jersey, still too close. >> very exciting. we see that in 70 different races in new jersey and let's hope they come through. it would really be a complete change throughout the country, it's very exciting. maria: dagen mcdowell, tammy bruce, great to be with you. thank you for watching. we will wait for the federal reserve at 2:00 p.m. to get the conversation. "varney & company" begins right now. stuart: good morning, everyone. see the smile. some of us have been up all night watching the election results. for those of you tuning in, here is the news. glenn youngkin pulled off an extraordinary when in virginia. he is the governor elect. a republican jack ciattarelli is in a virtual tie in new jersey with incumbent governor phil murphy. that may be the biggest shock of the night. there are a million by democrats in new jersey than republicans.

voters in these two states focus on education, inflation, supply chain shortages, gas prices and the failures of the biden administration. it's all the outlook for the future. speaker pelosi will have a very hard time getting the multitech and other spending plans through a bitterly divided house. the democrats will have trouble pivoting to more acceptable policies the next year's midterms. it is an earthquake and the tremors will keep coming. the markets look like we start out flat, this is fed day, jay powell takes questions about interest-rate this afternoon. that's a big deal on wall street, who knows what is going to say. the election taken a backseat to the market election. the dow is going to be down 90, the smt and tempe down seven and nasdaq 1014. bitcoin in ethereum staying strong when i wrote the script, bitcoin $62000 a coin, ethereum 4500, only slightly below the

high. the big story is clearly the defeat of the left. a developing story and we will follow it throughout the show. wednesday november 3, 2021, "varney & company" is about to begin. ♪ ♪ ♪ >> we won the state. we are going to restore excellence in our schools. we are going to introduce choice within our public school system. we are going to embrace our parents, not ignore them. stuart: the governor elect, that was him taking the stage last night declaring victory of a former governor terry mcauliffe.

call mcshane and richmond virginia. please breakdown the voters, which put him over the top. >> i would point to two groups, trump supporters and the second group which is very, very important, what we identify as the never trumper voters, never trumper's, youngkin got them both. difficult to do but he did it. it's one of the reasons he won, they had a big party at the youngkin headquarters which was early this morning by the time they got around to it, he said he would get to work from day one he was talking a lot about education, that was big here talking about lower taxes. if you look at the issues in our analysis the three biggest issues that they chose a candidate on the economy, the virus in education. those are the top three. and people say coronavirus was the number one issue, terry mcauliffe was the winner but youngkin took the other two. i really want to focus on education. 71% youngkin among those who said education was most

important. this is traditionally a strong issue for democrats but the message of giving parents more of a say, that seem to resonate here. the final point will circle back to where we started. mcauliffe tried to make the election about president trump but the strategy backfired on him. youngkin one about all the trump supporters but our analysis also shows he took two thirds of the voters for third-party in the presidential election last year or didn't vote at all, that seem to put them over the top and he never embraced the former president, he also accepted his support, kept the trump base and brought back republican leaders who did not vote for trump in the state last year when president biden won by ten points. an impressive victory. stuart: it really was. let me remind you the great race is too close to call at this stage, a republican challenger is about 1100 votes ahead. charles heard with us this morning. i was looking for the smile,

after an election day like this i was expecting a big grin, let's carry this forward. does this when by the republicans the rail speaker pelosi schedule on the massive spending plan? >> is a part of the democratic agenda that we've been hearing about so much. it is washington, democrats and republicans always find a way to spend money, there gonna arrive at an agreement but it's a to be anything like what we have seen so far what we've been talking about the green new deal and all that nonsense. stuart: you think a renewed deal, the social spending plan that's probably not going to live but what about the infrastructure package, could not survive. >> i think there's a very good chance. there's a very good chance democrats will convince enough

republicans to come along with something like that, after all they could've done this back when trump was president, democrats didn't want to go along because they didn't want to give donald trump the victory. democrats and republicans always come together in washington to spend our money. they are very good at that. as concerning as that is, considering how much money they blown through, i do think that they will probably still will. i think what virginia means for going forward for democrats in washington this is going to clip their sales so badly, virginia is not about whether state, virginia is a deeply state, is not even a state that snapped back after the obama election. remember in 2009 when barack obama had just one, the last time the republican managed to win statewide in virginia. there was a lot of goodwill for barack obama in the state and

their people who are pleased with what he's doing. there is no goodwill. i've never seen a politician burn through goodwill the way joe biden has. it is gone. in the future that the democrats all in virginia last night is nothing compared to the future that democrats hold and the rest of the country going forward if they don't course correct. frankly i don't know of course correcting is going to save them. stuart: that is a very emphatic charles heard. good stuff, thank you for being with us. see you later. let's have a look at teachers, here's how we open the market in 23 minutes. down 75 for the dow, up 21 for the nasdaq, a mixed picture. cheryl kolodny joined us this morning for what is impact of the markets from these elections. >> it's going to be positive it speaks to the return of the republican power. the congressional midterm election coming up we are going to see republicans make further

inroads investors are going to appreciate that for what it means in terms of taxation in terms of corporate taxes. that is always a positive for the market. stuart: if the big spending bill, i forgot the number it was three and have trigon notes 1.75 trillion, trillions and trillions of dollars in social spending if that gets cut that will be a big deal, plus for the market because that's where all the tax increases are. >> i think the market has recognized, first it looked like it was rallying on the prospect of all the spending. now the market got a grip and realize all the spending requires taxation and now the smaller the potential spending bill becomes the more the market likes it, the smaller gets the more we will rise there is not much overhead.

no matter what happens president biden won the state by double digits. this is a close race, that speaks to where jersey is now with republicans and democrats. that is a win any which way you counted for the republicans. stuart: this is fed k, we hear from powell at 2:00 o'clock today. is it possible that the fed keeps pointing money because they want to reappoint him as chairman of the fed. >> that is a tough one i would not imagine so, anything is possible but i don't think that's his consideration. i believe the general consensus from everyone as the fed will announce that they're going to begin tapering immediately as in this month and they may announce a timetable for their tapering. that is already been baked into the market, the market doesn't seem to have a problem the

market has been rallying as we see. if the economy is doing that well in the fed will taper, this is the right time to do it. so far, so good. stuart: cher gulati, see you again soon. minneapolis voted on a proposition that will replace the police force with the public safety department. >> they would've removed the police department from the city replacing it with a public health oriented department of public safety instead they did defended the police in radically rewriting how police forces operate it was very popular after the george floyd murder last summer, since then by that crime has searched not only in minneapolis but actually see a politicians and voters some backing away from progressive ideas when they threaten their safety. this is a rewriting for the script of the midterm elections showing police and parents

matter. stuart: is another rejection of leftist. look at the features i want to keep everybody in touch with the market is pretty flat. mayor de blasio says city workers who oppose vaccine mandates are unpatriotic. >> several unions have been, in my view, downright unpatriotic in the way they feel the spring they put their own internal politics ahead of the needs of the people. stuart: firefighters unpatriotic and de blasio wants to run the whole state? no education plays a big part in glenn youngkin's victory. how much did mask mandates and vaccine mandates weigh the voters. doctor siegel here on that next.

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stuart: the cdc is recommending children five and over get the vaccine. >> the pediatric program hits full speed next week. this relies on the pediatrician offices, hospitals and pharmacies and walgreens will start administering the shots on saturday nationwide. it makes sense to have the infrastructure in place more so than the doctor. the big question are how do parents react. it became an issue last night because the democratic governor is more likely to map and to mandate vaccinations than a republican. stuart: that is accurate that's what's happening in california.

let's begin doctor marc siegel. will vaccine a mask mandates a factor virginia and new jersey? >> no question about that. remember 1976 movie network where matters help, were not going to take it anymore. that's what you sell in virginia and new jersey. governor elect youngkin is basically saying i'm not against masks and i'm not against vaccines. i took the vaccine myself but what i'm against is the superimposition of government mandates that are rigid and don't have an out because, don't have testing of all, the rigidity can stifle the economy which is the number one issue, they voted on the economy, never to isolde constriction. schools, by the way what is the hypocrisy of children wearing masks hanging off their face improperly, they take them off at lunch, they congregate together. what is a public health value of that? one more thing university of

virginia, i am okay and so is the governor elect of local menace apologies making a decision. let's look at the university of virginia, they have a mask mandate but the listing is lighting the lawn ceremony which after 9/11 has been inspirational and they could not do it last year. they're bringing it back. if there was a statewide mandate they would not be able to do that. the rising of spirits and hope and kindness and interaction is how you get out of this mess. stuart: i think you and i agree on this. get vaccinated for sure but don't mandate it. wear a mask if you want to but don't mandate it. this is become a political issue, republicans seem to be generally speaking against mandates and democrats want to impose them. this is not a politicized issue. >> they are mocking people who don't comply which is another issue and that causes depression

and mental health issues. i agree with how you put this, i recommend masks, but i don't use the pulpit or with fondness. i recommend strongly vaccines for yourself and those around you but i don't want to be so rigidly put into place. that's why testing strategies make sense for someone who won't take the vaccine or can't take the vaccine or just getting over covid and does not want to vaccine yet. you can have a testing strategy instead. stuart: one last point, the decline in new cases was rapid over the last four or five weeks but is now stalled. the number of new cases every day has gone from 74000 to 75000, are we worried about this? >> i am keeping an eye on it, i'm not worried i think were heading in the right direction because hospitalizations are down to virginia that i would encourage a higher rate of vaccine compliance, spain is up to 80%. the united states were just over 60%, we should all take the

vaccine, i am all for that, the point in the pediatrician's office, it should be high risk kids first, and let doctors be involved in a conversation between doctor, parent and child, high risk kids first especially obese kids. then we'll see the safety data rollout and will decide about everyone else. stuart: doctor marc siegel, thank you for being here, we'll see you again soon. the host on the view clashing of a vaccine mandate before i tried to get my head around this, they sound like much of the country, these mandates are pending us against wanting another. >> there are alternatives. i don't think has to be one or the other. i think if some people are fine getting tested every single day. >> people are allowing this virus to keep mutating which betrays the people who chose to have the vaccine. >> what were talking about is public health, it's not only

about you. it is about the public and in my view it's very selfish to decide only based on yourself. lauren: they're all entitled to their opinion and they sound like the rest of the country because telling someone they have to do something provokes very strong reactions. ideologically, psychologically, and growing frustration with many people, sarah haynes said i was vaccinated, why can't everyone else be two. mixed reactions. stuart: i know a lot of people who will not get vaccinated because nobody is telling them to get vaccinated. this is america, a strong reaction when you're being told what to do by the government. this is mayor de blasio the outgoing mayor of new york city, he says that those guys, civil workers, police and firefighters who do not get vaccinated are unpatriotic. lauren: he actually said that he

called the workers that dedicated their lives to service unpatriotic. >> several unions have been, in my view downright unpatriotic the way they handle this. they put their own internal politics ahead of the needs of the people. lauren: i heard it frame this way and i'll share with you. if you pull salaries from nonvaccinated, that is a tax on first responders. what are the numbers, 82% of firefighters are vaccinated, 85% of the nypd, vaccinated. we are moving towards a vaccination direction but you should not keep calling them unpatriotic if you want that number to go up. especially not this group of people. stuart: firefighters and police officers, unpatriotic, that puts their backup immediately. it makes them stiff in the resistance. we will do a commercial break. but before we do that, the market is flat to mixed position

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stuart: ending aboard doing this now, not much changed the opening bell we are opening now. most of our viewers, our buy-and-hold type investors, they are not traders and in today not tomorrow. they are buy-and-hold. what is wrong with that? >> i firmly believe, i've been doing this for over 20 years. the dynamics of this market has changed so much from volume to volatility, the amount of investment, not to mention we are heading into an economic cycle that no one alive has ever seen before with the amount of debt. i firmly believe a portion of everyone's portfolio should be actively managed strategy taken advantage of market swing. this is day trading and shifting with economic cycle shifts. other than that you cannot risk management fee just buy-and-hold. if i was managing your money every time we talked i said buy-and-hold, what is the use of

painting. for example we came in overweight, energy stocks in the oil sector, small caps and high data, etf that had airlines, hotels and casinos, by june we had taken the small caps down, high data from 12% to 0% in juls and got out of china in may and went into europe. those trades really work well as we were decelerating into the third quarter. now in the fourth quarter were back to 11% small caps, we have more exposure to cyclicals because we felt gdp was going to accelerate. now when we go into the first quarter of next year end we did celebrate, we don't want to be in the higher data place. if you're not passively managing risks, would you have a drawdown in the market you're gonna get whipsawed and it can be extremely ugly. stuart: what are you predicting more gains, and then come down a bit next year?

, by now and holding it until next year does not work. that's what i'm reading into what you are saying. >> that's exactly right. you have to take advantage of what economic signals are telling you. going into the fourth quarter we were going to see an acceleration. as we go into the first quarter, gdp is going to accelerate whether we like it or not and the fed is in a tough position because they delayed tapering and other going to have to taper while the economy is slowing down next year. stuart: let me throw my theory at you. do you think jay powell will keep on printing money because he wants to keep his job and is up for reappointment by the president? >> they are going to be very devilish today and they're not going to make any major statement to try to shock the market. we will not see that until next year. unfortunately a policy air will bring this market data my opinion. and the longer that they wait the hotter inflation gets and that means they will have to accelerate the tightening that year because they haven't done

anything to do it this year when the market could've handled it. stuart: got it. eddie ghabour will see you again real soon. and 20 seconds will open up this market on this wednesday morning post election day. at this moment it seemed like the fed weighs on the market far more than yesterday's election results. that may change if we get some news on the gigantic spending plan and the vote that's put proposed for tomorrow. 9:30 a.m., were up and running in the market is open and opening with a mixed position. the dow is up 76-point, about a quarter of 1%. it's actually job below 36000. closed below 36 grand, the first time ever. the s&p hundred is down a tiny fraction, .09%. the nasdaq composite is up at an all-time high right from the get-go, 15659. i imagine big tech is doing

well. mostly it is, microsoft had an intraday, 333. i'm not sure that's an intraday high or not. big tech is doing well today, in part because the ten year treasury is down to 1.54%. we have a huge winner right out of the gate here, bed bath and beyond. that is a mean stop speaker yesterday it was avis, today is bed bath & beyond. bed bath & beyond fundamental, they are accelerating the buyback program of a billion dollars two years ahead of schedule, partnership with kroger's and is catalyzed the short squeeze. you had 20% of bed bath & beyond being sold short and the good news, retail buying means is forcing the hedge funds to cover and buy back the stock. yesterday they doubled on the same thing when they had incredible earnings and be by

40%. stuart: up 42% bed bath & beyond. going the other way is the low. we recorded they were quitting their home flipping business. why is it down so much today. susan: we surprised analyst and we don't want to do that. or execution is signals to the market may be some people have less confidence included the analyst, of a core, jmp, some by the way of the analyst or downgrading zillow stock in their shutting down their internal program because they started because they thought they had better info given they have 36 million uniquely monthly visitors each month. despite that, zillow you heard some of the commentary from the executives, they cannot do it right and i saw myself with a hot housing market. they were overpaying for home, underpaying, underselling, it was a disaster so the laying off 25% of their workers.

however, if you didn't lose confidence in zillow she went to buy 288,000 shares last night on the step that we are seeing. susan: she makes her name and 100% returns, you have to be brave. stuart: i saw lift going up 13%, what is the story. susan: writers are coming back, people are coming back into the labor market and the adp shows that the momentum picking up as people coming back to work. lift reporting 45% up for writers coming back online from a year ago. they're losing money from a year ago but if you strip up the cost can i just say even the. stuart: you not getting a boast. it is actually profitable, they're making money outside of cost and we will see the same thing on thursday "after the bell" with uber i'm pretty sure because they're going to say that they're making money with appreciation and acronym.

this also means, uber is going to bounce back even faster because they have uber eats to backstop everything. stuart: uber is up 5% today. >> you have lift doing better in uber will do better. stuart: there were some earnings out earlier today, capri, were saatchi and michael kors. susan: high-end bags and clothing. people are coming back to buy some of the high-end luxury items and guiding for a better year than participated in high-end goods. stuart: new york times. susan: you were gonna linger on very saatchi and michael kors. we were up in the premarket, they had fantastic earnings when you're adding 455,000 new subscribers in the summer there on pace for 10 million subscribers by 2025 in the trump era looks fantastic for the new york times.

stuart: 10 million or in addition. >> in edition of 10 million. stuart: that is a big number. susan: especially behind a pay wall and recurring revenue. stuart: cvs, what is the story. >> vaccine prescriptions, you don't need to linger, is held itself. i have a million vaccine shots for the summer. stuart: vaccines are good business for cvs. there is a story for you. let's get to crypto i'm very interested in a theory and what goldman sachs is saying about. susan: a theory and is going to get to $8000 in two months. up 80%. stuart: goldman says that? susan: yes because of inflation expectation and the analyst say if a theory am at the starting point of an accelerating rally because it tracks inflation. if inflation continues to skyrocket in the supplies that

are not transitory it is going to rally to $8000, that is incredible. do you know why ethereum is rallying. this week we have the nft week which is based on that and he can only by the crypto are in ownership with a theory in. there is a lot of buzz in the city and a lot of people were getting into and fts. stuart: back to netflix grade they are up-to-date, not much but getting into gaming. susan: is a big deal. gaming is bigger than entertainment, we know that. this makes sense for netflix. i wonder how it'll squeeze the disney's and other companies to think bigger when it comes to gaming. it has over 200 million global subscribers, they will offer five free mobile games. there is going to be two additions of that, probably a younger crowd as you can imagine. demographic probably skews

younger when it comes to games. i want to know also activision blizzard the codex company reported resulted it's down because they're delaying some of the games like over watched, et cetera. stuart: don't delay the big games. walgreen boots, nike, tao, procter & gamble. s&p 500, the winner of that list. stuart: s&p court. and t-mobile. susan: dixon mikey had a partnership, that's probably what's rallying nike stock. t-mobile, inside corporation. biotech is doing well today. stuart: no big names on any of these lists. second tier and 13 companies. very interesting. some in the media have a problem with education driving virginia voters. watch this. >> the virus -- not important to

many voters. >> it was education which is code for white parents don't like the idea of teaching about race. stuart: if you wanted a laugh overnight you should attuned into msnbc or cnn. their coverage was an absolute joke. we will have more on that. getting paid in crypto. one politician says he wants his whole paycheck and bitcoin. progressives battling it out with each other over state and local taxes, lifting the salt cap is a giveaway to the rich. ♪

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vanguard. ♪ ♪ 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, and we can help you build it. but it's what you do with it, that makes life worth living. principal. for all it's worth. there's a different way to treat hiv. it's once-monthly injectable cabenuva. cabenuva is the only once-a-month, complete hiv treatment for adults who are undetectable. cabenuva helps keep me undetectable. it's two injections, given by a healthcare provider once a month. hiv pills aren't on my mind. i love being able to pick up and go. don't receive cabenuva if you're allergic to its ingredients or taking certain medicines, which may interact with cabenuva. serious side effects include allergic reactions post-injection reactions, liver problems,...and depression.

if you have a rash and other allergic reaction symptoms, stop cabenuva and get medical help right away. tell your doctor if you have liver problems or mental health concerns, and if you are pregnant, breastfeeding, or considering pregnancy. some of the most common side effects include injection site reactions, fever, and tiredness. if you switch to cabenuva, attend all treatment appointments. with once-a-month cabenuva, i'm good to go. ask your doctor about once-monthly cabenuva. stuart: let's get an economist view of the impact on the market and the economy about yesterday's election results.

we had john lansky and is joining us right now. big wins for republicans last night. does that kill the massive spending bill in your opinion? >> it's a shrinkage of the spending bill, there was a repeat of the expansion of government along with higher taxes given the results that we had yesterday in virginia and new jersey. stuart: stay there for a second period i want to get some news in here. congressman josh gottheimer of new jersey, moderate democrat says the salt repeal will be in the spending plan. this is a big deal. lauren: he says no salt, no dice he even wore a pen saying on capitol hill. democrats are considering right now of five-year repeal of the $10000 salt cap in their spending bill in the reconciliation bill. bernie sanders blasting, a

massive time of income and wealth the last thing we should do is give tax breaks to the rich. they want on an agenda that demanded the very wealthy finally pay their fair share not one that gives them more tax breaks. i straight repeal cost the government $90 billion a year. there could be an income cap put on the repeal to make it more palatable to the progressives. if you make more than 400 that's the line, $400,000 a year you can't take the full deduction. stuart: let's get back to john nonskid, if you repeal salt, that is not a giveaway to the rich but it's a big tech advantage to wealthy democrat voters in new jersey and new york and that's what this is all about. >> that's what it's all about. if you want to hold onto your job as a congressperson from new

new york or new jersey or california you better vote for that repeal. it will take longer than they currently thought to get the particular measure of the fiscal stimulus package and president biden through congress. as it stands right now it looks as though manchin and sinema were on target, they won the democrats, this is not what american people want, the american people are not worried about higher energy prices, rising price inflation, supply-side, disruption of public education. stuart: here's my opinion let's see if you agree with it. there is supposed to be a vote on the gigantic spending plan it's three and after you notes 1.7 per the social spending bill. i don't think the have a vote and if they do it will fail. what do you say. >> i think you're exactly right in time the democrats have to be stunned by the outcome of the elections in new jersey and virginia and they're gonna go back and talk to the constituents to get a better

feel as to what is politically feasible and what is going to keep them in office come next year's midterm elections. stuart: about a crisis for the democrats in speaker pelosi. john lonski, thank you for being here. always a pleasure. a new pool shows people take a dim view of the economy. lauren: he puts numbers on what you talk about. the eight people asked what is your opinion of the condition of the national economy. two thirds rated at four, only one third good, the cost of everything that we buy or do has gone up, no signs of debating even assurance from the white house. we got this, inflation is in check because clearly it is not. stuart: here's a story about inflation, the cost of oreos and ritz crackers going up. lauren: and sour patch kids. the company that makes it said that prices will go up at least

7% next year, just so they can stay ahead of their own cost that have escalated. and then the ceo had a moment of caution. he said we will continue to push customers to pay more. but at some point they might buy less than the second half of next year especially if they spend more to go out and do things. there's not as much of a need to keep the pantry full. why is the stock up those comments don't sound too nice. they reported earnings better-than-expected. stuart: speaker pelosi is ready and willing to admit she is good at her job. roll tape. >> you want to see my praises, i'm a master legislator, i'm a strategic politically stew leader. stuart: that was june of 2017. now is the time to prove she's a masterful legislator. she has to turn in a masterful performance to pass the president's trillion dollar

spending bills. all deal with that and my take at the top of the 11:00 o'clock hour. here's a question, why are gas prices so high. president biden is putting the blame on opec. really, is that the story, we are on it next. ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed.

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stuart: president biden is blaming opec for the rising cost of oil and gas. lauren: he pointed the finger directly at 0 pack in russia. >> if you take a look at gas prices and you take a look at oil prices. that is a consequence this far of refusal of russia or the opec nations to pump more oil. lauren: that was his decision day one to kill the keystone xl pipeline, did this incentivize and then use all the capital hill hearing of them being treated like criminals last week. blasting them from exploring and drilling for oil and then

begging them to come to the rescue because the home heating bills and gas bills are skyrocketing. stuart: not to mention encouraging banks not to lend in the oil patch which results in the fact that we cannot increase in production because we didn't make the investment. lauren: is a long time to bring these projects back online and what the incentive for the companies to do that. stuart: opec is to blame, that's nonsense. now this the national average for a gallon of gas holding 3040 cents a gallon, that is up $1.30 from this time last year. jeff locked in new jersey at a gas station. i want to hear what they're saying about gas prices. i want to hear what they're saying about the shocking results in the new jersey election. >> you always have a curveball you don't care about gas prices, that is crazy. i understand your concern i asked my first ever ballot in an election in 1976 in new jersey, i grew up in new jersey that was

a close race gerald ford and jimmy carter. stuart: don't try to get out of this i want to know the drivers that you been talking to think about the extraordinary election in new jersey yesterday. >> i'm in cherry hill camden county. clearly democratic voters here, i talked to one who said he voted for jack ciattarelli, he does not know them very well he didn't like the way the state was going under governor murphy. sometimes it's good to be an unknown guy, republican in this case not very well known but the governor well known and a lot of people did not like them. there is a million vote advantage in terms of registered voters, democrats and republicans in the state so clearly if jack ciattarelli is going to win you have a lot of democratic votes. stuart: that's the shock of the day that jack ciattarelli could come from it 26-point deficit in

the spring to barely beating the income that governor. we have a got the results yet but will 1100 votes ahead, that is the shock of the night. you know new jersey, surely you were shocked as well were to? >> i was i live here and i saw him in the local coverage and they did not make anything out of jack ciattarelli. he wasn't very well known. stuart: you and i have often sparred, are you happy to live in new jersey, the highest taxes in the world and america paying all of that money in income tax, are you happy with this? >> to those of us like you and me to so much as been given, much as expected, our tax money has to go somewhere. by the way i live in mid pennsylvania so it's a little less there. stuart: your a tax exile, that's what you are.

>> i don't mind paying taxes if it goes to something good. what more can i tell you. i like everybody to be happy. stuart: let's sing kumbaya as we go out to a commercial. i think you're all right but you're totally wrong on jersey. >> sometimes i wonder. stuart: still ahead senator marsha blackburn, congressman michael wilde, herschel walker and bret baier, the 10:00 o'clock hour of varney is next. ♪

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today. microsoft down to 332. bitcoin is lower. down to 61,800. 10-year treasury yield is below 1.60. significantly so. 1.56 is the yield there. 10:00 eastern, latest reading on the service sector. what do we have? lauren: much stronger than expected, increasing second month in a row to 66.7, stuart. i'm surprised the market is not moving to the upside or more towards the flat line because of that. factory orders, stronger than expected the .2 increase in september from october. two good reports. stuart: inflation? lauren: yeah. stuart: kind of -- opening it up. lauren: fed. wait and see what jay powell says and does today with the two

ts, taper and timing. stuart: good news can sometimes be bad news and bad news can sometimes be good news. lauren: sometimes we're confused. stuart: but we're not. this is the defeat of the left. the high point of socialism may have come and gone. we can but hope. democrats in new jersey and virginia tried to make the election all about trump. it was more about the failures of biden. all the leftist ideas about race based education and massive new entitlement programs were rejected and it was rejection on a grand scale. youngkin came from nowhere to beat democrat mcauliffe. republican ciattarelli came from 26 point deficit in april to a dead-heat in deep, deep blue in new jersey. hard to see the socialists coming back strong. beating up the rich has lost its appeal. it is obviously middle america will have to pay for the grand

schemes. the socialists pushed for open borders. that is a disaster. everybody knows it. will they push for $450,000 per person for some illegals? good luck with that. defund the police? voted down in minneapolis. socialism collided with middle america and lost. the repercussions are endless. the democrats will engage in even more vicious civil war and that won't look good a year from now. speaker pelosi is unlikely to get the votes for the massive spending plan. the biden presidency has completely run out of juice. second hour of "varney" just getting started. ♪. stuart: i got a head line for you, very interesting, biden democrats will learn nothing from shocking election upset. whoa. strong stuff. who wrote that? liz peek wrote that she joins us

now. make your case they will learn absolutely nothing. >> stuart, let's think about polling that they have seen over the last several weeks, the last several months. not only biden is in trouble but his agenda crashing around him. these bills that the democrats are trying to pass are not popular, it's not working for them but also go back to the special elections that have been held around the country over the last several months. in primary after pry murray a progressive candidate battled it out with a establishment candidate and in every single case the progressive lost. it is amazing to me mainstream democrats if they exist still like pelosi and schumer are still kowtowing to the far left when every indication is that the country is ready to move on. and by the way you just have to look at new york city where eric adams running for mayor beat out several progressive candidates, the darlings of the far left

like aoc to become the mayoral candidate. i think honestly the progressive agenda has been on the rocks for months but democrats have ignored it and now they are reaping the benefits of that and honestly the country is better off as a result. stuart: if they don't pivot, the democrats don't pivot at this moment, president biden as well, policies acceptable to more middle americans, next year the midterms will be absolutely appalling for the democrats? >> i agree with that. look at new jersey. virginia is a great upset. i applaud glenn youngkin running a good campaign, sticking with the issues. think of new jersey, that is a stunning outcome. we don't know the outcome yet but the fact it is so close is extraordinary. this is a harbinger of big, big

trouble for democrats down the line and honestly i could not be more pleased. stuart: i expected to see a big smile. i got it. i knew what you were going to say. liz peek, thanks so much for being here. we'll see you real soon. >> sure thing. stuart: we have a new poll reveals about president biden's, how they feel about his mental abilities. whoa, difficult subject. lauren: this poll paint as picture after declining president biden. slightly more than half of those in the poll said he was not sharp and same amount said he was not energetic. president biden haas only sat for 10 tv interviews, considerably less than president trump and obama. seems like bunker type mentality. maybe his team is protecting him a little bit. it is not working. people want more. look what happened in new jersey and virginia. he is losing support of key groups and independents.

stuart: he turns 79 this month. three years to go. lauren: his number two is struggling too. stuart: thanks very much, lauren. president biden making a false claim that wages are rising faster than inflation. listen to this. >> things are a hell of a lot better and the wages have gone up higher, faster than inflation and we have generated real economic growth. it doesn't mean the dislocations aren't real. they do affect people's lives. stuart: let's sort this out. inflation hit a 5% rate in september. that is compared to a year before, matching the highest rate we've seen in 13 years. real average hourly wages dropped .8% in september compared to one year ago. anthony chan joins us now. let's get the accuracy going here. is inflation eating up wage gains, yes or no? >> absolutely, start. what we see is that wages are for all workers falling behind

the inflation rate but we really have a tale of two cities when you dig down deeper into the numbers. for example, when you look at the bureau of labor statistics 80% non-supervisory workers are up 5%, they are keeping up with inflation and doing a little better, but if you add the supervisors, higher wage employees, wages are rising 4.6%. you're absolutely 100% they're falling behind inflation. but also digging a little bit deeper you also find a tale of two cities. what you see if you work in the utility sector, wages are rising by 2.2%. that's huge underwhelming results relative to the inflation rate. you about if you're lucky enough to work in the leisure and hospitality sector your wages are rising 10.8%, or twice as fast as the overall inflation rate. it really depends which sector

you look at. then finally, if you look at inflation rates at the federal reserve likes to target the like personal consumption deflator, personal consumption deflator excluding food and energy, those metrics allow people to substitute goods, in that case, wages are in fact exceeding the inflation rate. depends on what measure you look at but looking at cpi, stuart, you're spot on, wages are not keeping up with inflation in the overall consumer price index. stuart: inflation rate is roughly 5% now. this is the cpi, consumer price index, what inflation will be next year in march, april, may? >> i think that inflation will ease if we see some of these supply pressures go away. we're seeing some progress on the ports but if somehow that doesn't happen, we have a very, very cold winter and you spill over with higher energy prices, then guess what? inflation move as little higher. if i were to bet i would say

that inflation in the spring will be a little bit lower than today because i am starting to see some easing. zillow, example, 7,000 homes, you're going to see some of those houses being discounted out there. we are seeing that russia may be selling more natural gas to europe and we may see a little bit more shale oil. all those things tell me inflation may be a little bit lower, but again the future is always unknown. stuart: anthony chan, thank you very much indeed. good stuff indeed. we'll go through a few stocks which are moving today. i'm looking at deere and company, 4.6% down. lauren: 10,000 workers remain on strike. they have been on strike for three weeks. they rejected the second contract that would have given them a 10% raise this year. the company and the union, they're getting closer. that is the good news. 45% in favor of this deal but not enough to get it through. stuart: offered 10% they didn't take isn't. lauren: for first year. small increases for following

years. i believe the striking workers want bigger raises in the following years. stuart: i'm not surprised. lauren: i said same thing, 10% raise you say no. stuart: steve madden, always think of them as a shoe company. lauren: second quarter, earnings rose 52%. they see prices going up five to 10% on shoes and accessories in springs. that is the usual talking point these days, right? stuart: rideshare people lyft and uber doing very well. lyft is up 9%? lauren: wall street likes the path to profitable lyft is giving them on the path of cost-cutting. returning of not only riders but drivers also. the labor shortage improving. the number of drivers increasing 45% this year. rides to airports, nearly profitable routes nearly tripled. people are out and about, lyft taking them where they need to go. stuart: that is pretty good. jpmorgan may restrict trading in

some cannabis stocks. can only trade certain cannabis stocks with jpmorgan. which once? lauren: the one you are looking at on new york stock exchange or nasdaq or toronto. jpmorgan and some other brokers consider some of these stocks too risky for the prime brokerage business. i know you're scratching your head. marijuana is legal in so many states and cities but not federally. jpmorgan just doesn't want to touch it for some of their clients. stuart: understood entirely. got it. now this, a red wave rocks the ballot box in virginia. former president trump backed georgia senate candidate herschel walker. is that a winning strategy? i will ask herschel when he joins me in the le ven okay hour. a florida girl may have to repeat second grade because she didn't comply with the school's mask mandate. how ridiculous can you get. senator marsha blackburn says the federal government is abusing their power by mandating the vaccine.

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♪. stuart: doesn't that look beautiful the day after a fine election? lauren: marky-mark and the funky bun of. haven't heard them in a while. stuart: me too. smithfield, rhode island. sunny, chilly, mere 43 degrees.

the dow is down 115. yes is has dropped below the 36,000 mark where it closed yesterday. bed, bath & beyond absolutely surging. they have a partnership with kroger but they're really way up because they went up a lot more, they're a new meme stock along with gamestop acting like a meme stock today, up 1%, amc, another meme stock today, up 11%. memes are active. democrat eric adams soundly defeated republican curtis sliwa for the mayor of new york. the former police captain will be the second black mayor in new york's history. he has pledged to crack down on violent crime. 92% of new york city employees, 92% are in compliance with the vaccine mandate but how many does that leave who are now on unpaid leave? lauren: 9,000 including 1000 firefighters and 12,000 city workers have filed for religious or medical exemptions.

i think the bottom line here is, yes, the mandates are moving the needle, right, ahead of the osha rule which will be challenged for its legality. so i think a lot of the politicians are getting what they want. but what they're ignoring the shifting demographics that will happen because of it. when you look at the fdny, right? suffolk county, long island, hey, if you worked in manhattan as a firefighter. come here. you will love our town. we don't make you do what you don't want to do. you love other freedom. shifting demographics because of mandates. stuart: there is pain with vaccine mandates, significant pain attached to it. mayor de blasio, current mayor, what is he saying about those who will not get vaccinated? lauren: doubling down, unions representing heroes and first-responders unpatriotic. that is something you can't say, listen. >> several unions have been in my view downright unpatriotic

the way they handled it because they put their own internal politics ahead of the needs of the people. lauren: he runs for governor, will the union ever support him? is a prounion mayor for the most part. when you talk to the unvaccinated they're not necessarily anti-vax but pro freedom. stuart: they don't like being told what to do. our next guest wants to prodecks essential workers from being fired under the president's vaccine mandate. senator marsha blackburn joins us. how do you propose people not being fired if they don't go with the president's vaccine mandate? >> yes, stuart. what we have done to file legislation to keep our covid-19 heroes employed act. if you were deemed an essential worker during the pandemic, and you choose not to get vaccinated for whatever reason then you would be exempt from the

president's mandate. and this is something that gives choice and option to this employee. as you all were just talking some have had covid. they're not anti-vax. they may have a family member that is had adverse reaction to the vaccine and they love their job. they don't want to get fired but what they want is the opportunity to make this decision that is going to be best for them, talk to their doctor. there are doctors who recommend that some people not get the vaccination for different medical reasons but people should be talking to their doctor on it. but it is, let these individuals keep their job. if you were deemed an essential worker you went to work, you figured out how to handle covid, you did your job, then you would be exempt from the mandate. stuart: senator, you're feeling pretty good this morning i take it after the results last night. i was up till midnight watching

results come in. very interested to see it. you must have been very happy when you saw those results? >> you know, i was happy for the american people. moms and dads are just really, just so fatigued and exhausted, trying to deal with a school board who have been unresponsive. they are really frustrated with, like the virginia assembly, that has passed legislation that they don't agree with. and, i think that what they did was to send a message to joe biden and the white house and the democrats, you have pushed this division and hate as far as we're going to let you push it. now we're going to push back. i really feel like the people of virginia and new jersey stood up and they were the great red wall, standing against this push to turn us into a socialistic society. stuart: glenn youngkin won in

virginia. >> yeah. stuart: keeping donald trump at arms length. what do you make of that? >> i think that what the people of virginia did was to focus in on glenn youngkin's message, that it is a typical republican message for individual freedom, for hope and opportunity for all. making certain that communities are safe. that there is that attention on safety. and stuart, people are looking at how democrat policies have affected their neighborhoods. they're looking at inflation. and what this does, when they're sitting at the kitchen table, trying to work out how much money they have to spend at the gas pump and the grocery store. stuart: you got it. senator, we appreciate you coming on the show today. much obliged, see you soon. >> thank you. stuart: thanks very much. i want to bring everybody up to speed with the new jersey election as well. that is neck-and-neck. the republican at the moment has

about 1100 votes more than the incumbent democrat governor. we haven't done much coverage for new jersey. it is the shock of the night actually, to come from nowhere to being in a position to win the governorship of new jersey. that is really something else for a republican. now this, president biden and democrats have allowed thousands of migrants to pour into the country. it appears voters are rejecting those policies. we're into it. the dallas mavericks will no longer require fans to show proof of vaccination or negative tests. that is a retreat from the mandates, isn't it? more details coming up. ♪.

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♪. stuart: all right, markets are mixed. the dow is down 90. the nasdaq is up six. mostly lower today so far. we do have some significant movers like coinbase. actually not doing much right now but it has been earlier. what is the story? lauren: the report is they're testing a subscription service with zero trading fees and prioritized phone support. when you're trading cryptos you can get somebody on the phone

including on the weekends. taking away trading fees, what will the subscription service cost? we don't know. an interesting move reported by coinbase. stuart: camping world. lauren: rv company. beat and stock up 7%. grew their revenue in the quarter by 14%. stuart: got it. some big election results last night, i mean really big, really big news. republican glenn youngkin win be the virginia governor's race, he pete terry mcdonald n new jersey that governor's race is still too close to call. republican challenger, jack ciattarelli leaves, phil murphy by 1100 votes. andy biggs joins me now. we learned speaker pelosi says her house agenda, her house legislation remains unchanged. i find that hard to believe because the democrats took a drubbing last night. are we, do you think that she can get the votes together for these gigantic spending bills

tomorrow? >> it is going to be hard i would guess. i think that speaker pelosi and the progressives are going to double down saying, oh, if we just gotten this crazy stuff don young kin would have lost, mcauliffe won, and murphy in new jersey wouldn't have a problem but i think the moderate, more moderate folks in the house are going to say, wait a second, we just, we just had to put the brakes on some of this crazy stuff and deradicallize a little bit. but i think the left is going to double down, stuart. what can i say? i don't think they should but i think they -- stuart: here is my opinion, i don't think there are the votes for the big, big, social spending plan. used to be 3 1/2 trillion. then it is 1.75 trillion, whatever, i don't think the votes are there for that. they might pivot and go through with the infrastructure bill, pare that down a bit but go with that. that would be a pretty good outcome. i think a lot of republicans would like that. >> well, it would be, it would

stop them a little bit but i think they have conflated those into one. it will be hard for the progressives to walk back and say, okay we're going to separate this because of what happened in the election because it will be directly attributed to that factor. i think there are many in the democrats would say let's go ahead and focus on the struck strict thing but the reality is, just the progressives don't want to let go. they don't want to let go, stuart. stuart: i wasn't aware of that. they conflated both bills and bundled them into one, they have done that? >> not formally. so it is two still bills but they have linked them inextricably. for instance the progressives said we'll hold up the infrastructure until you give us the reconciliation package. and the reason that they do that because they say we don't trust you will ever give us the reconciliation package. that is what we really want. so i, that conflation right there makes it hard for pelosi

to separate them and still get the votes for either or both. stuart: i don't see how they get it. i just don't see how they get votes for, if it is an amalgamated gigantic package, i don't care. i don't think the votes are there. it is still too divided a party. they're at each other's throats this morning about s.a.l.t. for heaven's sake. >> yes, they are, stuart. it is nice to see that happening on the other side for a change. sometimes we get in our own circle firing squad. it is good to see them have that circular firing squad. we're letting them do it because i'm with you, i don't think they can get the votes, particularly following that election. if you're josh gottheimer from new jersey, i mean, do you say, whoa, i'm happy to join in with a massive spending bill? i just don't think that is going to happen. stuart: okay, what is your prediction for the 2022 midterms? >> based on what we saw, if the democrats do double down i think

republicans will come back in a far bigger way. we can't just of course rely on bad policy. we have to let folks know what we stand for and appeal to that as well. if that happens, i think we'll have a substantial victory. if things change, if they don't double down, who knows but i think they're doubling down. stuart: got it. congressman andy biggs, we always like you on the show. thanks for being with us this morning the day after the big election. thanks very much indeed. >> thank you, stuart. stuart: the dallas mavericks, they updated their covid requirements for fans attending the games. okay, they no longer require proof of vaccination? lauren: or a negative test result. you do have to wear a mask. this starts november 15th. it is an about-face on vaccination and testing because cases in dallas are falling below 500 a day. that is good news. stuart: that is a retreat. lauren: it is a retreat, but the problem is the rules are always changing. making this announcement, they said hey, if the cases start to

move up again, we'll tighten the rules again. you have to be flexible in 2021. stuart: tell me and your viewers about the young florida girl. i think she is 8 years old. being pushed with disciplinary action. might repeat a whole year because she didn't wear a mask? lauren: second-grader, fiona, because of her opposition to wearing a mask by the school. caused her to be suspended by the school. she missed 36 days of class. sheer he is with governor desantis. >> i don't want to take the grade over again. i've been doing most of the work at home also. >> the school board members who defied florida law, a lot of them cavort around maskless all the time in situations where they're requiring fiona to do it. keep a child out of school for that long. that is totally unacceptable. lauren: mask mandates are a hotbed issue particularly in the state of florida. we've seen the governor go

head-to-head with school boards. an 8-year-old who is very smart might have to repeat the second grade. stuart: i'm firmly on the governor's side. i hope he has enough clout to make sure that young lady doesn't have to suffer going through the grade all over again. lauren: she has done her homework and school work. there is exception to be made it could be for her. stuart: a victim tim of the mask mandate. thank you very much. we told you of police departments struggling with staffing shortage but it has gotten so bad in one california city, multiple 911 calls were totally ignored. we have the story. republican jack ciattarelli, democrat phil murphy are in a dead-heat in new jersey. that was the big shock coming out of the elections yesterday. we'll have more on it too. ♪.

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stuart: this morning, the republicans are jubilant. the democrats are reeling. but that is not affecting the market. the market is waiting for appearance of jay powell, federal reserve this afternoon. the dow at this moment is down 88 points, a quarter of 1%. the 10-year treasury yield is 1.56%. the price of gold, keep saying it, doing nothing, actually down 28 bucks today at 1761. bitcoin slightly lower at $62,000 a coin. oil, $81 per barrel. nat-gas, 1.65 per british thermal unit. price of regular gas, 3.40. up 21 sent in a month. the same gallon costs you 4.61 in the state of california. the new jersey race for governor remains much to close to call.

alexis. reporter: very close race here in the state of new jersey. still waiting for the latest to come in on the election. registered democrats in the state of new jersey out number republicans more than a million in the garden state, it is still a very close call this morning. let's get it to. democrat phil murphy running for his second term. he has been the favorite in this the race. this morning he is behind republican challenger, jack ciattarelli, a businessman, former assemblyman in the state of new jersey, with a lead of 1hundred votes with 88% of counted. the rest of the votes are expected to heavily favor democrats. ciattarelli tried to paint murphy out of touch with the average voter. taxes, response to the covid-19 pandemic are the most important issues for them. it has been 44 years since a democratic governor has been reelected in new jersey. in just the last few weeks

governor murphy tried to rally support with big appearances by senator bernie sanders, former president barack obama, and even vice president kamala harris. as both candidates still wait for the result this morning they did strike optimistic tones with their supporters. >> i don't need a surrogate, i don't need celebrities, i don't need former presidents. all i need is the people of new jersey to listen to the facts. >> well we'll have to wait a little while longer than we had hoped. we'll wait for every vote to be counted and that is how our democracy works. reporter: waiting last night, waiting this morning here in new jersey for the election results. murphy held the lead early on in this race as results trickled in from areas across the state of new jersey it became a very close call, a bigger nail-biter than most people expected here. the associated press this morning estimated there are as many as 175,000 ballots that still need to be counted.

here in new jersey it is important to mention too, there is no automatic recount. stuart, back to you. stuart: got it, alexis, thanks very much indeed. look who is here now, the man in politics if you ask me. bret baier. i woke up just before midnight, turned on fox, there you were, there you were reporting the extremely tight race in new jersey. that to me was the biggest shock of all, more shocking than glenn youngkin's win because new jersey is so deep, deep blue. is that how you see it as well? >> sure, good morning, stuart. a little nap. thank god for coffee, but it is really shocking. look, biden won the state by 16 points. there were not indications, there were incations that ciattarelli was doing well but not that well in some of these different places and overperforming where anybody thought he was going to do. if he pull this is out, it will

be the biggest shock wave i think for this race while glenn youngkin's win was big in of itself. i do think it changes the dynamic here in washington and then more moderates perhaps look at that and say, this is the writing on the wall. you know, doing exactly what the biden administration wants on the progressive side is not perhaps the road map they need to take ahead of the midterms. stuart: straighten me out here, bret, i don't see how speaker pelosi can push through the gigantic spending bills after last night's results with virtually no majority in the house. >> i agree with you. i don't think she will if the numbers are not there. i bet there are more moderates not willing to sign on to something that they haven't read, or scored by the cbo or not laid out in full. i have senator joe manchin from west virginia on "special report" tonight as

6:00 p.m. he is ready to talk about that as he sees it. he is speaking up, kind of the guy holding the line as far as not moving forward on that until he sees everything that is in it. stuart: i have not seen much comment from any leading democrats this morning, commenting on yesterday's results. it seems to be there is a silence being imposed while they trying to figure out who is winning and losing in the moderate versus progressive battle. i did hear speaker pelosi is going to keep her legislative agenda in the house unchanged. >> as of now. i think, the only thing we know is that could possibly change and i think she is going to come out to speak to reporters that will be very interesting what she takes and what she says about it. the takeaway that terry mcauliffe was not progressive enough and there are more progressive things to do, that they should plow through. that may be the wrong message,

exactly the wrong message heading into 2022. and republicans just stand by the side. stuart: editorialized this morning that the left got beat last night. >> i think it is true. stuart: not going to take it back. >> i think it is true. also by the way the atlanta braves won and major league baseball moving the all-star game to colorado didn't play out that well. stuart: no, it didn't, did it. bret, we'll be watching you tonight the interview with senator manchin, 6:00 p.m. eastern, "special report" fox news channel, bret baier. you won't get any sleep for a long time. five house democrats sent a letter to speaker pelosi pushing for more information about the social spending package. what did they want to see? lauren: the true cost. imagine that. five moderate democrats, including congressman gottheimer of new jersey who wants the s.a.l.t. cap repealed. they want the cbo, and joint committee on taxation to score the bill first and want the text

released 72 hours before they vote. this is so radical, right. they want to see what is in the bill. what is the consequences of delay at least two weeks because that is how long it takes for the scoring to happen after they have the races in virginia and new jersey. they're still negotiating. punch bowl that the democrats are trying to add four weeks of paid leave. stuart: still going backwards and forward even after yesterday. lauren: yeah. stuart: there is no way that speaker pelosi can hold a vote to get it passed tomorrow as planned. i can't see that happening. lauren: don't think she would. stuart: she is a master legislator. lauren: she is. she is. stuart: only time will tell. lauren: i don't know if it will work this time, her magic, look at the market. let's see now, in three hours fed chairman powell will address everyone of the assembled reporters on his interest rate policy that is what is hogging the market's attention this morning, not yesterday's elections. mixed picture so far. remember when rioters took to the streets in minneapolis to

defund the police? watch this again. >> [inaudible] >> defund the police. no justice no police, defund the police. stuart: massive support there for defunding the police in minneapolis. residents put it to a vote. the results are in? garrett tenney is on the ground in minneapolis with the very latest on that. he is next. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions

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♪. stuart: the market is paying little attention to yesterday's election results. it's all about the fed and fed chair powell speaks at 2:00 this afternoon. find out about interest rates. the dow is down 50. nasdaq is up a little bit. minneapolis voters rejected a proposal to overhaul the city's police department. garrett tenney is in minneapolis. does this mean the defund the police movement is dead there? reporter: stu, no question this is a major bro to the defund the police movement. you will remember minneapolis really became ground zero for

that movement and progressive activists believed if they could get a win here in this democratic strong hold it would pave the way for them to take on police departments in other major cities as well. that didn't happen though. last night voters soundly rejected a proposal that would have dismantled the minneapolis police department and replaced it with a new department of public safety. voters also sent a message to lawmakers by voting out at least two city council members who led the charge to defund the police and replacing them with candidates who wanted to keep the mpd. as results keep coming in as many of five of the eight members who supported dismantling could be out of a job. this measure also became a central issue in the race for mayor. jacob frey who strongly opposed getting rid of the police department hold as strong lead over his pro-dismantling challengers. he talks about where the city

goes from here. >> we need deep and structural change to policing in america and at the same time we need police officers who make sure that they are working directly with community to keep us safe. all of these things are true. reporter: it is important to note that it was a group of leaders from the black community who were the most vocal opponents to dismantling the police department. their community has taken the brunt of the city's near record level of violent crime and almost universally, no question, reforms to policing are needed but getting rid of the police department isn't the answer. the impact of this vote goes well beyond minneapolis. this divide in the democratic party over police reform between progressives and black communities is one that is going to continue to play out over the next year and could be a big factor in next year's midterm elections. stu? stuart: probably will be. garrett, thanks very much indeed. many police departments across

the country are facing staffing shortages. in san jose it is so bad officers never responded to a illegal street show and never responded. >> people drive toward each other, people are usually armed. it got rowdy. 911 calls poured in for 90 minutes. the police department never showed up. why? responding to other crimes. that is how bad crime has gotten in california. some in the san jose police department walked off the job. they're protesting the city's mandate. it is test out option for them, on their own time and own dime. expires at the end of the year. lauren: early retirement. stuart: still ahead, herschel walker is running for senate in georgia. florida congressman michael waltz and mark tepper will be with us. i say the democrats divisions are on full display and those divisions means speaker pelosi does not have the votes she

needs for the huge spending plan. that is my opinion and it is next. ♪. ♪♪ ♪♪

♪♪

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the democrat agenda is cooked for now. they will arrive at an agreement on something but is not would be like what we have seen so far. >> rational midterm election coming up we are going to see republicans will appreciate that. >> a portion of everyone's portfolio should be an actively managed strategy take advantage of market. if you're not managing risks, you have a job that in the market, you will get whipsawed. >> the democrats have to be stunned by the outcome of the elections and they're gonna go back and talk to their constituents to get a better feel as to what is politically feasible and what will keep them in office ♪

♪. stuart: it is 11:00 o'clock eastern time you were looking at fox square we are down slightly this morning. this is the head of the fed's interest-rate decision coming up at 2:00 o'clock this afternoon. the elections are not so much a factor in the markets at this moment. big tech, we got microsoft retreating from the all-time high, it is back to $331 a share. the ten year treasury yield still well below 160, 156 is the current quote. speaker pelosi calls herself a master legislature, she has been turning a masterful performance, now she is told the world there will be a vote on the gigantic spending bill tomorrow. she said that before the democrat disasters in virginia and new jersey, the spending bill is now in doubt. the speaker does not have the

votes, the parties more divided than ever. they are proposing what amounts to a tax cut for the rich. this is democrats doing this. repeal salt for five years allowing people to deduct the state and local taxes from the federal return. that is a huge win for the rich. democrat donors and high-tech states for new jersey, new york and california. bernie sanders is apoplectic about this. but the moderates demand salt repeal. if they do not get it they will think the bill entirely. bridge that gap speaker pelosi. the giant spending plan is the invention of the far left. the virginia election shows big government is not what voters wants. the spending plan is all about the green new deal and new entitlement programs but voters want something done about inflation, supply shortages, crime, education and they're not happy for the democrats, raises everything. let's get real.

this is the day after the democrats disaster. their divisions are sharper, they mean the speaker does not have the votes. bad news for the party, bad news for the president, good news for the republicans in very good news for the economy. third hour of "varney" start right now. ♪. stuart: virginia voters sandy washington a strong message as they elect glenn youngkin to be the next governor. herschel walker joins me now is running as a candidate for u.s. senator in georgia. terry mcauliffe was all about race on the campaign trail, i think it backfired. how much is race playing into your election? >> race is not going to be a big issue, one thing i am i need to address it, that's what they've done to throw you off and

slipping all these things under the covers, that will get you quiet and from talking about the issues but i'm going to continue with issues right now, right now the issues biden closed on the keystone pipeline gas prices going up, nothing on the shelves they slip that by you while they're talking about race and that's with the time to do to you now. stuart: your campaigning out ordinary issues like people and you and i this is what we respond to your ordinary issues in the selection. >> you have to get the issues down, this is what the left has done, the best thing that ever happened to show that governor youngkin has worn he talks about things that matter to the people in the federal government to stop trying to be a coparent with the parents. parents can parent their own kids, they don't need the federal government doing that.

we have to get back to the main thing getting the kids in schools and education and getting the country back together. america is a great place to live. stuart: i can attest to that, glenn youngkin and virginia kept former president trump at arms length, kept them at a distance. you have embraced mr. trump, are you 100% trump guy? >> i love president trump and i tell people all the time, i thank him so much for endorsing me, i think senator mcconnell for endorsing me because they know i'm the best guy for the job and they know i will get the job done. what are the things that talk about the whole time, i want to bring this country together. right now we have so much separation with the racism we have so much separation with democrat republican. the way we can get this country together we have to bring people together and decide one thing, get people back to work because the government is paid to stay help. we had to get people back to

being rely on herself and getting people to rely on products in this country were a great country we can get it done and that's how we get this thing solved. i hate to say this term but we gotta get america going again. stuart: you are a georgia guy, the braves just won the world series. you were a happy guy this morning for two reasons. the braves won the world series and the republicans look good yesterday. go ahead. >> it is a great day for atlanta, it's a great day for virginia, i think that the ultimate redemption, there moving the all-star game to a city that had a more extraneous voter rights than atlanta. they move it, now they go to win and they have a lot of small businesses. i don't think they realize how many small businesses they hurt by moving it. but i think atlanta proved in they save the day, they had a couple of all-star series here

that was played in atlanta and some of the small businesses. but at the same time we have to be happy because the braves are the major league champions and i'm happy to see that. stuart: you are a georgia guy, thank you for being with us this party. we'll see you again soon. to the markets, we like to check them frequently, not much action everybody waiting for the fed announcement this afternoon, mark tapper joins me now. you have a viewpoint on the impact these elections on the market, is a plus for the markets? >> it is extremely bullish for the market. if you think about a president biden in the entire democrat party have been losing leverage and momentum from going on several months and they have been losing political capital. when you're losing political capital it becomes more

difficult to push a $3.5 trillion package down the american people's throats. it also becomes more difficult to raise taxes to pay for the exact program that they're telling everyone is free and already paid for. when taxes coming down with less agreed to spending, that is super bullish for stocks. stuart: what is your investment theme for next year to 22. >> the last two years have been dominated by covid related whether it's work from home or reopening trades or stay home. those are in and out a favor over the course of 30 - 60 day. and if you been able to time them right you done well and most people have not been that lucky. as we look forward into next year, we will get back to normal. we will get away from covid related investment and back toward innovation themes. you have your usual suspects, cybersecurity, ev, edge computing, cancer innovation, all that stuff but one of the

main areas i'm knee-deep in research right now is robotics and automation. we all know wage inflation, particularly when you look at the unskilled positions leads to job elimination and automation. one of the guys in my office was at a restaurant a few weeks ago and he got a screw delivered by a robot. a lot of the automation and robotics are going to be front and center as we move into 2022. stuart: one quick thing a lot of analysts point to the supply chain crisis which will continue to next year, they point to inflation which will continue into next year, big negatives but it's quite possible that the supply situation will be quite as bad as we think it's going to be in it might moderate a bit. >> it would be huge because it boils down to operating margin. as long as operating margins are expanding the stock market goes up. as soon as operating margins

begin to drop then the problem that the market could violently selloff. what we've seen happen is topline revenue growth has been outpacing the increasing cost which is good. it is the supply chain issues as bad as some people fear or even worse that will slow revenue growth and that's when you need to read margins if margins improve stock market goes up. stuart: it sounds simple but it is not. but you make it sound good. we will see you again soon. thank you very much. we have movers to cover and lauren to cover them. a blast from the past. lauren: a blast from the past, the tupperware party, covid killed it. tupperware is in the turnaround plan sales fell 11%, stocks down 27% this year. stuart: tell me about activation

blizzard. >> their forecast for the holiday quarter, they are dealing with supply chain issues but also sexual harassment lawsuit, that is a loser today, can we end on a winner. >> under armour, they raise the outlook for the year earlier this week and ubs came out and hike their price target to a straight high of 40 which is again a 53% for right now, what are they doing differently? marketing, they are targeting a lot of demographics in the trying to get the discounters out of discounters so they can go to more of a fullce.uarteallu ge t $nun rdan r tnax mademama c cnion mo unini n' tn'hen'eeal.car t one out out

nd yahoo yrein agin herationra in china chi is the the t ohef t bigig ig gettgett off china c mic m blpublgtory innt on. on. a a w ae-l c for th democrats, it, c big trouble for the president spending plan we have a report for capitol hill on that next. ♪ ♪ (man) still asleep. (woman vo) so, where to next? (vo) reflect on the past, celebrate the future. season's greetings from audi.

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you can keep your internet and all those shows you love, and save money while you're at it with special offers just for movers at xfinity.com/moving. stuart: a pretty strong message to washington republican glenn youngkin and virginia, hillary vaughn on capitol hill,

democrats making any changes to their spending bill in response to the election? >> no they are doubling down choosing a republican governor to lead their state, they are saying what went wrong, they did not do enough to push more of the progressive policies through. >> does it give you pause that they are rejecting this push to progressive policy. >> i do believe it at all, will beget the agenda finished, america will receive it in a positive way. >> is that the result that progressives want, if it's a popular why did they relax every republic and governor. >> progressive, conservative, left these days than ever before. it is not about progressive or conservative labels, it's about people can see with their own

eyes. >> just in the last 15 hours or so democrats have made more changes to president biden social spending package. today speaker pelosi announced paid family and medical leave is going back into the package on top of changes to prescription drug pricing and things are actively changing and they're not becoming less progressive, there becoming more progressive. stuart: hillary on capitol hill. democrats are flat out split big time over the salt deduction, new jersey congressman josh gotheimer says no salt no deal. bernie sanders thinks is going the other way, he hates this, he said at a time of massive wealth inequality, the last thing we should be doing is giving more tax breaks to the rich. michael waltz republican from florida is having a pretty good time watching the democrats tear each other apart. but that gap on salt, that seems

virtually unbridgeable. >> you are going to see the moderates really pull back, they see the writing on the wall, the mega people have spoken. but i'm telling you you're gonna see the percussive double down they wish they had gotten this done sooner and bigger because they see their window closing over the next six months. they are going to push harder. but on the salt piece, it's the hypocrisy and the irony is so rich, just a few statistics. obama's own chair of economic counsel said this will benefit americans earning 50 - 300000000 a year and give them a tax cut, so much for tax the rich, 85% of the deduction will go to the top 5% of earners so it's not northeastern americans, everyday americans asking for this that's

who it's going to benefit. just to the point of comparison new york state budget is double that of florida even though the population is the same. these people voting with their feet to leave the northeast and come to states like texas and florida to pay less than state taxes to see the federal dollars go right back in to subsidize and poor fuel on the fire for the high tax blue states that people are sick and tired of. the irony is rich. stuart: i can't see if the democrats go gung ho more progressive and go further to the left, more spending i don't see how that could possibly get to the house or the senate. there is still moderates and that party somewhere, aren't there? >> what you see policy do is to please both sides and get it out of the house so she can claim victory, knowing that things like amnesty are going to fail

because of the bird roll over in the senate. and knowing this is dead on arrival from sanders and manchin. if she can please both sides of the house and get it out and she can blame the senate and say she did what she had to do. stuart: i know you're having a really good time on this issue but i'm going to change subjects. the videogame fortnite along with yahoo just pulled out of china, yahoo blamed them legal environment. is this the sign of a shift, our business is really starting to move out in force out of china? >> this is on top of linkedin who also pulled out because the chinese government is forcing them to share their data with their authorities. they are centering a number of their accounts if anyone criticizes the ccp or the regime. we are seeing some companies start to do the right thing but we have a long way to go, when

you look at blackrock and larry fink telling their investors to triple down and pour money into the ccp with the same time of their military buildup launching hypersonic's, missiles and threatening taiwan. at the end of the day when future soldiers and sailors and marines have to face chinese missiles. those written across the missiles should say provided by larry fink and blackrock. they are fueling the chinese military buildup with our money, with their capital and it is a shame. thank god for folks the nba star who is calling out nike in the mba, he is my new hero and is putting his money where his mouth is. stuart: maybe he'll move to florida, down. thank you very much will see you again soon. biggest name and entertainment, netflix. the biggest thing and entertainment is gaming.

how about getting gaming and netflix together. good morning ashley, i believe that is the proposal. >> it is indeed, five different games are being offered in the netflix app that initially will be available for android phones but later accessible to apple's ios system. the latest push by netflix to look for ways to gain and keep, the games are included with netflix subscription and will not include an app purchases. earlier in the year netflix revealed its intention by videogame executive mike from facebook, that was the writing on the wall. netflix says it will build games as a standalone product to compete with other services. executives help popular characters or games may be able to help with video content decisions in the future. it's another way to generate customers and revenues. stuart: facebook is ending its

facial recognition program, do we know why? >> facebook said is pulling the plug on the facial recognition system because concerns are growing for both users and regulators. the social network says it's going to delete more than 1 billion people individual facial recognition templates. more than 600 million facebook accounts have opted into the use of the face recognition technology but no more. facebook will no longer automatically recognize people's faces and photos or videos. they will not be tagged but the company says it will consider facial recognition technology for instances where people need to verify their identity or prevent fraud and impersonation, a big move by facebook. stuart: good stuff thank you. check the markets. we are down on the dow, up on the nasdaq, down on the s&p were waiting for the fed at 2:00 p.m.

world leaders and a few billionaires flew to the climate summit. bill gates, i hesitate to use the word hypocrisy but he took the hypocrisy one step further, we will show you what he did. shelby bitcoin, politician announced he will take all of his next paycheck in the crypto. bitcoin, we have that story next. ♪ 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.

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gold. agile and liquid. a proven protector. an ever-evolving enabler of bold decisions. an asset more relevant than ever before. gold. your strategic advantage. ♪ ♪. stuart: that is san diego, not as sunny as it normally is, only 58 degrees. check the market, we are all waiting for the fed meeting this afternoon on the fed announcement so there's not that much price action in stock. if you show me pfizer biontech, maybe there's movement the cdc has recommended low-dose covid vaccine for children's ages

5 - 11. pfizer is down at $45 a share, cvs up today strong earnings they got a boost from covid vaccinations and prescription drug refills. good business and vaccination at cvs health. let's get back to the virginia governor's race, dan youngkin beat terry mcauliffe, sensational. let's bring in mark avalon orcutt water of the morning. what is the impact of those election results on the market? >> is a wake-up call to have two, three, trillion dollar infrastructure bill out of washington, i don't think it means the democrats will stop at nothing that's nancy pelosi style. i think they want to see a prudent measure infrastructure bill, they would like that, i think it would help, i think

that's why you see apposite material stocks lately. stuart: just opposed, this is wild speculation but just suppose they could not be any kind of agreement, there's no spending bill what would wall street do then? >> it would impact the stock that we did benefit from an infrastructure book, industrial, material, heavy cyclicals. i don't think it would impact financials or impact technology. that's one of the reasons why we like this. in congress depended. tech is an inflation, increase efficiency, the financials will benefit from what's happening with the interest-rate structure, those are the macro trends we would look at and we sidestep the new ones coming out of washington. >> if you got rid of it all you get rid of the tax hikes as

well. surely that would go down well on wall street wouldn't it? >> people who sold thought capital gains might be retro might hesitate a little bit. it does give a window to think maybe that's 2022 you make a good point investors are pleased that corporate taxes are lower in a capital gains taxes are lower right now it's too soon to tell what the sentiment is going to do. stuart: do you ever get into crypto's recommending or buying and or whatever? >> is something i've been wrong on we've been wrong on things that make more sense to our investors. stuart: thank you for being with us this morning. >> always good to be here. let's check those crypto's, in theory i'm hit an all-time high, it is now the world's second largest crypto it is surging on

news that goldman sachs thinks it's going much, much higher. his actually down a bit but earlier it hit a high one politician just announced he will take his paycheck and bitcoin. i think i know who this is but what you tell the world. ashley: miami mayor francis who has been on the show as you know many times touting miami as the new hub with a to industry. now he's backing that up by announcing he will take all of his next paycheck and bitcoin but it is bitcoin where his mouth is. last month florida said miami will advance a plan to pay city we entered workers and bitcoin. in the state to allow miami to hold bitcoin on the balance sheet and state and federal statutes to allow crypto currencies by municipality, he hopes to change that it is also promoting miami coin is a crypto project to one day support the

city without its residents to pay taxes. what would the democrats say about that. stuart: i will believe it when i see it. i'm kinda skeptical on that kind of thing. google on the screen, down a fraction. his crypto driving a surgeon downloads in their app store? ashley: it is ironic, crypto surged in the apps by the number of downloads. to jump to the first spot, even ahead of tiktok, the app has gotten a big boost cincinnati campaign featuring matt damon was released with him endorsing it. but downloading an app does not necessarily mean you understand it, recent survey of 1000 people across the u.s., mexico and brazil show a 98% of people do not understand the basic crypto concepts only 40% of people understood what determines

bitcoin's price at any given moment and 12% say they intend to purchase or sell crypto in the next six months. you may download it but it doesn't mean you understand it. stuart: i was boarding item you'll be interested in green bay quarters aaron rodgers has tested positive for covid is unclear please been vaccinated. he will not play in sunday's game against the kansas city chiefs. more than 10000 workers still on strike they rejected the latest deal late last night, take a look at this the price of regular gas $1.27 higher than one year ago. the president blames russia and opec for the spike, what about his policies. we have a report from new jersey after this. ♪

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stuart: big tech with a mixed picture. apple up 150. amazon up just the dollar. that is not much. alphabet is down, microsoft is down, not much to big tech. schumate alaska airlines. not that the stock is moving that much. they're getting rid of plastic bottles and caps on their flights. they use plant-based cartons or water an recyclable paper cups. i'll ask 2 million pounds single use plastics over the next year. good for them. the average price per gallon of gas $3.40. if you're in california it is $4.61. jeff flock is in new jersey, wanted president biden blames russia and opec for the price hikes, who are the drivers that you're talking to?

>> i have to fill up my ford. the gas people know, i think people understand the opec has a role to play but the folks that we talk to i think are saying a lot like what harold hamm told us on the fox business network, the green agenda means there's less focus, by the way they have to pump gas for you in new jersey which is why we show you that but harold hamm says that the focus on the green agenda it takes investment dollars away from fossil fuels and that is the main driver of gas prices. listen. >> we backed up into a scarcity again, it's to have abundance anytime you stop progressing with investments in a world that's what you get. i don't see a turnaround very

quickly. >> as you can see the counters are still falling on my car. it does take money out of people's pockets. it however, you want to blame, less money to spend on other things when you are spending a developer gas tank. stuart: just don't go to california. you need a second mortgage. >> live in your car. stuart: you might have to. you can go homeless in los angeles. bill gates looking for land to start our climate friendly farm. why is this making headlines. ashley: is all about good for me but not for the period just before bill gates made an appearance at the climate summit that wrapped up in some, to lavish luxury trips on the coastline. gates is indeed shopping for hundreds of acres of land to create a large sustainable farm

in turkey for the bill and melinda gates foundation. let's get back to the yachts. the permitted crew helicopter pad, submarines and pools all the mid-7020 tons of co2 a year. climate experts say that makes it by far the worst asset to own from an environmental standpoint. the average person of co2 missions in a year are between f it. and gates took a private jet to scotland where he pledged $2 billion. he's even admitted himself he's a hypocrite that he still splashing the cash to save the planet. stuart: how do you really feel about this. i am not outraged of billionaires taking the jets to a climate conference. >> i am not climbing the walls in outrage about it. how about you? >> me either they do spend a lot of cash and do a lot of things

so in their minds are doing the right thing. it is somewhat looking at it from the outside. it is hypocritical but it doesn't bother me. that's what they do. stuart: it's not the end of the world. back to the markets show me the gal 30 predominantly selling so far today. the green new deal big tech credits to people who by union made electric cars and only made union. james commerce that it would essentially subsidize the unions and eliminate half of the ev market. he is here to report on that next.

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fencing members voted down a

labor offer, the vote was much closer, 55 - 45 against the first offer was rejected by 90% of the membership, this latest offer included the 10% wage increase for the term of the contract, $8500 signing bonus in healthcare coverage with no out-of-pocket costs. it is not enough, the ongoing strike is another example of embolden workers taking a hard-line stance as companies struggle to fill a record number of job openings. it is power to the workers right now. stuart: you got that. the green new deal would give $12000 in tax credits to people who by union made electric vehicles. if you buy a nonunion electric car, $7000 is what you get. james, republican from kentucky joins me now.

i believe kentucky is home to toyotas huge manufacturing facility. i do not think it's unionized. where does that lead for toyota? >> unfortunately toyota is a loser and the democrat scheme it lacks so much of the previous legislation out of this congress the democrat continued to pick winners and losers. kentucky as you mentioned with huge automotive state we have for unionized, but we also have toyota and unfortunately they are a loser because her not union. even though many cases toyotas employees made more pound for pound than the ford workers. stuart: the same with tesla i believe workers at tesla make comparable wages with the union guys but there nonunion. so they would lose the $12000. what does this do to the overall market of electric vehicles.

>> it disrupts the market, the democrats don't seem to have an appreciation for the private sector, they don't have an appreciation for supply and demand. what the government should do is get out of the way, the government printed so much money, people have cash in the market for new vehicles is strong in the market is going to the direction of electric vehicles. the last thing congress needs to do is stick their nose in it and get involved what they have done is disrupted the market to pick winners and get more union made automotive producer, that is not fair and it's very typical of this congress. stuart: it is not fair, another thing is legal either. let me ask about the outcome of the virginia elections. the republicans won, this morning the democrats are in real disarray. my question to you, do you think they will get a huge spending

bill with a bitterly divided democrat party? >> i hope the election does not push them off the edge with respect to a terrible budget reconciliation deal. all the moderate democrats know it's bad policy and if there is ever question if people want it, i think that was answered what i fear pelosi is talking to those members and were gonna lose the election this ship is sinking, but for this even though your district does not support it. and just decide not to run again. that is a real possibility. hopefully the republicans will stay strong and united in our opposition to this bad policy. stuart: how did you feel when he saw the election results come through. i stayed up i woke up at about 1145 last night i watched at midnight i was absolutely shocked when i saw the results of the trend in virginia and then in new jersey which is the

deepest of deep blue states. i lived there for heaven stakes i cannot believe that the republicans could win. >> it was a shocking very encouraging to feel the same way that i feel in the people in kentucky feel, this is a referendum of biden's failed presidency this far, failed liberal policies from pelosi schumer. it is hope for a better america and hope to the republicans. i think were going to flip the house and hopefully will have more common sense will prevail and congress. stuart: youngkin kept trombetta arms links. he still won big time. what you make of trump's position of the republican party going forward. >> we certainly need donald trump to be supported, he has a huge base and i think youngkin played it well. he allowed donald trump to speak on his behalf with donald trump's face.

when it came to the demographic that trump didn't do very well in the last election that was female suburban voters. i think that is a winning policy for the purple districts that have a big suburban population. i feel like we have the business model after youngkin surveys in the recent new jersey and i think we need to stick with the plan. we certainly need to work with donald trump moving forward but there is a way to bring everybody back to the republican party and retake control of the washington bill. >> do you think of running 2024. >> could be the republican nominee in 2024. he is very popular yes. stuart: thank you for joining us. still on the news electric vehicle market, ford has unveiled the retro inspired electric pickup the f100 called the illuminator does the concept

car for now. electric motors and batteries from the 2021 mustang ee they should wrap in las vegas. one more time, you have two hours to go before the feds big decision is announced. right now not that much price movement. right now time for the wednesday tribute question. russia launched the first animal in space of this day of what year? the answer after the break. ashley will come in and take his guest two. we will be back. ♪ i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this.

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and workplace benefits. who's your rock? stuart: now this to me was the biggest shock from the elections yesterday, the new jersey race. yes, it is true glenn youngkin won in virginia unexpectedly to some degree by two points, the closeness of this race, at this moment, murphy the democrat, leads ciattarelli, the democrat by about 700 votes. that's it. they have still more votes to count. think of this. ciattarelli is unknown, comes from nowhere to mount a serious challenge. that is a real shock. let's get to the trivia question. what is the launched the first animal in space on what date this year? ashley, take your guess. >> i will go with 1957. was it a dog? stuart: absolutely right. ashley, you win the prize. it was a dog.

>> yes. stuart: 195, the soviet union back in those days. it launched the dog on board of sputnik. do you know what the dog's name was, ash? >> fido. stuart: no. it was lika. cool pet there right there. ashley, you're all right. thanks for joining us. neil, it's yours. neil: thank you very much for that, stuart. we are looking at the same thing you are, my friend. markets what a tepid response to the big election results here, but having a shattering effect in washington right now. even though officially democrats say it won't change our policy what legislation will goes forward or rein figures back, the fact of the matter it was a political earthquake. as stuart pointed out the closeness of the contest of the bluest of blue states in new jersey just reminder how