and >> and we want to end on a sweet story. >> >> and take the dog around. stuart: maria: great to see you. >> good morning, we have inflation news. now we see what the federal reserve does about it. it is 5% of the year. it is the 9.6% is a record and it confirms inflation is back with a vengeance.

that is the strongest rate in 39 years. they are under pressure to slow down the money printing and raise rates. it is important stuff. the market is responding to the inflation number and stock prices are moving lower. they show a loss of 100 points in "the opening bell," look at the nasdaq, way, way down, 170 points below 16,000. as her interest rates we are at the one.43% level for the u.s. treasury, the 10 year treasury and bitcoin well below 50,$000. it is now at 47-1. the financial markets, look at tesla, elon musk has been selling more shares, that is taken the stock down to the 940

level. please remember the high was $340 above that. covid news, it was reduced hospitalization was 89%. some states are imposing new restrictions even though there is not much information about the variance, not everyone was complying with that. 3 house democrats want to force of ask mandate. and 11 days to christmas, "varney and company" is about to begin.

>> we've got the inflation numbers. going to break this down? lauren: factory goods up 9.2%, hotter than every single estimate out there, the biggest annual gain on record. the translation is companies protect their margins and pass along higher costs and the november small business optimism index. they said the most small businesses plan to pass on those costs and hike crisis, the most and 1979. another part of this report. expect a better economy, the weekend, on record going back to 1974. the inflation refinement. of the one back to 1979 is key, that is when we last had series inflation search all those years ago.

dow is down 100. michael he is with us, inflation is in the rearview mirror, does that hurt the stock market, 9.6%. >> that was a very unexpected. a very ugly number. two percentage points. what i would say is this is not fed money, it is driven by administrations war on fossil fuels, logjams at the port of la, overpaying unemployment benefits, not enough truckers on the road. if none of those things get settled no matter what the fed does this inflation will persist. stuart: what is the impact on the stock market, 9.6%, reduce the price level, 6.8%

consumers. this inflation is not over, not entirely in the rearview mirror as you suggest so are you still wildly bullish about stocks? >> i don't know i'm as bullish as i was a couple months ago but it is good year next year. we are not at the end of the bull run, there's no blow off the top markets where we rally to a point of excess, there is no debt bubble that is going to burst but this inflation is a nuisance. i think there's too much money involved for these problems to go unsolved. we have created, ingenuity of american entrepreneurial spirit where we will solve these and inflation will level off. the wildcard is jerome powell and what he will say and do and affect capital markets. stuart: tomorrow afternoon jay powell speaks. he will be questions, he will

speak about what he intends to do about this inflation. is it possible what he says tomorrow afternoon could spark a serious selloff in the stock market? >> if he says we think inflation is under control, if he thinks the markets already predicting they will taper faster than he previously set of hike rates twice last year does he come out with more hawkish statements than does the market rally on that? the fed is going to tackle inflation or does it selloff massively. it's a real wildcard. there are some problems under the hood. bill market is perfect, no economy is perfect but the fact of the matter is earnings are spectacular. we have the same selloff three weeks ago and the market came back with a fury. we were up 3%. we are a couple percentage points off the all-time high and i think we trend higher regardless what happens.

stuart: michael lee, thanks for joining us, interesting situation. president biden spoke with senator manchin about the bills back better plan. he is the hold out on bills back better. anything come of this? >> republican hero. it was productive and they will have a follow-up conversation but in a warning sign senator manchin said the bill should not rely on temporary spending that will likely become permanent. >> i don't think that is a fair evaluation of saying we are going to spend x amount of dollars but then depend on coming back and finding more money. i'm concerned about paying down the debt too. lauren: that is why the cbo projects the real cost of those $3 trillion more bringing it to $5 trillion and manchin set i'm on board with $1.7 trillion, not to mention paring down medicare for hearing. stuart: a gigantic difference, several trillion dollars at

stake, miles apart at this point. thanks very much. we are 11 days till christmas was rachel campos duffy as a diner outside christmas town north carolina. i hate to say this but the national mood 11 days before christmas seems to be kind of angry. a little sad and certainly recent full. where is the joy this christmas? >> reporter: here you can't feel that resentment. it is too close to christmas town, usa, a mile away. at night this turns into what looks like a christmas movie. a hallmark movie, 700 residents participate with the town and the whole place is lit up and tens of thousands of people come to see this and have this beautiful family time. last year this was canceled because of the pandemic. this is now they are coming

back this year, everyone is excited. there's a lot of pent-up energy. right now i am at ritz and green's restaurant. they can't take advantage of the new wave of tourism after last year because they can't staff their restaurant beyond 3:00. this is a light show. the request place used to stay open until dinnertime, they have to close at 3:00 because they just don't have the manpower and can't take advantage of all the tourists who would like to stop in for dinner or coffee or pie or whatever. stuart: i wish i could be with you because i am stuck in new york which is not doing well. when you come into new york this week the far less traffic, there are far fewer people in the streets, far fewer people in the big office buildings. where's the joy in new york city this christmas? i should come to north carolina. >> people are coming here, the christmas spirit is alive and well, not as many mandates, people are enjoying but they

are feeling the pressure economically no question about it. stuart: great stuff. see you again soon. enjoy yourself in christmas town. check the futures, we are down 100 for the dow, 30 for the s&p and we are down 182 points on the nasdaq. inflation rate at the producer level came in at 9.6%. the white house blaming everything but themselves for the surge in crime. watch this. >> i would say we have seen, i'm not going to attribute the reasoning from here. what i will tell you is we have seen an increase in crime over the course of the pandemic. there are a range of reasons for that. stuart: leo terrel says president biden doesn't care about crime. leo is on the show later. the nfl will require staff to get the booster by the end of

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stuart: that looks nice. mackinac island, michigan, 35 degrees, beautiful shot. nothing beautiful about this on the downside, big losses coming from "the opening bell," on the nasdaq down 180 points, better than one% down. pfizer says it's covid pill is only 90% effective preventing hospitalizations and deaths and

it is effective against the omicron variant. an update for you. the nfl has updated its vaccination for players and coaches. this is about the booster. is the booster required? lauren: if you've got your first two shots your mandated, that is a harsh word because there are exemptions. you should get one by december 20 seventh. the league is considering providing boosters to players and workers families so everyone is protected. 36 players yesterday tested positive, the most ever and one staffer tested positive for omicron. stuart: doctor matt mccarthy, specialist in exotic diseases, welcome back to the show. we are in a situation where booster mandates are creeping all over the place.

>> that's where the science is headed. two doses of mrna vaccine, means we vaccinated. that's going to change in 2022. i want to prepare people for that. the key decision-makers, the top level of the country believe this is fundamentally a 3 dose vaccine and this is going to be a tough sell for the american public little a quarter of adults have gotten their third dose so there is a hesitancy right now, 3 dose is to be fully vaccinated but that is what the science is telling us. omicron can evade the vaccine-induced neutralizing antibody and it can be restored to a very healthy percentage with that third shot. the real tricky still here is not just to get the third dose but help kids get the third dose. and to tell kids to get two doses. are we going to tell a 15-year-old boy that he needs to get a third dose when

there's a risk of vaccine in ghosts myocarditis. i believe the answer is yes, i'm impressed with the safety and efficacy data of the booster shot. that's where the science is going. it will be a 3 dose vaccine. stuart: should omicron be scaring us into these new restrictions we see popping up all over? >> i am focused on it and here is why. when i came on your show in march of 2020 we went into lockdown because hospitals who were overwhelmed in new york, we had that because it was an influx of patients that was too much for hospitals to handle and we are not going to see that again. when we think about hospitals getting overwhelmed there's an equilibrium where you have to have enough staff to handle the patients. i'm not worried about the overflow of patients. what i am worried about with

omicron's health workers becoming symptomatic. i work in a place we need to show up, we can't do medicine remotely and a bunch of symptomatic doctors and nurses that could be a problem. not saying that's going to happen, but that's one of the reasons on high alert. that -- why make a big deal about something that causes mild symptoms like the common cold? the concern is healthcare workers were sidelines, the good news for us here is some of the other countries in europe are further along, denmark, norway, the united kingdom, and mild symptoms associated with this, the fact that it is highly transmissible can wreak havoc and have a lot more care -- clarity in the next two weeks. stuart: pfizer's covid pill highly effective, 90% effective, i call that good

news. >> great news and the study they looked at with high-risk people, unvaccinated, another tool, they prepare us for the next wave, a smile to my face on this chilly morning in new york city. stuart: chilly morning in new york city in more respects than one. thanks for being here, always appreciate it. the supreme court has rejected a challenge to the new york vaccine mandate. in other words the vaccine mandate in new york state stands. lauren: new york does not need to allow religious exemptions for medical workers. they can get a medical exception, they cannot get a religious one. this parallels a similar ruling in maine. both challenges as the workers were against abortion, fetal cells used in vaccine testing. that argument rejected, three conservative justices. stuart: i'm confused about what

should be done, when, how, who for. very confusing. lauren: a big push to increase the vaccination rate, really way health officials and politicians want to tackle covid. there should be other avenues because there's a lot of hesitancy and resistance to that argument. stuart: what happens as the doctor suggested? what happens when young children are supposed to get the booster, youngsters, teenagers got have three shots, are you going to mandate that or suggest it? i could see real problems for the schools all over again. neil: is mandated in new york. where i live in new jersey does not mandated. stuart: this seems to me to be extraordinary. three democrats pushing for vaccine requirements to let you get on a plane. stuart: led by congress and small well -- swhilewell, they will back vaccine mandate to

apply predicting what that does. it increases the vaccination rate to 80% from 60%. that prohibits, it is a punishment and we see it doesn't always work not to mention is not much data on the spread of covid on an airplane especially as you are required to wear a mask and the white house extended the mask mandate on planes until mid-march. stuart: they always want to control you. lauren: to get rid of covid, have to live with covid. stuart: this is from eric swallwell. let's not get into that. checkers futures, "the opening bell" will ring in 7 minutes and we will go down. plenty of red ink on the left-hand side of your screen. ♪♪ ♪♪

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stuart: i'm going to put forward and general motors on screen, free-market quotes because luke lloyd is with us come our market watcher this tuesday morning and luke think those two companies, ford and general motors will be big time challengers in the electric

vehicle market. do you think they can challenge and take market share from tesla? >> i can they will. most small players will be bankrupted decades from now. tesla had the first advantage and they will crush most of the small be the companies that are popping up but i like reasonable evaluations. the best way to play auto manufacturer is through forward and gm. they will take market share from tesla in the ed space and see more growth in tesla. that's why i'm looking to buy for a pullback in that space. stuart: their products from forward and gm are better than 10 the or competitive at least? >> they've been around the century. companies that have been around a long time, tesla, their valuation is ridiculous. the most fascinating part of the ev space, being valued at

$100 billion, they haven't yet sold the vehicle yet, $200 billion doesn't prove anything and they report their earnings next week, what earnings? they don't have any. eventually valuations do matter and that is what we see with completely game stop and amc coming back down to earth. stuart: inflation. numbers out today at the producer level, 9.6% over the past 12 months. creating a dip in the stock market and we were down 100 for the dow, nearly 200 for the nasdaq, a dip and a half. would you buy that dip? >> i would. the discounting mechanism for the future. the 9.6% versus 9.2%, inflation isn't transitory. i've been pounding my hand on the table for a while and the

federal reserve has finally admitted it isn't transitory, and because of this number, ppi turns into cpi because it is the input. eventually input turned into product for the consumer and the federal reserve is hawkish. it is good for the long-term economy. stuart: the fed has to act and 9% inflation rate at that level is 7 at the consumer level. they've got to act and when they act, less money printing and raise rates, that's never good for the stock market, is it? >> in the long-term it is, the fed usually -- stuart: what is the long-term? what is the long-term? i agree with you short-term i have a problem here. what is the long-term? two or three years down the road? >> exactly right. we see a pullback for three

months. we are not seeing the huge pullback. i don't think the market will take 15 or 20%, because the s&p is made up of eight names, 30% of the s&p made by a name. might get hurt a little bit and if the company can't handle 50 basis point rising interest rates, taking the foot off the pedal a little bit, they shouldn't be around in the first place. good growth stories and reasonable valuation. stuart: you are about to see the dip appear, we are off and running on tuesday morning and most of the dow 30 on the left-hand side of the screen, 26 of them go down, a couple second with the business. the s&p 500, same story on the downside 32 points, 2 thirds of one%. i'm expecting a bigger loss.

one.4% lower, 200 points on the downside. big tech really taking it on the chin, the nasdaq down 200 you can but the tech is down. microsoft, apple, google, amazon and meta-platforms all down. good morning, susan. >> a bit of a performance. bank of america, 20% upside in a stock worth $210, same that jpmorgan called yesterday, but exceptionally bullish on apple's augmented reality, the headsets that will be introduced next year or early 2023, this will boost harvest sales, a strong iphone cycles taking place and apple getting 182-86, they expect an apple

car at some point. it is astounding how fast apple is growing and when i speak to tim cook, on the earnings, they told me, all their business segments are fortune 100 company on their own. stuart: i noticed apple is bucking the trend in recent sessions, most are selling off a little bit. >> we are talking a company with huge numbers, they sold a third of $1 trillion, $300 billion plus, the money supply, we know there has been money printing by 30% over the past year, that is how much apple's market is gone up in 14 months. stuart: here is the elon musk -- is this right? tesla is going to start accepting dogecoin. >> the price of doge, 40%, doge

is down $0.20 or so. tesla will make some merchandise viable with doge, say what you will about dogecoin. in 2013, it was up 15,000% at its peak this year, up 3000% this year and you heard musk, doge is a better transactional currency where bitcoin is a better store of value. the fact that elon musk sold $900 million worth, $10 billion raised in share sales is going to pay his taxes. stuart: the high on total was $1,243 a share, $300 below that

in a matter of months. let's look at mean that stocks, game stop and amc down significantly. meme stocks finished. >> i don't think they are done yet. this type of fast reaction happens involves how momentum stocks, the meme plays, how fast the tapering and the fed will raise interest rates. game stock trading at $250, half of the valuation and down by 50%. and paying the new analysis, that doesn't mean the retail investor is retreating, average joes buying on the dip last weekend to make sense of europe 600 points, 900% on amc. stuart: i want to turn to

beyond meet, clobbered recently but apparently it has got an upgrade. >> very rare for the meat sellers, upgraded the stock to neutral today, worth $64 and they are bullish, the beyond burger launch lifting beyond sales and the stock has been clobbered because, with competition. stuart: even the real meat is going up in price. >> the best substitute for meat in my opinion personally. stuart: whatever you say. i like my tofu for my protein. ford motor company on-screen just below $20 a share launching an autonomous food delivery program. >> they are jumping on this trend to deliver food by a self driving car.

it is a test taking place in michigan and they are starting the charity initiative to deliver 10,000 pounds of fresh food to seniors that live in southwest detroit, close to one of their four michigan plants and also a test partnership with self driving with domino's as well. and the downgrade, the stock is moving. and we are awaiting what the federal reserve in jerome power will say, a lot of selling taking place, wholesale prices we got this morning, the fastest on record but do you think people will buy on the dip when we hear from powell that we may not be raising rates technically? stuart: buying the dip has worked successfully for the past few years and i'm sure a lot of people will buy this dip. and a little bit of this, but a 70 with inflation and what the fed might actually do for the longer term. that the best answer i could come up with.

on your screens, all the winners for the dow industrials headed by walgreen boots, the top of, ibm there as well. the s&p at the top right there. don't know much about what they do. let's move on to the nasdaq winners, walgreens, t-mobile, etc. etc.. apple is on that list, 177 this morning bucking the big tech trends. the dow industrials are down 25 points. we open with the loss of 100. a few minutes down 14, might be down positive any moment now, the 10 year treasury yield one.4%. the price of gold despite the extraordinary inflation news, $1,769 announcement bitcoin, 47,$000 a coin. oil 71, 72, $70 a barrel as we speak.

natural gas if it were any colder that price would be up a lot. right now it is languishing way below $4 per million british thermal units was average price of gasoline down a fraction, $3.32 is your price but in california holding on to a price of $4.68 of regular. the white house having kamala harris for new project. watch this. >> the future of transportation in our nation and around the world is electric. >> electric vehicles are accessible to everyone. stuart: she is in charge of charging stations, she's moved on from the border. we will discuss. people in california and new york are now required to wear masks indoors whether they got the jab or not. would it cost the democrats in year's midterms? charlie kirk is back and offers his point of view later.

was take to be back inflation? my opinion, the fed should act now in the administration should shelve bills back better. that is my opinion. what does larry kudlow make of that? he is on the show next. ♪♪ ♪♪ just beat it ♪♪ beat it ♪♪

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can. ing ok capit cap c hill, au aul aurning, g, t ncore fcoor theor bilhe backplan.. hillary vaughan on capitol hill. howard democrats pushing back on the cbo score, 4, 5 trillion.

>> putting the programs in the permanent and some burgers lawmakers saying this discredits the nonpartisan congressional budget office because they have an issue they engaged in the first place because they are scoring a bill that doesn't exist but the chair of the congressional progressive caucus admitted openly the reason they had to sunset some of these programs in the package is because they were forced to keep the price tag down but other lawmakers on capitol hill are saying the reason they sunset and programs is they wanted to see what exactly works and what should be extended. >> one of the reasons you write the program for shorter time, you want to make sure they are working. >> the federal government collected $565 billion in taxes for the first two month,

october and november of 2022 fiscal year according to the treasury but spent over $900 billion. there is a massive deficit already even though democrats promised combined with new tax hikes there's going to be enough money around to pay for the existing package but also to pay for anything that may become permanent later. >> the president made clear multiple times that he would like programs they are extended to be paid for. it is a fake score about a bill that doesn't exist. >> reporter: senator joe manchin said it's nice to raise taxes to pay for new things they want but also says for new tax revenue some of that should go to paying down the growing debt. stuart: the new math, that is what it is. let's have a little opinion here.

i think the federal reserve should act now and the administration should pause build back better. that is how i think you beat inflation. what do you say to that opinion piece. >> reporter: i love the new math, you should stick with that, that's a winner, no question about it. welcome to the crowd. i've been saying this for 6 months, the only disagreement i have with you is we should save america and just kill the bill, kill it, we don't need any more spending, joe manchin knows very well how spending enabled by the federal reserve's money creation caused this inflation. you had two numbers friday that i think will kill the bill. at least it will pause the bill so you are not going to get a vote in the holiday season, until next year when it can be killed formally but the cpi, 7%, the cbo estimate,

$5 trillion, $3 trillion in additional that was president biden calls for transformation. transformational means not one year but permanently. everybody knows what their policy intends was here and lindsey graham called them on it and got the cbo to give you an honest score. i remember when president biden called the cbo the gold standard of economic modeling. with the ppi this morning, wholesale price up 10%, 9.6%. another body blow to this bill which is absolutely terrific. kill the bill, save america. stuart: what happens if we don't kill the bill, don't force the bill and the federal reserve does not move faster rain in the money printing and raise rates, what happens if these things do not happen?

>> you and i might take a villa in australia or someplace like that, time to get a house of town. if they want to go to a 10, 12, 15% inflation rate, that is a joke, i know you are not, but if they want to have a 10% or 12% inflation rate like we had in the 70s, so be it. it will inflict enormous damage on the economy, on jobs, average typical blue-collar families will get slaughtered here. the fed's meeting is this week. they will get an announcement tomorrow if not mistaken. the fed should end q e which they should have done 6 months ago and they should start raising rates as early as next month and if they move fast

they could contain the inflation as next year goes on but the longer the fed waits the worse it is going to be. stuart: you could always come by new jersey and live as my neighbor if you're a glutton for punishment. the governor is a powell of yours. >> he is a lovely chap, just doesn't understand economics. i apologize, i forgot about new jersey. stuart: thank you. >> end q e, new math. stuart: move to florida, see you at 4:00 this afternoon. great stuff. next case, soft on crime, he asks was police in philadelphia no longer allowed to pull people over for broken taillights or expired plates. jeff flock has the report. tornadoes leaving a ton of devastation across kentucky and a handful of other states. maybe the costliest natural disaster in us history. we will take you to a town virtually wiped out.

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first psoriasis, then psoriatic arthritis. it was really holding me back. standing up... ...even walking was tough. my joints hurt. i was afraid things were going to get worse. i was always hiding, and that's just not me.

not being there for my family, that hurt. woooo! i had to do something. i started cosentyx®. i'm feeling good. watch me. cosentyx helps people with psoriatic arthritis move, look, and feel better. it targets more than just joint pain and treats the multiple symptoms like joint swelling and tenderness, back pain, helps clear skin and helps stop further joint damage. don't use if you're allergic to cosentyx. before starting, get checked for tuberculosis. an increased risk of infections—some serious —and the lowered ability to fight them may occur. tell your doctor about an infection or symptoms or if you've had a vaccine or plan to. tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. stuart: we are getting a close look at devastation in kentucky. grady trimble is in a town that

was nearly wiped out. so america what happened. >> reporter: it is terrible. a lot of people we talked to in mayfield ask us when do we begin? turns out you begin rebuilding with demolition. there is not enough construction and demolition equipment in town to take care of the job. folks have come in from other counties to help out with a huge task at hand. in addition to government buildings that have been destroyed so have private businesses been destroyed as well as homes in this area. as difficult as it is to think about filing an insurance claim, that is what many homeowners and business owners

have to do, document everything so they get the money they are entitled to. listen. >> as you begin cleaning up, take photos, make a list of the damaged property. you need to document everything you can. >> reporter: the insurance information institute says it is too early to put a price tag on the cost of this but they say looking at the devastation not only here in kentucky the five other states inflicted by these tornadoes this will be the costliest tornado event in us history. the costliest on record right now is in the alabama area in 2011. that cost $8.5 billion so estimates right now too early to tell, probably more than that but you can see it here. stuart: that is devastation. thanks very much. back to you later in the show. quickly to the markets the dow,

a complete turnaround from where we are. the dow is up 110, the nasdaq down 161. i will put jpmorgan on the screen, they will relax mask requirements in new york city offices. they will also say they will only allow vaccinated staff, visitors in those offices. you have to get vaccinated to get into jpmorgan's office and the stock is up. west virginia senator shelley o, indiana senator mike braun, brian kilmeade, leo terrell all coming up, 10:00 hour of varney is next.

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♪. stuart: i thought it was the rolling stones. sympathy for the devil. hmmm. 11 days before christmas. perhaps could have chose a different theme at 10:00 hour. anyway, good morning, everyone. 10:00 eastern, let's get straighted to money. the markets are divided. the dow is up but the nasdaq is way down 150 points. follows the 9.6% inflation rate we received this morning in the producer price index. that was a record.

apple, i will call that the stock of the day. 175-dollars, bucking the downtrend we see in the other big techs. apple is now, what, just a few bucks away from the 182.85 level where it will be worth $3 trillion. bitcoin, 47,300 bucks per coin. the 10-year treasury, particularly interesting. the yield on it is 1.4%. it has gone up a little this morning. very low at this point. now this. i'm going to call it the great covid divide. it is obvious for all to see. yeah, there is a radical difference between states when it comes to covid. it's a political divide and with omicron it is getting worse, it is getting more extreme. starting tomorrow, for example, californians must wear masks indoors in public places regardless of vax nation status. that is california. throughout new york state, if you go inside of any mace not your home, doesn't require

vaccine proof, mack up, anybody. philadelphia, anywhere food is served you must provide proof of vaccination to get in the door. this is the killer, three democrats in the house proposed a new rule for flyers, vaccine proof before you get on the plane. it is not here yet, but that is what the left wants. call it authoritarian approach, do this, do that, because we say so. they won't let go. they will use omicron to keep control. it is the exact opposite in gop run states like florida and texas. governors desantis and abbott fight mandates of all kind and support individual freedom. the result? there is different feel in these states. it is not oppressive. it is not punitive. people smile for heaven's sake. you can see them smiling because they're not hiding behind a mask. 11 days before christmas, covid divided. booming and bright where we have

freedom. dull and resentful where we're ordered around by the authoritarians. i think the democrats will have a very hard time making all this stick as we get into the new year. one last thing, i said yesterday i was heading to florida for christmas to be in a more positive environment. fox posted it. it has now over 70,000 likes. i'm told that's a a lot. the second hour of "varney," we're just getting warmed up. ♪ stuart: that man, right-hand side of the screen is the famous, some would say infamous scott shellady who joins us now this tuesday morning. why is there such a political divide in the states over covid? >> well, it's because one hand thinks we're united nations one hand thinks we're

indoctrination. okay? masks, mandates, everything you just mentioned, stuart, ultimately one-half the country thinks that a virtue signal they care about your health more than you do. when it is raining, my umbrella doesn't work either. all these type of things trying to keep the mask on you to lose your identity. they want to keep you oppressed, subverted because you don't have an identity, you're easy to control. i think it is pretty obvious. they also, i come from a common sense background, stuart. have you noticed in their world, right, bad news about the virus is automatically out of the box it is fact. good news about the virus is fake news. we can't believe that. we can't believe anything good. they don't want to have anything be good. about these masks, i was thinking about coming on before i came on today, about 25 years ago, you know exchanges around the world, chicago board of

trade, london, they have been hot spots for terrorists. i bumped into operation at the chicago board of trade they were pick putting up those bowl lards. is that so people don't ram the filling. does that help? no absolutely not. make feel save are when -- safer come to work today. maybe the masks, n95, we have the whole scenario they want to keep you afraid to continue to take your rights or you will continue to hand them over. that is the world we're living in nowadays. i don't know what to tell people. we've lost our names. we hit the 800,000 mark when it comes to covid deaths, right? stuart: right. >> same period of time we lot of people to smoking. why don't we get a reference number. we get a number in the middle of the air. we're losings more people on daily basis to smoking than

anything covid related. we don't want to talk about that, that gives people an idea, we can't scare them with the number of 800,000 because we lose 40, 50,000 people a month to smoking. stuart: good lord. >> 480, 500,000 people a year. i don't know where to go with this. we scared everybody so badly, that horse has left the barn. stuart: that is very good perspective, scott. i don't think this repression as i'm going to call it, this authoritarian approach can last much longer into next year. scott, we're out of time. thank you for your common sense point of view. thanks, scott. lauren is with me looking at the movers on the market. goldman sachs and morgan? lauren: banks are up in a nice way. reportedly increasing investment banker bonuses by 50% at goldman sachs and 40% at jpmorgan after a deal-making boom. wall street bonuses expected to be the most since 2009. the stock market has been on fire.

stuart: the stock goes up when the banks are paying out a lot more executives. lauren: one of the reasons. stuart: that is true. what is purple innovation? lauren: they're a mattress company. purple mattresses. the ceo is out. resigned. the outlook for the year is muted. the stock is at a new low. down 70%. like 100 night free trial, free shipping, free returns. i don't know how when you're delivering a mattress you can do free shipping and free returns so easily in a supply chain crisis. stuart: the stock is down nearly 7%. i got that one. toyota, what are they doing? investing a lot of money into electric vehicles. lauren: they are. they want to have 3 1/2 million cars a year by the year 2030 that are fully electric. right now toyota does hybrids, mostly hybrids. this is completely electric cars. the transition is helped by the $1.2 billion investments they put in the north carolina battery plant. i think this goal though is a lot light irthan we've seen from

some of the automakers. this would be a third of the cars they sell by 2030, pure evs, far less than rivals. it is not a complete bet. toyota is a little different. they're not saying that the world will completely transition away from fossil fuels so quickly. they're not making that bet. they're also building in japan, the home market. they want to keep factories there, a hydrogen fuel vehicle, not abandonment of fossil fuels. stuart: that is the next generation, way down the road. i presume way down the road anyway. good stuff. why are lithium prices soaring? lauren: big demand for evs, also electronics. you have a limited supply. prices are up 240% this year. irony everyone wants you to go green to drive an electric vehicle but the energy intensive to extract lithium, then mining creates toxic by-products. so when you think about all of this there is a little rub for you. stuart: looks like there is some

profit-taking amongst the lithium people at this moment. lauren: they have come up a long way this year. stuart: down a little bit this morning. thank you, lauren. president biden and senator manchin spoke over the phone yesterday. they were talking about build back better. they will hold a follow up call the next few days. jason chaffetz joins me. we got new inflation numbers out this morning. 9.6% inflation at the producer level. that is a record reading. what will the impact of those inflation numbers be on build back better an joe manchin and president biden? >> well, joe manchin is taking a position on this long before this number came out. give him credit for his concern about the exorbitant spending. remember more than 25% of our gdp right now is being spent by the federal government. it is huge. he tends to take all the heat for why build back better is not passing but there are a host of senators that have some deep concerns. you have senator wyden out of oregon who has 20 concerns with what the parliamentarian might

rule on. you have senator menendez in new jersey battling with bernie sanders about the s.a.l.t. taxes, the state and local taxes. i still think that is a very contentious issue. democrats argue they're just going to tax the rich more but they want to make adjustments to s.a.l.t. to give a tax relief to the those wealthy americans. what they're saying and what they're doing are totally different things and senator sinema has expressed concerns about the raising of taxes on corporations. so they are far from getting this done. i think it will be much like what they did with obamacare and you're looking at more like february to get to where they want to get to. stuart: whoa, delayed all the way through till then, is there a better chance of killing it? >> there is. you know on the one hand they're not going to get anything else done. they have some big weighty issues on their table but

they're going very slowly in the senate doing what is called the byrd bath. senator byrd had rules says you cannot lidge slate on a reconciliation package, dealing with taxes and spending but they have to go through this byrd bath issue by issue to look at it and see get a ruling from the parliamentarian. that's why it is taking so long. they have gone very slowly through this process. senator schumer is just, it, he is in a very tough spot from his perspective because it it is gog so slowly. stuart: handicap it for us, jason, just the top of your head. we don't have a crystal ball, i like a idea of truly scaled back or killed build back better. is that what we might get? >> i think it has to be scaled back. i don't see it coming -- remember they started at 3 plus trillion. now they're down to 1. something trillion. i think they will have to scale it back even more. the expenditures and the money

going to families in child tax credits, that is going to be a big, sticky, weighty issue. the other thing is immigration. i long said i thought it would be christmas but more like valentine's day they have any chance of getting through this in that amount of time. stuart: the far left, the progressives will go crazy at that. there will be a civil war like no other within the democrat party. >> i'm okay with that. stuart: i thought you were. all right, jason, thanks for being here. see you again real soon. good luck. >> thank you. stuart: some of california's largest school districts are now scrapping failing grades. lee terrell will take that on next hour. the white house dodging a question whether soft crime is the blame, being soft on crime actually for all the smash-and-grab robberies. watch this. >> do you think it is possible big cities are dealing with increased criminal activity pause prosecutors are too soft on crime? >> we have seen an increase.

over course of pandemic there are a range of reasons for that. stuart: the pandemic. james craig is the former police chief of detroit. he will deal with that. he is on the show next. ♪. ♪♪ ♪♪ ♪♪ ♪♪ it starts with a mother's determination to treat her baby's eczema. and grows into a family business that helps thousands more.

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something you probably heard about, "driving while black." traffic storms. now you're not going to in philadelphia be stopped and pulled over, a, have a broken headlight or taillight, expired registration, something hanging from your mirror or not securing the license plate properly. they found that disproportionately african-americans were being stopped by the police. 67% of the stops this year are black motorists, 12% white motorists, the black population 48%. the u.s. supreme court ruled those kind of stops are quite legal as an investigative tool but law enforcement folks seem to say, you know what, they don't really lead to any stronger law enforcement so why subject folks to these stops. take a listen. >> as far as aggressive police tactics are concerned, research,

without damaging results in relationship with the community you could make the argument but neither of those facts seem to be the case. reporter: the police in philadelphia, by the way, stuart, support this new bill. they would rather not mess with traffic stops. they would like to focus on the real problem in philadelphia which is homicide. if you look at the numbers, two years ago, 356 murders in philadelphia. 499 in 2020. now a record this year of 529. that's where they say the focus should be and so it shall be. we'll see. stuart: all right. be careful right in the middle of all of that traffic there, jeff. got no protection at all. thanks so much, jeff. get back to you later. it's a serious subject. i want to bring in former police chief of detroit and michigan gubernatorial candidate. welcome to the show. >> thanks, stuart. stuart: if you're in any big city in america, would you do that, action, stop stopping

people? >> stuart, this is bad public safety policy this is ridiculous. i served in law enforcement for four decades plus. one stop i remember vividly i stop ad late model cadillac, i was a sergeant for a minor infraction. as it turned out that vehicle was involved, suspects inside of that vehicle were involved in a carjacking, a felonious assault on the individual, who was severely injured. had it not been for the traffic stop that would have been an unsolved crime. this professor who makes statements that they don't, these stops don't necessarily lead to solving homicides for example, i disagree. they can, not always but they can. now, let's face it, profiling, stopping someone based solely on race is wrong. so like in many cities, document the stop, sometimes law enforcement gets it right, sometimes we don't.

explain to the motorist, i stopped you for the following reasons. look, people who live in vulnerable neighborhoods want effective constitutional policing and as i know it, making a traffic stop can lead to an arrest of a serious offender. stuart: okay. >> that's legal. stuart: james, can i just expand this out a little bit, give me the big picture here, the white house, we've got a crime increase, we know it. it's very visible. there is a crime increase. you can call it a spike if you like. the white house is blaming increased crime on covid. what is your response to that? >> another ridiculous statement. now admittedly when the pandemic struck ironically statement we saw an increase in violent crime. we didn't know. maybe the impact of mental health but as time went on, there was another pandemic brewing, anti-police, the

so-called failed bail reform, everything you see going on today, these smash-and-grab robberies, that situation happened in chicago at a high-end auto retailer. he is fed up. i voted for the mayor. she is not protecting for my business interests. the pandemic i'm talking about is rogue prosecutors, judges who are failing with bail reform. that is what is driving violence in our cities. has nothing to do with the pandemic. one thing, individuals who are involved in crime know, they're less consequences today or no consequences today. this is why you see the spike in crime all over our country in many places. stuart: you are a republican. i understand you're going to be in the republican primary for the gubernatorial race in michigan. you will go up against gretchen whitmer, have i got that right? >> yes. that is exactly right. viewers can go to chief james

craig.com. stuart: i figured they would. come back before the primary to sigh how the race is going in michigan, james. >> thank you so much. appreciate you, stuart. stuart: got it. we've been sharing these videos of mobs ransacking stores. i think we're beginning to get a handle how the mob was organized. what have we got on this? lauren: it is on social media some times, platforms like snap. strangers come together in and out like a flashmob, separate getaway cars. the social media companies can't, won't do anything about it, because they're hiding behind sy laws that protect criminals. the prosecutors in san francisco and los angeles won't prosecute the criminals. both cities got federal money to hire dozen more cops to help them out. they got the people but the system is releasing the criminals. so the police are doing their jobs. stuart: who would have thought we would be in a situation like

this, flashmobs ransacking major stores. lauren: i think the previous guest said it perfectly. it is the pandemic. it is anti-police, anti-bail, all coming together and. stuart: you're right. lauren: 52homicides in philadelphia. stuart: thank you, lauren. thank you very much. some of the company's largest hospitals are dropping vaccine mandates because they don't have enough workers. we're just beginning to see that. but starting today new york city businesses will require children five to 11 to show proof that they have got the jab. good lord. we have got a report on that one too. ♪.

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stuart: all right. the markets, look at them know. the dow is up 40, but the nasdaq is down 130. sew let's take a look at old tech. that is what i call i blm. what have you got, susan? susan: big blue teaming up with utech and samsung to microchip design an technology. this could cut down on potential energy use by 85% compared to

traditional microchips with the same design in the same space. outperformance by big blue. it is lagging on the year. only up 1% in 2021, compared to the s&p 500 performance and gains of 15%. speaking better performance, looks like value is outperforming. walgreen boots leading the dow higher. one of the biggest contributors today. not a whole lot of news. but i think rotation back into the value names with higher rates expected with the federal reserve an jerome powell meeting later on today, a tick up in the 10-year treasury yield. by the way walgreen boots, this is interesting, it was up 11% in the past month. that is outperformance here. there is dip buying, i promised i would show you some dip buying in the meme stocks. look at gamestop, we're back up 8% now, reversing those earlier losses. research says the retail wall street best traders have been buying on the dip, over $32 million of gamestop bought

last week on the discount. gamestop was trading at 250 but reported wider losses than anticipated. they are losing more money changing the business. that is why the stock is down. stuart: can you get dip buying in big tech because i'm getting clobbered by microsoft and the qs? susan: you have done well last two years, it is okay to lose one to 2% out of stu's portfolio. you will live. stuart: whatever you say, susan. we'll see you next hour. susan: okay. stuart: get me some dip buying. see what you can do. what else we got? new york city's new vaccine mandate for children, ages five to 11. that vaccine mandate is now in effect. date lee miller is in the city. fell it out. what does it mean for kids in restaurants, for example. reporter: doesn't matter if they're naughty or nice. as you point out starting today kids in new york city between the ages you have five and 11

have to being vaccinated to eat in a restaurant, go to a theater or take part in any indoor activity. many after-school programs, such as sports require kids get the shot. as of now only one dose is required. according to data compiled by the city, athlete 89% of all adult residents received one shot. only 84 pearls of those under 18 have been vaccinated. many tourists especially those from overseas might not have the required vaccination documentation for children. days after christmas, on december 27th, the mayor plans to implement the toughest covid vaccine mandate in the country. all on sight workers including those in the private sector must be inoculated with at least one shot. the regulation will affect 184,000 businesses. only yesterday a statewide mandate went into effect requiring all businesses in new york state either make sure all customers and employees are vaccinated or they have to make sure everyone indoors, rather is

using a mask. businesses can be fined $1000 for each violation. local counties are tasked with enforcement. a number of local officials including the incoming executive for nassau county says the mandate goes too far, will not comply. >> fact of the matter i have had business people and homeowners who are very upset about this mandate because it doesn't make any sense. i have chosen, that i am not going to enforce that. reporter: the governor's mandate is going to remain in place until january 15th. at that time the governor says there is going to be a reevaluation and see if the mandate or some other measure has to be put in place. stuart. stuart: bad effect already. only half the jobs that were in the city before the pandemic have come back, only half. that is all you got. david lee miller, good stuff, thanks for joining us, sir, we appreciate it. let's get back to the people in california and new york, they

have got to mask up indoors regardless of vaccination status. what is the politics of this? charlie kirk joins me now. charlie, long time no see. great to see you back again. i wonder if this is a political story that goes into next year's midterms? democrat-run states, loads of restrictions. gop states, freedom and liberty. does that carry through to the midterms? >> i think it will. i travel the country. i traveled over 300 days this year and there is a huge difference between obviously going to florida or new york, connecticut and california what i'm hearing from people number one exhaustion. exhaustion with the mandates and exhaustion from changing of the rules. we must understand joe biden went into the 2020 election with one promise, he didn't promise much, vote for me, the madness will stop. give me power, all of this will end. you're seeing very same promises

hurting the democrat party coming into 2022 people will say wait a second you promised us that the indoor mask mandates, vaccine mandates say it will end. they will say because of variants and other things but they made bold promises politically. i think there will be a cost to that especially as you have, justice louis brandeis, the laboratories of democracies, and difference of states, the difference of miami, florida, and manhattan, might as well be two different countries. stuart: different planets, the mood is different. the feel is different, extraordinary swap between the two but let me ask you about this weekend, this event, do you it, this weekend, americafest live streamed on "fox nation." what is americafest? >> the largest pro-american celebration definitely since the pandemic. 8,000 people will be in phoenix, arizona, mostly students. we're super thrilled to be partnered with fox on this, a

lot of fox talent will be this. why is america worth celebrating? why is your history worth defending? and what sort of future you want to live in? unfortunately we live in a country where america has become a divisive topic. we want to take that back. we want to be unified, healing, bring people together. it will be a celebration especially for young people. how thankful we are to live in the greatest nation in the world. stuart: charlie kirk, great to see you back on "varney" and "fox nation." see you real soon, charlie. it is an interesting trend going on here. some hospitals are now backtracking, dropping their vaccine mandates. they don't have enough staff. lauren: yeah. some of the largest hospital systems out there, hca, tenet healthcare are dropping the mandates because their staff are leaving. they're either leaving because they did not want to get vaccinated, they found higher pay, traveling nurses make a lot of money or burned out. i have numbers from september,

give you a sense how many workers in hospitals are not vaccinated, 30%. stuart: not vaccinated? lauren: over 2000 hospitals surveyed were unvaccinated, correct. stuart: a lot of those 30% are not going to work. so the hospitals having to drop the vaccination requirement. you could see it coming a mile, couldn't you? you can't restrict the workforce like that when there is a labor shortage and push them out the door. lauren: i know. stuart: these were the people we were cheering a year ago. lauren: that is the argument they said. i was a hero before the vaccine. i never got could have covid. now they have immunity. most of those people -- stuart: instead of backing off on the vaccine mandate we have cases of a lot more companies delaying the return to the office. they're going in the other direction. lauren: i know. i know. it is unbelievable. everyone is just confused right now. they're confused what the rules are. they are different based on city you live in. they're always changing. stuart: more on that in a

second. i made a mistake right there. that was a tease, not a report. sorry about that. there may not be that many christmas tree presents under the christmas tree. inflation, supply chain problems forcing a lot of people to cut back on the holiday shopping list. i'm not so sure about that. really? we'll get into details of it coming up next. ♪. ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪

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♪. stuart: lovely weather for a slay ride together with you. that looks awfully cold right there in maple griff, minnesota. it is cold. 36 degrees, but what do you expect. lauren: need a hill for a sleigh ride. stuart: for sledding, you do.

check the markets, please. we're down across the board now. red ink all over the place. look the nasdaq down 183 points. that is a big drop, well over 1%. appropriately mike murphy is with us. now, i take it that selloff in the nasdaq is because of the 9.6% inflation rate at the producer level but my question to you, mike, is, are you buying this dip? you bout every dip for the last 10 years. you buying this one? >> i would like to see more of a dip, stuart, because i think right now the fed is in a tough position if they raise rates it will hit the economy and it is also going to hit the stock market but if they don't, you will see inflation to get ought of control that will hurt the economy and hurt the stock market. stuart: mike, is there any chase choice, really? does the fed have any choice? it surely has to rein in the

money printing. it has to say yes, we'll go a couple rate hikes next year. they have no choice. >> they have to do it smart, stuart, to keep focusing on the data, i agree with you but let's get past covid, omicron anything else that comes from it, let's get past that first and let's slowly dictate to the market what we're going to do, rein in the spending slowly. no rash movements that are going to spook people but yes, they do have to, we're no longer in a pandemic. we're no longer in an emergency situation. so they have to normalize which i think the market will be fine with. stuart: what will you do for me on microsoft? we had it on the screen there. down $11. 3, 4% down. are you going to buy that dip for me, please? >> stuart, if you back up a little, it is literally sitting at an all-time high yesterday, i believe. it is not enough of a dip there.

i will hold microsoft. i love microsoft. what they're doing with so many ways, gaming, the cloud, a company i would continue to own and buy any weakness but for people at home, stu, i think this is important, if you're getting a year-end bonus, put it under your mattress or allocate it to the market, i think you can 100% allocate it to the market. big tech continues to innovate. yes, you're paying all-time high prices. they are going to do a lot of new things and continue to increase earnings. stuart: real fast this one. nike bought this virtual shoe company making sneakers for the metaverse. you say this will help nike sell more real and virtual sneakers. i don't understand it. explain please. >> i think it's a great move for nike. sneakers are booming. i bet you have a pair on yourself. sneakers are the new fashion trend. when we talk about the met havers is, stuart, people will go online into the metaverse and

buy things like clothes and sneakers. for nike to make the acquisition, it will help them with younger audience and a cool factor and when you go into the metaverse to buy a virtual pair of shoes, it will help them sell shoes real time as well. this is a great move and not the last one by multinational companies. expect more deals like this coming. stuart: you say i pay money for virtual shoes, really? >> virtual art, virtual shoes, a lot of virtual things you will pay money for, yes, sir. stuart: we'll see about that. mike, we'll see you again soon. inflation, we are told is forcing people to cut down on their holiday shopping lists. lauren, i don't believe it. what is the source of this information? lauren: monmouth university did a poll. four in 10 people said we're cutting back. how much? 19% said a lot. 21% said a little. okay, here are the reasons. things are just too expensive or

they're too hard to find. a lot of people don't feel in the holiday spirit. they might have have canceled plans to visit friends. why bring a gift or send a gift. a bit of a baja christmas. stuart: you don't feel christmas? lauren: i don't. i don't feel the excitement in the air. it pains me to say that. stuart: come to florida, enjoy the palm trees for christmas. lauren: decorate the palm trees. stuart: they're happy. thanks, lauren. some democrats are pushing for vaccine requirements to get on a plane. no vaccine proof, can't get on the plane. we'll tell you about that. it is just a proposal, believe me. jen psaki claims that vice president harris is still in charge of the border. roll tape. >> is vice president harris still in charge of addressing the root causes of migration? she is. >> why has she not.to the president of guatamala since june? stuart: good question for you. brian kilmeade is on the show. she will take that on next.

♪.

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stuart: outstanding feature of today's market thus far is the sharp loss on the nasdaq composite. it is down 224 points. that is about 1 1/2%. that is a major loss. you can tell because the big tech stocks, they're all way, way down. microsoft, in particular. also amazon. the market taking it on the chin after today's explosive inflation news. 9.6% rate of inflation in the last year the producer level. here is brian kilmeade. brian, welcome back to the show. i want to talk about jen psaki being pressed about vice president harris' role in addressing the border crisis. i know you've seen this before, but i want to replay it for our audience. roll that tape please. >> is vice president harris still in charge of addressing the root causes of migration? >> she is. >> why is it she has not spoken to the president of gaut haul -- guatamala since june. if she is in charge, why is

that? >> we have had a range of conversations reflected in our readout next week. stuart: no contact with the president of guatamala since june. she is supposed to be the head of the root cause of these things. what is going on, brian? >> lazy. in this environment you can cop out this coronavirus makes me want to travel, such and such surge, i don't want people in jeopardy, don't want my security team on the ground, you can sit there to do zoom calls all day long, you want to get to the bottom of it, how they're progressing. shy had a meeting with business leaders to invest in job training. comprehensive look on what is going on in central, south america would be. we discussed it when you come on the show, get manufacturing into our hem miss fire, bunch hard-working people with a opportunity. you bring it to central and south america. that is a plan. you have somebody wants to scott job. she wants the trophy. she doesn't want to play the game. she has to get in there, find

out what the issue is, build the barrier that is already paid for, get to the border and the thing is, if you see somebody, if you watch the trump administration during their four years, at first a lot of their policies were not working but they kept at it, kept at it. president trump would fire somebody, put somebody else in. remember he went through two or three homeland security secretaries. in the end they got it right. they're not even paying attention. when asked she changes the subject to go pocketbook shopping in france. stuart: i mean, she has failed miserably on the border issue you. now i believe she has been put in charge ever charging stations for electric vehicles. i would say that is quite a comedown, isn't it? >> can you do something? i laugh when analysts say, they gave her a job that is impossible to do so they make her look bad. are you kidding? don't ask to be vice president or president if you want an easy job. now with this, the electric

cars, that is her big push, right. time which gas is really high. starts talking about electric cars. pretend when you plug something in it is magical when you don't hear an engine. that is not even an issue. what you do should talk about, what fuels electricity which is mostly coal plants which could be an issue. to me she wants to do the show. she wants to be the queen of england. she doesn't want to be the prime minister. she was elected to be a prime minister. stuart: i think america has a problem it is not a political problem. we have a problem because our president is frail and ailing and the country has no confidence in the vice-presidential second pick. that is problem for the whole country. last 30 seconds to you. >> it's a problem. it will be a real problem for them in 2024. they will need somebody to run in that slot. you can rattle off eight legitimate presidential candidates, even if you don't want to vote for them, eight legitimate candidates. where are the democrats,

governors? stuart: no bench strength. not there i'm out of time. sorry, brian, that was good stuff today, we appreciate it. >> go get emstuart. thank you. stuart: still head on the program, 11:00 hour, leo terrell, indiana senator mike braun, rob smith, west virginia senator shelley moore capito. inflation nearing a 40-year high. prices may go up even more. the fed, in my opinion now the fed must act now. we need to really pull back or at least pause build back better. that is my opinion. more of that after this. ♪♪

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>> we save america and just kill the bill. >> their prices up 10%. 10.6%, another body blow. >> we are not at the end of the bull run, too much money involved. wildcard is jerome powell. >> i'm not worried about the

overflow, what i'm worried about with omicron is healthcare workers becoming symptomatic. >> bad news about the virus, automatically out of the box. good news about the virus is fake news. ♪♪ stuart: it is 11:00 eastern time, tuesday december 14th. breaking now democrats moving to raise the debt ceiling up by $2.5 trillion. a vote on it is expected later today. left-hand side of the screen the important news of the day is the market. the nasdaq, going down, 260 points, one.7% and the dow is down 164.

big tech really taking it on the chin, tears, nasdaq, microsoft is at $3.26, down $12, 4%. apple started to move down 250 almost, google is down $84, amazon $41, meta-platforms down $4. a big selloff right there and now this. for the past year we were told inflation was transitory, that it would eventually go away. it hasn't. price hikes are getting worse. you can't let inflation fester. it builds on itself. the time to act is now in my opinion. two things are required. build back better, this is not the time to signal yet more stimulus. the economy does not need it. we are flush with cash, chasing goods and services already in short supply. second the federal reserve should start raining in its money printing and raise

interest rates early next year. don't be confused by the technical jargon. the bottom line is there is too much money chasing too few good and if not controlled soon inflation gets worse and the problem gets more difficult to control. democrats will not be happy if build back better is positive or vastly reduced in size and they won't be happy if the fed refuses to finance their massive spending plans. if it is managed properly, cutting demand now prevents a serious recession later. decades since inflation tore through america. we've forgotten how bad it can be but it is back. it is voters number one concern. if they want to help america's vast middle-class the president and the fed should act now. third hour of varney just getting started.

we need any economist. i found one sitting right there in new york city, first time we've seen each other face-to-face in a couple years, good to see you again. we should act now and pause build back better. larry kudlow earlier, kill the -- you can't -- >> right now i will put the odds at less then 50/50, caving in of democrats. stuart: inflation numbers, that's a real bad thing for build back better. >> the other thing was cbo numbers which are devastating. you played this many times were president biden said this will not cost one dime, totally paid for, missed by that much, by $3 trillion. the nomination of those things make it very precarious to say the least. this isn't going to get done this year, no way. we are looking at 2022, a new field. let me say something about what

you were recommending about the fed. i agree with you but even if they raise rates by 12:45%, hate to say this but they are so far behind the curve they should've done this 6 months ago. we are still looking at 6%, 7%, 8% inflation for the first half of 2022. they are too far behind the curve. don't know what you are recommending that i would do half a point, not accorded point. stuart: i didn't have a particular number in mind. ice stuart: to them to act now. that very important. rain in the money supply. >> you quite correctly point out these asset purchases make no sense to me. why does the fed pump money into the economy by purchasing mortgage-backed security. we have the red-hot housing market right now. do you think the housing market needs fed support right now? this is the hottest market ever for real estate and what does this remind me of? remind me what was happening in

2006, 2007-2008 when we kept inflating this bubble and when it burst it was painful. stuart: let's turn it around. we get something or other, we do not have the fed raining in the money printing and doesn't raise interest rates first thing, if none of these things happen what happens to our economy and inflation? >> extremely negative for the economy. you see double digit inflation which even in the height of the carter years, reached a high, 50 year high. stuart: after the carter years it was paul volcker who raise the district -- percentage rate and the gigantic recession. >> really important, a step ahead of me. i remember that vividly. what happens with inflation, this is the morning for the policymakers, inflation got so

bad the volcker almost had no choice but slam the brakes on the money supply. remember the gut wrenching recession? it was the worst recession since the great depression. it crashed the economy. it took 12 to 16 months for the economy to recover. i graduated from college about that time. with a college degree you couldn't get a job flipping hamburgers, it was so bad. i don't want to see that so bad but that is why the fed has to get ahead of this and not wait. stuart: thanks for sorting it out. >> you haven't aged. stuart: i said the same about you. tomorrow, first lady jill biden and second gentleman doug i amohfe, they will meet with first responders who were epidemic christmas parade attack. leo terrell is a civil rights attorney and joined me now.

it has been a month since the outrage in what keisha. why are they going back now? >> joe biden should go there. kamala harris should go there. the second string, they have to answer questions about the suspect, the murderer, the member of black live to hate cops, just a career criminal. they -- the entire democratic soft on policy on crime would be evaluated. they don't want to answer the question. is shameful for president biden not to shop and ask the question about your policy regarding crime. stuart: i can tell you are just warming up. here's some red meat for you. california's largest school districts are eliminating d and f grades, high school students who fail assignments will get do overs or incompletes.

this will help black, latino and low-income students help during the pandemic, how much does it help and what do you think of it? >> i am a former schoolteacher. i still have my teachers license, this is an insult to black and brown kids, they are basically saying you can't handle it. i am a proud beneficiary of the public school system when they were effective and basically it basically is a disincentive. you are basically telling kids you don't have to study. we understand your pain. this is a copout, critical race theory backdoor, changing the system because they feel it is necessary. stuart: when i came to america i arrived in california in 1974-75, in san francisco at that time i remember california schools had a good reputation.

they performed very well, didn't matter what minorities, they did well in california schools, that's not true today. education system for minorities in california has virtually collapsed. am i going too far? >> you are absolutely right. the education system in california sucks because teachers unions control the education system and they don't care about kids of color. same time period. i'm a proud recipient. i on fox right now if i didn't have a good education. for them to drop the the and f grade is basically saying you don't have to pass education or pass grades and they will be punished later in their careers. they will be punished with competition. this is a horrific decision. stuart: it is a tragedy for all those kids who are negatively affected by it. california reinstated the indoor mask mandate for public spaces regardless of vaccination status. things to you guys are going

backward. >> i live in the worst state in the country. years of evidence, the colorado governor, the emergency is over. we have vaccines. we've been wearing masks in california two years. what is the purpose, what is the evidence, where is the science. we have a control freak governor who is punishing us because of the recall, the frankenstein monster, he wants power and control, nothing but control of the people in the state of california. this is punishment for the holiday season, the holiday season. stuart: you live in california. answer this question please. will your i ever living long enough to see a republican elected to statewide office in california? >> that is a very good question. of it doesn't happen next year i'm going to join wherever you live. hope it is not new york, maybe florida. if we don't do it in 2022 it is

never going to happen. stuart: i am going to florida for christmas and i would be delighted to invite you to my house, christmas gift. >> looking forward to it. i think you are all right and thanks for being on the show, appreciate it. back to the stock market. we will get big tech. what are the movers? >> what we are not watching today. facebook, matter, amazon, google, netflix. stuart: i see what happened. at soft -- don't want to look at that. and -- >> they are -- >> we will find out tomorrow afternoon what they do.

and so much of a rotation, growth stocks are doing well, it is a down market, one of the bigger winners, it is up 3%, palantir was up moments ago, wall street, they are mentioning palantir a lot today. stuart: they are mentioned. >> stock is up, the price target cut to $25 a share. and 3% and change. it is not the gap. just gap. lauren: they own old navy. stuart: i did not know. >> if they are not dressing up for work anymore.

stuart: a major investment firm pushing back, delaying its return to office plans. and they imposed the vaccine requirement before you can fly. senator joe mangentle report is anything as possible after speaking about the big spending bill, where do things stand this morning, with that information next. ♪♪ always put clients first. (other money manager) so you do it because you have to? (naj) no, we do it because it's the right thing to do. we help clients enjoy a comfortable retirement. (other money manager) sounds like a big responsibility. (naj) one that we don't take lightly. it's why our fees are structured

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stuart: that is capitol hill, 53 degrees and sunny, nice weather. senator manchin said he had a good conversation with president biden on the build back better plan. senator mike braun joined me now. you works with senator manchin on scrapping the federal vaccination mandate. have you spoken to senator manchin recently about build back better? do you know where he stands on it bearing in mind 9.6% inflation? >> if he is listening to his constituents in west virginia the reason he got on the bipartisan effort to squash the vaccine mandate that was surprising. that goes against the grain of their party. he has been so public saying he believes you got to budget this

stuff, worried about the national debt. when he and i both got elected, me reelected, $18 trillion in debt and now we are 30 trillion and i think they look at every word he said, his constituents back home hold him accountable. that is why i think he believes we can't afford it. he hasn't even seen the text to see what is in the fine print. they shoehorn all kinds of crazy policy into these reconciliation bills. i am hoping he keeps delaying it or even squashes it in the long run. stuart: what we keep hearing on this program today from some commentators is there is no way you are going to get build back better before christmas. is going to have to be pushed into next year and therefore is probably going to have a much harder time even next year. do you agree with that?

>> i think so. as we step into the second year of this congress, the legislative calendar gets really difficult to navigate through and remember from what we have already done. we spent $870 billion incentivizing people to stay home and watch netflix, tampered with the work ethic and of that, minimally the labor department says fraudsters took $87 billion of it, 10%, independent groups think it was closed 40%. that is over $300 billion in this money that we've spent the was a cornerstone of what we did. that is what government does and everybody seems to shrug their shoulders but it doesn't make a difference. stuart: if they get any of that, republicans in the media will have a field day looking at this nonsensical spending, we go to town on it and that is another political risk for the democrats. if they get build back better,

if they don't get it the left-wing will go crazy in revolt and primary senator schumer. you are looking good. >> what amazes me is how they keep digging the hole deeper from all the list of deplorables we had to work with as a party, when we get the rain back and start talking about what we are going to do for the country with small limited government so we don't create these opportunities for political entrepreneurs on the other side of the aisle. stuart: i know you are calling on the administration to let the vaccine mandate for truckers who cross the canadian border, obviously trying to improve the supply chain, why they haven't done this kind of thing already. >> makes you scratch your head because they've done so many things it takes a productive side of the economy, main street where i come from, make it so difficult and want you to pay all the bills because most

of the folks here are professional career politicians, they don't respect the productive side of what drives the country. stuart: thanks for taking time out to be with us on a busy day, always appreciate it. sony has announced it is canceling the doctor oz show. he's preparing to run for the senate intensive in your. come on in, ashley. when is doctor oz's last show? ashley: next month. the series officially wraps up january 14th. the doctor oz show in and 14 season but the heart surgeon and talkshow host announced last month as you mentioned he's running as a republican for the pennsylvania seat of retiring us senator pat toomey. television stations in philadelphia, new york city, cleveland that are seen in pennsylvania have already taken doctor oz off the air worrying the fcc's = rules would allow

rival candidates to demand similar airtime so he's off the air in those cities. sony pictures says the doctor oz show will be replaced by a spinoff, good dish, a talk/cooking show that includes doctor oz's daughter daphne oz. stuart: i like that name. daphne oz. thanks. back to the markets. show you some red in, lots of it. the nasdaq down one.7%, 266 points down, big tech taking it on the chin today. pfizer final results on its covid drug, not the vaccine, the treatment, the bill, final results show it reduced hospitalization and death by 89%. today marks one year since the first covid vaccine was given to a nurse in new york city. every network ran it including us. the nurse, sandra lindsay received an award from

president biden and the scrubs and badges she wore that day, the day she got the first jab in the smithsonian's. who are we talking about today? ashley: morgan stanley reassessing its aggressive back to the office policy with james goldman saying covid would likely be an issue through next year. asset management firm fidelity investment says it is not pausing some voluntary return to office plans. the boston-based company says covid hospitalizations in massachusetts have jumped 58% in the last few weeks. jeffries already sent stockholm and cancer did climb parties. in the uk major investment banks, advising most staff to work from home as the government imposes tighter restrictions, many banks including jpmorgan, goldman

sachs and later bank say their offices will remain open. stuart: a couple big banks will increase bonuses for investment bankers. can you tell us which banks we are talking about and how much money we are talking about? ashley: goldman sachs may boost its bonus pool for investment banking by 50%. jpmorgan chase could deliver a 40% increase. the 2 wall street titans have dominated this year's dealmaking. and mandate and underwriting groups have impressive revenue. the banks expect to open their wallets to keep workers happy. analysts say wall street bosses under mounting pressure to be more generous, signs pointing to another big year ahead of workers feeling they are owed and ready to jump to competitors if their employees skimp on the bonus. in short a bigger bonus is considered as much as a retention invention as a reward for performance.

these are the times they say keep your workers happy and if that means bigger bonuses lucky them. stuart: i'm dying to hear what elizabeth lauren thinks about this. thanks, all good. the nfl will require coaches and team personnel to get the covid booster and they only have two weeks left to get the jabber. black lives better calling for a boycott of non-black owned businesses. senator josh halley wants to know why their corporate sponsors are staying silent. >> they want to contribute money to blm, say we are woke, we don't get it, don't come after us. stuart: rob smith is next. ♪♪ ♪♪ we need a little christmas ♪♪ right this very minute ♪♪ candles in the windows ♪♪ carols --

♪ ♪ ♪ ♪ ♪

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stuart: i do like this song, the walrus, john lennon. looking at the golden gate bridge, 43 degrees out there.

listen to the walrus. check those markets. so much reading on the nasdaq it is not even funny, down 250 points, big tech getting creamed today. you've got the movers. what are you starting with? >> they usually play the beatles song at 11:30 a.m. i will watch for that every day. he expects, the high end of the q 4 guidance. it is closer to pre-pandemic levels. uber finally made money over the summer time, first time in a quarter since the company was founded in 2008. i want to show you chinese internet stocks hammered in hong kong trade after china's version of twitter was find half $1 billion for cyber security violation but look at ali baba signing a new cloud

deal for the local chinese comedy that depend on the name you're buying into and the returns you are getting. stuart: it was still well over 250 a couple months ago. thanks very much. black lives matter, wants consumers to buy christmas goods from black vendors. they are staying silent on this issue. >> they say we are well, we get it. they get credentialed. >> why don't they put money to black lives matter. why can't he answer the question. >> they give money because, they are owned by the far left.

what josh how he was speaking about was black christmas campaign has is encourage people to spend money on black-owned businesses, and i believe in black-owned businesses. it is so divisive, what they have to say, and white premises capitalism, is reaping profits from corporations, and the money, let's harness our economic power, and build the black community. this is about decisiveness. stuart: it is about hurting so-called white owned businesses. they have given them a lot of money. are they so far and they cannot

retreat. if they did retreat and are cutting off the money they are declared racist. >> the money blm, that is all the money, it was basically a shakedown. they were not speaking out about this. they are distancing themselves from this a little bit and these corporations give blm all the money they get. stuart: interesting. i find this intriguing. we've gotta -- 3 house democrats backed a proposal that would make vaccine requirements mandatory. you got to have your vaccination card. this is just a proposal. have your vaccination card before you fly. it shows the mindset of the democrats proposing this top-down authority. >> the thing is enough will never be enough for these people.

it isn't about the science of public health but control and it has been about control for a long time. if you look at what is going on in the country, the democrats failures on the southern border and inflation, we had the most expensive thanksgiving dinner ever in history, probably the most extensive christmas dinner in history. they are failing at every level, proposals for these mandates, all about this is a distraction. have people look over here, doing all the things that makes your life harder. stuart: you live in florida. >> the great state of florida. a great state, free state and i love our governor. stuart: one of the themes on the show is florida is full of people smiling, booming, happy place. been to new jersey recently? what are you doing in new york? >> i came to new york but i want to see you in person was i

came to new york to see you. i haven't been here since first time i had done this show, a new mayor coming in, nothing beats new york during the holiday season. but the great thing about florida compared to new york is in florida when i walked down the street i see people face, people don't wear masks. stuart: you can communicate. great to have you on the show, some good spirits in new york, we look for it carefully. nike jumps into the matter first. they bought a virtual sneaker company. we will try to explain that and we will. 9.4%, more than double the national average. new york city has not come back. ♪♪

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♪♪ these boots are made for walking ♪♪ and that's just what they will do ♪♪ stuart: that is nancy sinatra, 50 years ago, these boots are made for walking and they will walk right every. you are looking at the statue of liberty, a little cloudy, nice and sunny later. new york city, let's get to that, the unemployment rate, 9.4% double the national average. madison allworth, new york city only added back have to jobs which were available before the pandemic, only have to jobs of come back, spell it out for us. >> new york has so many problems.

the entire country dealt with issues because of the pandemic while other states in part of the country are coming back, new york is crawling out of this pandemic, the picture so much worse than most of the united states. when we look at what we are looking at, the pandemic did hit this part of the country, a job decline in march and april of 2020 compared to the nation's average of 15%. not 5%. what is worse is where we are today. the country is pulling out of the pandemic a we are crawling out. they regained 80% of the jobs lost the first few months, new york only 60%. if you look at unemployment in october, unemployment rates, 9.4%, double the national average of 4.6. so the industries new york is

known for their struggling to come back. the apparel manufacturing sector that filled the garment district in new york city, that is a loss of 7.6% of the job year-over-year, new yorkers and visitors around the state, 17%. with office buildings empty and visitors slow to return, the accommodation of the food industry has seen a 22.9% decline, three times the national average for the industry. while people are visiting and eating out in other places we are not seeing that here. i throughout a lot of numbers but they all paint the same picture. the rest of the country is getting back to work and back to life, new york is not there. stuart: these mandates about vaccination and masking, they keep imposing them all the time. >> made it slow for people to

return, the latest numbers they found, 8% of office workers in new york full-time, 8%. this is a city known for building skyscrapers, there empty. stuart: every day they showed 6 avenue, we got it on cv, midtown manhattan nowhere near like it used to be before the pandemic. good report, thank you very much. let's get back to ashley. the nfl announced it would require booster shots for all staff. that includes all players. ashley: players are exempt from the latest directive. the nfl telling all 32 teams coaches and other staff members who work closely with players they must receive vaccine boosters in the next two weeks. what comes as 37 players league wide have tested positive for the coronavirus and a staffer for the washington football team became the nfl's for is

known case involving the omicron variant. no games have been postponed because of covid and no vaccine actual requirement for players. the nfl claims 94% of its players are vaccinated but the league is tightening protocols by increasing testing and expanding mask wearing requirements but the players not under that directive. stuart: have you got the story? nike bodice virtual shoe company that makes shoes for the meta-verse? what does nike want out of it? what does nike want to do? ashley: allows them to explore the world of virtual sneakers by promoting digital footwear collected in the meta-verse. not just rtf kt studios for an undisclosed amount of money for call the company a leading brand in what he calls the next

generation world of emerging culture and gaming, nike is positioning their lightning bolt style logo with its own iconic swoosh. earlier this year, to give an example, the virtual shoe company teamed up with a teenage artist to sell sneakers paired with virtual ones and managed to sell 600 pairs in 6 minutes netting $3 million. remarkable and it is that kind of marketing and potential nike hopes will deliver real world profits. stuart: i am beginning to understand this but only just. nike is down today. show me the dow 30, let's get us into this market was an even split, winners and losers, the dow is down 100s. that is the market as it is today. the big drop is on the nasdaq over 200 points. the president's spending plan includes billions for clean energy. that could seriously hurt:states like west virginia. what is their plan to fight it?

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>> go ahead and plug in. >> there we are. >> that is it. >> there is no sound. how do i know it is working? stuart: that is the vice president trying out an electric car charger in maryland. she has been put in charge of the car charging electric vehicle stuff across the country, $5 billion plan and she is in charge of it. i want to talk about this massive spending plan because it includes a big push for states to cut greenhouse gas emissions. senator shelley mooreitoh, what will this is your state as it goes as his? >> the weight is written he would penalize states in the transportation sector on greenhouse gas emissions.

if you look at the western states where you don't have a lot of congestion and they are asking you to meet certain metrics to pull down your admission it is almost impossible, and the states ability to have conditions on new highways or maintaining highways to get into the formula funding, this is the wrong way to go about the certain areas of the country that have huge congestion and transportation sector. stuart: it is punitive. if you don't do this you will suffer. that is it. >> the concerning thing is it is punitive because it is consequences but we don't know what those consequences are. the are leading an open book here for them to come in, the federal transportation, to make decisions for the state and traditionally those decisions are made best at the state. stuart: your fellow senator from west virginia joe manchin had a, quote, good conversation with president biden on the

build back better plan. you are smiling because you know what is coming. do you think he is going to stop it or make it has into next year? can he do that? >> he certainly can do it because the votes are going to be 50/50, it is straight partisan and one senator can do that, senator manchin can but we saw in a survey west virginians 59% strongly oppose the build back better, 73% of west virginians are concerned about what will due to inflation and another 89% of west virginians they push it back, let's slow this down. he sees those numbers, here's them from home and senator manchin and i are good friends and represent a wonderful state, what west virginia and say have great impact on senator manchin and i expected to be the same. stuart: we got news of 9.6% inflation at the producer level, 7% at the consumer level. i am sure the senator has seen those numbers, objects to inflation, stimulus like this.

do you think we have a good shot here at least delaying build back better to next year? >> i do think we have a good shot simply because today, just an hour ago they announced their debt limit number is going to be $2.5 trillion, another several trillion dollars plan. if you look at the cost of the child care provisions in this planet will double the cost of childcare and a lot of our religious childcare institutions out of business. if you look at green energy is going to raise our energy prices. when people are getting notices from the power company that their bills are going to double and who does it hurt? it hurts the people most that have the most difficulty paying every month to make sure they get food on the table and people are feeling it. they are really, you don't have to tell them this is happening, they see it every day when they fill the car up, go to the grocery store try to do something else but normally would be within the realm of affordability and it no longer is.

stuart: i can remember the last inflation surge and we don't want another one. senator shelley moore cap ito. coming up on 11:55. you know what that means? we've got to do the tuesday trivia question. this is good one. which food does not go bad? you've got four choices, honey, soy sauce, dark chocolate, white rice. i haven't a clue but i will take a guess after this. the living room slash yoga shanti slash regional office slash... and this is the basement slash panic room. maybe what your family needs . .

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stuart: i think this is one of the best questions we've had for a long time because i haven't got clue what the answer is. ashley, come on in please want to have a guess? >> it's a great question, i don't know why but i'm going with honey. stuart: really? >> i don't know why. i have no idea. stuart: i just got a text from one of my relatives, yeah, honey. i was going with white rice, only uncooked, because if you cook the stuff of course it can go bad but if it is uncooked and hard, the answer is honey. all right. i have some script to read. honey is low in water, high in sugar. so bacteria cannot go on it. honey contains small amounts of hydrogen per rocks eyed which prevents the growth of microbes. you learn something on this day.

>> you really do. stuart: my relative probably googled this. that is kind of cheating. doesn't really matter, does it? all good stuff. ashley, see you again tomorrow. >> my pleasure. stuart: my time is almost up. i leave you with one thought, look at the nasdaq, down 280 points. that is the best part of 2%. selloff in big tech. time's up for stuart. neil, it is yours. neil: thank you very much and to your point, stuart, tesla is now well into bear market territory. we'll be pursuing that, to say whether this has some greater meaning here because a lot of the breakdown has been concentrated in some of the big names as well. also keeping you abreast of developments right now on the, on the covid front, year to the day, the first vaccine started reaching americans, year ago today. since that time 450 plus million vaccines have gone out to americans. that is just in this country. meantime hope when it comes to omicron, maybe pfizer has the answer.