soul and a lot of people bought pets during the lockdowns. hope we don't have a surge in shelters because people decide they can't keep pets anymore. this is needed more than ever. shelters need support more than ever. maria: absolutely right. and we agree. good to see you both, thank you so much. have a great day, appreciate you joining us same time same place, "mornings with maria" tomorrow morning. "varney and company" begins right now. stuart: good morning. energy price inflation has arrived. investors don't like it and it is a problem for president biden. oil reached $85 a barrel, the highest in 7 years. iranian backed rebels staged a drone attack on the big oil facility at abu dhabi, the modern city in the biddle of the middle east oil patch.

inflation means higher interest rates and that is what we have. the yield on the 10 year treasury getting a 1-year high, one.82%, interest rate trend is up. investors are selling, don't like rising interest rates, ignoring big tech. 11 down. the dow is down about 300 points. look at the nasdaq. another big selloff as interest rates go up. we have a huge deal by microsoft. activevision blizzard, videogame makers call of duty and candy crush, it works out to a total price of $68 billion. it is microsoft's biggest acquisition ever. activevision blizzard has been troubled recently firing dozens of staff for misconduct but that's not getting the wave this deal. here is a stock that is

differently worth mentioning. goldman sachs, earnings per share disappointing at stock is down. it is a dow stock and shaving 70 or 80 points. the democrats split becoming more personal. bernie sanders furious over the likely defeat of owner form and build back better name senators manchin and kristen sinema in an angry tweet, vice president harris demands those two senators defend the constitution of the united states as if they are attacking the constitution by keeping the filibuster. the president himself has a clear schedule today. maybe he's resting up before the big press conference tomorrow afternoon. that is the subject of intense speculation. will his handlers preapproved questions for him? written answers on the teleprompter maybe and also after a year of failure will the president pivot away from the left or keep going in the same direction? an ominous warning from major airlines about the introduction of 5g technology tomorrow,

quote, unless our major hubs are cleared to fly, the vast majority of the traveling and shipping public will essentially be grounded. as if the weather and omicron weren't enough. tuesday january 18th, 2022. on this day we went on the air with our first show. it is our twelfth birthday. a great run. the latest edition of "varney and company" is about to begin. ♪♪ it never would come to me ♪♪ stuart: got to start with the markets because we have another big selloff in stocks. the nasdaq as we set is down 230 points. is this all about energy price

inflation? if it is it is a big problem for the market, the economy and president biden. >> i have to wish you a happy anniversary, a great achievement. we do have an energy problem. i have been thinking the price of oil would be $85 this year and we are at the top of the range, the geopolitical problems have the potential, recessions were mostly caused by credit card, occasionally caused by spiking oil prices. it is a concern and definitely a head wind for the market in the near-term. stuart: interest rates are clearly rising. we have a 1-year high on the 10 year treasury. we are at one.82%, it is getting awfully close to a 2% yield. if it gets to 2%, what does the market do?

>> it is doing it right now. anticipating we get to 2% in the to your note anticipating we get 45 increases. one of them could be a 50 basis point increase so the market is getting panicky about the situation. once we get to 2% if we stabilize for a while the market has chance to recover. i don't think this is the beginning of the bear market. it is a bunch of head wind. 2% is not the end of the world. stuart: a little perspective is well worthwhile. thank you for joining us. see you again soon. bernie sanders calling out senators manchin and kristen sinema by name, showing the split between democrats. what exactly did he say about these senators?

>> will 50 democrats vote to override the filibuster, protect american democracy, pass the bill or will manchin and cinema vote for the gop and let the build i? both of those democratic senators said emphatically they are against changing senate rules to ram through voting legislation. house speaker nancy pelosi frames the filibuster this way on the mlk holiday yesterday. >> you truly want to honor doctor king, don't dishonor him by using a congressional custom as an excuse for protecting our democracy. stuart: here is the hypocrisy. more than half of current senate democrats voted to support the filibuster when donald trump was in office. is this about voting rights or blowing up senate president for their progressive agenda? it is unlikely to pass. it seems democrats are willing

to take another loss here and president biden is going to have a press conference at have to address it. stuart: totally split party. i like your opinions. after 12 years we are entitled. jason chaffetz joins us now. the split among the democrats is obvious. do they have any hope of passing any significant legislation? >> know, because they haven't reached out to work with republicans. and to leave senate rules in place, and they have no trouble using this, the filibuster in the last 2 weeks against ted cruz's bill.

mp, {for 100 years -- >> what about the press conference were tomorrow afternoon, and does he pivot, what is he going to do. >> i think he will try to do both, it is a big moment for president biden, everyone has to be, what gaffe will have, they don't have any accomplishments to play 2. we talked about this many times on your show the with a have reconciliation in their pocket. they could take appeared down version of that that is palatable to manchin and

kristen sinema and others and push something through the inflection point, the key point of that is going to be march 1st was between this press conference is march 1st you will see the democrats push something forward, they have to have a victory by the time they go to the state of the union. the latest state of the union speech we have ever seen in this country. that the point more than the press conference tomorrow. stuart: this is the twelfth anniversary of "varney and company". you've been with us for many years. do you have any memorable moments to recall? >> congratulations. one of my most memorable when i saw that is when you become a united states citizen, that was a good emotional moment and i thought it was absolutely great. it came from your heart, and congratulations. on the great success of foxbusiness and on becoming a citizen. stuart: thank you very much,

you will be back. black rock, the world's largest asset manager, the oversee $10 trillion. the ceo is larry think and he is speaking out against being woken. i'm interested. what did he say? >> from his annual shareholders letter, stakeholder capitalism is not about politics. it is not a social or ideological agenda. it is not woken. it is capitalism and here is your money point. with their pursuit of profit, still what animates markets so he's defending profitability. a few years back he started talking about climate change and all these big companies started announcing green agendas, they wanted to be a part of blackrock investments. why wouldn't you be? the point larry think is trying to make now is you can still

care about society and evolve as a company and make a profit. don't have to be mutually exclusive. stuart: profit is not incompatible. thank you very much. got to check the futures again, 20 minutes to the market opening and we are going south to "the opening bell". a 40-year-old woman pushed her death on subway tracks by a deranged homeless man. new york city's mayor says there's nothing to fear. >> perception is what we are fighting against, this is a safe system. stuart: not perceived to be safe. i will ask new yorker brian kilmeade about that. remember when then candidate joe biden ran for president on his foreign-policy credentials. >> no one wondered if i know a lot about these. >> not going to find anybody who pulled together more of our alliances. stuart: where is my foreign-policy. michael waltz has his opinion too.

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stuart: it is a beautiful morning. that is narragansett, rhode island, sunny but a little chilly, 29 degrees tuesday morning. futures, read them and weep, very much in the red. especially the nasdaq, interest rates rising, doesn't help the nasdaq which is down 235 points, 300 down for the dow.

i want to get back to the attack on the abu dhabi oil field. congressman michael also with us. i think this is another example of the president's failure in foreign policy. the iranian's attacking us all over the place when we were supposed to talk about a new deal. how do we fix our standing on the world stage. >> the sophisticated drones to launch precision strikes, saudi and the uae, didn't just build those in the mountains of yemen. they were provided the expertise and hardware by iran, this is in the wake of the biden administration taking them off for terrorism list and they attacked our embassy back in november and saw 0 in terms of consequences. once again we have another adversary doing it because they can get away with it and destabilizing the world, attacking our allies.

as long as biden take this approach, concessions first, america lasts, let's take any military option off the table, diplomats negotiate a deal, we are going to continue to get the same results, our data adversaries are going to push as far as they can get away with. stuart: china is imposing new covid lockdown policies ahead of the olympics. locking down whole cities, 20 million people preventing a lot of internal travel as well. this is going to hurt their economy. i got that but it will hurt us as well because it interrupts the supply chain. >> it is a bit ironic that covid is interrupting china's plan for the olympics to be released on the world. we shouldn't be having that olympics in beijing. they should have moved it and

since they refused we shouldn't be participating after the deaths of 6 million people, 1 million muslims in concentration camps, stamping out freedom in hong kong and aggressiveness around the world. the last thing we should be doing is giving the international propaganda platform and turning a blind eye to all of those atrocities but to your point on supply chains we need to be moving their supply chains, nearshore or onshore. one thing that covid has demonstrated is the chinese communist party can and will cut off local supply chains to reach their geopolitical end so things like masks and gowns of become a national security priority. we can't persist with 90% of our pharmaceuticals, 90% of critical minerals and other key elements being completely and wholly dependent on the winds of the ccp. stuart: weakness and courage. as you know, today is our

twelfth anniversary. do you have a special memorable moment? >> it has to be last week, i am so appreciative, my newborn son, we are so thrilled. stuart: there is the picture. that is what we are looking for. that army. >> go army. stuart: you are an army guy yourself. now stuart varney gets it. >> short for arman which is hope in arabic. we are really thrilled. stuart: sure you will be back soon. a co-owner of the golden state warriors basketball team spoke about ongoing human rights abuses in china. it's not what you think.

>> he spoke about putting profits over people on a podcast. >> no one cares what is happening. you bring it up because you really care. >> what do you mean nobody cares? >> the rest of us don't care. >> i'm telling you hardly truth. of all the things i care about, it is below my line. lauren: he later clarified he said he recognized he came across as lacking empathy. the warriors distanced themselves from those comments but they highlight the mentality of the league, cozying up with communist china rather than taking a stand against human rights abuses but i was a bottom line the nba's china problem just got bigger. stuart: i think it did indeed. the birthrate in china has hit historic low. i'm inclined to ask so what?

lauren: it is a decade-long trend that is continued, 10.6 million babies were born last year down 12% from the prior year so is an economic and political worry. you have too few workers that can support president xi's agenda, his investment in factories, technologies and too few workers to support the aging population. there are some more numbers, 62% of the population is working age. it was 70%, 10 years ago. that number is down in a big way. china is changing and slowing in many respects. stuart: i get the point you need more younger workers to support the retiring population. if you don't have the supporting retiring population you have a problem. see you later. you have to show how bad it is this morning, down 300 for the

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on the futures board, down for the nasdaq. luke lloyd joins us. i've been saying all morning that to me it is energy price inflation hurting the market today. what's your opinion? >> that's one of the reasons but also the earnings. we saw the bank reported earnings, goldman sachs, jpmorgan said business is strong and demand is strong but expenses are rising, but in general investors are anxious the american consumer is running out of firepower. stuart: the american consumer is running out of firepower? the cash on the sidelines.

>> that would be nice but the fact is the middle class and lower class do not have trillions of dollars. the wall got bigger in the past year and a half and you mention energy prices. the cost is ridiculous at gas stations and the economy relies on the middle class consumer, the middle class can't spend money because of inflationary pressures. the economy goes down with it. i've read studies the cost $4,000 more for the average person to live than it did he or ago. if consumers aren't spending money and they are saving money that reflects the economy and the stock market. stuart: activevision blizzard, is that a good fit, a good mix? >> i played x box for a long time. i was all into gaming. microsoft, apple, so much cash on the sidelines, joins of

dollars of cash, they don't know what to invest in. now they are back in growth mode with hurdles to get over since all the earnings are moving forward, they are looking to grow. i think activevision acquisition for microsoft is good especially with that business model. stuart: i am reading that it allows microsoft to get into the meta-verse. you want to explain that? >> meta-verse is a hot topic and a lot of it probably is overhyped in the short-term. i compare the meta-verse and ai and all the virtual stuff to bitcoin and crypto currency 10 or 12 years ago. bitcoin went through, 90% drawdown every couple years and you see something similar with the meta-verse world to where you see a lot of hype and drawdown and type again.

there is a big future for it right now. stuart: we will check out microsoft stock and activevision later. meanwhile we are running up to the open on wall street and stocks are moving further south just as we approach the beginning of trading and seeing the dow down 370 points, nasdaq down 250. trading is about to start. let's see how far we go on this market this tuesday morning. down 200 to start with, down 393 now. most of the dow 30 are in the red. a couple oil companies will be in the green on the dow 30. s&p 500, major-league drop, one% lower, can't wait to see the nasdaq, big tech down one.5%.

the nasdaq, it's high in late november, almost 10% down since late november. let's go to microsoft and activevision, you know all about this. take us through. >> can't wait to hear your views as a microsoft shareholder. $68 billion, all cash, $95 apiece for activevision blizzard and this is a big bend on the future meta-verse for microsoft, the next generation virtual world where we are socializing, consuming and gaming is a big component of that. activevision blizzard, one of the most successful gamemakers on the planet but it is like call of duty, candy crush, you talk about correction territory for the nasdaq, activision is down 40% after allegations of toxic male culture. it makes sense.

who else has the cash, the cleanest sheets to get this through washington government barriers, pretty good synergy there with x box and activevision, another piece of news for activevision, the huge microsoft deal, they fired dozens of employees after the staff walkout over the toxic work culture. the ceo of activevision has been there 30 years and this is a big wake-up call to all companies out there that don't have a strategy and your arming up for the future meta-verse your behind at this point. stuart: i do agree with you. i don't know much about it. this is microsoft's entry point into the meta-verse. they jumpstarted into it, using their cash in the right way. stock is down because of the

rising interest rates which are getting all big tech but when that is out of the way it will be good for the stock. lauren: look at where activevision is trading, $95 a share, $10 below that point and what we call arbitrage in the wall street markets, not everybody think they will get this through dc and government regulators. stuart: let me look at apple, deutsche bank really likes apple. lauren: apple forced $200, 15% upside, apple is getting bigger into the meta-verse as well, they are expected introduce a virtual reality augmented reality headset. it is going to be delayed until 2023 because of overheating concerns in the production or

manufacture, but apple has the cash. in 10 years time this is where you will see the battleground in the future meta-verse we are in but like the rest of the tech stocks we are selling off. stuart: we just freeze-frame right there on susan. >> my meta-versus and working properly. stuart: all big tech, all down, take us through. >> higher yields are great for banks, not tech stocks. the seller taking place, tech names like microsoft, amazon, google, tesla, apple, pretty much close to the highs we've seen over the past 12 months or so. that makes tech stocks looks more expensive. on government bonds, these fund managers have to reallocate and shift their cash. stuart: what about goldman sachs, the big investment firms are supposed to go up when interest rates rise. goldman sachs is sinking.

>> they had a rare miss in terms of profits. expenses when supper goldman sachs, they are giving up multimillion dollar bonuses to their top bankers and talent retention. trading revenue went down which is surprising, even disappointing. goldman paying out and keeping more money for litigation, lawsuits, tells you where the financial world is but an interesting metric. this is how you value banks, return on equity, how much you get for each dollar you spend on services or head count or investment in your company. the highest and the financial crisis. you have to go back to 2007. i found that interesting, an indication how great 2021 was. stuart: the dow is down 500

points and goldman sachs being a dow stock and sharply lower, that accounts for 200 points of the dow's 500 point laws. goldman having a big impact as we speak. shopify partnering with jd.com. what the big deal? >> these are two large e-commerce players, china, one of the biggest in china, this is a synergistic, jd health, shopify, what they call an accelerated channel for brands on shopify and they will handle foreign currency exchange, and a supply chain crisis taking place. this also helped jd get bigger in the us but i want to note that ali baba really selling off after the biden administration said they were reviewing the cloud-based cloud units and how they store client data. stuart: thanks very much, see

you again later. take a look at the dow winners headed by chevron and boeing, no surprise that oil companies are among the winners because oil has gone to $85 a barrel. s&p winners headed by active -- activision, wanting to pay $95 a share, stock is 85. as for the nasdaq winners, activision blizzard right in front and electronic arts another gain maker interesting, they are up as well. the dow is down one.5%, that's 540 points down, 35,000 is the level, the yield on the 10 year treasury one.83%. the price of gold down a couple bucks, 1813. where is bitcoin? 41,$000 a coin. oil, $84 a barrel, it had been 85, natural gas, the cold snap in america, moving well above $4 per british thermal unit. the price of a gallon of her to

the gas, $3.31 but in california you still have to pay $4.65. here is what is coming up. cnn analyst insists the problems on the left are not the fault of democrat leaders. listen to who he blames. role it. >> problem for the democrats is not bad leaders but bad followers. stuart: criticize your own voters. joe concha has something to say about that. this video shot by one of our producers just last night, that looks like cuba to me. president biden goes green with his latest picked for the federal reserve board. using banking regulation to cripple oil and gas companies. larry kudlow here after this.

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stuart: we are back to a possible government shutdown a month away but it has taken a backseat to voting reform and more covid relief. hillary vaughan on capitol hill. what is at stake? >> reporter: what is at stake is the government shutdown. there is a hard deadline of february 18th. congress has not passed a budget because lawmakers cannot agree on spending increases for defense and non-defense spending that even though they are facing this looming shutdown, that is not on the top of chuck schumer's to do list. instead of focusing on that he's making a last-ditch effort to get something done on voting rights even if doomed because of the filibuster. the senate rule requiring 60 votes to proceed on a vote is in the way biden tried to convince senator manchin and

kristen sinema to bench the filibuster rule but that effort failed last week. nothing has changed into this week what democratic leadership still, speaker pelosi made the case yesterday. >> what may be true to them that the filibuster is an important custom, it is not the constitution of the united states. we cannot confine our democracy to what might be bipartisan. >> reporter: there's a slow-moving bipartisan effort to make slow changes to the electoral counteract, leading that is senator susan collins joined by senator mitt romney and others. it may be biden's best shot at a win to get something on the board with election reform but it is nowhere near the large sweeping progressive reform that some democrats were hoping for and as you heard from speaker pelosi there isn't a lot of appetite or patience to do something in a bipartisan fashion.

they really want to pressure people in their party to change the senate rules to shove through something more progressive with democrats only. stuart: id is required to vote. that's my bottom line. see you soon. now this. senator, vice chair of the federal reserve. sarah is promoting the vestige are from fossil fuels, taking money out of oil and gas companies. the big picture here is the president is politicizing the fed and i think encouraging inflation. >> that is right. you've got all these woke players. the fellow from davidson college, i am told, the appointee is okay, respectable mainstream economists but this

sarah bloom raskin is not, the other appointee is also not. the fed's job is to keep prices stable and have maximum employment along the way. what you've got here is what larry summers described a month and months ago as a new generation of central bankers who are more interested in climate change and woke social policy than inflation. the fed's job right now is to curb inflation and they have to stop quantitative easing, they have to start pulling money supply out of the economy and start raising rates. you've seen it in the financial markets, the 10 year is 185, probably gone to 3% before too long but this stuff, there is no existential climate threat, i think there is a climate threat at all, there are things that can be done through innovation and economic growth

in the private sector but the ideas that the fed should withhold loans, and locate loans away from fossil fuels is an absolute abuse of the federal reserve mandate, its independence and plain bad judgment that will directly economy, absolutely wreck the economy. stuart: what would happen to the stock markets if you want to make a comment on that, if the yield on the 10 year went to 3%. i can't see the market rallying. >> that's a fair assumption. i don't know when it will hit 3 but i think that is where it has gone. it is a good rate. you have pretty strong earnings on the one side and rising rates and fed tightening on the other. in the early stages of that game i give the nod to profits which are the mothers milk of stocks. in the medium-term i figure it will do some damage.

this will not be pain free, get rid of 7% inflation plus probably not going to turn out all that well. stuart: i am out of time. i will ask your best memory of us on the air for the last 12 years but i have to leave it for another day. these heartbreaks you keep coming up against are killing me but we will be watching you at 4:00 eastern this afternoon. kudlow, weekdays, foxbusiness. that is trader joe's in brooklyn new york, it was cleared out. that doesn't look like my country. >> we hear about their shelves, biden is trending on social media but when you see it is scary. i have seen that before. it was shocking that if you are a trader joe's shopper they have so many really workers constantly replenishing the

shelves and for them not to have anything because of the supply chain, because the worker shortage, because of the weather, it is a scary feeling. we just transitioned my baby to formula. you can't give a baby any formula. i have to go to four stores to get the formula she drinks. they have one if any. can you imagine? can't get it online. stuart: this kind of thing did not happen when i had young children or young grandchildren. it is a modern phenomenon and it is appearing all over the place. my heart goes out to you. you can't find formula. got to move on. lauren: move on. stuart: headlines, the mainstream media working overtime to pit donald trump against rhonda santos but what is the story here? ask florida's lieutenant governor coming up. it is our birthday on "varney and company". the inaugural show which 12 years ago today, we are looking back on a dozen years of

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stuart: fox headquarters sixth avenue new york city. watch the confetti fall. today is the twelfth anniversary of "varney and company". we thought we would give you a look at the enjoyable moments over the years. i don't have tattoos and i wear a baseball the right way around but i'm going to fit right in, google. the weather, new york today. it works. that is new york. a female voice talking to me. today new york will be 56 degrees. dramatically provocative and a thoughtful shade. are you provoked by this? ashley: not at all. stuart: there is a lot more where that came from. do you have a memorable moment to share with us? lauren: i have so many but i will speak about you instead. first time i was on your show i

was so nervous. i don't know what he is going to ask me and he will make me answer the question in 10 seconds and i don't think i can speak that fast and you challenged me and you do every day and you do that to all of your guests and that is why your show is so smart and informative. stuart: flattery is all good stuff. my favorite moment was when a guy who is anti-fracking who was on the show called me a liar on live tv and i threw him off the set, out of the studio. a fine moment which will in history. lauren: are we going to see that clip? lauren: stuart: i don't know. maybe the guy i throughout would object. it has been a great 12 years. thanks for your participation. all good stuff. here's what is still ahead. florida's lieutenant governor, brian kilmeade, morgan ortagus,

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♪ i'll be there -- stuart: good morning, everyone. it's 10:00 eastern. we better get straight to your money, because we're head aing south on the market. will you look at this, the dow is down 550 points, and the nasdaq is down 243. major league losses across the board. the price of oil going up. it's hitting a seven-year high at $85 per barrel. supplies are tight. the 10-year treasury, that's the big problem for the nasdaq. the yield's moving up to 1.83%. look at big tech, responding to those higher interest rates, down. every single one of them bigtime. there is a huge deal for microsoft, they're buying acti vision. they're paying $95 a share working out to a total purchase price of 68 billion. it's microsoft's biggest acquisition ever. we are told it's microsoft's entree into the metaverse. a lot more on that coming up for you.

we just got the latest read on home builder sentiment in january. the number, please, lauren. lauren: yeah. disappointing here. it came in at 83, it shows home builders are not as confident as they were at the end of the last year. inflation, supply chain shortages, availability of homes and higher rates are all issues affecting the home builders. tour stuart yep, and some of -- stuart: yep, and all the home builders are down this morning. some of them quite sharply. now this. the era of identity politics is surely drawing to a close. appointing people because of their race, ethnicity, gender or sexuality may have worked politically for the democrats, but it's failing badly in the real world we live in. classic example, kamala harris. the first female black, asian vice president. those characteristics got her the job and may have helped joe biden win. but in office, harris has failed at everything, and america's left with an incompetent vice

president, a heartbeat away from an aging joe biden. it's a disaster waiting to happen. pete buttigieg is the transportation secretary. a gay, married man with twin baby boys. looked good for diversity, but the man cannot do the job. one year in, he's not fixed the supply chain crisis, and he did not save christmasment xavier becerra is currently the secretary of health and human services. he's hispanic and the former attorney general of california. he got driver's licenses for illegals in that state. despite being in charge of fighting the pandemic, he's nowhere to be seen. he has yet to appear at a white house covid event. i would call that awol, incompetence. but don't expect anyone to be fired. if you dismiss an official who can tick an identity box, you diss voters who share that identity. so whatever the political gain from identity, biden is locked into incompetence. the president is also playing

identity at the federal reserve. he's nominated two women and an african-american man all in the interests of guesserty. one of -- diversity. one of the women, sarah bloom raskin, wants to stop capital -- money -- flowing to oil and natural gas companies. that has already produced surging price inflation. identity is helping politicize the fed. that's not good. identity and diversity are political constructs. they don't deliver good, competent government. second hour of "varney" just getting started. ♪ ♪ stuart: well, look who's here, will cain joins me. will, thanks for being on the show. has identity politics run its course? what do you say? >> i think it has. i think it has begun its slow decline, stuart. but it rose to a really high place of prominence.

and, to your point, identity politics didn't just represent the rise of incompetence. there was a time when we judged people, hopefully -- we aspired to judge people by the copp tent of their character or the merits of their ideas, and that's led to, as you point out, the rise of competence. so identity politics didn't just give rise to incompetence. in my mind, it also gave rise to modern day racism, neo-racism. you know, judging people based upon their shallow characteristic using -- characteristics, their skin color. we can talk about sex im -- sexism, judging them by their gender. the price we pay for this trend, this fad, this path to power -- that's what it truly is, a path to power -- isn't just a story of incompetence, it truly is turning america into a sexist, more home homophobic, more racist country. stuart: seems like it, doesn't it? it seems to me that the democrats used mld -- mlk day

yesterday to pass voting rights. speaker pelosi suggestedded filibuster support is dishonor legislativety and this kind just resurfaced of then-candidate biden in 2020. have a look at this, will. roll tape. >> even dr. king's assassination did not have the worldwide impact that george floyd's death did. stuart: what do you make of all this, will? >> well, this takes me back, i think, to your initial question, has it run its course. i think it has. anytime somebody disagrees with me, you're a racist. saturday night live skits, it's chicken little constantly predicting the sky is falling. everything and any opposition that you encounter has some, you know, huge character flaws, racism, sexism, whatever it may be. and to hear, you know, joe biden say george floipped is a more

seminal moment in american history than the assassination of martin luther king, or to hear kamala harris say everyone is a racist, it's arriving at the place of a joke. and i think people see through it, stuart. i think they're tired of it, and i think it's run its course manipulateically. i think it's going to decline to have the currency on its path to power that it's had the past five years. stuart: i think you know that today is our 12th university. you've been on the show frequently. do you have a favorite or a memorable moment in. >> yeah. i don't know if they have the clip, but i do. okay. so i think it was about a year ago, because i remember being cold. i think it was during the freeze here in texas, and somehow you and i got on to talking about sports. and i told you that i'm a soccer fan, that i like manchester city. and then you revealed yourself to be nothing more than a front-runner, that you constantly pick teams according to their standings, that you like to win championships, and you're not ashamed to take the cheap path to power. that you will also join a team,

whoever's in first place -- which, again, is manchester citg like you're doing now, because you just like championships. [laughter] stuart: well, if that was a memorable moment -- i guess it was, actually. it's great to have you op on the show, will. [laughter] i do hope you'll come back and see us again soon, and i'll avoid all mention of manchester city. go9. >> you know i suffered this past season as the cowboys were ousted out of the championship. suffering, stuart, that's the price you pay for true glory. you can't just find the shortcut to glory. stuart: let me tell you, son, at my age, i've suffered a lot are. okay? i'm going to leave it at that. [laughter] >> this is 12 years of glory. stuart: we're doing all right are. thanks very much, will. you have to get back to the markets. when they're down as much as this, 530 points now for the dow, nasdaq down 200 points, i've got to cover the markets, and who better to coffer it than scott shellady with us today? why don't you tell us what you think is behind this big

selloff, scott. >> i think the market's telling us that it doesn't believe that jerome powell can thread the needle. and what i mean by that is this: he wants to raise interest rates to quell inflation, but as i've said a thousand times before, i've been doing interest rates for 35 years. you only realize interest rates to either get out in front of an economy that's about to overheat or stop one that's already overheating. and i don't think you can use the word overheat when you talk about the u.s. economy. so he's got to try to fight inflation by raising rates but not kill the economy, and i think the market's saying we're not so sure he can do that especially when goldman sachs last week talked about four rate hikes and over the weekend it was moved up to six by some pundits. i think that's what it's worried about. stuart: yeah. and if they do raise interest rates like that, clamp down on supplying a lot more money, the obvious reaction in the market is to head south. is this just beginning, scott? is has it got a ways to go, this selling, because of interest

rate rises? what do you think? >> yeah. i think the growing pains are going to be at least four, maybe six months because if your take -- you're talking six rate hikes, that's one every two months. i just don't see the fed being that aggressive on anything, right? and number two, stuart, a lot of folks have said the fed's gotten it so massively wrong, but they've all put their eggs in the basket saying the fed's going to get it right this time around and raise maybe or four, five, six times. i just don't see that happening. they might raise once and see how it goes, maybe twice and see how it goes, but they're always going to be slow. so i think that's going to drag out this problem, and i think it's at least six months. stuart: okay. we've been on the a air for 12 years as of today. you've been with us, i think, the entire time. do you have a memorable moment? [laughter] >> i've got two. you know, i was still a young man, and you asked me who i thought was going to win the 2016 presidential election. it was in 2015, it was the

summer, maybe late 2015, and i, you know, my wife has a house, kind of a blue collar area on the east side of chicago. and everybody in the tavern back then, which would have been all democrats at the time, nine out of ten of them were voting trump. and i remember saying trump's going to win, and you were very surprise ld: and i said it was because nine out of ten of the guys bellied up to the bar at this tavern had had enough of the democratic party, and you were shocked. stuart: okay -- >> the other really fun funny one was when you were doing a story on the shrinking airline seats, and all i said was i don't know, stuart, but i can tell you this, when i walk on that plane, i can turn atheists into christians with a bunch of guys praying to god i don't sit in the middle seat next to them. stuart: that was a good one. [laughter] it's been a great 12 years. hope you'll stick around for another 12. thanks very much, scott.

lauren, look at goldman for us, please. it's a big mover. what's the problem? way down. lauren: yeah. shaving 200 points from the dow jones industrial average. so their earnings were pinched by their expenses which rose 23%. why? they are paying talent more, also increased litigation reserves. their equity trading slowed down a bit also, so that is not a good report card. gap also underwater, morgan stanley says they're going to face major margin pressures this year. and as we're in earnings season, the ability to keep your margins strong will be something investors are looking out for. finally a winner, citric systems. its software allows you to connect your computer remotely are. there are reports that the hedge fund l.a. management and vista equity partners in talks to acquire it, stock's up about 6%. stuart: i think we better update our audience of the major airlines warning of a

catastrophic disruption p to travel and shipping instructions. this is about the introduction of 5g tomorrow, right? take us through it. lauren: yeah. if this happens tomorrow the worst case scenario that the interference could cause a plane to run off the end of the runway. that's the safety issue. there's also a convenience issue which is a big one because many airlines warning of flight cancellations that could strand tens of thousands of americans overseas in some instances. verizon and at&t paid billions of dollars for this spectrum. they say it's safe. airlines should be able to work with it, and they've been working with the airlines and the government. so after several delays, they want to activate 5g tomorrow. the big question is, do they actually do it or do we hear from the faa, the white house, the ftc to work something out? because if this happens tomorrow, rest assured flights will be cancel ld. is it a safety issue or not? they used to say you couldn't have your phone on during

takeoff and landing. stuart: it goes into effect at 12:01 eastern time tomorrow morning, that's, what, about 14 hours away. very limited time to get something done here. let's hope they do, that's for sure. we'll update everyone. thank you, lauren. look at these headlines, please. seems the media is pitting former president trump against governor desantis of florida. we'll talk about that. a new gallup poll shows that republicans overtook dem captains as america's preferred -- democrats as america's preferred political party. that is news, and we're going to get into it. a "wall street journal" writer claims the omicron or wave will give most people potent and durable protection against covid. we'll talk to dr. marty makary about that right after this. ♪ ♪

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certified to offer nonsurgical treatments. what's the next step? visit findahandspecialist.com today to get started. stuart: is the market coming back just a little? question, if -- yes, if you look at the nasdaq. now it's down 160. take a look at the 10-year treasury yield, it's now up to 1.84%. that's still a big problem for tech stocks and the nasdaq. more than 140,000 -- lost a parent or caregiver due to covid, and dealing with that trauma is leading to various developmental problems in those children. gillian turner has the report. >> morning, stuart. america's kids are suffering from an ongoing, second tragedy. for most of us it's hidden in plain view, but this is unlike anything we have ever faced in the past. the nih is reporting about

50,000 kids -- 150,000 kids have lost one or two parents to covid, an event so tragic it's difficult to even categorize all the ways this impacts their lives going forward. we talked to a doctor from the children's bereavement center in south texas. he says some parents spent their final weeks or months in the hospital with covid separated from their children before they died. others, do -- though, did not. >> for some of the little ones their parent went into the hospital and didn't come home, and that leaves them with worry and fear about what happened to my mom or dad. it leaves many of them in shock or disbelief. >> reporter: the most common effects are developmental problems, mental health problems like severe anxiety and depression as well as substance abuse and violence. the president of the children's hospital association says the effects of all this trauma sometimes take a long time to manifest, so it's now incumbent on all of us adults to keep a caring and watchful eye on the nation's kids.

>> it's going to take all of us together to make sure our kids come out on the other end of this. that's not going to be just next year, that's going to be 5 years, 10 years from now when they realize -- [inaudible] something that was lost during this time. >> reporter: this is not just an american problem, stuart. around the world about 1.5 million kids have lost their parents. iewr stuart goodness me, 1 is.5 million. thank you very much, gillian with. interesting report and terrible, frankly. dr. marty makary joins us now. doctor, you know i read your stuff, and you say we're about to see a huge drop in hospitalizations, that it's coming very soon. please, tell me more. >> yeah. we're already starting to see the signs of it, stu, and that's because omicron is displacing delta at such a high rate. now, the declines are very apparent in case numbers and in hospitalizations in parts of the northeast, but that's just because they got hit early. and those who are still in the hospital are either in there because they had the previous, more dangerous variant, delta,

or it's hard to discharge them. it's hard to find placement for people who need a skilled facility or or rehab. so what we're really seeing in hospital is a lot of delta. now, we're also seeing a decoupling from weather and seasonality. that is significant. we've never seen that before with covid. new york is down 40% in cases, florida is also down by 40%. so they're synchronized x that suggests that we don't need to be concerned about another wave based purely on seasonality. stuart: that's fascinating. it means the peak is already -- or at least almost is upon us. peak cases almost upon us. interesting. now, i want to draw your attention to a "wall street journal" op-ed which claims, quote, the omicron wave will leave most people with potent and durable protection against covid. is that herd immunity? and does that actually work? because i know a lot of people who have had covid and got it a second or even third time. >> yeah. it turns out there are four

coronaviruses that have circulated for decades, and you can get them again. you can get them a second time because they mutate a little bit but, again, there's general, broad, adaptive immunity by your cells that cover all the different variant types, and that's why you can get reinfected, but it tends to be mild. we're in that an system aphase -- seasonality phase, but if you look at the deadly toll, it has been with alpha, beta and delta, not omicron. a new study out of california found there may have been 1 potential death out of 52,000 omicron cases. i mean, 1 out of 52,000 dying of omicron versus 1 in 400 died of the previous strains, that's something we can be comforted by. stuart: that tells you something. i tested positive some time ago. i got it. and the worst thing for me was brain fog. the inability to think straight and work something out. do a lot of your patients report

brain fog as well? >> yes, they do. and i've seen such a diversity of symptom with covid that it's almost as if the virus does not read the textbooks. and we see that with other viruses too, influenza affects people very differently and rino virus. i would not be alarmed by that symptom. generally, they are all transient. stuart: yeah. i was alarmed by it. of. [laughter] i mean, some of our viewers may think i've still got brain fog. [laughter] i think i'm over it, but it was wrong at the time. it wasn't like i couldn't say two plus two equals four, but when you've got all this information coming at you, i couldn't boil it down to the essence of the story. i just could not do it. fortunately, doctor, you're quite right, it was transient for me, and i think i'm back to normal. thanks for being with us, doctor. it's always a pleasure. >> thanks, stu. likewise. stuart: on the same subject, israeli researchers are not

confident about a fourth jab. finish apparently, they don't think it will prevent omicron. is that right, lauren in. lauren: yeah, that's story. a fourth jab is also a second booster shot. it does increase antibody levels but not enough, they say, to protect against omicron. they're still administering it, but mostly to those who are vulnerable, so there you have it. stuart got it. thanks, lauren. north korea has launched missiles four time in the past two weeks. the u.s. is calling on it to stop it. former state department spokesperson morgan ortegas will take it on. some candidates running for office are now offering nfts as campaign merchandise. this is a fundraising operation, and we'll explain how it works. ♪ ♪

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♪ ♪ stuart: wow. i would call that picturesque in the extreme. it's crossville, tennessee. if 35 degrees. icy. the markets down 500 on dow

industrials, down 172 on the nasdaq. i thought the market was coming back a bit but not much. nasdaq -- i'm sorry, s&p down 60. lauren are, come in, please. you're looking at the other movers. what have you got? lauren: there's a story from reuters. they say care shah research has reached out to kohl's. they're interested in bidding for the retailer. you also have a fund that the hedge fund mechanical call lumbar urgings a sale. stock's up 2%. peloton, you know the news, inflation hitting them, so they're now charging between $250-350 to set up the bike and the tread. that starts at the end of the month. stock is down another 2 plus percent. and ford, stuart, their michigan plant will be shut this week because of a global chip shortage. they hope it's back online next week, but these are the problems that so many companies are facing, end nation and the

supply chain, and i just gave you two of them in these movers. stuart: yeah. if they could build them, they could sell them. it's a bit like homes. lauren: exactly. stuart: thanks, lauren. home builder sentiment, i'm trying to get to that, dropped a little in january. came could be to a reading of 8 -- came down to a reading of 83. jerry howard is with me now. do you see any improvement in the supply chain in any part of the industry you work in. >> absolutely not, no. i just talked to a builder this morning, stuart, many in idaho who told me that he'd just been informed by a major, major kitchen appliance manufacturer that he should expect 8-10 month delays on his appliance order, and that's typical. stuart: is that -- that that's a very long they for home and kitchen appliances. >> sure is. stuart: what about for lumber or tiling or anything else? similar delays? ten months?

>> that's one that's very extreme, but i've heard of four months, six months in vir hullly every component for -- virtually every component for building. not only that, the costs are up 21% year-over-year. stuart: so your problem is the supply chain, not necessarily a shortage of workers or workers getting covid and having to go into quarantine. yours is a supply chain problem, right? >> well, actually, it's a supply chain, it's a labor shortage. our cost of labor has gone up 8% year-over-year, and now with inflation interest rates are going up so we're not facing headwinds right now, we're looking into the teeth of a superstorm. stuart: that bad? really? >> yeah, things are -- at every level. stuart: but can you sell anything you can build? >> oh, absolutely. the one thing that's keeping us aboveboard right now is the fact that the demand is still there. stuart: if there's one thing that you want from president

biden, one thing that he could do for you right now, what would it be? >> it would be tough. i'd have to flip a coin between give us more access to steady, affordable supply of lumber and fix the overall supply chain. those two things go hand in glove. stuart: he hasn't done that the so far, so you don't hold out much hope, do you? >> we're hoping that he's going to realize as we get to the spring building season the importance that housing means both to our economy and to our society. we really need to get something done. stuart: jerry, i'm going to cut it off at that that point. kind of a depressing interview, i have to say. i do apologize for that, but your industry's been in a lot of trouble, and i can see that. thanks for coming on the show, we appreciate it. >> happy anniversary. stuart: oh, you've been on with us for years. do you have a favorite memory? >> it was actually one when we were off camera and i had my young son in the studio, and you were giving him quiz questions,

trivia questions, and you gave him a dollar for each one he got right, and we've now started his college fund. [laughter] stuart: yeah. i used to ask youngsters what's the capital of kenya with or portugal. i think your son got it right, i don't remember which capitals he got right. >> they were european capitals x he was very proud of himself. stuart: well, bring him back, and we'll get some more money in his pocket. jerry, you're all right. see you again soon. >> thanks. stuart: politicians raising campaign cash by selling nfts. rich edson has that story. all right, explain it. how do you raise cash by selling nfts? >> reporter: well, stuart, i do remember the first week at fbn when i was younger, you used to give me a dollar during each live shot. it was very cool. [laughter] stuart: i don't think so. >> reporter: well, on this story, you know, instead of buying a t-shirt now, candidates can sell supporters an npt. this is all pretty new, so we'll break it down for you.

an nft is a nonfungible tokening created to represent the ownership of digital items like videos, images or songs. nft have a verified kinnal cold -- digital code built in to insure it's unique. this all runs on the same verification technology as cryptocurrencies like bitcoin. a republican senate candidate in arizona, blake masters, says he raised more than $575,000 selling nfts based on the cover art of a book that he co-wrote with tech billionaire peter thiel. a democrat and engineer in california running for the house says her campaign raised several thousand dollars through nft. the federal election commission says it has not issued guidance on accepting nfts, though it has ruled bitcoin donations to political action committees are generally permissible and subjects to recordkeeping and reporting requirements. last her or the national

republican congress congressional committee which tries to elect republicans to the u.s. house announced it would accept cryptocurrency contributions, the first national party committee to do so. stuart. stuart: rich, you performed a miracle. you've made me understand nfts and fundraising. genius, young man. [laughter] rich edson, thanks very much, indeed. see you soon. now this, the ceo of ralph lauren betting on the meant that verse. all right, lauren, you've got to explain this one. what are they doing? lauren: meta is a must to target the younger shopper, and ralph lauren has already dabbled. avatars in roblox, they can wear shirts but that's not all a. listen to this surprising admission from the ceo, and i quote, one of our strategies is to win over the the new generation. we have to be there. there are a lot of parallels between the metaverse and ralph's vision because we are not a fashion company, we are in the dream business.

stuart: okay, i got it. lauren: let that sink in for a little bit. we're in the dreams business. luxury aspirations somewhat i want my home and closet to look like in the fake world. how much do you pay for the fake world? stuart: i'm lost. i just have a vision of me wearing those goggles and having a dream about lauren's fashion. you know, that's a very interesting idea. i've got to move oranges lauren are. you realize this, i've just got to move on. i want to show you an astonishing picture. look at, this is looted cargo trains in los angeles. looted. this is why would west style train robberies. we've got a report on that for you. it's amazing. ucla grad student stabbed to death in a random attack in los angeles. her father's blaming politicians for putting criminals back on the streets. we have got that story too. terrible. ♪ ♪

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stuart: a ucla graduate student was stabbed to death last week in a random attack in los angeles. her father speaking out. ashley, what did he say? ashley: well, he had a lot to say, as you can imagine. he says politicians are to blame for letting criminals run rampant after his 24-year-old daughter brianna was murdered by a man carrying a knife who simply walked into a furniture store where she worked. district attorney george gascon, a democrat, won over voters last year with promises of sweeping criminal justice reforms, but critics say he put the interest of criminals before the safety of the community. the grieving father spoke with "fox & friends" earlier today. take a listen. >> i blame, look, the democratic society right now is everybody seems to be oriented on giving back rights and bestowing favor

on people that rob others of their rights. i don't know if it's the politicians themselves, but we don't elect them because we think they're great, we elect them because we think they can do great things. ashley: well, the murder rate in los angeles has soared in recent years. we've been following that, of course. brianna was working alone in the store when she was attack ld. she was found dead by a customer about 20 minutes later. as for the suspect, the search goes on to try and find him. such an awful story, stu. stuart: that soft on crime story. virginia's new tough on crime attorney general announced two high profile informations. what he's -- investigations, what he's he looking into? ashley: just hours after being sworn in, he announced investigations into the virginia

parole board and loudoun county public schools. m irk yaris is apparently accusing the virginia parole board of letting out murderers, rapist and cop killers early without notifying the victims. he's also alleging loudoun county leaders covered up a sexual assault on school grounds. here's what he said on "fox & friends" again earlier today. >> about accountability and transparency in government, something we desperately need. that was something that glenn young kin ran on, something i ran on x from day one, within an hour of us being sworn in, we began the investigation. ashley: well, in the case of sexual assault, a 14-year-old student who identified as non-binary was found guilty of raping a female student in a school bath rom. -- bathroom. a very upset father who was arrested. the student in question was

transferred to another school where he allegedly raped another student, and the district has been accused of covering up that crime, stu. stuart: thanks very much, ashley. let's get to what i'm going to call a surge in wild west train robberies in long beach. kelly o'grady is there at the scene of the latest attack. tell us more, kelly, please. >> reporter: well, i just want to show you what's happening behind me right now. we have got a train rolling in, and this is one of the trains that these thieves hit, okay? these cargo containers, 17 last week tipped over. you can see packages littered everywhere, and i want to emphasize that this extends beyond california. this impacts interstate and international commerce because these packages are coming from our ports. these containers that you see are coming from the l.a. and long beach ports. union pacific saw a 160% increase last year, and the tracks are littered with everything from amazon packages and designer purses to unused

covid tests. when covid tests don't reach their destination, that goes beyond monetary losses. this is impacting the nation as a whole. >> more impact to consumers, plus we're going to see costs go up. we have to pay more when coit -- when it comes to security. retailers taking a loss, you know, they're going to make the consumer whole, but ultimately prices are going to increase. >> reporter: now, union pacific and retail leaders are blaming the rise in cargo theft on progressive policies championed by the l.a. district attorney. 13 types of misdemeanors will now be dismissed instead of prosecutessed. the no-cash bail policy and extended time frame for suspects to appear in court court is causing revictimmization. in fact, criminals boast that charges will be pled down to simple dress e passing which

bears -- trespassing which bears no consequences. rail tout as a solution to the truck driver shortage, but up, because they're not getting any help, is reportly considering avoiding los angeles because of all the thefts. so, stuart, i mean, the carnage here is pretty crazy. stuart: and you showed it to us. kelly, thank you very much, indeed, in lang's. -- los angeles. eric adams insists the subways are safe. he made that comment after a homeless man murdered a woman by pushing her into an oncoming train. we'll deal with that. it's been ten months since president biden held a white house news conference by himself. brian kilmeade joins us shortly. i want to know how president biden's handlers will manage press conference. they've got to handle him carefully. ♪ ♪

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stuart: markets still sliding. dow's down 550, nasdaq down 224. and here's why. first of all, the price of oil, that's a 7-year high. so you're looking at energy price inflation.

not good for the markets. crude oil now at $85 a barrel. and here's another reason why the nasdaq is sliding. the yield on the 10-year treasury, 1.84 %. always hurts big tech. microsoft buying actis i have been jigs -- act vition blizzard. this is microsoft's entree to the metaverse. 10:51, and here is brian kilmeade. brian, welcome back to the show. the president will hold a press conference tomorrow, his first in nearly a year. he has to be managed. how is his team going to do it? no -- which reporter's going to ask the question, what questions are going to be asked, load the teleprompter in advance? they have of to manage this thing. how are they going to do itsome. >> i'm not too sure. for the longest time, i gave them the benefit of the doubt. so many of these men and women have been in government before and were just there four years prior: but when you see whoever

loaded that teleprompter speech over in georgia, when you see the fact that they never introduce him and seal him off of from these press conferences, he walks out by himself, asked pandemic questions, he just walks away and pretends not to hear. he never has an expert around him. i i am not going to give him the benefit of the doubt. i think they just said you have to have a press conference, he said wednesday, and after making an announcement, rapid tests are probably going to be in your mail box, and after that it's all bents are off. and right now, stuart varney, if you just -- and i'm sure you don't do this, but if you flip around the stations, nobody sees him with a good story to tell outside james carville. stuart: that is true. it's dangerous territory though, isn't it? that they'd let him just go out there answering any and all questions. i just can't see that, brian. >> well, a couple of things. remember when he answered any and all questions with george stephanopoulos, he told us nobody anticipated the fall of

afghanistan as quick as it did. now it comes out they told him the air force is not realize to support their -- ready to support their troops, and they need maintenance and contract workers, and they said that, the inspector general released that report. they said it january of last year. so we watched him sit with george stephanopoulos and deny that anyone told him afghanistan would fall this quick. and then we see our generals testify and basically walk it back. stuart: it's must-viewed tv tomorrow afternoon, because that's a big deal for this presidency. let me turn to new york city. the mayor, eric adams. he says the subway is safe. this comes after the recent death of an asian woman who was pushed in front of an ongoing subway train. i just want you to think for a second, brian, what must it be like to be an asian woman living in new york right now. >> i don't know about asian crime. they said they've been targeted. they wanted to blame president trump for that, but it was china

that came up with the virus. most people in america are from someplace else. you know, if the irish were to attack us, i guess i'd be susceptible. but for any rational human being, they know we're an american first. if we were to have a problem with china, they know not to go after that. but this woman just happened to be somebody that just was waiting for a train. this guy is 40 years old. his whole family, cover of the new york post today, knew he was deranged, they asked for hem -- for help. they said he was normal up to 10-15 years ago. gnaw's the story of the homeless. we see a homeless person getting a free jacket from a good samaritan, that homeless person gets up and beats the guy and steals his phone. this is not -- most of the homeless are mentally ill, and they're littering our streets, they're not getting help, and they're committing crimes. they're lethal in many cases. stuart: and it's killing the cities.

they want to come back, and it's killing them. before we go, as you know, today is the 12th anniversary of "varney & company." you've been with us for years and years and years. do you have a memorable note. >> i think it's when you became a access. i think when you came -- a citizen. when i saw you before our show and you interacted, i think that works. i also think it works when you throw soccer questions at me and i actually like them because for the most part, your eyes glaze over. but we're realizing we've got the world cup for the men and the women, and we also called out the women for taking a knee during the national anthem. what i most like, stuart, is that you keep calling every week. [laughter] congratulations on the 12 years. i remember when you got that extra hour, it hurt our relationship because you used to sit right there at least once a week, in jeans -- you used to change for me and i appreciate that -- and we'd spar about things. now this is it.

in fact, i don't even get to see you in the halls so much. so this is the moment for me. stuart: this is it, man. this is it. big deal. >> your success hurt my radio show. how dare you? stuart: sorry about that. i don't think it did though. kilmeade, you, sir, are all right. >> congratulations, stuart. i can't believe it. go get 'em. stuart: still ahead, pete hegseth, morgan ortegus and joe concha. energy price inflation, it's here. it's a huge political problem for the president and for the market and for the economy. it's a problem for all of us. that's my take, next. ♪ -- higher, higher and higher. ♪ i said your love keeps on lifting me higher and higher ♪♪

..

to curb inflation. the idea that the fed should withhold loans, and locate loans away from fossil fuels, absolute abuse with the federal reserve mandate and wreck the economy. >> to get out of the economy, or what was overreach overheating.

>> they can't spend money because of inflationary pressures the economy goes on with it. the beginning of a bear market, let's face it. 2%, not the end of the world. >> a propaganda platform turning a ride on. >> it won't be a good moment for president biden. it will be prescript and america will see rates through that. stuart: 11:00 eastern time, tuesday january 18th. on this day in 2010 we went on the air with our first show. this is our 12 birthday. unfortunately the market selloff on this twelfth birthday, big-time, down 550, nasdaq down 277. in part, that is the result of

the price of oil that has gone to $85 a barrel. a 7 year high, a 7-year high. the yield of the 10 year treasury is hurting the nasdaq composite. that yield is one.845%. big tech always down when interest rates rise and that is what is happening now. apple, amazon, meta-and alphabet on the downside. we are showing microsoft and activision, microsoft is buying the videogame maker. it is at $68 billion deal, biggest deal microsoft is done in its history. now this. energy price inflation has arrived at. you can see it and feel it. it is a huge political problem for the president. a problem for us all. a cold snap hit the northeast and upper midwest this weekend electricity prices spiked. utilities have to pay up for increasingly scarce natural

gas. that is what happens when you shut pipelines as the president did. iranian backed rebels attacked the oil facility in abu dhabi at the center of the mideast oil patch. that is why oil spiked to $85 a barrel, highest in years, this is part of the pressure the iranian's are putting on president biden. corn -- gas prices are up now especially when you have $85 a barrel oil. the president has no answer to this inflation spiked. he's blaming oil companies and gas stations, he blamed need conglomerates for $5 a pound for hamburger. inflation leads to higher interest rates starting already, mortgage rates are up and your monthly payments will probably go up. the stock market is selling off so your 401(k) is going down. it is time for the president to change course. stop the wild spending, raise

energy production but he won't. he can't. the socialists and climate crowd run the party these days, they don't care about inflation. but voters do. the president should hope for a little global warming this winter. the third hour of varney is just getting started. pete hegseth has arrived promptly. are voters finding out going green is not cheap, that is a real problem for voters and the president. >> everything you said in your intro spot on including someone who grew up in minnesota i was always cheering for a little global warming, could benefit some of us in some places but

we have to laugh about it but if you are democrat in this white house if you are being honest with yourself you can draw a direct connection to all the things we are talking about, policies they decided to undertake and you covered this. they knew this pain was coming at they think it is a natural part of weaning americans off of fossil fuels and moving them toward renewable sources of energy none of which are capable of delivering consistent and reliable energy right now in 2022 which is why someone like donald trump was for the all of the above approach to include natural gas and oil and be energy independent which means if other sources of energy can compete and become viable we can shift to them when we are ready but if our ideology drives our decision-making then we force people to heat their homes the way they always have because there is no transition but it will just cost more to do it and they say we love the

planet more than you. you are the ones that want to kill mother nature. we worship another nature and our policy follows. a dangerous place to be for our country. stuart: you are exactly right. a new gallup poll showing party affiliation, big shift in 2021. it went from and i point democrat advantage in the first quarter 205 point republican edge in the fourth quarter. have at it. what is behind that? >> president biden and kamala harris are the best recruiters for the republican party we have ever had. it is kind of like gun sales going up under barack obama, the best gun salesman possible because he showed the reality of the other side. naked socialism, radical policy, gross incompetence, weakness on the world stage, hitting people in their

wallets, not even able to do a single interview or string a single sentence together, that will create changes in people's allegiance and that is what has happened. is the challenge, if and when republicans get power will be delivering follow through on what they say they do? donald trump was good at that but most republicans, most establishment republicans have never been good at fighting and winning policy sites. it is good to get allegiances following through on that will be the big question. of the one i've got to get to this because you have a new fox nation series called the miseducation of america. i will play a clip for the audience. roll it please. >> the 6019 project is a lie. it is not a matter of we have a different view. this is not a different view. this is the lie, the american revolution was not thought to sustain slavery. that's just a lie. your kids are being taught lies, they are indoctrinated, not educated. stuart: i want you to tell me about teaching kids to be

virtuous citizens. how do you teach that? >> got to find schools that teach it. the problem is we are protesting outside of school boards, outside of schools that teach fundamentally different values than we have at home. we have to find locations whether homeschooling, schools, classical christian schools where they are taught actual liberal arts which is a liberating of the mind which is freethinking, how to think, not what to think. the great books, faith, all the things that have underpinned western civilization, there are a small number of schools that do that, our government schools don't and what we see with critical race. gender identity and climate worship is part of a 100 year progressive takeover of the classroom and that is what the miseducation of america is about. a 5-part series will blow your mind and it will blow your

viewer's mind, the depth of what progressives have done to take over the classroom in the minds of our kids. if we don't fix education we can't fix anything else. stuart: must see viewing but before you go this is our 12 anniversary. you've been with us all these years, got a memorable moment to share with us. >> i'm so bad at specific memories. i am good at general memories but you know what i think of a lot? so many great moments on the show, back to studio b, the studio you used to be in, the creaky stairs when you walk in, i will never forget walking into that studio and the vibe of varney, it's alive, moving, fast and i remember when i was a guest with you, who is this crazy kid? who is this crazy kid? one time you go you are all right and i walk up and that is a compliment, that is a big compliment. stuart: you have been great on

the show all these years, you are a star. and you are all right. we will see you again soon. back to the markets because we have a selloff in progress, down $5.50 for the dow, close to a 300 point loss for the nasdaq composite. mike murphy, you know, you are always a buyer. i never heard you be a seller. how about now? >> i'm not a seller but from buying standpoint, i am looking at certain things that have corrected on good numbers. i am looking at jpmorgan. we saw the earnings come out, top line was better but there was some noise. it is a 60% pullback, to see if it holds the 150 level. of it does i will be a buyer of

jpmorgan. the key for me coming on the program to talk to the people at home, we may have another 3% to the downside, but you are not going to know when the bottom comes in. stick with the game plan when you have selloffs, you have to put it to work. stuart: i have been saying the selloff is because of energy price inflation and rising interest rates. >> when you look, interest rates are going to go up. they are going to move above the one.8 level was whether they go above two and stay there, they will normalize at some point but just because rates go higher if you look historically that is not a negative for the stock market. the market can move up as rates move higher.

you have oil up $80 a barrel, that can be controlled. that can bring oil onto the market and blue that is a tax on the american people and american companies that should be avoided, should be able to be fixed easily if we want to in washington. stuart: i don't think this president wants to increase oil production or natural gas production. he's not into that at all. you are in full swing, got to move on. tell me about unilever. that is a huge conglomerate, down 11%. >> reporter: that is american. they tried again to apply glaxosmithkline's unit, it is their third bid, it is not enough and investors are skeptical this is a matchup with a bigger price tag.

look at ambien be, gave them a price target above where they are now of $172, took it down to two. they don't see an upside catalyst. that's not positive in the stock and i have a positive. blink, the comedy behind the ev chargers will supply general motors dealerships with those chargers, the little to charging. 20 miles of range per hour. usually in commercial environments like when you are at work, charge a car for the whole time. stuart: thanks very much. laura ingraham thinks we should ignore coverage of the pics in china. we got her message for you. take a look at these headlines, the media pitting trump against governor ron desantis of florida. iranian backed rebels attack the big wheel facility at the

center of the mideast oil patch. will biden respond? we will cover it. ♪♪

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stuart: this may be our 12 anniversary but the market is selling off not because it is our 12 anniversary but the dow down 500, the nasdaq down 280 points. is one of the reasons why i keep saying it, price of oil close to $85 a barrel. that is a 7-year high. markets down, interest rates up. that's the way it is. these, i am going to show them to you now, satellite images that show the aftermath of a

fatal drone attack on oil facility in abu dhabi. the attack killed 3, injured 6, claimed by human's iran backed group. abu dhabi, a westernized city with a lot of americans at the center of the oil patch. how is biden going to respond to this? >> just to back up, at the end of the trump administration at the state department mike pompeo declared the houthis a terrorist organization. they are equipped by the iranian regime. there is been an ongoing war between the terrorist rebels in yemen and the saudi led coalition which uae is in as well. fast forward biden gets inaugurated and within a week they take the houthis off the terrorist list, no reason to do so.

they have not promised to stop committing acts of terrorism, the biden administration was worried about giving aid to people in yemen. a year later the houthis of continue their attack, they committed a terrorist attack yesterday and three dead people in abu dhabi. this is incredibly concerning. stuart: i will put more negative spin on this. i think the president removed the houthis from the terror list because he wanted to cozy up to the iranian's to get back to the iranian nuclear deal and it backfired horribly. >> it backfired horribly because three dead people -- the houthis are claiming they -- i don't know if they used ballistic missiles, those are provided by the iranian's. in vienna we have the biden administration negotiating

$90 billion in sanctions relief to a regime that is funding dana loesch -- gaetz for rebels. i'm sure there's plenty of people watching your show, myself included to transit that airport in abu dhabi and dubai and we should be concerned. stuart: a sophisticated city. the united states is calling on north korea to halt what they call the unlawful and destabilizing missile launchers, they launched missiles four times in two weeks. does north korea care about what we say about these launches? >> they don't. they'll make care about strength. they only care if they can be outmatched the way i think donald trump did. i feel for this administration. no matter they are democrat or republican it is one of the most vexing challenges anyone in foreign-policy will place. what 0 should be concerned

about is any time north koreans launch, they are getting more data, more information how to perfect those launches, the ultimate goal of hitting the united states. secondly what is deeply concerning to me and others is north korea is proliferating the missiles and to building their nuclear capabilities and ballistic missiles, they claimed it was hypersonic, i doubt it. they are building this stuff faster than we can defend against it. we have missile defense systems, the ability to attack these traditional ballistic missiles but we are weakening, they are creating more of this and this stuff is getting old and accredited we are not replacing it fast enough. stuart: hate to hear that but this -- this is our 12 anniversary. do you have a memorable moment of all the times you've been with us? >> i do. one of the most precious times for me when i came on your show after we had the first flight

from israel to abu dhabi, first time, i was able to talk about that on your show, i was part of that historic abraham accords brought to you by donald trump and that was a special moment for me. stuart: see you again soon. china not going to sell any olympic tickets to the chinese public or foreigners as well. take me through this story please. ashley: the chinese government said no tickets will be sold for the upcoming winter olympic games in beijing due to the, quote, grave and complicated situation of the covid 19 pandemic. organizers say they invite groups of spectators to attend the games in person who will adhere to strict covid regulations. meantime fox news host laura ingraham calling for a boycott

of the winter games say americans should ignore the live next because of china's human rights abuses. residents of hong kong and beijing's refusal to be transparent about the origins of covid. take a listen. >> can't force a boycott but we can pledge not to spend one minute watching nbc's coverage of president xi's olympics and we celebrate our athletes and we will celebrate them on their return. we will respond to this hideous sellout by corporate america in the only language they understand, money. ashley: and and in the midst of doing scandals. stuart: a democrat strategy

says president biden, not to blame about the party's problem. >> the problem for the democrats is not that they have been leaders but bad followers. ashley: way to go. blame your own supporters. how about that? joe concha has something to say about it. the president's approval rating among hispanics just 28%. lieutenant governor of florida says the white house policies are disastrous and they are to blame. she joins me next. ♪♪ ♪ ♪ wow, we're crunching tons of polygons here! what's going on? where's regina? hi, i'm ladonna.

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stuart: that is chicago. it is supposed to be cold in the january and it is 30 degrees right there right now. the markets, still tons of red ink across the board especially the nasdaq, the dow is down 500. start with square. lauren: they are outperforming,

jack dorsey announcing his cash apps, let you transfer money directly to each other and to buy crypto, you pay for things for free using bitcoin and that is possible over the lightning network which makes it faster and more efficient to pay for things using crypto and bitcoin. it was outperforming 2% but the top volatile environment, i want to show you palestine as well, the bike maker might be cutting jobs, closing stores after hiring mackenzie to turn its stock around, the stock is down 75% over the past year after they said sales came up $1 billion short and they are charging $250 for flight cancellations and delivery to cover rising costs, things are not going in the right direction for this company and back to the monster us microsoft, 60 billion the over activision blizzard, trying to figure out who's next, what

game publisher might be bought next. take 2 interactive, electronic arts and people think the meta-verse in connection to the meta-verse is gaming and we forget about this but $68 billion in cash is a lot of money. who else has this cash just lying around to buy up a company except for big tech giants. stuart: nobody else. i noticed activision blizzard stock is at 83. microsoft at 95. i take it there is some concern that maybe this deal wouldn't pass muster with the regulators. lauren: merger arbitrage is what we call it. 45% premium for activision ike microsoft did and $10 show there are some hurdles and not everybody will get through the dc barriers. stuart: it is 83 as opposed to $95 offer.

a new quinnipiac poll shows just 28% of hispanics approve of president biden. florida's lieutenant governor joins me now. which biden policies are pushing hispanics into the republican camp. >> when you look at disastrous policies from the debacle at the border, in afghanistan, and what is affecting people's bottom line. the gas prices are out of control. shelves are empty. these are coupled with a continuing trend to see voters walking away from biden and the democratic party and towards the party freedom, the party of ron desantis and jeanette nunez, we will preserve people's freedoms and make sure they are prospering which is what hispanic voters in particular are looking for opportunity to improve their economic position. stuart: a year ago there were demonstrations in cuba. significant demonstrations, now

they are cracking down on the demonstrators with harsh penalties and biden is doing nothing about it. that has got to upset the cuban-american population of florida. >> indeed, freedom loving people regardless where they hail from saw what happened the fateful day in july, there were uprisings, they were calling on the dictatorship to give them freedom. they wanted freedom. what you see, the biden administration has done nothing not even so much as we requested they do, provide access to the internet so they can have free flow of information. stuart: it seems, i am sure your family with this, the media is pitting donald trump against governor desantis. the hill newspaper says trump desantis tensions ratchet up. vanity fair says look like ron desantis returning to trump's personally mayor. the times, who is king of florida?

tensions rise between trump and desantis project use, trump dogs desantis ahead of 24 matchup. is this a media confection or something real here? van blood, is it there? >> it is a media session because they want to detract from what is affecting individuals. that made up animosity is not what is affecting individuals, the disastrous biden policies, the economy tanking, gas prices rising, the fact they want to indoctrinate our children and not allow them to having person education. it is a distraction. to take away -- stuart: mister trump does not want a competitor for 2024 and run desantis is the principal competitor. >> i would say he will make the decisions he wants to make a we are focused on 2022 exclusively. stuart: i will turn the page on this. one lawmaker from the hispanic

caucus says he's not going to attend a meeting with vice president harris's new communications director jamal simmons. this is about this decade old tweet where harris's new aid called for the deportation of illegals. what is your reaction to this. >> they look for opportunities to take a stand, i can't speak to that member of congress but there have been times the congressional hispanic caucus refused to allow, because he was republican. look at it from the perspective of what is good for the goose is good for the gander. his decision to meet with her or not meet with her will not impact. stuart: another product of vice president harris, she has a new communications director who 10 years ago was talking about deporting illegals that can't do that in the days's democratic party. >> certainly not, the fringe, the radical left obviously are

controlling the harris biden agenda and what you see from kamala harris is a failed presidency that trickles down to the vice president, no bearing whatsoever on improving biden's numbers. stuart: jeanette nunez, thank you for being with us, a real pleasure. >> always a pleasure, thank you. stuart: there it is. that is an electric flying car. does not require a pilot's license. i want one. we will explain in a moment. major airlines warning of a catastrophic crisis ahead of ♪♪ ♪♪

♪ ♪ ♪ ♪ ♪

stuart: the dow industrials down 518 points, the nasdaq composite down 270 points, the s&p down 70 points. that the selloff. then there is this. major airlines warning of catastrophic disruptions when 5g technology rolled out first thing tomorrow morning. grady trimble at chicago's o'hare airport. how bad are we talking? >> really bad according to the airlines. united says it could cause negative impact for as many as 1 million of its passengers this year, could down a large number of flights in the airlines collectively say it could potentially strand tens of thousands of americans overseas. in a letter to transportation secretary pete buttigieg and other government officials major airline ceos that immediate intervention is needed to avoid operational disruptions to air passengers,

shippers, supply chain and delivery who needed medical supplies, the nation's commerce will grind to a halt. they argue 5g could interfere with critical safety instruments on planes and instead proposed launching faster service everywhere in the country except within two miles of runways at certain airports. for their part, at&t and verizon will operate these 5g services declined to comment today but previously pointed out 5g has been successfully and safely rolled out in 40 countries elsewhere. on planet earth, the faa says talks continue between the airlines as well as the wireless providers to avoid any mass cancellations or flight delays related to the 5g rollout, the clock is ticking because that rollout is supposed going to place tomorrow morning. stuart: you have 14 hours to negotiate a deal.

before you go, the 12 anniversary, been saying it all day. you have a memorable moment? >> i do. your show is one of my first reports after i joined foxbusiness, you're very professional and very kind. you wished me a happy birthday earlier this year and i was embarrassed by that. they played the blue graphic so i thought today would be a perfect occasion to get you back. i have the blues cute up and ready to go to wish you a very happy 12 anniversary. stuart: thank you very much, you the balloons. they are very cheap, cheaper than the graphic. bank you very much indeed, good stuff. i'm still waiting for the balloons. for the first time, electric cars outsold the number of diesel cars in europe. by how much? ashley: still waiting for the balloons, let's get to the story, 20% of new cars, 20% of new cars sold in europe in december were powered solely by

electricity. that compares to sales of diesel vehicles that slipped to 19%. government incentives have made electric vehicles more affordable plus the variety of electric cars to choose from has grown. that includes norway which is not a member of the eu but had the highest percentage of electric vehicles of any nation on the continent. tesla was the best-selling electric vehicle brand last year followed by volkswagen and tesla will open a factory near berlin this year which will give the company next to boost in the european market. 50% of vehicles sold in europe were diesel, things are changing. stuart: in norway the majority of cars sold are electric vehicles. norway has the most advanced ev market anywhere, there you go. ashley: richest in the world.

stuart: show me the dow 30, there's a lot of selling. down 520. the president last held a news conference, how is he going to handle to tomorrow's big event, a teleprompter, prepared questions, joe concha discusses after this. ♪♪ will you still love me tomorrow ♪♪ ♪♪ e way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back. and goes out of its way to help. ♪♪ when you start with care, you get a different kind of bank.

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>> president biden has had a tough week. >> mister biden has the second lowest approval rating ever measured in the white house and it has never been less popular nationally. >> 2022 is not off to a good start for the biden administration. now he is in the midst of what one famous children's book writer called a terrible horrible no good very bad time. ashley: we got it following a bad week, holding a press conference tomorrow afternoon, first in months.

joe, how are they going to manage this press conference? they have to manage it. will he try to line up the questions, know the questions in advance, load the prompter with the right answer? i think they have to do something like that otherwise they are in dangerous territory. >> let me tackle these questions one by one. we know how this is going to go. between then and now the president's handlers will compile, provide him that list and read off those reporters one by one. do i think they will provide questions in advance? i do not. i think the questions will be not as hostile as we sought was the previous president and that rarely includes peter doocy because we wouldn't want to make anybody uncomfortable with tough questions. all that said the president will use the teleprompter for a prepared statement or two before the presser, that's not uncommon but taking questions, he will have detailed notes on index cards provided to him because that is what we've seen in the past but i don't think you could have a teleprompter. he has to look at the reporter asking questions and if he is

reading off of something that will be a worldwide embarrassment if that happens. logistically that won't happen. it will largely be on his own but fact checkers largely on vacation the past year better wake up because as we've seen throughout the presidency and his adult life resident biden is a person who is allergic to the truth whether it is plagiarism or that he was arrested which never happened or his claims on being a truck driver or voting sites in georgia closing before people get off work the guy lies and the recent cnn poll found 66% of americans think mister biden is a leader they cannot trust. when you lose 2 thirds of the country that is a huge problem whether you are democrat or republican, doesn't matter. stuart: you've got to be aware of his demeanor. he's got to be sharp. he can't lose his train of thought. he can't stumble very much because that would look really bad and there is no way the white house staff could manage that.

>> you can clean it up afterwards but we have a president that is 33% approval in the latest quinnipiac poll, one third of the country support him, he got 81 million votes, quite a drop. he needs to perform exceptionally well here. as we've seen throughout his first year he does not do well in situations when he has to have a next and previous spot and he's got to defend how things are going on inflation, for your high, crime, 16 cities reporting record homicide rates, the border 2.2 million people coming into the country, basically triple the size of the population of washington dc or what happened in afghanistan or democrats becoming the anti-education party on every major front he is underwater and doesn't have the winning argument so even if he does get friendly questions i have a feeling this is not going to go well at all for this president given that he's trying to defend the defensible at this point. stuart: absolutely must see tv. as is "varney and company" in my personal opinion. you know that today is our 12 anniversary edition of the

program. you have been with us for many many years. i don't know how many years, 45 and in all those years can you pick out a memory, a memorable moment? >> almost every interview you do with me because you end every one with you are all right. i love that. i never get compliments on my wife. you are my wife and the compliments department. i remember you had a real throwdown with juan williams not long ago and i had to witness it awkwardly when waiting to go on but i like the fact that this show rates so well in the business, television world because you speak to people as if you are having a conversation in a bar instead of speaking down to them and using ridiculous terms that 90% of people even watching a business network are fuzzy on, you bring it down to a very authentic level in a way that people can understand so

as far as a member the moment i remember the body of your work at this point to watch the show you get a little bit of everything but most important the i don't get spoken down to. you are not pious. your regular guy. we may or may not run into each other in the same restaurant innocent place in jersey from time to time. that is where my people go. stuart: i'm almost in tears, you are so nice. you are all right and that is -- tell your family. what is this about memorable moments? here is ashley. you have a moment for us. ashley: right now you are joe can't's wife. how about that? it is going to be eight years this june and joe touched on it, used to get very fired up in studio especially when you were battling a liberal commentator and it was my job even though you didn't know it officially to cajole you, make you laugh and every time you

would look at me and say i know what you are doing, webster, and it's not working. the other classic moment we will never forget is around the monitor watching donald trump and his wife milania coming down the escalator at trump tower that will stick in my mind forever. stuart: it sticks in my mind too. are you ready for this? this is the tuesday trivia question. i absolutely do know the answer. which classical composer was deaf? surely america knows this. the answer when we come back. sorry, one sec. doug blows a whistle. [a vulture squawks.] oh boy. only pay for what you need. ♪liberty, liberty, liberty, liberty♪ we have to be able to repair the enamel on a daily basis. with pronamel repair toothpaste, we can help actively repair enamel in its weakened state.

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stuart: we asked which classical composer was deaf? who do you think, ash? ashley: famously beethoven, right? stuart: dead right. you and i knew this one. ludwig van beethoven, noticed he was having difficulty hearing when he was 28. by the time he was 44 he was completely deaf. he attached a rod to his piano and clenched to his teeth to feel the vibrations striking the keys. the ninth symphony you're hearing now, was composed one full decade after losing his hearing. just extraordinary. i want to tell our viewers to follow us on spotify where you hear all the music we've been playing all this past week.

i want to tell our viewers, thanks for 12 great years. we do hope that we got another 12 that would take me to the broadcasting age of 85. well i live in hope. it has been great. thank you very much everyone. david asman in for neil today. david: i have a quick trivia question. what company uses ludwig von beethoven uses his initials as a symbol. stuart: what? david: steinway. i can see stuart varney broadcasting at the age of 85. easily, easily. stick with it, brother. you have a career. welcome to cavuto "coast to coast." markets falling sharply today as