff. >> the selloff would likely be a buying opportunity so despite the bad news there is a lot of good news in the economy. >> you are a real class act. i love being on with maria but it is good being on with you too. cheryl: that is it for me. "varney and company" right now. stuart: difficult to go from pets in bed to dramatic energy price inflation but i will do that. energy price inflation and debt are very much in the news driving this market down. dow industrials down post to 300 points at "the opening bell". the s&p on the downside. 60% of stocks in the s&p are

already down. look at the nasdaq, down 140 points, the selloff continues. technology stocks getting hit. there may have been some dip buying yesterday but we haven't seen it this morning across the board. mark zuckerberg responded to the whistleblowers charges which he said facebook does not prioritize profits over safety. interest rates not helping the market. the yield on the 10 year treasury keeps edging towards that one.6% level. a few minutes ago at 155, now it is at 152 but lofty levels. here's where energy inflation comes in. natural gas driving it. we are well above the $6 level, much higher than that earlier, 6:0 three right now. the equivalent price in china nearly $30.

what we are looking at his worldwide energy price inflation. what happens to natural gas prices if it is a cold winter? the question we keep asking, no answer yet. all your closer to the $80 a barrel level. years since we saw that and gas prices are at the highest level since 2014. energy price inflation, big problem for the market. next problem a possible downgrade of america's credit rating could be the outcome of the brinkmanship over the debt ceiling. it happened in 2011, the markets olaf, it is a possibility again now. outside wall street, outside washington, the border crisis takes center stage. 11 republican governors take a look for themselves, homeland security chief alejandra mayorkas going to mexico with tens of thousands of migrants on the way and we don't know what plan they have are dealing with it. you could call this crisis day.

october 6th, 2021, "varney and company" is about to begin. ♪♪ get down on it ♪♪ stuart: our producers work hard. if you want to get down in ♪♪ stuart: the debt ceiling debate, straight into it, very important for your money. it may sound technical and we will try for some clarity. senator schumer set up a vote on raising the debt ceiling. it will fail, republicans will block it. the president is talking about changing the senate rules. this has got to be about the filibuster. >> reporter: biden is talking about a 1-time removal of the filibuster, the nuclear option. it lowers the debt limit from 50 to 60.

everybody has to agree to do this and senator manchin says no, democrats should act through reconciliation instead. a more lengthy process that requires them to put a price tag on the debt ceiling, they don't want to do that. was 2 weeks to go a game of fiscal chicken before we run out of money. republican standing firm. we are not doing democrats a blank check and the tax hikes the go with it. stuart: i think i got that. you got clarity in there. that is good stuff. let me bring in mercedes schlapp. it seems to me the democrats are prepared to go to reconciliation for $3.5 trillion of social spending but not to raise the debt ceiling. what is going on here? >> the debt ceiling has always been used as a political tactic when it comes to the blame game. who will you blame if you can't raise the debt ceiling. democrats are in a weakened

position because they have to own the $3.5 trillion self spending bill which adds two entitlement programs as well as the largest tax hike we've seen in history. as well as defending the debt ceiling boat and that is why they don't want to go through reconciliation into mitch mcconnell's credit, you all illness, you can use budget reconciliation to get the debt ceiling raised. it is all on your court, mister schumer and i think at the end of the day this will hurt the democrats because they don't want to own the debt ceiling vote and blame the republicans. stuart: you don't think there will be a default, no way we are not going to pay our debts. the greater danger is a downgrade, greater danger is a downgrade about the debt.

that would hurt the market and that would be the result of political chaos. we might end up there. >> mitchell, made clear, democrats haven't included us in this crazy budget reconciliation spending. it would hurt small businesses, her job creation and manufacturing and hurt the middle class, they are the ones who have to own these tax hikes going to the midterm election and we are not going to own the debt ceiling limit, we spent a ton of money between covid relief packages and this is a huge 2 satisfy progressive base of the party. bernie sanders is in charge, giving into the progress of this past weekend, it is a dangerous path we are taking in terms of the impact it could

have on this economy. stuart: thanks for being here on this important day. look at futures, plenty of red to go around especially on the nasdaq, another 139 points. interest rates, that is the problem. 152. lauren: the highest levels since june. they are up 11 basis points. investors are worried spiking energy prices drive broader inflation, that fuels concern the federal reserve can act faster. if the fed continues to wait looking at all this inflation hoping it disappears or is transient they are going to have to site more aggressively and he likens that to what we saw in 2004-2006. the fed hike, accorded .17 times in a row would spell

disaster for the economy. to fill up here, hiking interest rates and might have to do so sooner than the back half of 2022. con to $53 a coin, and and and and energy price inflation and danger a downgrade for the credit rating. >> that is the follow-up over the horizon, i agree with you in terms of the rising interest rate and rising invasion

expectation, those are going to be impactful in the market is stretched out on account of the fact the leadership stocks are taking hard hits, we have a lot of etfs in the ark fund or a lot of fund and neutral funds everybody follows and they get hit and taken out of portfolios and selling big stocks, getting nervous at what happened to the leadership or growth companies in 2009, that's the greatest way as far as the market looking at itself, how far can we go lower. >> you are the king of line the general or by the dip today? >> investors, retail investors

in particular, and and the market isn't even down 5%, they come down to those positions. markets are back every time, there on the sidelines, >> i hear a lot of that. we wait to buy this did. and energy inflation fee, natural gas below 6 bucks in america but britain, natural gas prices surge 40% in one day. >> a barrel of oil being $300,

feeling your car, the fertilizer and the i worry and i fear it might do the wrong thing. the her comments from ursula vander lande? they need to invest in renewables instead of relying on imports. that is great. that is why they have this. >> it didn't work. >> bernie sanders is listening. we could be in the same problem here. stuart: he does not care but i will move on. check futures, we'll go down at "the opening bell" across the board. cracking down on threats of violence against school board officials, just an effort to

silence concerned parents. >> is a district x-rays amazon for a child advocate for best interest, to express one's view at a school board meeting, harassment and intimidation. stuart: i have more on that. he is rejecting it was a blower's claim that facebook prioritizes profits over safety. it was a sharpened response from zuckerberg, is a timeframe to go. we have more after this. ♪♪ ♪♪ hit the road jack ♪♪ and don't you come back no more no more no more ♪♪ hit the road jack ♪♪ and don't you come back no more as a dj, i know all about customization. that's why i love liberty mutual. they customize my car insurance, so i only pay for what i need. how about a throwback? ♪ liberty, liberty, liberty, liberty ♪

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stuart: san francisco. it is only 56 degrees but then again it is only 6:00 in the morning. mark zuckerberg has responded to with the lower claims that facebook chooses profit over safety. did he accept any blame or was he just defiance? lauren: defensive. this is a reputational crisis remained his company. this is what he wrote. the argument that we deliver the push content that makes people angry for profit is deeply illogical. if everything published particularly focus on questions raised about our work with kids, i spent a lot of time reflecting on the kind of experience i want my kids and others to have online and it is important to me that everything we build is safe and good for kids so we will do more research and make the research publicly available. at the engagement based ranking so kids when they go through their feeds can see things as they are chronologically posted

and make that the default. when you do it on this will get more eyeballs and more people will be into this that is what you see. if that is the default you are targeting kids with what could be negative stuff. stuart: is that original thinking? lauren: no, that is not. i have heard that here and there but it was original right then and there. stuart: that is a very good idea. it seems to me to work against one of the worst problems facebook has. i want to bring in a frequent guest on the program who talks about facebook and the social network, straight off the top, should zuckerberg have to go? >> that is less the question. it is a behemoth that stands on its own terms but here is what i think. we need to be precise we are holding facebook accountable for and what we ought not do believe we might make the problem worse.

you hold them accountable. working hand in glove with government to censor content that the government can't censor directly. we need to call them out. i'm skeptical, holding them accountable for teen body with management issues and anger management issues. we need deal with those issues in the off-line world, people have competition on the internet and i want to talk about competition with the internet, on the off-line world, and revising our culture and the self-confidence and psychic foundation of teens and other users such that when they come to social media websites they are not as vulnerable to exploitation. that is the conversation we need to be having especially as we think about kids among the next generation. managing teen body images and psychic issues, we may that

company even more socially powerful than they are taking the role of modern church and that's not the role i want facebook playing in our society. stuart: congresswoman alexandria ocasio cortez calling for the breakup facebook. do you agree with that? should facebook be broken up? >> i stop short of that. it is not just from aoc. a lot of those calls come from the right too. it is no longer a partisan issue. i don't think breaking a big tech will solve the big problem in silicon valley today and that is not a monopoly on product but a monopoly on ideas. silicon valley represents ideological cartel. even the smaller companies, the venture capitalists all abide by the same ideology. take them and break them up into small companies but they all adhere to the same ideological cartel. you still have the biggest danger of falling big tech which is limiting the scope of discourse in our democracy. serving as the censorship bureau for the government. that is where we need to focus our energy rather than asking

if these companies are too bigger too small because even the smaller companies in silicon valley are contributed to the problem. stuart: fair point, good stuff, see you again soon. i would like to know if facebook ever said what caused the global outage. lauren: their head of infrastructures that was caused not by malicious activity but an error of our own making. it caused the system to go down for 3 billion users for 6 hours on monday. doing routine maintenance of the router system. engineers literally in this day and age had to drive to the data centers to restart the system and the backup system failed and facebook did not address why that happened. it cost mark zuckerberg $6 billion if you want to look at it like that. stuart: did you miss it? i don't use facebook. when it went out i didn't know about it. lauren: i did not care but if you are a small business selling goods on facebook or

instagram you care because that affected your bottom line. that is how important facebook is, how integral it is for everybody's daily lives. stuart: on the left-hand side a lot of red ink, about to open the market, take you to wall street and show you nasdaq down 120, a bit of a sell off. we will be back. i promise - as an independent advisor - to put the financial well-being of you and your family first. i promise to serve, not sell. i promise our relationship will be one of partnership and trust. i am a fiduciary, not just some of the time, but all of the time. charles schwab is proud to support the independent financial advisors who are passionately dedicated to helping people

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which reminds me, thank you for driving me to the drugstore. earn big time with chase freedom unlimited with no annual fee. how do you cashback? chase. make more of what's yours. stuart: red ink for the market, stock prices will be down. eddie galore is with us. i bet you are recommending energy stocks to your investors. and i right? >> how did you get? since december we thought energy was going to be the best sector to be in. we have been overweight energy. we did not believe inflation would be transitory. 11 months for consensus to realize that. when you look at the energy sector the supply demand dynamics of the entire globe is reopening up. it has never been better.

the setup here is amazing and the market was turbulent but if you had an overweight energy, energy was going to lead the way. i would be careful chasing it with a spike in the last few weeks but that continues to be our favorite sector and we are shocked how many missed this tree. stuart: i missed it. bad for the economy is bad for the overall market. if you get a cold winter and a spike in natural gas prices here and around the world, $100 oil, this market will not like it. >> it is not and that is perfect for the setup we have been sharing with your viewers. we will see this reflation trade spike in the fourth quarter with that you will see natural gas prices go up and oil prices go up.

it will be very profitable but we will be a head winter markets, not a tailwind which is why will play defense late into the fourth quarter because the first half of next year the fed is going to have to tighten faster than they are leading the market to believe because they have gotten inflation dead wrong. that is our opinion the next couple months. stuart: we have bitcoin going to 53,$000. susan is with me, 55,$000 a coin and that is an interesting game. are you interested in bitcoin? seems to be operating as a hedge against inflation? >> we don't own it, it is too volatile an asset class, it plays into the reflation trade, it could look like january and february, you have energy

leading and crypto leading and small caps leading and if you look under the hood of what is happening with this market during the turbulence those areas held up really well and we think this rotation is starting going from low defense into your higher volatile names and if we are right again you will be handsomely rewarded as we go through the back half of october and november. we need to get the debt ceiling taken care of and that will be off to the races. stuart: last one. are you selling anything or recommending to your clients you sell anything? >> we are recommending incrementally getting out of low data defensive names. defensive names are not going to do well here so let utilities go, we would be getting out. stuart: a low beta defensive name. give me a low beta defense of name. >> from a sector perspective we would get out of a verizon

right now. it is a great company, great dividends but we are at higher beta play right now in a short-term trade. we get out of high beta by the end of november at the beginning of december. stuart: we hear you. susan is with me laughing at these comments about low beta defensive plays. >> look at alpha in this environment rather than high risk or high reward. stuart: you don't like the risk or do don't know the risk. it is 9:30. we are off and running and it is wednesday morning. we are down 250 points. i don't see much green in the dow 30. as for the s&p 500 also on the downside. 60% of the stocks in the s&p 500 are down 10%. that is correction territory and a lot of stocks already in it, the us in the opening down 0.6%. the nasdaq composite down one%

again, 139 points. i bet that big tech is taking it on the chin. but he sure i am right. amazon, alphabet, microsoft, apple, all on the downside. i want to show you an exception to this selling and that would be palantir, 5% up. >> data analytics. stuart: data mining. >> are performing today. the army contracts got an $823 million contract to provide resource optimization on palantir's gotham platform. stock is up 123% over the past year and since we are talking broader markets and what you should be doing goldman sachs sent a note to their clients saying they are remaining intact, they are keeping their forecast up 9% from here. they are still bullish.

stuart: up 9% to the end of the year. >> s&p will finish about 4700 if i have those numbers and they are not changing those forecasts regardless of the selloff we are seeing. stuart: i find it fascinating. a brave forecast, you only got two month left. >> a seasonably strong quarter, four of the last five years, the santa claus rally in december, goldman says we are sticking to it. stuart: i'm looking at us steel and nucor. both of our way down. i'm surprised to see this because i thought there was a shortage of steel. >> they are currently high compared to historical average of 140% premium you are paying, goldman sachs says that is great for this year. that the last into next year so steel prices will come dramatically down according to them so in their view, it is only worth 108 us steel is worth want 20 billion bucks but

they upgrade the cliffs, another, the provider with auto talks. stuart: one of these days i will figure out these companies. >> this would be the low beta play. stuart: the prompter on screen in front of me you know what i can see? the sheba in you crypto is the world's twentieth biggest by market value up 216% in a week. stuart: i want to talk about bitcoin, literally bounced $2,000 of bitcoin, where the money is coming from, your closing on a 5-month high for bitcoin pricing and it is the entire crypto space that lifted so you have sheba a new, the twentieth largest currency up 60% in the last 24 hours, up

20% on the week, i call of the law musk effect, the reason it is up and people care about it is tweeting this picture of a puppy to start off this week so sheba is worth $8 billion, doge coin up 3.5%. this is the head out, the inflation hedge people are piling money to the digital goal. stuart: bitcoin and ethereum and gary gensler set america's government will not been cryptos. >> when jay powell is not going to ban it it is here to say. stuart: stocks down, cryptos up this morning, interest rates up this morning and energy price inflation all over the place. i see two huge retailers getting together. that is a big story when companies of that size in the

retail business -- >> you can guess why they are getting together, delivering tools and other online purchases so home depot is the first major customer for walmart and local delivery service called go local, next day delivery for stores in your area so they start with home-improvement purchases, something you can fit easily into a car, a box of nails, paintbrushes, this is to rival instant cars. it is definitely in amazon rival but instant car in the gig economy because what go local is going to do is use gig economy workers to start in new mexico, texas and arkansas over the next few weeks but they are getting squeezed not only by amazon but think about the delivery companies and booming business ups and fedex are doing, we can do the delivery ourselves. stuart: you don't know much

about soccer but a great deal about finance. manchester united is a soccer team down 12%. >> the reason i chose the stock, to talk about soccer at some point. stuart: if they win i am a fan. >> where is the loyalty? the family selling 9 million shares. do you know man you is up 37%? they spent 15 million pounds to get christianoh run although who is a boost to the public relations, he cost 50 million pounds a year but he's exponentially increased on the bottom line value. stuart: the world's major star in soccer, it is a big deal.

they are at the top. i didn't see the table but they are in the top 3 for sure. >> wears crystal palace this year? stuart: you are killing me. look at the dow winners. what have we got? >> goldman sachs, mcdonald's, home depot, value plays with the yields going up. stuart: s&p 500 winners, tell me. >> it is interesting. we have intercontinental exchange, martin marietta. the commodities play with the increase we have seen, natural gas at a 13 year high. stuart: tesla, etc. etc. no big tech. >> tesla - >> 7 minutes of trading time, here is the check. big board down 116 points down one third of one%. the 10 year treasury yield one.52%, price of gold has done nothing recently, $17.59.

bitcoin going the other way. the price of oil on the upside is down a little bit. it is 77 and natural gas is dropped below the $6 level, 584 right there. as for the average price of a gallon for gas up 322. california the same gallon will cost you 442 -- $4.42. john kerry admits president biden didn't know there was a dustup between the us and france until he told him. >> what is the situation and i explained, he had not been aware of that. he had not been aware what had transpired and i don't want to go into details. stuart: what else didn't the president no? good question. nearly a dozen republican

governors visiting the border today. where is the plan to deal with the tens of thousands of migrants already on their way? they might also ask where is kamala? is a covid or just the flu? it is harder to tell symptoms apart this year. doc siegel will sort it out for us after this. ♪♪ this is wealth. ♪ ♪ this is worth. that takes wealth. but this is worth. and that - that's actually worth more than you think. don't open that. wealth is important,

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patients but the israel data was done in millions of people and look like these antibodies drop off. what are these antibodies, they are neutralizing antibodies and they are important in fighting off covid 19 but there are other kinds of immunity you have if you get the vaccine. t cells, cells in your bone marrow, those persist. that is why we are seeing breakthrough infections but for a while longer after that you see my other infections but nobody wants any kind of covid 19 and that is why we are getting more booster shots. this study points to why we are giving booster shots. stuart: we are going to need a shot every year. is that the bottom line? >> i think that is a pretty good estimate. i think so. one thing they are doing that you are going to like is this is biotechnology at its finest. we don't given of credit to this. they are retooling the vaccine for the emerging variant.

next time you need a booster a year from now it will be covering the delta variant and whatever other variants are out there. it will not be the same old same old. the vaccines even offenses technology is super. i am surprised pfizer has had such a flat stock price with all this going on until coming out for covid as well and so does merck. i'm not understanding, you are the expert at the london school of economics but i don't understand why their stock price -- stuart: i have been saying it every day for months on end. i don't understand it. moderna, johnson & johnson, all of them did very well in terms of their stock price but pfizer meandering around 35 to 45, that is all you've got. we are heading into the flu season. how can people figure out if they've got the flu or covid? >> that is an excellent question because the symptoms are similar with the delta

variant. achiness, fatigue, soft nose, if you lose your sense of smell or taste that is covid, not the flu but the other symptoms are pretty common especially fatigue, muscle aches and fever. i urge people if you're getting tested for covid, you can get a rapid test. those are becoming more and more available but i want millions and millions more of that. if you will out covid you start thinking rsv or the flu. i want to reassure people it was a very mild flu season australia again this year and in the united states there's almost no flu. if you get the symptoms now the congestion, the fatigue, fever, it is more likely covid then the flu. if that changes we can to the rapid test for flu. we have plenty of tests out there so good clinician will test you for both. stuart: i am thinking about this -- you lose your sense of

taste. that intrigues me. if you get covid you might lose your tense -- sense of taste, do you get it back? >> the answer is most of the time yes. over three or four weeks you get it back and then the smell. most people i have been following don't continue to have that for months but it takes weeks. it is really a problem. stuart: if you lose your appetite and your sense of taste i guess you lose your appetite as well. >> at the end point if we don't have a great meal to tasty wannabe is driven but you don't lose your appetite. there's a lot of gastrointestinal symptoms with covid. we are seeing that with the delta variant. a lot of g.i. upset but that is temporary, fatigue, fever, loss of smell and taste is one third of cases so it is a big deal. stuart: i find that fascinating. thank you as always for great information, see you soon. the cdc is making

recommendations ahead of the holiday season. what are they recommending for holiday gatherings at thanksgiving. >> they said make it virtual but then they said wait, that was last year's guidance, new rules, new suggestions are coming soon. stuart: on the website -- >> it created such backlash. this is the backlash from me. i listened last year and cooked a huge thanks giving you for my husband and two children who wanted cereal. i will not do that again not worth it but other people, are you going to tell vaccinated people they can't see family and friends? look at football stadiums that are packed so even if you say okay, you can do the big outdoor gathering, limit the number of people wear masks -- stuart: we don't yet have cdc guidance on how to handle things. lauren: they are coming soon. stuart: do you have anything new on the new covid pill?

lauren: it is expensive. not to make, to produce a 5-day course, $17.74 but the government is paying 40 times that, $74. the us gave merck $30 million to develop it. why are they paying so much for it? good for merck investors. morgan stanley says orals are a source of treatments that are up to 15 alien dollar mark in the near-term. does that hurt the vaccine is the question. stuart: weight until senator warren find out the profit margin will not be popular. how about tesla? some unfortunate news. the prices just went up. we will tell you shortly how much they went up by and which models. your 401(k) taking a beating. a lot to do with the energy price inflation. i planes that and what worries me most coming up. top of the 10:00 hour.

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monitor your bank account in democrats might let it happen with the provision in this fast spending plan. you have been speaking to people about this and i bet they are not happy. >> absolutely. they are upset because this plan could impact every single american because if you have $600 in your banking account for transactions in and out of your account, the irs wants a report of all your activities. we are talking every breaking american including teenagers the work part-time. this plan is getting support. janet yellen is promoting the plan to catch wealthy tax dodgers but there is concern that it is not targeted enough. this could put americans at higher breach of data breaches, 23 state treasuries and auditors have spoken out against the plan. they are not the only ones upset. we spoke to people about their

proposal. they had concerns and a lot to say. >> it is invasive because of the quantity because anyone could have $600, don't have a way to escape. >> it does open the exposure to have more security brakes and people looking at their bank accounts and danger behind it. >> reporter: a lot of people we spoke to did not understand the specificities of the plan. when we explained it to them, what they were pretty concerned but said something it was important to make clear. all the people we spoke to want americans to get their fair share of taxes, they are not convinced this is the way to make that happen. stuart: thank you very much. i tell everybody what is coming up on the show. north carolina congressman

madison portnoy, martha mccallum and tiki barber, the 10:00 hour of "varney and company" is next. ♪♪ take it easy ♪♪ take it easy ♪♪ don't let the sound of your own measles drive you crazy ♪♪ ♪♪ that building you're trying to buy, - you should ten-x it. - ten-x it? ten-x is the world's largest online . . ten-x does the same thing, but with buildings. sweet. oh no, he wasn't...

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♪. stuart: let's get on with it. it is 10:00 eastern almost. about 20 seconds shy. let's check your money. we have another downside move. the dow moved below the 34,000 level. it is down 33. the nasdaq is down 123. so this tuesday, wednesday morning, plenty of red ink. bitcoin going the other way. bitcoin rallying nicely. close to $54,000 as we speak. what is the yield on the 10-year treasury he asks? 1.51% right now. oil, getting close to $830 -- $80 a barrel. that is financial market action. the dow down 410 points. now this. your 401(k) is taking a hit this morning. let's not play the blame game here. let's figure out why your stoke invests are losing so much value. i have a couple of ideas.

first. inflation, energy price inflation in particular. this is real. gas prices are at their highest level since 2014. oil getting real close to $80 a barrel. haven't seen that in years. natural gas way above $6 and rising quickly. it cost a whole lot more to drive your car, heat your home, for utilities to generate electric power. this is not just us. it is global. all offer the world energy prices are going through the roof. nat-gas in china costs the equivalent of nearly $30. six bucks here. 30 over there. in europe it is about $25. it is so expensive that some european fertilizer companies are cutting production. it will be very interesting to see what happens at the u.n. climate summit which starts on november the 1st. the energy price crisis is partly due to the failure of renewables which the climate crowd absolutely love. the wind didn't blow in europe this summer, big problem. how will they explain this brave

new green world which really is not working? another problem for the market is the threat after debt ratings downgrade. it happened in 2011, financial reputation took a hit and so did the markets. we have the political chaos now about the debt ceiling that we had back then. another damaging downgrade is possible. but what really worries me is a cold winter, because that would really fire up energy price inflation which is bad already. that is "my take." let's see if we can find bob doll, yes, market guy at the moment. i see these two things putting a cap on stocks, energy inflation, the possibility of a debt downgrade. anything else? >> yeah, we could had to that list, first of all, we hit the nail on the head. you and i are talking about inflation is not transitory for how many weeks, stuart? the market is finally waking up to that. along with what you just said the chaos in washington, d.c. are we going to get a reduction from 3.5 trillion to 2 trillion?

because they cut the number of years in the program. it is just an accounting gimmick if they do that. are we going to get nothing because it falls apart? what about the fed? we're not even sure now who the chair is going to be. so uncertainties have been creeping in along with the slow but noticeable, slowing of the u.s. economy which makes their quarter earnings a little more questionable. economy overall is still okay, earnings will be too, but not as good as we thought a few weeks ago. stuart: i can see how we can get over the debt crisis, i see how that would happen. but i don't see how we get over the uncertainty of energy price inflation or uncertainty how much money we'll spend, or uncertainty who takes over at the fed if powell leaves. those uncertainties are not going away. would seem a negative environment for some time to come.

>> very well could be. we've seen the high of the year. down 5% from the high. we don't have that many weeks left in the year, stuart. we may have seen the peak price in early september. we just waffle around for a while. you and i have been talking about choppy, sideways, last few, up the limit one day, down the limit next day. volatility picks up. when market trends move up to from up to side-wise, we'll see more of that too. stuart: should some people sell? let me define some people. older people into their 70s, perhaps, who are facing retirement who have already retired? can you make a case to do some selling now so you sleep peacefully at night? >> i would add to your qualification about who. how much do you have in equities. if you have a small amount in the stock market relative to your total assets you don't need to sell but if you have gotten greedy because stocks have been going straight up, quote,

unquote, for the last 18 months, please take some money off the table. take a bow for the profits you earned, sleep a little more safely at night. stuart: it is not greed, bob. it is not greed. investment acumen. >> i'm glad there is no emotion in your investment decision making, sir. stuart: owe, there is plenty of emotion. chasing profit, that is what is there. bob doll, food -- good stuff, thank you very much. the dow turned south a little bit more. we're off 432 points. thanks very much indeed. of the. look at that, there is a deadline to die for progressive dems smack biden when he is down. who wrote that? liz peek wrote that. she is here with me in new york city. big smile with a nasty headline. here is my question. this country i think is right of center. i think that is the way america is. so how come this country is now

run by socialists? >> well, because joe biden didn't win the 2020 election. bernie sanders won the 2020 election and very quickly he and his cadre of progressives congress became the ruling part of the democratic party. it is an amazing thing. joe biden more than once said i'm the president. they are my policies. that is not true. he ran as a moderate. since he got elected he done everything he could to kowtow to the left. look what, bernie sanders head of a major committee overseeing our finances in congress. that is really kind of all you need to know, stuart. that is a very powerful position that sanders has he is a dyed-in-the-wool socialist. he is not a progressive. he is a socialist. imagine that. stuart: they're dictating policy to the rest of the democrat party. there are 96 people in the progressive caucus in the house. >> yep. stuart: one of the larger

caucuses. >> it is. stuart: nothing like that in the senate. hardly any socialists or far left people in the senate. the small group are actually running things. >> the unfortunate situation, chuck schumer, the majority leader in the senate is scared to death of aoc who has been non-committal about possibly challenging him on the left for his senate seat. he will not take on the progressives. nancy pelosi will not do it. she wants a big legacy win. what does she want to go out with? a stunning transformation of our nation in a bill that will cost the country five trillion dollars, something only she probably could get close to accomplishing, because she is a brilliant manipulator, wrangler of votes. but guess what? she may not get this done. hopefully, hopefully there will be other moderates. what is surprising to me we haven't seen anyone but joe manchin, krysten sinema, handful, very small handful of democrats in the house willing to buck. this what are they thinking?

this will not work for them in 2022. voters are totally connecting the dots between the five trillion dollars we already spent and inflation which every day another economist comes out and says, no transitory. you have been talking about it. i've been writing about it for months. there are so many reasons why inflation is now embedded in our economy and spending trillions more is not going to make that better. it is going to make that worse. stuart: the left runs the country. >> unbelievable. stuart: never thought we would see this. only 11 months after an election. >> you know, hopefully people will wise up and their voice will get a little muted by the 2022 election. stuart: we shall see. liz peek, thanks for being here. >> thank you. stuart: we'll look at various groups of stocks, seeing two airlines on the screen, both of them down very sharply. what is the story? lauren: american, jetblue cut by goldman sachs. goldman is worry about inflation because of jet fuel and labor

costs. they expect. this is for the december quarter, the holiday season, an adjusted loss of 1 1/2 billion dollars. that is pretty steep. stuart: show me moderna. we've got news on them. are they up or down? down 4%, the story please? lauren: denmark and sweden are pausing the moderna vaccine for people under the age of 18 years old after reports of possible rare side-effects such as inflammation of the heart muscle. stuart: that is complicating back to school. that will do a number on that one. lauren: for those countries unfortunately not here. stuart: all right. what else we got, zoom, crowdstrike, chegg. lauren: work at home stock. more companies turning to flexible work schedules today. morgan stanley put out a note. they predict that 69% of companies will adopt this hybrid work model. you're in the office three days a week. you're home for two days a week. that is why i think there is so much traffic. stu and i start our morning and

questions, lauren how long did it take you to get into work? sometimes 40 minutes. sometimes two hours. people say if i only go in two days i'm not taking the train. stuart: if you got 69% of the workforce doing a hybrid system, that is a revolution. that means tens of millions of people are not going into the office or, wherever. lauren: we're never going back to normal. what the new normal looks like i do not know. we're never going back to everybody in the office five days a week, absolutely not. we'll see how it shakes out. stuart: president has business leaders in the oval office today. some are big bank ceos. do we know what this is about? lauren: the debt ceiling, jamie dimon, jane frazier, raytheon, nasdaq, national association of realtors. they're meeting virtually or at the white house in person. these are titans of business. they understand the cost not raising the debt limit to not

default. i want to know the tone of the meeting. biden campaign as the great unifier and can't get people together. if you're a republican, democrat, moderate, you're against what i want you're comb police it in undermining the -- complicit undermining the u.s. i want to see if how that plays with somebody like jamie dimon. we should get rid of the debt ceiling all together. this costs me millions of dollars every time we do a song and dance. i want to know the tone of this meeting. stuart: i would love to hear a business leader, you democrats can do it on your own f you're prepared to go to reconciliation for 3 1/2 trillion dollars of ugly socialist spending, why can't you go to reconciliation for the debt limit? lauren: puts them in an ad campaign for republicans taking over the midterms next year. stuart: very content sures. lauren: we are. stuart: it is great. you walked in here with a smile on her face.

unbelievable. thanks very much, liz. president biden faces protesters in michigan. the problem? they don't believe that 3 1/2 trillion dollar spending package will cost them zero dollars. martha maccallum was on the air during all of that. i will ask her how she reported it. she sown the show later. john kerry said the president had no clue that the submarine deal with the u.s. and australia would upset france. watch this. >> he asked me what is the situation? i explained exactly. he had not been aware of that. he literally had not been aware of what had transpired. stuart: okay. what else he is not aware of? remember all the weapons we left behind in the botched afghan withdrawal. well now they're reportedly up for sale. oh, boy. oh, boy. we got the story next

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xfinity makes moving easy. go online to transfer your services in about a minute. get started today. stuart: better check out the dow jones industrial average. just a few moments ago it was down 460. now it is down 360. i will call that volatility. the nasdaq still down there with a triple-digit loss. do you remember when we told but the billions dollars worths of weapons, weaponry left behind in afghanistan? now the afghans themselves are setting up a weapons shops, multiple of them. selling our equipment essentially. that is what they're doing. what more do we know? lauren: "new york times" reporting that weapons, american-made pistols, rifleses, grenades, night night vision go, expensive gear being sold in afghan gun shops. the u.s. spent $2 trillion over two decades to train and assist

the afghans to fight the taliban. now they're selling it. stuart: a very part of the sad story in the extreme. nearly a dozen republican governors hold a press conference at the texas border. dhs secretary mayorkas going to mexico to discuss, quote, security issues. morgan ortegas joins us. welcome to the show. where is the administration plan to deal with the tens of thousands of migrants already on the way to the southern border. >> i don't think they have a plan. the vice president, the secretary of homeland security and others keep saying don't come, don't come. but according to a rand study there is something like over 350,000 children in schools in the u.s. that are asylum-seekers. so i don't think anybody is taking this administration seriously when they say not to come. they fired the border chief. they have gotten rid of all the trump policies. it's a dumpster fire down there. stuart: what about the voters?

voters clearly perceive what is going on here. the media may not be reporting it very much. most people know we've got a real crisis at the border. if the government does nothing about it, that rebounds badly against them. surely the voters at some point will say, hey, wait a minute, wait a minuteing. no? >> you remind me after poll i read from "the dallas morning news" recently said over half of democratic latino voters in texas disapprove of biden amid the border crisis. polling does not even show that latino democrats are on their side, especially in texas. they actually favor the rule of law and coming over legally. so the polling is bad. listen, what you've seen, you were talking about afghanistan, stu. what this administration has done is they have, they get an f plus from me on national security issues. they have abandoned afghanistan to the terrorists, now they have abandoned our border to drug cartels and there is a real failure in this administration

to recognize reality around the world. stuart: i want to bring upjohn kerry who claims that president biden had no idea about the dust-up between the u.s. and france last month over submarines. listen to this again, please. roll it. >> he asked me, he said what's the situation? i explained exactly. he had not been aware of that. he literally had been aware ever what had transpired and i don't want to go into the details of it. stuart: morgan, how did he not know the situation? >> well, yeah, i don't know if john kerry thinks that is a good excuse? i mean essentially what they're telling the world, don't worry, we don't even brief him on these important issues. there is a real problem. why is the national security advisor, his secretary of state, why is no one briefing the president on these issues? you would think something of this magnitude would require presidential approval. something else really weird that i see going on here, why is john

kerry acting like the secretary of state? why has he been sent to france to fix things? why is the one who ultimately said in the interview he had to tell the president what was going on? there is something amiss between blinken, kerry and sullivan. stuart: i get the impression that the president is not focused, not always really there. he is not a commanding presence on the issues in the white house and in discussions, do you get the same impression? >> well if you believe what john kerry just said on the record in an interview to the french press, he said the president was not briefed on this issue. so the question then that i have similar to what you're asking is, how many other important national security issues is the president not briefed on and are not brought to him for final approval? stuart: afghanistan for a start. he said, i did not hear from my generals that we needed to keep 2500 troops there. well the generals have told him that. he had forgotten it maybe, or ignored it, whatever, there is

contradiction between what the generals said, what the president said, about being there, present and focused? >> well general said that under oath, right? the president has talked about this in television interviews but the generals who have spent their whole career you know, in service to the country have testified under oath that they did make those requirements, what they felt necessary for the mission, that they made it known to the president. so somebody's lying and i don't think it is the people under oath. stuart: ouch, what a way to end an interview. morgan ortegas, good stuff. >> sure, stu. stuart: thanks a lot. a global deal on a corporate tax could be completed soon. all right, this is an agreement amongst all countries of a certain level of corporate taxation. what level are they talking about? lauren: at least, and that is the problem, at least 15%. european leaders say we're really close. there is a meeting on friday among the oecd, g20 in italy

that is probably when you hear something. ireland is one of the few holdouts. stuart: i have a problem with this. lauren: they say they're getting on board. ireland has problems with the at least 15% language. if they can agree to 15% they can get this through. stuart: i don't want to see our sovereignty given away. we should not give our taxing rights, what level we're going to tax to foreign countries. >> the issue is those individual countries decide to tax our tech giants as they wish. there are different rules where they play. some say, well you have to pay based on your sales in our country, not based on where your headquarters. stuart: we have to make our corporations pay 15%. we're agreeing to the number. >> playing field is the argument. stuart: everybody thinks different way. >> puts everyone on par. stuart: go to the market. it is all over the place this morning. predominantly down. five minutes ago we were down

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♪. stuart: don't wake me up. okay. that is lake george, new york state of course, 61 degrees right there right now. cloudy too. let's get back to the markets. we're seeing extraordinary volatility. a few minutes ago we were down 460. now we're down 219. nasdaq down a mere 37 points. that could mean we're seeing some dip buying, maybe. look at big tech, let's ask susan if we are indeed seeing any dip buying? there you go. susan: we're looking at some recovery. it has to do with the fact that natural gas prices are down 8% this morning. that is the steepest loss we've seen so far this year. stuart: he i am talking about

energy price inflation but today nat-gas is down 8%. but overa longer party of time we're at seven or eight years highs. lauren: at least not 13-year highs. we're seeing some relief when it comes to the equity markets as well. when the treasury yield comes down a little bit like it has this morning thanks to commodity prices coming down that is also why we're seeing i think rotation back into some of these big tech names. apple is still down. it was down 1 1/2% earlier. facebook, sales force. i should note that bloomberg is reporting that eu antitrust regulators are set to possibly charge apple with anticompetitive practices related to its nft chip technology. they haven't nouned it yet. this is bloomberg saying that could possibly happen. stuart: that is negative for apple. is apple down this week? susan: down 8%, dip buying, down more than 1 1/2. stuart: it is the apple, most

valued technology company. susan: most influential stock in 40 years. when it falls it takes the broader markets with it. stuart: tell me about crypto. susan: bitcoin crosses 55,000 this morning, five-month high. not just bitcoin, the entire crypto pace including inu which is up 200% this week. you love it elon musk tweets out a picture of his puppy. stuart: that is crazy, that is crazy. susan: buyer beware definitely. we're not, we're saying that yes, it goes up but it also could come down very quickly as well. stuart: get serious, roku. susan: symptomnant streaming device provider, i can tell you're not a crypto but roku releasing their annual survey which shows the streaming decade has passed a tipping point meaning that streaming is

obviously here and dominating the next decade or so they show 98% of gen-zs, 96% of millenials. 80% of gen-xs, 70% of boomers, boomers, did you hear that? using more tv streaming services over the past year. netflix reed hastings this is decade where broadcast cable dies. stuart: don't want to hear that. it is probably true. i can see that, definitely. susan, thanks very much. let's see now, we have a market situation developing. we're only down 180 on the dow. again, couple of minutes ago we were down 460. now 180. got that. ed yardeni is with us. okay, we're talking a lot on the show today about energy price inflation. that is one of the themes of the show. i know that nat-gas is down what, seven or 8% today, going against the inflationary trend but i presume you're looking very carefully at the energy

stocks. i presume you like them. is that the case? >> that is the case we discussed last time i was on. look it, really bizarre, but a week ago everybody or two weeks ago, everybody was focusing on evergrande as a big risk for the stock market. just in a matter of the past few days, suddenly there is a global energy crisis that nobody saw brewing until we started to realize that gas prices have been soaring in europe and coal prices have been soaring in china and there have been power outages in china which are now affecting supply chains. absolutely the focus is back to energy. as you know, because of climate change activists a lot of companies are hunkering down and they're not expanding their capacity and producing fossil fuels. instead they're trying to go more for renewables. what we're seeing that root renewables are not reliable. turbines don't work if the wind doesn't blow. that is the problem they're having in the uk.

i think the market will turn for a while and i think you will rotate into some of these energy stocks out of tech but it is kind of day by day. stuart: what is the fed going to do about this? here we have energy price inflation, inflation over all is still pretty strong? you can't keep pumping vast amounts of money into an economy which already shows price inflation? >> it could be radically different fed next year. it is pretty radical now fed chairman powell made the fed more progressive if you will since the pandemic hit. emphasizing the importance of creating full employment over worrying about inflation but now all of sudden he is coming to realize he does have an inflation problem. he says he is frustrated, frustrated that these bottlenecks are occurring. he doesn't take any blame for himself because the reason we have supply bottlenecks because we've had maybe too much stimulating demand. next year the fed could be different. i don't think powell is going to

get reappointed. stuart: really? >> i think they will get more progressive at the fed and i would be not be surprised, stuart, if they raise the inflation target from 2% to 3% next year. stuart: they will say we keep on pumping, in line with the progressives, chucking the money out there. by the way we don't mind if the inflation rate goes to 3%, 2% is okay? that is in the cards? i. >> i this so. stuart: that builds up a ever bigger, bigger debt problem somewhere down the road and inflation problem too? >> correct. stuart: ed yardeni, thank you, sir. see you again soon. >> thank you, stuart. stuart: now this president biden meets today with bank ceos and business leaders. i think part of the meeting is virtual. some will be at the white house. edward lawrence in d.c. for us. this is about the debt ceiling apparently? >> yes. stuart: why is he meeting with a chief executive officer about the debt ceiling? >> this is about putting pressure on republicans. the president will double down in the meeting and will blame

republicans for blocking, raising or suspending debt ceiling. this is who's who involved in the meeting in the corporate world. talking about bank ceos as well as regular ceos of other companies. bank of america ceo jpmorgan chase see on the list. ceo's from intel, raytheon, all expected, most of them to be here at the white house. white house official telling me the president will call republicans obstructionists. he will lay out how the administration feels the gop is actually blocking suspending the debt ceiling. republicans for their part still not budging. >> this is an economic crisis of their own making. they have the ability to pass a debt ceiling on their own. i think the sooner they get to it the better. i predict at the end of the day. it will be done. democrats will use the reconciliation bill. reporter: republicans can raise the debt ceiling, democrats can raise the debt ceiling by the reconciliation bill. they have to put a number how

much it will be. that will tip voters off how much democrats want to spend for the suspension of debt ceiling allowing unlimited spending. democrats need republican help for 60 votes for passage in the senate. adp employment report show as big beat. the economy added 568,000 jobs last month. this sets up a potential big numb forer for the jobs report from the labor department coming out on friday. this will be the first jobs report that does not have the extra federal plus-up of $300 a week in unemployment insurance the federal government gave out. the federal reserve chairman said that is in part was paying people to stay home. back to you. stuart: maybe since they are not getting paid, they will go back to work. that is what we might see on the friday morning number. >> that is the thinking. stuart: edward, thank you very much indeed. downloads of sports betting apps increased a whopping 183% from last year. is that changing the way games are actually played, changing

the games in any way? is it? i will ask former nfl star tiki barber, he joins me in the next hour. looking to buy a tesla? prices are going up. we'll tell you how much and for which models after this. ♪.

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♪. stuart: almost deserted highway is in ohio. i will give you the weather forecast. it is currently 66 degrees right there. general motors investor day begins in just a couple hours. that is where you find our own grady trimble. what is this about gm, what is gm up to, grady? do they want to be more like

tesla? going for more software and big tech, is that what they're up to? reporter: they're hoping to position themselves, stuart, as a tech company whose hardware or product happens to be vehicles how do you do that? think things like software improvement. subscription services like onstar and self-driving features. of course there is the big push into electric vehicles. we shown you the electric hummer but general motors has plans to unveil 30 different all-electric models by 2025. we're expected to get a clearer path to that today. general motors is building at this site a electric vehicle lab for battery development. on top of that they announced a partnership with ge renewable energy to build a local supply chain for rare earth materials and other materials that they need to make electric vehicle batteries. that is on the consumer side. let's take a look at the other side of the equation which is

delivery vehicles. brightdrop is an electric vehicle delivery company. we're expecting to see an electric vehicle that women be used for delivery services as well as self-driving taxi from the company cruz which general motors owns. we'll speak with ceo mary barra about all of this shortly. all of this comes, stuart, as general motors and all the automakers are dealing with more immediate challenges and issues. those of course primarily the infrastructure talks in d.c. which would impact the automakers and the ongoing chip shortage that has been plaguing them for so long, stu. stuart: thank you, grady, very much indeed. i will go to tesla. the they're raising prices. lauren, which cars are going up and in what price? lauren: the model 3 and model y. we'll show you the increases, about $2,000. making tesla's cheapest car just

under $42,000. the model y performance that goes to $62,000. earlier this year, we told you over and over again tesla hiking prices, it was small. $500, maybe a thousand. now you have a more significant increase. the reason is why a, they can. b, they blame the chip shortage. it is great for investors. tesla's stock is pretty strong and margins are good too at 24%. stuart: if deliveries and sales keep up. lauren: i don't think car buyers care. they are used to elon musk missing the deadlines and they get the car whatever they do. stuart: everybody i know loves a tesla. lauren: i'm seeing more and more on the road. stuart: last one, lauren. apple sounding alarm over power outages or shortages in china. they have rolling blackouts. lauren: there is climate change activism in china too. the government is telling manufacturers to cut back on theiring in use. so manufacturers like key suppliers to apple, hp,

microsoft, dell, they're warning they could run out of ininventory this month. what is this month? crunch time, crunch time for christmas for the holiday season. there is work arounds. some chip-makers are saying we have to cut use between 8:00 in the morning and midnight. bring in the night shift so we can ramp up as much as possible. everybody is looking at the supply chain, how they do this, answer to the local government and to beijing. stuart: not just a shortage of energy, it is restrictions because of going green? lauren: yes. stuart: two things going on. lauren: two things going on this. is a worldwide dilemma. stuart: los angeles county wants to phase out existing oil and gas drilling and ban any new drilling sites. we'll head to california for a full report on that. parents across the country have been fighting to stop schools from indoctrinating their children with critical race theory. it is already making its way into the elite schools. we have a report on that next

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stuart: nation fears are the big fear on wall street this morning as possibility, remote possibility of a ratings downgrade for america's debt. we're still right across the board. although the nasdaq comes back

nicely, only down, 30, 26 points at this point. >> >> we're learning more what may have caused the oil spill on coast of california. lauren has store. lauren: a ship anchor hit a 16-inch pipe section. a 4,000-foot second went 105 fight out of place where they found a 13-inch split. that split likely the source of the leak ever 144,000 fall license much oil into the pacific oceans. beaches closed. stuart: dreadful. l.a. county voted to become the first-in-the-nation to ban existing oil and gas drilling. kelly o'grady is in los angeles for us. will this have any effect on california's already sky-high gas prices? >> yes, stuart it very well could. now this is just focused on unincorporated areas but industry leaders are concerned this is going to drive gas prices higher. california state average is

4.42. that is already a buck 20 higher than it was last year. experts are also concerned that this will expand our reliance on forerin oil at a time the u.s. is losing out put and that did send oil prices to new heights, a seven-year high earlier this week. experts are also wary importing more oil could see a surge in tankers. to note this weekend oil spill there were more tankers in the port more than usual due to supply change. they are questioning whether an anchor strike is to blame. more tankers could mean more carbon emission. >> the air district in los angeles has quantified it. they identified the port as likely the largest source of air pollution in the next year or two. as we grow more and more dependent on foreign oil, we're only going to see more supertankers in those crowded ports in the future.

reporter: now l.a.'s oil industry is responsible for 10,000 jobs, half of which are on the line and those roles are filled with veterans and first generation citizens. folks are wondering, will they be able to find new work without developing entirely new skillsets? this is just focused on unincorporated areas but people are asking what does it mean for gas prices at the pump and l.a.'s oil industry in the future? stuart. stuart: fair question. kelly, thanks very much indeed. i want to bring in dan every heart, ceo of canary, that is a oil field services company. he knows the oil services field very well. dan, great to see you. >> good to see you. stuart: could we get to 100-dollar a barrel oil? >> i think we'll exit 2021 with oil at or above $100, actually. stuart: why? that would be a significant spike from here. why? >> sure, because i think it will not be completely linear but more or less so because you have the same fundamentals driving

this. supply is crunched. opec said they continue to increase 400,000-barrels a month but no more until pat least december. u.s. shale hasn't done what it needs to do to keep the production in the u.s. increasing and on the demand side the economy is roaring ahead. the government is doing inflationary measures, and the biden administration has got this cloak of anti-oil and gas you know, regulations like, it is obviously local what you were just talking about in l.a. but on the national level the biden administration is throwing a wet blanket over the industry which is prohibiting the kind of animal spirits being unleashed to produce more oil and gas. then the final point is that the oil and gas companies are still focused on capital discipline and on returns, not necessarily increasing production. so i think this is a perfect brew for higher oil prices and like i said oil to get to $100 a barrel more or less before the end of the year.

stuart: what about nat-gas prices? we've been reporting that nat-gas in china, the equivalent is almost $30. it is about six bucks and climbing here. what kind of spike could we get in nat-gas prices here in america? >> look, if we have underinvested in natural gas for years and i believe natural gas is something like a seven-year high and about to go higher f we have a cold winter, then this is the perfect recipe for natural gas really to spike somewhere in the 10 to $12 mcf range, which is price level not seen since 2004, 2006 era. stuart: what we've been talking about on the show today is energy price inflation. what you're seeing fits right in. >> yeah. stuart: 100-dollar a barrel oil, maybe 12 or 13 bucks for nat-gas. if you're right we'll have a energy price spike before the end of the year. that is what you're forecasting? >> i think we're in the middle of it, stuart. i think we're halfway through the energy price spike.

look, when biden took office oil was significantly lower. it is continued to climb higher. his macro policies are inflationary. his oil industry specific policies are pro-renewables, pro-green new deal and let's have less oil and gas. third, biden is not even calling, when he says look we know more oil, he is looking to opec which isn't going to listen to him at all saying produce more oil. he is not looking at american oil companies in western pennsylvania, texas, north dakota to produce more supply. i think the administration is you know, at best doing nothing and at worst fanning the flames of higher price spike and it will be painful for consumers as we enter the fourth quarter here. stuart: looks like we got a problem. dan eberhardt with canary thank you for being here. >> thank you. stuart: one more check for the markets. i won't say we've stabilized because we have not. nasdaq is more stable. you're down 25 points instead of

100. dow is down 26. just ahead, martha maccallum, congressman madison cawthorn and former nfl star tiki barber. fox news turns 25 this week. to celebrate, executives and some original on-air talent rang the opening bell at the nasdaq. i'm honored to be part of this fox family. that will be part of "my take" which is next. ♪. it's another day. and anything could happen. it could be the day you welcome 1,200 guests

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slow to noticeable of the u.s. economy which makes quarter

earnings more questionable. >> we need to be precise about holding facebook accountable for lying to the, thank you are doing one thing and doing another, that's the definition of consumer fraud. ♪♪ ♪♪ >> 11:00 eastern time, wednesday october the sixth, let's look at the markets, don most across-the-board. the dow is down to 60, nasdaq down 36. bitcoin, a bright spot in the financial markets today, $54000.now, 55 about an hour ago. now this. that's pretty good, wasn't it? the fox news turning 25 this

week. executives in original on air talent ring the opening bell at the nasdaq, suzanne scott, first ceo of a news network, eric shawn, the first to say the words fox news on tv. steve ducey, the original coat anchor of fox and friends and neil cavuto who handles this from day one. way back then, it was touch and go. cnn was the established leader and its founder, ted turner famously said, would squash the new competition like a bug. at first, he couldn't get fox news in new york city, the cable company wouldn't carry it. rudy giuliani fox news on the cable access channel so new yorkers could look at something other than the clinton news network and cnn. were not squashed like a bug. we established a leadership position that holds today. almost embarrassed to say 41 years ago i was a founder of cnn. at fox, i'm very proud and honored the in the fox family third hour of varney starts

right now. ♪♪ russia is with me in new york, you've been here what, 17 years? >> hard to believe. i was at the "wall street journal" covering financial news. a competition back then, i landed here in 2004 and for me it was an incredible opportunity because i wanted nothing more than to be in the middle of a political campaign and election, i'd always wanted to cover politics, i think covering business news a long time, six years and at the "wall street journal" before that so i said put me in coach, i will cover any aspect of this election no matter how small, i will do overnight or whatever it takes, i want to be in boston and new york at democrat conventions and

thankfully they gave me the opportunity. such a thrilling time. stu: fox viewers are so intense. >> very loyal, thank you for that. stu: i get recognized industry and i bet you do, to. >> yes, i got a letter from a man and his daughter the other day and he said my daughter and i have been watching you she was seven or eight years old and it was a moving letter and it talks a lot about straightforward news presentation and commitment to common sense and the things that have resonated for so long with the news division of people across the country recognizing both sides of the story and what's really going on and what people care about, getting outside of new york city to tell the story of america in an unvarnished makes it stronger ad

a sharp team, i love watching this, i saw yours the other day and steve harrigan where he says they wanted me to come to new york and take a desk job and put on a tie like you do and he said no thank you, i want to be in the worst places and i love that and i'm so glad there give people not only who work here now worked here a little while but the rest of us have been here a long time and the rest of the country who might not have known as in the crappy days, a real look at the amazing people who put that together. stu: i've got some news for you to cover if you will, president biden visited michigan yesterday pushing for his bill.your plan. >> , capitalist, i should be

able to make a million dollars, just pay your fair share. changing the paradigm so it works for you not just those at the top. stu: were on the air our audience through that speech, how do you think he came across? >> there were protesters on the way in, they presented themselves as regular michiganders michigan who were very unhappy. what we are seeing is independence are increasingly dissatisfied with this president's performance particularly in light of the spending bill. they get it and understand is no such thing as zero, three and a half trillion probably zero, they know it will cost them at the pump and taxes and small business in all over the place and they understand that so i think it's interesting when the president talks about being a capitalist and a moderate wanting to succeed from the top 1% pays 40% of the entire tax

burden of the country so at one time is enough enough? i think people find that. stu: i wonder when it will be that wealthy people new york, new jersey, connecticut, illinois, california when they wake up and find they are paying the highest income tax rates in the world and corporations in these states are paying some of the highest taxes in the world. that is the reality and i don't think the president understands that. >> he talked about competitiveness and wanting to u.s. to be competitive, you can't be competitive with the highest in the world and we learned that with the last administration from president trump to his credit, or corporate income taxes and was how it happened, and elevation of the workforce, the highest labor force participation we've seen in a really long time so we saw opportunity that happens organically for system he says he loves if now we are in danger

of seeing companies get into like a turtle, they're going to go right back into their shell say to me figure out how to get through this time hiring as few people as possible and spend as little money as possible. stu: you may be covering the vote on raising the debt ceiling which will be blocked by republicans but will be watching 3:00 p.m. when you start on the fox news channel. the story is the name of the show. back to the markets still in the red across the board although nasdaq is not as bad as it was. mark is with us. wait a minute, you know i read your stuff, you're expecting 10% selloff by the end of the year go ahead, make your case. >> i expect 10% in the fourth quarter without a doubt, i do think we end up closing your higher. right now there's delicate balancing act going on so investors struggling to balance

all of these headline risk versus major catalyst backer take the market higher and you and martha were talking about office political noise in washington and then you throw in inflation and supply chain issues, the list goes on and on as it relates to risk and that's what everyone is talking about right now it spooks investors and could lead to more downside risk but what investors aren't fully grasping is there is a pretty big catalyst around the corner i could take the market higher in the year end, biden's list is going to be slashed not getting three and a half trillion and so are the tax hikes with it and that's bullish for the stock market. stu: that's wildly bullish. if we didn't get the tax hikes writing us, that's wildly bullish especially coupling it with the downside -- they're down number of new cases because if we are over the hump of the search no new taxes coming in,

to the moon, boys, right? >> that's it and that's why i think reopening stocks are great place to hide for investors while you've got political noise in the background moving the market because covid fears are not gone from we know that and we will have to learn to live with with it but it's fading so i made a purchase this morning and brought texas roadhouse and my thesis on this is simple. i looked at each restaurant they own typically longhorn steakhouse and they flew out expectations because customers traded up from olive garden to longhorn because they had more cash in my pocket and texas roadhouse is the same company as longhorn, same category and price but much more delicious roast with honey butter they serve #it makes their customers secure in a literal sense as well.

stu: it looks like you brought the dip on texas roadhouse because it's done 2.7%. i wish you well for the other side. see you soon. ebay that's up in a generally downmarket. >> they link up with endeavor to spell so collectibles so if you have some in the basement, it could be worth something. people want to park their cash summer and they will sell them at live events. stu: if you have autozone, what you have? >> there repurchasing another one so that stock is up one adopt%, up almost 40% this year shareholders are being rewarded, share repurchasing as opposed to their company expenditure. this is ugly, it could be there worst year in three years, it's stuck at almost 6%. one of the new games called

battlefield 2042, some users aren't even able to access it to play it but the presence in china also china clamping down on video games, that does affect a company like them so weekday for them. stu: thanks. google wants you to know how much you are hurting the environment you board for next flight. they launched a tracker that we will explain. the vote on whether or not to advance a bill to spend the debt ceiling democrats need ten republicans to sign on, who got a report from capitol hill. they're not going to get the republicans. demanding answers about facebook's worldwide outage. does he want mark zuckerberg to lose his job? i will ask him. ♪♪

♪♪

♪♪ i think it was inevitable, the final countdown from a play that because you look at capitol hill and the countdown there is on. secretary yelling as congress has too weak to ask and if there's nothing, there will be a recession. capitol hill for us, senator schumer wants the cloture vote on the bill today, it's going to fail, almost guaranteed so my question what is next? >> they have to figure out whether they pursue several options at their fingertips,

democrats have to do this alone without republicans for they are going to try to at least call republicans blessed by holding the cloture vote to raise the debt ceiling at 2:30 p.m. today but that's going to fail because senate republicans say they are standing united, they are not going to help what they see as enabling a spending addiction democrats have an mitch mcconnell told the president himself this monday, he wrote a letter to him saying bipartisanship is not a light switch speaker pelosi and peter schumer they switch on to borrow money and flip off to spend it. republicans position is simple, we have no list of demands for two and a half months we've simply wanted since the party wishes to govern alone, it must handle the debt limit alone as well but even a delay could be dangerous. if the u.s. government is under default for even four months, it spent gdp plummeting 4% biking

29% and 6 million jobs would be lost. the bipartisan policy center is updating their forecast, the situation is more dire. the new date with no u.s. government no longer be able to pay its bills on full on time as soon as october 15, just nine days away but there are options democrats have, they could do this reconciliation although many of them even today have said it's not an option they are willing to consider, they could carve out suspension of the filibuster to get this through but creates a slippery slope with a number of problems and another solution treasury secretary set is a gimmick but having the treasury miss $1 trillion .2 effectively raise the debt limit not having to use congress to do it. stu: that is bizarre and if they are that desperate, they are truly desperate. thanks.

now, let's get back to facebook. these books chief executive mark zuckerberg issued a defiant response to the whistleblower, francis testimony. zuckerberg broke i know it's frustrating to see the good work we do get mischaracterized especially for those of you making important contributions across safety, integrity, research and product. republican from north carolina, the chair of the freedom from big tech caucus, ideally suited to talk to us today about facebook. zuckerberg be forced out? >> i believe his company should be broken up, i think he should be forced out but i have to tell you, this is truly conjecture, fist whistleblower they had on sunday and then 48 hours wound up in front of congress? that's the fastest i've ever

seen congress move. i believe she's there to try to advocate for more censorship and less rhythm of speech because anticompetition marketplace for facebook as long as affect relation. stu: is that your primary be put facebook and that's why you want it broken up next were breaking them up make a difference? >> i genuinely believe it's what especially with section 230 or you can bring civil lawsuit in people infringe on your personal rights. i believe we should either regulate them as if they are commodity or we should try to break them up and allow them to be broken up but what you heard in the whistleblower from a very political in the way she speaks. it seemed as if she was advocating to create a new branch, another letter agency to be in command of telling us what we can site and when we can say it and this is a very dangerous precedent. stu: so you think she's advocating to make facebook an

even bigger -- and even bigger sensor than is already. >> indeed, that is what i believe talking about this but when you look in at the testimony, it becomes clear she's there advocating for more regulation and who does it help? megacorporations like facebook or meet of lawyers who can handle thousands of pages of new regulation. this limits all competitors from being able to come to the marketplace what they can't afford that legal team. stu: thanks very much, appreciate it. facebook stock is done today, doctor 330. facebook is down from one social media site people flock to. ashley webster, morning. >> snapchat was the biggest winner of the facebook service going on for six hours, that's

one of the worst outages for the social media platform in years and with 2.7 billion users, some facebook regulars abstract during those six hours. snapchat saw 23% used time spent in its app, alternatives like telegram similar to what's app and 17 million users said new highs for registrations in activity, remarkable. other sites that saw a boost in traffic included signal, twitter and tik tok. facebook blaming which is in the networks configuration for loss of service but it did send a lot of users to other sites. stu: i saw this news announcement, nokia will launch a new tablet supposed to compete with the ipad. that seems like a stretch to me. a major competitor to take on.

>> called nokia t-20, the company's first tablet that runs on google's android operating system, 10.4-inch 2k display and big time battery player. nokia promises up to 15 hours of usage on a single charge the tablet supports ten hours of video streaming on platforms like youtube and netflix. so the question is, how much? two versions prices, $250 up to about $275. no word on when it will be available. libya charger for apple's ipad? very unlikely, it's already on android, one just has wi-fi capable and another with 4g capable self-service but overall we will be a challenge? probably not. stu: okay, got it. nearly 2.6 million youngsters have switched from traditional schools to homeschooling since the pandemic began. government covid mandates could drive the numbers even higher.

we've got that story. tom brady's return to boston, second-most watched sunday night football game in history. after years of declining ratings, is football making a comeback? a quick question for next. ♪♪

♪♪ stu: looks good, nice song, as well. 72 degrees, a nice kind of day. check the markets because we are still in the red across the board, we took a trip to the south, down 300 for the dow. seventy-seven for the nasdaq. trip to the south a moment ago. >> i thought you were talking about nashville, we could go there. [laughter] stu: high-tech growth stocks. >> look at the as well so i think it has to do with the ten

year yield since we have a bit of relief from he got a little bit along with oil prices gas relief in commodities and relief on the ten year treasury yield that's why your see different signs and a rebound high-tech, high-growth. stu: amc. >> no rally for amc, close to three and a half% for mcdonald's more than this at the start of the session but amc do adam aaron site, he knows who his investors are his customers so he's playing to the crypto fraud accepting big.from adults going from a $200 a day they are accepting in does. stu: you can't -- yes, you can from pay and big. >> they don't have the technology up yet so shall we say, a tease for the future because into investors and customers. stu: crypto overall is doing

pretty well. >> we have big.passing 55000, that's near five-month high, exceeding a topical third-quarter trading's revenue estimate for 40 dollars, $200 up most 80% rally they were predicting. stu: that's huge that's what we used to say. one of the themes on the show today is energy price inflation but the news today about gas prices and oil, it down a little bit, is that helping the market? >> of course, the exxon for the world from occidental and oil price coming down gas prices are down 8%. gas prices here in america busier uk, i checked this, did you know gas prices are up 35%?

stu: yes, in one day. >> how you heat your homes when you have to pay a third more. stu: you don't. [laughter] that was great stuff. now look at this, 28.5 million people tuned in to watch tom brady's return to boston sunday making it the second-most watched sunday night football game ever. where is she cute -- former giants running back -- i see the ratings of 9% for football this year, i believe that's a comeback and i think it's because the protests are so strong and visible, what you say? >> it could be partly about the protest but i think it's mostly about stories surrounding the national football league right now. tom brady, the patriots go down from tampa in the super bowl if he comes back, it's a big story and everybody wants to see it. we also see resurgence bigger

teams around police like the dallas cowboys, he gets paid $100 million and they have a really good offense and a really good defense so america's teams, it's back but you are right, the political messages used to be prevalent in the nfl aren't necessarily there even though the impact they had is still very strong in the communities so it's kind of the best of both worlds. i think that message had to be sent, i wake up needed to be happening, a social racial reckoning needed to occur it was painful for a little bit but i think it served its role. stu: i want your comments on this massive expansion of gaming, with got downloads of sports betting apps up 183% last month compared to a year ago, that's a gigantic increase but my question is, does office mass sports betting change the game

from southwest what is the impact of this betting audience on the way a game is played? >> i don't think it changes it. if this was 20 or 30 years ago, maybe it would have had an impact but when you think about how affordable the players would be if they got caught up in propriety, it would cost them their career millions of dollars so i think we are insulated from that but i think we are seeing growth from gaming sites, super book is a new one coming out, we are seeing this interest because people love sports and gaming, it started with fantasy football i used to get notes you crushed me, or i made so much money because of you. it's only expanded because of the access to social media, real-time interaction it feels like athletes so i think it's going to keep growing especially now the leagues themselves have

bought in, the fact that there is a shield on partners is a big deal. stu: every time i go to a sports bar, i sit football? stu: the bars i go to, we are watching soccer. there you go. see you again soon, i hope. >> i hope so as well. good to see you. stu: google launched a new travel feature supposed to -- wait a minute, it gauges your environmental impact, tell me more. >> right up your l.a., every time to search for google along with a price and duration, you see a new feature showing a carbon emissions estimate for every flight. google says the environmental footprint is based on multiple factors including the distance of a trip, number of stops, the

number and cost of seats on board and the type of aircraft. promoters hope it will have the same effect as something like calorie counting, nudging people to change their behavior and create competition among airlines to be environmentally friendly. google has a similar search feature already in place highlighting eco- friendly hotels. have at it. stu: are perfectly happy with that, just give me the information and let me make the choice, i have no problem with that i don't have a problem with calories on menus. >> and celebrities on their private jets, i don't think they get an estimate. [laughter] stu: not going to go there, i'm leaving that alone but thank you. canada says it's going to require proof of vaccination for those who work and travel on trains and planes domestically. starting october 30 and they will require federal workers to

show proof of vaccination by october 29. look at the dow, a sense of the market still heavily red, that means it's heavily down. we now have 360 points drop below 34000. teachers and school boards are encouraged to contact the fbi to report parents they see as a threat. amid growing outrage over covid mandates controversial teaching like crt. a full report on that coming up next. ♪♪ ♪♪

me benefits of radio listeners, i'll tell you what's happening on the market. the dow down 335, s&p is down

34. plenty of red ink. critical race theory making its way into the curriculum of our most elite schools. what is this about? >> top 25 schools, seven had some form of mandatory antiracism training for students while 20 of 25 squirrels had some sort of curricular requirement based on diversity, equity and inclusion of critical race theory. research conducted by william jacobson, a professor at cornell law school, he concludes that race has become an obsession of these elite schools, says they dominate the issue dominates the culture into academics. he says paul is treating individuals crt wrong refocuses on people as group members and the troubling development because elite schools are

teaching future leaders of government and industry in the set of society focus on equality, will be faced with race based classifications and conflict. stu: and i think he's right. some parents who speak out against crt could face an fbi investigation. what exactly is the justice department saying? >> the department of justice is asking fbi to meet with state and local law enforcement the next month to talk about how they will investigate alleged threats or what they call to be threat supposedly made by parents against scoreboards. reporter: association is asking parent actions be treated as hate crimes while as you can imagine, peers are saying this does too far from an attempt to solve his concerns about critical race theory and the latest causing parents to rethink public school systems,

software spoke mostly back in the classrooms, students must comply with state requirements in 17 states, teachers grapple with vaccine mandates in new york city and washington and oregon forcing thousands to leave the classroom. >> i know if we hold as teachers and parent coming after kids next. >> homeschooling across the bridge when we get there but i'm holding hope and praying everyday things change. worst case scenario, i'm leaving the city, i don't want to raise my children here with all of this political things pushed down their throat. >> a number of kids attending public schools in the country, 3%, about 1.5 million kids this academic year. charter schools added hundreds of thousands of public school students, enrollment jumped 7.1% or 240,000 students and when you look at the homes for numbers, homeschool students double over the pandemic, now the estimate

is one in ten americans having it could in homeschool, that's a problem for the public school system because dollars follow the students. stu: it's a revolution, it's extraordinary. thank you. rise in crime rates could force the citadel hedge fund that could be moving out of chicago. founder and billionaire griffin said the city is like afghanistan on a good day. ouch. heading south, the doubt 335-point, exactly 1%. next, sandra smith. she used to be a traitor. more varney after this. ♪♪

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justin, senator joe manchin says nothing has changed about his position, we'll see what it means, i need help. >> this is getting pretty convoluted, the entire process and likely this means this narrows the options democrats have all of us and further deepened the debt crisis. you've got us going up against

the debt ceiling right now and proposals by the ministrations democrats progressives for trillions of dollars in new spending going on? democrats say it's a result of spending during the administration they should pay the bills and republicans say tax transport in 2017, no way. this is our problem if they continue to back off from with democrats in charge, the senate the house, this looks like their problem so joe manchin said when he spoke a few minutes ago and listening to that, nothing is changed when it comes to the filibuster so he says we are not going to default on our debt is what joe manchin said so get something done a clock is ticking and time is running out. stu: no market reaction, still done couple hundred. >> i think we are a couple of out and i think the markets are -- i think they have a lot to deal with including oil at a seven year high, they are taking

a hit, a lot of big banks are downgrading. you can't turn away from the fact that spending leads to inflation and that affects everybody. stu: if we have a cold winter, gas prices are already spiking, always growing up, gas is going up. a cold winter would give us enormous inflation all around the world. >> to suggest want to have perfect continue to suggest that it's transitory, that's an issue because it would appear they are turning a blind eye or they are just blind to high prices everything americans are paying for. fuel and housing and food. stu: you know the citadel, hedge funds, can rethink doesn't in chicago. he said crime rate in chicago makes chicago like afghanistan on a good day.

>> he has fascinating things to say. this struck me, born and raised in chicago, as the training pitch from where i come from a he talked about 25 bullet holes in the building in which he lived some of the most expensive condo in illinois, 59 family dollar condo, he said i can't recruit top talent and promise them it's a safe place for them to raise their family. he said i have to consider in coming years i may have to move headquarters of the company must this it's crime under control it out of hand. he talked about not feeling safe down the street after 9:30 p.m., you got to watch over your back, nobody wants to live like that. did he suggest where the headquarters might move to? he did not. was asked about new york and didn't seem to rule it out but

this is a real consideration for these companies. how can they recruit top talent or retain the talent they have their families, their kids walking down the sidewalk in these cities don't feel safe? they won't want to live or work for. stu: i would just like toward the end of this -- >> is this a surprise? we want no surprise on the show but this week marks the 25th anniversary for the family and start. >> i'm so proud of that, over 14 years now this october, i started on the friday before the monday launch of the foxbusiness network, thank you for that, stuart #who knew days, months after we began foxbusiness network in 2007 we have a financial crisis? the entire area would be exposed. unbelievably historic time to be a business journalist and fox saw the opportunity to launch the business network and youth

today continue to make that thrive it it's been a pleasure to be with you throughout the process. stu: all fox news started at the time it was started, the founder of cnn said we are going to squash those guys like a bug. [laughter] what is disastrous forecast it's been. >> such a fun challenge and fun to be part of it all. stu: we are going to be watching you between 1:00 p.m. and 3:00 p.m. fox news. happy anniversary, everybody. time for the wednesday, how many u.s. capitals? will give you the answer when we come back. ♪♪

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♪. stuart: all right, we did ask, this is serious question, how many u.s. capitols have there been? sandra, you're still with me. have a guess. >> i got talked into this. i don't know. i know it is in the single digits. i was somewhere between five and 10. am i right? stuart: i believe you are. i don't know. scroll up. how many capitols, nine. >> okay. got to be washington, new york, philly. stuart: there is the list, baltimore, pennsylvania. >> princeton, annapolis. stuart: there is the list. they changed because of the british. neil: wicked red coats. they were advancing so they are taking over all the old

capitols. they had a new capitol. >> what i missed with "varney & company" on with you every day, capitals all over the world. top quizes by stuart varney. stuart: i used to do that all the time. capital of sim bob bay is? stuart: harai test me, test me. >> what were on of the biggest ones. you tested us on? stuart: mahre taken yaw. here is neil cavuto. neil: the trenton new jersey for a brief year was capital of the united states. just finding out about that. stuart: times change. neil: exactly. thank you, stuart, very, very much. sandra, good hering you as well. dow selling of, not as dramatically as early on. we're getting a sense they turn on every item and news nugget they get at least right now out of washington. of course as stuart was just telling you joe manchin saying we're not going to d