in it. maria: thank you so much. it has been a great show. "varney and company" coming up next. you want to say anything? stuart: you don't use baloney, you use spam. the virtues of a spam facemask. i think we better move on. i will start with money even though it is a big day in politics. investors, what a 7 with the big selloff. here's what is happening. the dow down 543 points. 100 points this morning, not a

solid bounce. it is not much of a bounce this morning, up maybe 21 points. the nasdaq took the biggest drop of all the major indicators down a huge 2.6%, this morning a small gain, compared to yesterday's selloff is awful, up hundred points. interest rates going up. another 2-year high reaching 8.9%, 186. oil another problem for investors, it is going up, making energy price inflation worse. it moved down to n$86 a barrel quote right now and gas prices are going up too. take a look at bitcoin, no selloff, holding at 42,$200. that's the market action this

wednesday. where have the dip buyers gone? we will ask. the website, free home test kits up and running. we tried it for us, it worked but we are hearing about glitches. it will probably be 2 weeks or longer to take delivery. the omicron surge slowing down. here is the big story, the stakes couldn't be higher, we are told it will make 400,000,095 masks available free, resetting the administration after a year of failure. my point will be this, the president has a policy problem. messaging is not the issue. one more point. he's got to show he is up to the job, that he is in command, focused and able to do the job, the country and foreign leaders are watching carefully with kamala harris waiting in the

wings. it is a big day indeed. wednesday january 19th, 2022, "varney and company" is about to begin. ♪♪ i hit the ground ♪♪ i hit the ground ♪♪ stuart: top story of the day, president biden holds his first press conference of the year this afternoon, one day before the anniversary of his first we're in office. at a time when he is surrounded by crises and failure. sean duffy with us this morning. what do you expect to see this afternoon? >> reporter: i expect the president to have a list of questions and a list of reporters, he will be paris prepped, a teleprompter to get

them through the interview but per your opening monologue he will try to spin the american people and put a rosy picture on what has been happening but he has to change course, change his policies to make life better in america. i don't think he will do it but to say we will open american energy we are going to produce more gas and oil in america to bring those prices down, that is a great sign for america. he's going to stay the course. stuart: he can't do it. the far left runs this administration. they will not tolerate any change of course for the moderates. it's not going to happen. maybe he should fire some people. i know he won't do it but should, very poor performance. the border guy. alejandro mayorkas. the top economic advisor who thinks inflation is the result of the meat conglomerates. there is a holistic people he could fire to change direction but won't do it. >> reporter: here is the

problem. these guys are following the direction from the top, they are following president biden, if he fired them he would replace them with another radical leftist and you are right, he is following the direction of the aocs and bernie sanders. that is true. but the american people are in a different place. you saw the polling numbers yesterday. americans sided with democrats at the start of last year by 9 points, that is how much america hates the policies. they don't like aoc or bernie sanders. they want policies that work for the family. if president biden is not willing to make the change he will not get different poll results. until you have a change in congress and the new congress led by republicans, to come more to the center with better policies.

stuart: don't get confident about republicans. >> i am overconfident. stuart: see you again soon. back to the markets. a huge drop yesterday. that is not much of a bounce this wednesday morning. shah gilani with us today. i haven't heard much from the dip buyers recently. maybe we have further down to go. what do you say? >> we have more volatility ahead and further to go on the downside. one of the things i'm looking at is proliferation of the big tech stocks and etfs that are getting sold off and as those etfs get sold off the prices come down, the underlying stocks have to be liquidated causing more pressure, the same stocks a lot of folks are concentrated on and i don't think we are through with that cycle. i am waiting, a lot of stocks

become very inexpensive and look good but they may have more to go. this time may be different in terms of rising interest rates and rising inflation and the fed not only promising to raise rates but also promising to taper their purchases down to 0. that is different. this time more volatile. stuart: i would call you the king of the dip buyers. you've been telling me and our viewers to buy the dip especially in big tech, every time there was a dip you came in and bought and you were right but you are not buying this dip yet. how far further down those big tech have to go before you put your feet in the water? >> i am looking at everything on sale right now. i am waiting for some settling out in terms of the markets. that is if we see a cluster of 2% or 3% down days, that would be an opportunity. if the vicks spikes and we see panic in the market reflected in the vicks, if it gets to 28,

36, even as high as 44 that is a buying opportunity because that will be that we've seen the bottom in time to buy everything and there's a lot of stuff including the big tech names. stuart: how about triple q? that is taking a steer drop to the downside. >> the nasdaq is down 8% in the last 10 sessions which is a big move down, close to 10% drop from the highs and that will start the first place to buy into but i'm not going to buy all at once. i want to see the markets find some base. as far as tech stocks a lot of them are coming up to their support level. if we break those, we have further to go, another 10%. looking for opportunities. stuart: another 10%, now you got us all worried.

thank you, see you again soon and that is a promise. we've got some housing data. what do we have? lauren: don't worry about the housing market. a surprise gain for december. housing starts up one.4%, the annual rate 1.7 million units, the highest since march. permits surgeons 9.one%, that is the highest since january of 2021. at what they could to higher rates impacted demand and therefore builder activity? i can tell you last week home buyers rushed in to get mortgages because rates are going up. applications rose by 8% and loans size had a record high of 418,$500. affordability might become an issue for housing if it hasn't started already. stuart: let's talk inflation. tell me what the chief executive officer at goldman sachs is saying about wage inflation. lauren: david solomon, quote, real wage inflation is

everywhere in the economy. its own compensation costs rose 33% last year. goldman essentially paid staff $4.4 billion more in 2021 than they did in 2020 and here's another note. of the new hires, 90% were outside the traditional financial hubs in new york, london and hong kong. if you bottom line this, we have power and what they are paid and where they want to work. stuart: very good point. fascinating. check futures please. we are coming off of a huge selloff yesterday. not that much of a bounce this tuesday morning. there is this too. new york city's mayor eric adams admits even he feels unsafe on the subway. he called the system safe just days ago. >> this is a safe system. we are going to make sure new yorkers feel safe in our subway system. they don't feel that way now. i don't feel that way when i take the train.

stuart: from safe system to not so safe. that the confusing start for the new mayor of new york city. get your free at home covid test kits if the website works. we have the latest on biden's rollout after this. ♪♪

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spiritual and just puts you on a high. you are looking at topsail beach in north carolina. it is sunny and 59 degrees. look at futures. huge decline yesterday morning. not much of a bounce this morning. i believe that that was the website toward a free covid test is up and running but some folks say they are running 2 glitches. what is the story? lauren: the biggest problem is some orders from someone who lived in an apartment. those were blocked because the site recognized the the apartment address as having already placed an order. i placed my order this morning and had no problems. this seems too little too late. you have one test per household, only one test will ship later this month.

if you have 6 people, you only getting four sense and it will take a couple weeks. you also have another piece of information, pharmacies will start to distribute 400 million free and 95 masks starting next week and all this conveniently tees up the president's represent later today. stuart: that will be part of the press conference later. let's bring in doctor frank, the problem seems to be the tests won't arrive for two weeks or longer. will we have passed the p, cron by then? >> nice to be back with you but i agree with what laura said. too little too late. the cdc data is showing we probably peaked and are withdrawing a little bit on the numbers. in new york state we are rapidly starting to decrease week over week, the last week, 30% lower, new cases, i think

it will be too little too late. a lot of people over test when they are asymptomatic. i would like people to test when they are sympathetic. stuart: that is the problem. if everyone has a free test at home and everybody takes these free tests there is going to be a spike in positive results i would've thought and therefore a spike in the number of people who got to withdraw from work and stay in quarantine. i see that is a problem. >> that is a problem because is false positives, the cold, the coronavirus. and >> omicron will not be the last covid varian variant. will it be a week or, we have covid 19, delta and omicron,

the strength seems to be declining. do you expect that declining strength to continue? >> i do if history and evolution hold. we can expect the future variant to continue to diminish in their virulence and the severity of the disease they cause. don't relax yet, this may not be the last one. of course it's not going to be the last one. it is like saying the last earthquake in california will be the last earthquake. of course we can expect new variants but they should be milder and milder. that is the way evolution works. never ceases to amaze me how as soon as people get any hope the media leap and say not so fast, don't relax. i don't want people to relax but i do want people to be calm and have confidence that if things get better we were already peeking with omicron and i expect things to travel this year. stuart: tell me about brain

fog, and i have brain fog. i think it is gone. have you treated patients for covid and have a reported brain fog, what symptoms are they reporting? >> a great number of covid patients. and and and i think it resolves after couple weeks. it doesn't seem to be a risk factor, people who are older and sicker, but kind of random. it is resolved within a few weeks. stuart: the worst thing that happened to me during the covid period apart from the boredom of being in quarantine.

see you again soon. britain's prime minister boris johnson easing covid restrictions. what changes is he making? lauren: restrictions will be relaxed next week. the work from home guidance. you can put your mask away, you don't need a vaccine passport to go places, kids in classrooms don't have to wear masks. contrasts that to france were kids 6 and older wearing masks. they've been drinking while standing at bars and cafés because that makes a difference and france has a record number of cases, 465,000 yesterday. it is going the opposite direction. stuart: the french and brits always had it out. one more. johns hopkins university requiring everyone on campus to double mask. i don't get it.

they had a high rate of vaccination already. lauren: everyone on campus is vaccinated. 99%. you have to wear a double mask everywhere on campus or where and in 95, get a booster by february 1st and mandatory testing two times a week. that is college these days for a lot of kids. stuart: i don't like that. back to the markets real fast. not much of a bounce from yesterday, not much depth buying, 120 after a loss yesterday. we take you to "the opening bell". ♪♪ i'll pick this one up. i earn 3% cash back on dining including takeout with chase freedom unlimited.

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stuart: eddie gaber, one of the few who got it right, he said there was a lot of selling and it happened. is there more selling still to come as rates rise? >> absolutely.

i hate to be more bearish because i'm usually very bullish. i have to look at things objectively and as each week goes by, more and more things start checking the boxes we are correcting with regards to the warning we are share with the reasons the beginning of november to the second 1:45,022 is going to be the most problematic and so here's the narrative i just cannot buy. we have folks saying that the fed should be aggressive with rate hikes and we get 4 to 6 rate hikes this year. let me be crystal clear. if the fed raises rates four times, got a bit 6 times, we will have the largest cash position we've had for clients in my career because this economy is slowing down and the worst thing you can do in a slowdown is aggressively titan. we know they are going to tighten. we know the markets are not going to like it. that is why we are telling viewers to sell bounces if they

are trying to reduce risks so i am concerned if they are aggressive with this rate hike and make the market handle it, they will be proven dead wrong in my opinion. stuart: you are doing the opposite of buying the dip. you are selling the dip and raising cash. you talk about the second quarter of this year that begins after march, you think we get a 20% correction by then or then? stuart: it started to materialize, small-cap sectors. there's a lot of carnage. it hasn't hit the broader market yet. of the fed starts raising rates in march and they say they will continue to raise rates and i believe the broader indexes have a 20% plus correction if they are that aggressive. if they are not aggressive, and expect garden-variety 10% to 15% the we are positioned for extreme defense because we raised a lot of money out of high risk assets and being very

active in the next move for us and our clients will be going to cash for a percentage of the portfolios if they tell us and if we think they will be aggressive on rate hikes. the hand will not mark it. stuart: what proportion of a portfolio someone like me should be in cash now? >> we believe everyone should have in their portfolio 30% to 40% of their portfolio should be actively managed taste on short-term trends. i can tell you if we get the aggressive hikes some people are pushing for we will go to 20, maybe 25% cash but also have 10% to 15% position in gold and a position in treasury. the other thing we are not consensus on, everyone says the 10 year will soar. if the fed tightens we think the tenure may hit 2% at the top. the tenure bond is going to start to come down and then you

start running into inverting the yield curve and that brings in a whole other mess. if we get that aggressiveness you can see how we are positioned and it will be to try to protect protect protect as much as we can. stuart: you have been right so far and we appreciate that, see you again soon before the second quarter arrives. "the opening bell" is ringing. you can hear it. it is wednesday morning, the day after a major selloff. the nasdaq is down 10%. we started and we are up 72 points on the dow industrials, 70 points on the dow industrials. half the dow 30 are winners. the rest are losers. that's not much of a bounce from the big selloff yesterday. same with the s&p 500.

it has opened higher, not much, about 0.43%. it was down one.83% so it is not regained much grounds. the nasdaq down 2.6%, up 0.6% this morning. take a look at big tech. all of the money upside. they've been cleaned recently but that is not much of about that microsoft seems to be bouncing off a $300 floor. the big names recorded before the bell. come on in susan. bank of america on screen. lauren: let's start the largest mortgage lender in america, boa when it comes to profits in line with sales and boa helped by record asset-management investments but you also have the remember that boa is more of a traditional lender making more money off of loans instead of trading and being held because they released more than $800 million from their emergency cash reserve they kept aside and built up during covid. i want to show you more of a wall street bank, morgan stanley, higher profits, sales

in line but unlike the rest of the wall street period, goldman sachs, multimillion dollar bonus to keep their top bankers are around, morgan stanley says the compensation costs didn't go up from last year. the stock trading revenue went higher as well which is better than other things. procter & gamble, another big report card, people were trained to figure out what's dug deeper into the numbers, they reported better profits because they were able to raise prices twice last year covering soaring inflation costs. p&g which makes pampers, oral-b and the like, in the final 3 months of last year thanks to price hikes and their products. mister clean, everything went up for consumers. stuart: if you raise the price twice your revenues look a lot better and so do your profits. financial technology, it is surging 15%. did they become a bank or something?

>> they got approval for a bank license. it is an online lender popular for student loans and the younger generation, getting the formal banking license, we don't have to pay a middleman in order to clear their loans or take deposits on their behalf. they get to keep more of that profit instead of going through third parties and what about jack dorsey's company blocked for other companies because they are going to come after traditional banks as well and coverage of the cycle, outperforming with $20 so a pretty good upside. stuart: doing well today and in the future too. tesla, what is piper sandler saying about their 2022 outlook? >> they boosted their guidance for this year's full-year sales because we are heading into to the earnings next wednesday

which will be a hotly watched highly anticipated report card. the factories in austin and berlin coming online with record-breaking production year last year. theoretically that could surpass even their most bullish outlook. the wildcard for the is shanghai and whether china keeps the 0 covid policy and how that impacts it. stuart: did i just see moderna drop below $200? yes i did. well below. >> down 70% from their august peaks, $500. the moderna booster shot is not that effective against omicron, that means people may not get as many moderna osters, pfizer's new covid pill, shows that it does work, omicron.

stuart: could never work out pfizer's stock. it is in front with vaccinations, successful vaccinations, it was 35 before the pandemic and now it is 54. i don't get it. i thought it would the higher than that. >> any fund manager would take that in stock. stuart: 35 to 54 is not a doubling. i am not satisfied. >> $20 is 80% up. not all of us can be microsoft tycoons like you. stuart: let's turn to cryptos. the point i want to make a sos is they have come down from the highs. i love that but recently they held up pretty well despite the big selloff in stocks. >> i disagree because bitcoin, we are back, 42,$000, yesterday threatening to go sub 40,000 in the higher yields selloff. ethereum almost went sub 3000. if you do the math let's correlate, the nasdaq is down 7% or 8%, down from 65,000 records so i would say bitcoin

has been more volatile over the past year which is what you expect from this type of asset class but here's one trend everybody is talking about in crypto markets. if you look at how bitcoin and ethereum the rest of the cryptos trade in line with the broader markets, three times correlation for how the s&p trades in this year in 2017 according to an imf report. bitcoin, crypto, no longer a fringe investment. average folks and investors hold crypto mainstream. stuart: fair enough. i always think of mimi stocks a bit like cryptos, gambling chips but that is just me. what is happening to the meme stocks these days? >> a different generational outlook. let's check in on game stop. i will even throw in rivian which is down 16% recent highs,

ford making $8 million but meme stocks are selling off a little bit with the broader market. it has been a year, 12 months since we had the game stop. what does that show you? when money comes out of markets it also comes from retail investors as well. stuart: there is a correlation right there. we will get back to you shortly, dow winners on your screen, procter & gamble, a good report and they are up 3.5%. the s&p 500 winners top the list again. morgan stanley is up there. bank of america two big banks on the top performance list and the nasdaq is headed by lam research, those are not the big techs. it has been a long time since big techs appear in the nasdaq list of winners. the dow at the moment is up 105 points, it was down 500 yesterday. the 10 year treasury yield is now one.85%. the price of gold is $18.26. the price of oil is now $86 a

barrel and natural gas, where is that this morning, a little bit, $4.29 per british thermal units. the average price per gallon of gas slightly higher, beginning to move up in line with oil prices $3.32 since we california, $4.65 the average price for a gallon of regular in the formerly golden state. senator warren will not hear a word about democrats losing this year's midterm elections. >> you have less then a year before you lose the senate and house. >> by your tongue. stuart: i think you've got a problem in the mainstream media suggests you're going down to defeat in 10 months time. this has to be a first. the man you see on screen smoking marijuana wants to be a us senator. that is his ad campaign. look at that.

cashing in on the meta-verse. my next guest sees it as a massive opportunity if you can avoid the hype. i'm looking to investor into game stop board member larry chang after this. ♪♪ wake up ♪♪ little susie ♪♪ wake up ♪♪ ♪ feel stuck with credit card debt? ♪ move your high-interest debt to a sofi personal loan. earn $10 just for viewing your rate — and get your money right. ♪ as a dj, i know all about customization.

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stuart: we have been telling you about big companies entering the meta-verse but the average folks jumping? kelly, run us through it. >> from average folks perspective investing with caution, from a user standpoint you can check it out from a connected device, walmart, ralph lauren and mikey developing a shopping experience, disney has filed a patent to build the theme park simulator but why are nutritional companies investing? businesses are bidding this is where customers will spend a lot of time and wants to meet

them where they are. the brooklyn that are the first professional sports team to enter the state offering the courtside game watching experience. look at these images, part videogame, part live experience that underscores how entertainment plays are the most obvious applications. what will look like? a lot of us are envisioning, some experts say will be more integrated into daily life. >> it is going to be a digital overlay in our difficult world and i don't think that will mean we walk around with our head set all day. instead of having to pick up our phone and tape something every time we needed we have information we need available, that could be through ar, that could be through holograms. >> reporter: though the future is murky average investors are betting big on the hype miniver skyrocketed with the most extensive piece of land, port $4.3 million even though investing is risky right now because it could drop once the value proposition is more clear.

all many many companies with a wait-and-see approach allowing the tech designed to define the arena in which other businesses play, adding the real story questions which are developing and we can expect to see this change rapidly in the near future. stuart: not sure i understand it but it is fascinating. look who is here now. larry chang, managing partner at volition capital was a company that gets into all things meta-verse. aren't these exotic investments vulnerable, where the stock market is selling off so badly. >> the fiber of the meta-verse enabling you to own real estate or virtual goods and they are soaring right now. a massive explosion that i have

never seen the sale of market growth in my entire career, there's a goldrush mentality, the fiber and texture of the meta-verse and the number of reasons why the a lot of them -- including community access and value and therefore people are trying to find their footing as you mentioned. stuart: your company buying nfts? >> my company is not buying nfts today but looking at enabling technologies because there are a lot of problems, they are extremely expensive. it's hard to transact in various platforms. there is an infrastructure layer that enables the trading of nfts and enabling technologies for the meta-verse which is very plain. stuart: bring it down to my level. walmart moving towards the meta-verse.

if i wear these goggles, i keep coming back to them. if i am doing that and i am shopping in walmart am i looking at things or can i actually buy things? >> 100% you can buy things so think of your current experience with your phone as the beta version of the meta-verse, you can look back 10 years from now and think of that as -- the meta-verse will make the experience more immersive and you can own parts of the meta-verse, transact in the meta-verse and engage -- stuart: in the immediate future before we develop more technologically, do we have to whether goggles. >> miniver's environments like road blocks, and where they are creating, in the meta-verse environment.

stuart: you did a great job explaining this, to explain some more because this is not going away and i want to learn more. china now requires chinese internet companies to seek approval before making investments. a lot of american technology companies under pressure because they make a lot of investments. i take it china is doing this to stop their companies getting any bigger like ours? >> to have control of the impact these big tech companies have not only on their economy but also on society. after a year of clamping down on big tech to ali baba, beijing is increasing regulatory scrutiny, and blocking investments and acquisitions. to seek beijing approval for

dealmaking and never know how beijing is going to act. why would any foreign investor wants to be involved in the sector? stuart: i would imagine if this were china the authority's would object to microsoft buying activision blizzard because it makes him bigger and more powerful to the chinese would object to that. lauren: and puts them in the meta-verse. microsoft is so confident the us will seal the deal the cancellation fee, $3 billion. stuart: $3 billion is a chunk of change i would say. coming up the formerly golden state of california is looking at a proposal that would double residents taxes. get ready for another mass exodus. 3-d printing a home from roof to foundation in 22 hours. that is what my next guest didn't is going to tell us how he did it. we will be back.

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left-hand side of the screen that is a 3-d printed home built in 22 hours. 3-d the company behind the home. that house, 3-d printed on the spot on location or in a warehouse? >> it was printed on the spot and thanks for having me today. we print on site with office 3-d. stuart: did we print everything, the wall, the foundation, the roof? you 3-d printed it? >> we didn't print everything. we are not at that level yet. we printed all the exterior walls was the foundation is laid as normal and the walls are printed with the printer on top. stuart: okay. i am trying to figure this out. if you built it on site can you build it in the rain or in a snowstorm? does the weather intrude in a 22 hour time frame?

>> we can build in a light drizzle, if there is a heavy storm we can't be printing and it is interesting to see how it works. it is confusing in terms of where or how this happens, just talking about the meta-verse, pretty fantastic this morning but the way it works, almost functions like a layer cake. it is traditional concrete that comes through a tube that goes into the print head and the print head moves in a pattern we define ahead of time in terms of the design. it printed this home with 164 layers. stuart: what would be the price of that home we are showing our viewers versus the price if it had been built in the regular normal fashion? >> we see a savings of 10% to 15% versus traditional stick built homes as we think that is only going to climb. over the next 24 month we expect to get to 30% savings and you are seeing savings and

four places, in terms of labor. you only need three to four humans to operate the printer, you are seeing in terms of material, concrete costs less than traditional lumber and you are seeing it in time. this home took us 22 hours to print and we think we can improve upon that and the final savings, this one we are excited about, the ongoing savings, a 3-d printer concrete home uses 50% less energy than a stick built home. those are the homes we are providing by office 3-d. stuart: you are looking down on them. thank you for being here. you will be back because that is fascinating. still ahead, louisiana senator bill cassidy, lara trump, martha maccallum and the guy who checks out urban crime, soft on crime policies jason rants, our 10:00 hour is next. ♪♪

♪ that's the way, uh-huh, uh-huh, i like it ♪♪ stuart: good morning, everyone. it is 10:00 eastern. we better get straight to the money after the big selloff yesterday. a little bit of green for the dow, up 135, nasdaq up 125, and the s&p 500 is up 28. but they're nowhere near regained the lost ground yesterday. the price of oil gone to $86 a barrel. watch out for gas prices in the future. the 10-year treasury yield, and

this has really upset the market, you're at 1.85%, 1.88 earlier this morning. not much going on with the cryptos, bitcoin still at $42 the,460. now this. if the president wants to rebound from his year of failure, here is what he should do, start firing people. whomsoever wrote that dreadful atlanta speech should go immediately. you don't call anyone who disagrees with you a racist and expect your opponents to surrender. you've just insulted members of your own party, not to mention the rest of the country. the president's chief of staff should go. ron klain failed to organize a compromise on the president's signature build back better plan. that's his job. and he allowed the atlanta speech to go ahead. what a mistakement -- mistake. brian d.c., director of the national economic council, he's got to go. he thinks the answer to inflation is to spend trillions more of your taxpayer dollars?

and if he had mig to do with the president blaming meat conglomerates for skyrocketing beef prices, well, he's really got to go. he's been laughed out of court in the economics community. alejandro mayorkas, total failure. he said the border's closed. no, it's not, and he knows it. gotta go. transportation secretary pete buttigieg, supposed to be fixing the supply chain crisis. but after a year, it's obviously not fixed, and he definitely did not save christmas. gotta go. xavier becerra, health and human services, in charge of the fight against covid. he wouldn't be missed if he were fired. he's nowhere to be found. you never see him. if any of these folks had been in the trump cabinet -- [laughter] it's laughable, they wouldn't have lasted a week, much less a year. this president never fires anyone. that's one of the reasons his first year has been a actually your. he tolerate -- has been a failure. he tolerates incompetence. second hour of "varney" just getting warmed up.

♪ ♪ stuart: all right. liz peek back with us this wednesday morning. what are you expecting from president biden's first press conference in months? >> well, i would love to see him be asked some real questions, stuart. it's unlikely, but you can never give up hope that the mainstream media's going to actually ask things that voters care about like why is there a vaccine mandate that is driving labor shortages when we know that vaccines don't protect us against the transmission of the disease? if or how about why oppose voter ids when almost everyone in the country thinks it's a great idea including african-americans? or why is the georgia law, the voting law that they put in effect, a racial law when delaware's laws are much more restrictive in many respects? i would love to see people actually challenge this

president about why american workers should support him when real wages went down 2.4% last year, when they're doing nothing to curb the worker shortages; but, rather, are encouraging them with so many policies that keep people on the sidelines. stuart, there is so much to ask this president. what they're going to ask is, sir, what did you learn from your first year in office? [laughter] stuart: i'm sure the answer will be scripted and probably available on teleprompter. >> absolutely. stuart: i've got two more house democrats announcing their retirement. that brings it to a total of 28 retiring or just seeking another office. what does that mean for republicans hoping to take back control, do you think? >> well, look, i think it's a very good sign for republicans. democrats -- and, by the way, some the people retiring are committee chairs, longtime members of congress. they see the writing on the wall. they know that the oddsmakers give 70% odds to republicans taking both the senate and the

house. but also, you know, there are just so many polls right now, the republicans are up i think it's 7 or 8% on the generic poll in a recent survey. that is, like, unprecedented, stuart. right now if the election were held today, it would be a bloodbath. can he turn it around, that's the big question. i doubt it, because there's no indication that this president wants to pivot, wants to change any of his radical policies. if anything, he's digging in deeper. stuart: yeah, i agree with you. one last one for you. senator elizabeth warren scolded a cbs host who suggested democrats could lose control of congress in the midterms. roll that tape. >> just finished the first quarter. we're just starting into the second quarter here, so we've got a lot of time, a lot of work in front of us. >> you only have probably less than a year before you lose both the senate and the house -- >> ah, bite your tongue. bite your tongue. [laughter] stuart: cbs guy dared to say you're going to lose in

november. what do you make of that? >> that's, you know, that's one of the rare times that the mainstream media has actually voiced the truth, and elizabeth warren can't handle it. look, she's not a stupid woman, she knows what's happening, but she's one of the agents of the destruction -- ?iewrt. stuart: yes, she's the problem. >> she has pushed this party so far left and demanded joe biden's policies that nobody likes. it's on her and bernie sanders and aoc and all the other ones who are pushing joe biden left. by the way, he seems perfectly content to be there. stuart: he does, indeed. liz, thank you very much, indeed. see you again soon, promise. >> thanks, stuart. stuart: president biden spent -- really? do you believe this? the president spent a quarter of his first year as president in delaware. lauren, the white house won't let us know who he has visited, who visited him in delaware, right? lauren: and jen psaki was asked that directly yesterday. listen in. >> will the white house be

reconsidering the decision not to release the log information from his delaware residences? >> well, the president goes to delaware because it's his home, and it's also where his son and his former wife are buried. and it's a place that is, obviously, close to his heart. pleasure. lauren: the public wants to know who could be influencing public policy through a family visit at one of the delaware homes that the bidens own. what business dealings could involve hunter, who's buying his art. the non-release is shady, and it's also hypocritical because president biden said he would be transparent, and he's not when it comes to wilmington. stuart: yeah. i'd like to know who's running the show. next one for you, i've not seen this before, a shortage of registration forms. where? lauren: yeah. it's in texas. the state's primary is march 1 1st, and early voting begins valentine's day.

so why is there a shortage of registration forms? there's two reasons. a paper shortage because of the supply chain and also just last month there was a change in the voting laws in texas. it encourages a new application be used to help prevent voter fraud. and on this new application you have to show either a driver's license number or a social security number. so there's some inconsistencies with that, and forms are being thrown out and new ones are being sent. a lot of paper. stuart: what a mess. thanks, lauren. want to get back to the markets, please. green on the left-hand side of the screen after an avalanche of red yesterday. bullish brian bell sky back with with us this morning. look, every time you come on the show, brian, you said, look, your focus is five years out. you've got to be in the market five years out because that's the place to be. so if you're in the market now, you don't do any selling at all? >> great question, stu.

thank you so much for having us. when you sit down with a kind and -- client and tell them to sell and the market goes down like it has to start the year here and then additional bad news comes in and the rhetoric continues to build, they're not going to get back in. history has shown that. and so history has also shown that it proves to be a longer term investor and buy the stocks when they're down, not sell when they're down. and brands are clearly on sale. you saw with respect to some of the technology stocks the last couple of week, but clearly the bank stocks this week. we'd have to say ouch to begin the year, but at the end of the day, we're longer term investors, and we still hi the u.s. stock market is expressly position especially relative to the rest of the world. stuart: is it time to buy the big tech dip? >> yes, especially given that these names, again, follow kind of our brand theme of buying these big brands and buying

these secular growth names like apple, microsoft, netflix, google, some of our favorites. but again, with caution because you don't just want to buy blindly, but add to your position from a longer term perspective because we still think at the end of the year the stock market will be higher. we have some bumps and bruises, but we think the second half of the year is going to be very strong. stuart: don't you have any clients like me, people in their early to mid 70s who don't -- who really worry about five years out and would really prefer to take the money off the table, you made a good profit and sleep well at night? don't you have clients like me? >> sure we do. and we also have clients who have been buying bonds for 40 years, and the real rate of return for some of these bond products are losing money. so we think the kind of in between, quite frankly, for someone dashingly handsome in their early 70s could be a dividend growth in portfolios. we think equity income is going to be an expressly positive

trend the next several years, but dividend growth is where you should be going, stu. stuart: i might just take that advice. belski, you, sir, are all right, and we'll see you again soon. back to lauren looking at the movers. home builders, they're moving down by the looks of it. lauren: yep. and that's because of key banks have cut them to underweight. they said inflation concerns supersede favorable housing fundamentals like demand being big and rates being relatively low. so that's the inflation story for you, it's catching up. then there's sony. it was down about 13% in japan, and it's down in the u.s. as well. there's concerns of the increased competition that comes with that that microsoft activision deal, the primarily that titles like call of duty, could they be pulled from playstation consoles. but also the deal makes it tough for sony to stand on its own verse versus these players that are increasingly coming

together. and finally, stuart, united health is up. earnings showed little impact from the costs associated with omicron, and they added over 2 million members last year, most of that because of their medicare advantage plan. stuart: that does not hurt. two million new members, got in this. now this, the governor of florida, ron desantis, says backing president trump in 2024 is, quote, too much to ask. coming up, i'll ask lara trump if there really is bad blood between the former president and the governor of florida. four republican-led states added back all of the jobs lost since the pandemic started. texas is one of them. we'll tell you the other states shortly. >> the second large willest railroad company in america is begging the l.a. district attorney to rethink his soft on crime policies, this after a surge -- we've got to call this wild west-style train robberies. top california attorney harmeet dhillon takes it on next.

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♪ stuart: all right. the markets plunged yesterday. ed modest, at best, rebound today. dow's up 30, s&p 20, but the nasdaq is up 130 points. look at big tech, in particular look at microsoft. i'm going to call that a pretty solid rebound from the big losses yesterday. it's up $9. that's better than 3%. and microsoft is adding 63 points to the dow industrials. if it weren't for microsoft, the dow would be down again. activision blizzard's workplace

problems, and they have some problems, they may have been what sparked the microsoft deal. take me through it, lauren. lauren: yeah. you can say they created an opening for microsoft. activision's stock was pretty weak. it lost a quarter of its value between the time the state of california sued it for sexual harassment and discrimination, and then its longtime ceo was in the hot seat with the board for alleged hi not disclosing those allegations. so this microsoft deal could be considered the ceo's graceful exit. it's the biggest corporate cash deal of all time. it cements gaming in the metaverse, and it gives microsoft a leg up in the race to not only get there, but one of the dominant players when we get there. i think that's where we're all headed. stuart: okay. whatever you say. [laughter] drag me along, lauren. lauren lauren i like it here. let's stay here. stuart: new data shows texas has regained all the jobs it lost

during the pandemic. however, liberal states trail far behyped. madison alworth has the report. break it down, please, madison. >> reporter: absolutely, stuart. so texas and arizona are the two newest states to join that group of four states that have regained all those jobs lost pre-pandemic. that's utah and idaho as well. the thing that these statements have in common is they all have relatively relaxed covid-19 policies, allowing for the economy to be open and jobs to grow. so here are those first four states to fully recover jobs and actually build some more back. another thing that they have in common, stuart, they are all republican-controlled. and as you can see, they've not just met, but they've exceeded those pre-pandemic jobs. we are seeing more than what we saw in early 2020, quite a feat when you look at some of the states that are struggling the most to come back. new york, where we sit right now, still has 8% less jobs than before the pandemic started, a state that continues to have strict covid-19 measures like mandatory vaccination for nearly

all employees working in new york city. unfortunately, experts are not convinced that with current policies things will change anytime soon. >> really strict lockdowns over a very long period of time, and they were losing a lot of population before the pandemic. not just folks who are till in the work force, but people who were at the end of their working lives maybe are going why am i going to wait around for two years? how about i retire now and go to florida. >> reporter: or somewhere else. those states are helping bring up the national average of job both but -- growth but not by enough. overall, the u.s. economy is still 3.6 million jobs short of pre-pandemic levels making those four states' achievements even more impressive. stuart: well said. madison alworth, thank you very much, indeed. look who's here now, harmeet dhillon are. california's considering a proposal, considering a proposal that would double taxes.

adding $12,000 of taxes per year to an average household. they're doing this to introduce socialized health care m p take me through it. aren't taxes high enough already? >> absolutely, stuart. so we already have the highest taxes in the country in terms of our income taxes, and anybody who's making over $400,000 in a household is already paying a very significant portion of their income in those taxes. on top of that, our democratic legislators have introduced a bill to have universal health care. and to pay for that, they've suggested three different kinds of taxes. there's a gross receipts tax, and the biggest tax that we're talking about here is raising the income tax on higher earners. and and i'm not talking about people making a billion dollars, i'm talking about people who are sort of able to live in san francisco or los angeles and have a house. 18% tax. [laughter] and so when you're looking at taxes like that, that's enough

to make businesses flee the state of california. there's also going to be a payroll tax on companies with 50 or more employees which will cause a hiring cliff forren companies trying -- for companies trying to expand. overall, this is something that's being introduced by the democratic legislators. we'll see what happens. stuart: i can't see how it would go through. i just can't see -- okay, they've got a nice surplus, i got that, but i just can't see any state proposing that kind of gigantic tax increase and getting away with it. i just -- are you with me on this? i don't think they'll do it. >> i mean, when you look at what we're talking about here, this is the same incompetent government during covid that gave over $30 billion of tax dollars in our unemployment benefits to criminals. i don't want to get my health care from the same people who can't deliver package, can't keep us safe and can't figure out who the criminals are when

they're giving away my tax dollars. so i think you're going to see an absolute exodus from california if this happens. i don't think it's going to happen this forum, but democrats can't help themselves in this state from doing things that seem like a good idea but can't afford it. stuart: you really ought to move, but that's another story. now, i want to go back to the train robberies, up 356% last year. union pacific is begging district attorney george gascon to rethink his no bail policy. but the question is, is this just a d.a. problem, or is there something more profound going on in california? >> that's exactly the question, and the answer is the latter. george gascon, who used to be our district attorney in san francisco, they're the scapegoats for this problem. but the attorney general of california is an ideological triplet to those two, and on top of that, california's so-called criminal justice reform by the

prior governor, jerry brown, has a resulted in the decriminalization of what i consider serious crimes. and a crime wave that's reaching proportions in california cities where usually liberals are very tolerant of social justice reform, quote-unquote. in san francisco even the liberals in my neighborhood are screaming, you know, at the top of their lungs about the lack of safety, the needles in the street, the people shooting up across your, you know, $5,000 a month one-bedroom apartment. and so, you know, you're going to see the governor talk tough on crime and, however, i think that it's really rhetoric that they can't afford with the progressives who just introduced that universal health care bill in the legislature. i don't think he has the votes to make any major changes. so, you know, again, i think that this is literally driving people out of california. and you're increasingly seeing an america that is, you know, the free states and the liberal lock-up states.

stuart: one of these days we're going to see a republican elected to a statewide office in california. but, harmeet, i am not holding my breath x that's a fact. harmeet dhillon, thank you. >> thank you. stuart: seattle just banned many traffic stops. they're concerned about equity and racist policing. our seattle guy, jason rantz, is here to address that. louisiana senate candidate releases a controversial new campaign ad showing himself smoking marijuana. we're going to cover that for you. ♪ ♪ i smoke two joints at night. ♪ i spoke two joints in the afternoon, it makes we feel all right. ♪ i spoke two joints --

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stuart: just look at the performance of the markets this morning as relates to yesterday. the dow industrials are now down 74 points. yesterday they were down 543. the nasdaq was down yesterday 386. it's only bounced back 71 right now. so i'm going to say it again, not much of a bounceback after a huge selling spree yesterday. lauren's back with us looking for movers and start with on the screen coca-cola.

lauren: they're saying trendy. they've got a new bottle look, and they're now using robots, self-driving vehicles in some cities to deliver their new products. those products could be hard to find, so you can get it and have a robot deliver it to you. coca-cola with coffee is one of those products. take two interactive surging, one of the biggest performers today. they got an upgrade to outperform at bnp paribas, so this is the story of a rising tide lifts all boats. of course, you have yesterday's microsoft-activision deal all the ballot for the metaverse. speak -- battle for the metaverse. microsoft is adding about 65 points to the dow and unitedhealth adding about 55. stuart: two big gainers, but the dow still on the downside and losing ground as we speak. down about 80 points. lauren, thanks very much. in a new campaign ad, louisiana senate candidate --

that's for the united states senate -- gary chambers, he's smoking marijuana. watch this. >> every 37 seconds someone is arrested for possession of marijuana. since 2010 state and local police have arrested an estimated 7.3 million americans. stuart: all right. chris bedford is with us. chambers says he hopes it will destigmatize the use of weed. you say it's the last thing blue cities need. make your case. what's the problemsome. >> -- problem? >> well, this is something that was a full democratic tactic in years past. for example, in colorado one of the reasons democrats have been so successful of late in what was once a purple state is they got a lot of power when they put marijuana initiatives on the ballot during the times of general elections. but now go visit denver and colorado springs that are covered with drug users everywhere, homelessness everywhere. and people can say, well, it's

not this, it's not that, but you live in washington, d.c., austin, texas, nashville, san francisco, go to los angeles, there's no possibility that a sane person can smell the air, see all the crime and filth and say you know what this city needs? more tolerance for drug use in public. stuart: wait a minute, chris. there's a difference between drugs and marijuana. in new york city the people who are committing these crimes, beating people up in the street, they're not potheads. these people are maybe using speed, cocaine or alcohol. pot is not the problem. look, every time i walk out the building here in midtown manhattan, i can smell it. i can smell it everywhere. the sky has not fallen. >> you can smell marijuana everywhere here in d.c. too. riding my bike to work at 7:30 in the morning i can still smell marijuana. there's no way you can tell me that all these people who are smoking weed on the way to work are going to be productive or going to be helpful members of society that day.

if you could smell whiskey on the way to work, you might be concerned. at the same time, when you legalize something even though it seems like a harmless drug like marijuana, that's the government saying we morally approve of this. every state that has legalized or moved toward it, not a single one have gotten better. the dangerous ones that you're talking about like the uppers and the downers, that's increased. public tolerance for drug use in this country has largely been an experiment that's led to a lot more public drug use, and while the people who make this legislation, the people who went to harvard or went to university of colorado, smoked a little pot in their dorm roomsty that most people use drugs the way they do, the reality is you see it everywhere on the streets, people lose their job, their family and end up on the streets committing crimes. stuart: you've got to make a distinction between marijuana and other drugs. you've just got to. >> yes. stuart: [inaudible] you're walking down the streets. coming towards you, six guys who are drunk. what do you do? you get out of the way.

coming towards you on the other street six guys who are stoned, they're having a good time. do you get out of the way? which group would you rather face in the street? i know where i'm coming from. how about you? [laughter] >> when i walk down my street, which i always do and smell a big group of people smoking marijuana, the chance that they're selling laptops, weapons or some kind of criminal activity are very, very high because most people don't smoke marijuana in public. stuart: that is true, that's for sure. chris, you're all right, but we shall agree to differ, okay? i'll see you later. [laughter] come back soon. apple is warning senators about potential antitrust legislation are. lauren, what is apple saying? if. lauren: yeah. you know, because that legislation could limit their power to protect users of their devices. it change -- if changes like, you know, allowing the installation outside of the app store are approved. so in a letter to senators, this is what apple writes, and i'm going to quote: after a

tumultuous year that witnessed multiple controversies regarding social media, whistleblower allegations a long-ignored risk to children and ransomware attacks, it would be ironic if congress responds by making it much harder to protect the privacy and security of americans' personal devices. so the white house is reportedly meeting this week to discuss this legislation, and the senate judiciary committee plans to vote on it a week from tomorrow which is january 27th. the house put forward six bills, right? now it's the senate's turn. after everything that i just highlighted from that letter that apple wrote to senators, we'll see if legislation is actually put forward. stuart: yes, we will. that's going to be very important. all right. thanks so much, lauren. china reportedly slapping new curbs on tech companies, big tech companies. good morning, ashley. what's this about? ashley: good morning, stu. chinese regulators drafting new

guidelines that will require the country's biggest internet companies to obtain their approval before making any investments or fund raising. the new rules will apply to any platform company with more than a million -- 100 million, that is, users or with more than $1.5 billion in revenue. it's not immediately clear what types of investments or fund raisings could be impacted, but it is another level of oversight by regulators who want to rein in deal making and, get this, collection of user data by free-wheeling internet giants. not that the government does that. china frowns on big tech companies buying smaller companies calling it monopolistic and unpair to their users. -- unfair to their users. that's the kettle calling the pot black. [laughter] stuart: not heard that expression for a while, but it's apt. well done, ashley. question, are you a remote tech worker? do you want $10,000 worth of bitcoin? all you've got to do is move to

arkansas. coming up, we'll talk to the people who are making that offer. verizon and at&t have agreed to delay turning on some 5g towers around some airports. airlines have been warning of potentially devastating disruptions. grady trimble will have the story from us -- for us from chicago's o'hare after this. ♪ -- wish i had a storm warning. ♪ ♪ ♪♪ care. it has the power to change the way we see things. ♪♪ it inspires us to go further. ♪♪ it has our back.

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stuart: verizon and at&t have agreed to delay turning on some 5g towers around certain airports. some of the airlines have been warning of potentially devastating disruptions had it been turned on. grady trimble at chicago's o'hare airport. how long's this delay going to last? >> reporter: just checked the departure board here, stu. no major issues, but some of the international carriers like

british airways, air india emirates, they've canceled flights into the at least for the short term. how long that will last, i guess we'll have to wait and see. we haven't gotten word yet from verizon or at&t on how long they'll keep that down. but it does appear that the worst of the 5g rollout concerns have been avoided thanks to that last minute agreement from the cell carriers. they launched their towers everywhere as planned today except within certain distances of some airports across the country. delta says though while this is a positive development for preventing widespread disruptions to flight operations, some flight restrictions may remain. at issue here is that the 5g frequency is close to the frequency of certain safety instruments on some planes which they use to land, especially in low visibility. i spoke to a tech consultant. he has verizon among his clients, and he tells me that there's plenty of blame to go around for the rollout of 5g and

the issues with it and that this will have a lasting impact on air travelers. >> you can't indict every aspect of 5g. we're talking about a very specific set of frequencies that are adjacent to the frequencies used by a altimeters, and you can make it safe. the idea that everyone's screaming 5g is going to be bad for airplanes is going to stick with us forever. >> reporter: and the wireless carriers have made the case that the concerns over 5g have been overblown and that it's already in place and has been for quite some time, stu, in nearly 40 countries. stuart: exactly. grady, thank you very much, indeed. we have this, a nonprofit organization in northwest arkansas is offering remote tech workers $10,000 in bitcoin to relocate to that area. the ceo of the northwest arkansas council is nelson peacock, and he joins me now. nelson, how many applications have you had so far?

>> well, since we announced the bitcoin incentive program, we've had about 6,000 applications since last wednesday. so -- stuart: whoa. >> -- a lot of interest out there. stuart: okay. so 6,000 applications since last wednesday. have you accepted and approved any of them, or are they still all waiting? >> they're all waiting right now. we're -- once we get a good understanding of how many are going to come in over the next couple of weeks, we'll sit down with some actual experts at the university of arkansas to figure out how we're going to slice and dice, see who's going to get the award. obviously, as a nonprofit, we're not experted on blockchain or crypto, other than the fact we know this is the wave of the future. stuart: how much have you got to give away or invest, i should say? >> we've invested about a million dollars into the program, and we -- depending on how well the response is, we may invest more. but right now we have about a million dollars -- stuart: whoa.

that's pretty good. why bitcoin? >> well, really, you know, it's becoming more mainstream, as you know and you've reported many times, but really what we're interested in are some of the underlying blockchain technologies. here in northwest arkansas we have major fortune 500s like walmart, tyson and jb hunt and a really strong economy built around that. but we need to look out for the future. we think blockchain and those technologies are part of the future. we want to attract those workers to come here, build companies based around blockchain, support the companies that we have here right now. so that's why we're doing it. stuart: so the worker has to be based in northwest arkansas. you can do remote work, by all means, but you've got to live there. >> that's right. we need you to sign a lease to get the incentive, and we'll give it to you in bitcoin and stay here for one year. stuart: sounds like you've got a lot of interest. very interesting program. nelson, thank you very much for being with us. come back again soon, and we'll see how you do with the program.

thank you, sir. >> thank you very much. stuart: got it. pfizer conducting lab studies on its new covid antiviral pill. ashley, any news on whether it works against omicron? is. ashley: yes. pfizer says in three separate lab studies the pax lo vid pill retained its effectiveness by preventing, essentially, the virus from replicating. the pills are taken twice a day for five days, and trials show9 that the pills actually reduce the risk of hospitalization or death by 89% in high-risk patients. now, the treatment needs to bin within five days of the onset of symptom which could pose a challenge because the testing and the results need to be completed in time before taking the pills. but last month the fda authorized the pills for use in high risk patients. in other words, it shows a lot of promise, stu. suiter soother all right. thanks, ashley. two more house democrats

retiring. that brings the total number not seeking re-election -- we're talking democrats now -- 28. i wonder what martha maccallum makes of this exodus. she'll join us next hour. new york city's mayor eric adams first said the subways were safe after a woman was murdered o the tracks, now he's changing his tune. watch this. >> this is a safe system. we're going to make sure new york is still -- new yorkers feel safe in our subway system, and they don't feel that way now. i don't feel that way when i take the train. stuart: all right, so which is it? safe or unsafe? we'll try to deal with the new mayor and his great problem in new york city. that's next. ♪ ♪

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♪ stuart: crime continues to surge. ashley, have i got this right? the murder rate just hit a 25-year high? ashley: yeah, sadly, yes. according to the fbi, the estimated murder rate in 2021 was 6.9 murders per 100,000, that is just slightly lower than the murder rates in 1996 when more than 19,600 people were

killed nationwide. when you break it down, chicago police reported 797 murders in 2021, the deadliest year in that city in 25 years. minneapolis reported a near 26-year record of 96 murders. murders in l.a. last year reached 397, the highest in 15 years, and the nypd reported the highest number of murders in ten years with 438 reported -- 488 reported last year. what the heck is going on? cancel culture and woke mentality that assumes the police are racist and brutal is one reason being given along with soft on crime policies and a general lack of support for police. stu? stuart: add it all up, and you've got a case. just days ago new york city's mayor eric adams said subways were safe. now he's walking back those comments. he's admitted he doesn't feel safe riding the subway. roll tape. >> the perception is what we're fighting against. this is a safe system.

on day one i took the subway system, i felt ununsafe. i saw homeless everywhere. people were yelling on the trains. there was a feeling of disorder. so as we deal with the crime problem, we also have to deal with the fact people feel unsafe. stuart: yeah. he's got a problem. jason rantz is with us now. he's our big city crime guy. is the honeymoon over so quickly for eric adams? >> yeah. i mean, you find out very, very quickly that when you speak out as mayor and you say things that are definitely not in line with the experiences of of the community you're serving, you're going to hear about it. this is not a borough president actually speak out or a state senator who won't get the same amount of coverage. when you're mayor and you say something like this especially after some hypofile crimes that have taken place -- high profile crimes, you're going to hear it. now the question is, will he do anything about it.

that's always a going to be the issue whether it's eric adams or any other mayor. will you just peek about it, or will you back it up with action. stuart: seattle just banned many traffic stops because of concerns about equity and racist policing. wait a minute. let's backtrack a little bit. if things are so bad in seattle, why does the city never change course? i have to assume that the people of seattle want this craziness to continue. how about you? >> yeah. i mean, so there's two problems here. number one, i do think that the voters are starting to course correct. they did it with the new seattle city attorney who now vows to actually enforce the law, and they did put on the council someone who is more pro-police. but the power is still in the hands, in the council's perspective at least, with the anti-police faction. at the same time, at state level you have democrats who have total control of the legislature, and they've been passing these police bills that are supposed to reimagine policing, but all they do is

reimagine public safety to the point where we're no longer safe. here's an example. so in a case of a crime, and i just did a story today that shows over the course of 40 minutes someone breaking into cars, witness calls 911 four times, police finally show up. but the truth of the matter is they wouldn't be able to do anything unless the opener of the car was present because you now -- the only way to detain and question is with probable cause. that's the new standard for police. it used to be reasonable suspicion where you would say, okay, a reasonable person would be suspicious of someone breaking into a car, but unless you can prove that they don't own the car, then you don't have probable cause, and the person can just go away. that's why we're seeing such an increase of crime in not just seattle, but across the state. stuart: i don't know why they don't move bigtime, but there you go. that's incredible, it really is. jason rantz, you keep on giving us these stories, and we keep on

ewing them, and why not? they're good stories. thank you very much indeed. we'll see you again soon. still ahead on this program today, martha maccallum, lara trump, louisiana senator bill cassidy. four hours from now the president holds a news conference. he's got to appear sharp, focused, in command. if his performance falters, our enemies will be encouraged to test him even more. that is my opinion, that is my take and it's next. ♪ ♪ now it's the same old song -- ♪ but with a different meaning since you've been gone. ♪ it's the same old song -- ♪ but with a different meaning since you've been gone ♪♪

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like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq >> i don't want people to relax but things will get better. we are peaking with omicron and i expect things to get better this year. be hopeful. >> as far as buying the dip goes, it looks really good but they may have more to go. >> as each week goes by more things start checking off the boxes. >> we are bullish. >> would love to see people

challenge this president. american workers should support him when real wages went down 2.4%. the first year in office. >> following in the direction of the aocs and bernie sanders -- i want to feel this moment ♪♪ stuart: it is 11:00 on the east coast of the united states. a huge selloff. the dow down another 24 points, we get the numbers, 500 yesterday, the nasdaq down 300 yesterday and another 3 today. no bounce back, no big recovery

at this point. the 10 year treasury yield keeps going up, 185 earlier this morning, doesn't sound like much of a difference but it counts. oil, $87 a barrel as we speak. here come higher gas prices and bitcoin still at 42,$000, not much action in cryptos today. now this. about 5 hours from now the president holds a news conference. that wouldn't normally be big news but it is a big news. tomorrow marks one full year in the oval office. a year of failure. this is reset and turnaround time. i am skeptical that he can do it. how does he pivot away from far left policies when the far left dominates the party? aoc, the squad, elizabeth

warren, already mad as hell about voting reform, green new deal, inequality, covid, you name it. pivot away from that and the left will revolt. there is more than policies at stake. the man himself. he must appear sharp, focused, income and especially today when he faces the media in the white house. of his performance falters, the debate over vice president harris's abilities will be renewed and putin and the iranian mullahs will be encouraged to test him even more. the stakes could not be higher this afternoon. third hour of varney straight ahead. ♪♪ martha maccallum with us this wednesday morning. what do you expect this afternoon? >> look at the context, 10 months since he has been a full formal news conference. we will the numbers when you

look at donald trump did 22, president obama did 27. this is a low number, we watch this man, from his basement the entire time and moments during the freewheeling news conferences, 90 seconds to 3.5 minutes. can take questions, got to go but he is on today and the points were exactly right in your introduction what he needs to convey to the american people. we need to be confident, competent and the test for him his personal in terms of the way he presents himself but also when you talk moderates versus progressives he's got to pick a lane. when -- if he is as most people expect he will be a one term president he is liberated. he could take that and embrace that and say this is what i believe in, this is what i'm going to do.

i keep hearing a lot of political pundits saying what is the agenda going to be? bbb didn't go well, voting reform issue looks like it will go down at 6:30. what should he turn his agenda to the next? open your eyes. open your eyes, look at the country, look at what they are going through. gas prices have doubled. inflation is a problem. people are afraid of living in their cities, that's one of the reasons you losing black and hispanic voters because they understand the importance of law enforcement and keeping their family safe. he's going to lose those voters. they are moderate for the most part so he needs to pick a lane and open his eyes and look at what is going on in the country and address it like bill clinton did. bill clinton wait until after the midterm in 1994 to stand up at the state of the union and say the era of big government is over. how far away is that moment from where we are now but that is what he did and it worked for him and in 98 he picked up seats in the second half of his

presidency. there are lessons to be learned. president biden has seen a lot of history so he should member them. stuart: must-see tv viewing. >> will we on from 3:00 until 5:00, bret baer will join me, bill hammer will join me and we will be assessing at all. stuart: two more house democrats have announced their retirement bringing the total number of democrats not seeking reelection to 28. why do so many democrats want to get out? >> a lot of republicans made the same choice before the end of 2020 and 2018. this is reading the writing on the wall to a great extent, tough to raise money if you are in a district where you think you are not going to be elected again so these are for the most part very practical decisions that are being made and it is a big number, big number. stuart: if you are a moderate

in the house you might get defeated but if you have a safe seat it doesn't matter so much because if the republicans take the majority in the house you will be out of your committee chair, you will be in the minority and they will treat you badly. >> two years is a short time as a congressman. the minute after assessing what your chances are two years down the road, looking at these numbers, things like their committee seats and which way that will go for quite some time, these are issues of severe practicality. the senate, getting a lot of attention, several democrat seats will be tough to hold onto, nevada, new hampshire and places like that and republican seats where you have people retiring that they are challenged to hang onto as well. stuart: i wonder if the republicans are getting overconfident about their chances. >> they probably are. a lot of water under the bridge. the chances the store you covered with covid, we all hope this is the case the covid will eventually be on the way out

but when it does it will benefit whoever is in office. that's the way it works. just like it is damned this president and the one before him, some things they can affect and that is not but whoever gets out of covid will be a big plus. stuart: ten months is a lifetime in politics. watching you this afternoon on fox news. back to the markets. back to the markets, volatility, look at that, all three indicators are down adding to yesterday's huge losses. that is where we are. mark tepper is with us. i don't see much dip buying. that has been the rage for the past year, two years, three years, you get a big dip you buy it. i don't see many people buying this one.

>> i think you are right. when you look at the broad market people aren't buying the dip. big tech which you are talking about every day and everyone wants to know about, the 6 biggest companies in the s&p make up 30%, that is underperforming so no one is jumping in and buying that dip but we are in the situation where there is a big rotation happening under the surface and i do think there are opportunities to buy the dip but you have to be in the right stock, definitely a stock picker's market. stuart: let me change the subject because i saw the ceo of blackrock, larry think saying the other day that stakeholder capitalism is not woke. let me turn that around. is big business buying off the woke crowd? seems they are to me. what say you? >> i like that question was are they buying off the woke people, woke american population or whatever you want to call them? they are not doing it with money. they are doing it with social equity. they don't want to sacrifice,

the main just, pretend you care about something other than making money and then use that to help you to make more money so larry think and blackrock, the business for them is booming, of course all of a sudden he's a proponent of sustainability. you know the fearless girl statue across from the new york stock exchange. i usually with that? state street ironically state street put that up, they built is when they were under fire for paying females less than males and rather paying women more money because that would eat into their profits they built a statue, isn't that weird? every single one of these companies are in it for the profits but don't want you to know it. stuart: last one. is a guy like you field and a lot of calls from very anxious, when they see the market plunge like this? >> not at all. our clients are confident we will be able to properly manage

the risk and we raised cash levels in growth strategy 15% cash. we are in a position where we are trying to pick of those individual stocks and by the dip in some of them. we don't own it yet. the stock was over $100 pre-covid. it is $80 today. you are getting all that seismic shift away from traditional medicine towards telemedicine for free. i'm not saying we will dive in head first we are ready to dip our toes in a stock like that. stuart: microsoft bouncing on 300 but i'm not going to get into that just see you again soon. let's start with the movers. what do they cancel people? >> potato chip and pretzel people. inflation is the problem. having a problem is it? the company was downgraded

equal weight on margin pressures and that the theme for this earnings season. can companies maintain their margins in a high-cost environment? what have they done? down 6 and 2 thirds of one%. if they are down 8%, the worst decline since june of 2020. what is the problem? their earnings are the problem, lower loan fees related to small business ppp program and lower mortgage banking revenue as refinancing are declining and we have a winner, pearson, the education people lifted their profit outlook because sales are looking good, the testing unit up 18% and sales in learning english up 17%. stuart: it is always worthwhile to speak the queen's english.

>> it is bad if you only know english because everybody around the world speaks english. i dabble in other languages but never have to speak because everybody speaks english. it is a terrible problem. stuart: we should keep a monopoly on english but i know i will get emails about that. the us reported 1 million new covid cases tuesday. infections are falling in places like new york. have we reached the peak or are we near the peak? you sports johnson under for the reminder for breaking covid rules, the latest on the partygate scandal. tomorrow marks one year since the president took office. how the media has been treating biden's many missteps over the past year. we will be back.

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stuart: back to the story of the day which is president biden's press conference at 4:00 eastern this afternoon. and lawrence at the white house. tell us what you know about what he might be saying this afternoon. >> he's going to be talking about the economy, the coronavirus in his response to the coronavirus, washington is abuzz, the announcement of the press conference at 4:00 eastern time, he will answer questions from reporters. it is unclear how many questions, he has not taken a lot of them and only called on reporters from a preselected

list which foxbusiness and fox news are not on. president biden has had ten news conferences in his first year after today. donald trump had 21 at the same point and former president obama had 27. 22 media interviews, 22 fewer than the 6 most recent presidents. this is mostly what you see, he might give a half answer to a question after an event then walk away. this afternoon likely see a defense of combative president especially over covid tests, just like his press secretary. >> the president used the defense production actor expended a quadruple the size of the testing capacity and ordered 1 billion doses. we see that has the covid theme, a good meeting which we worked to implement.

>> some say it's up too long to get to that point. the president has no event on his schedule today or yesterday to prepare. last time he had a solo news conference was november 2nd in scotland after the climate change conference. stuart: look who is here, brent buzzell. our media guy of the morning. how did the media cover his first year full of crises and failures. >> interesting how that ended, spending 2 days preparing, he's going to read a teleprompter and turn his back and say i got to leave now. how did the media cover him if the media were doing their job, the list of deceitful statements, the one thing they

covered is afghanistan. the entire world was watching so they had to cover that but look what they are not covering, the absolute dysfunction of the cdc that does not know what it is doing it its policies are destroying a generation of young people. the absolute arrogance of unions, teachers unions who are not allowing children to be taught. the fact that the president lied when he said $3.5 billion in spending wasn't going to cost anything. only the superrich were going to be taxed under his plan. everyone is going to be taxed, the fact that his energy policy is cost for dollar and $0.50, $5 a gallon prices you are seeing now and i would love so much, my most favorite when they won't cover is the voting

rights debate, what voting rights do we need? when i see the first story someone will say there is not one person in the united states of america whose voting rights were taken away, not one. stuart: you know exactly what they are on a daily basis and that is january 6th. they will never believe that alone. it's the only thing they've got. >> donald from donald trump donald trump, they can't stop attacking donald trump. stuart: i thought the atlanta speech was a disaster but white house press secretary jen psaki is defending the president and that speech. >> i ask every elected official in america how do you want to be remembered? the side of abraham lincoln and jefferson davis? >> it was not a partisan speech. it was intended to lay out what is at stake and layout for elected officials.

stuart: he compared republicans to segregationists. have at it. >> one of the ugliest >> i ever heard. he is trying to divide the country racially and calling people racist in order to do that. what is happening here? his base, his black base is starting to leave the democratic party. if a very small percentage leave, the democratic party is in ruins and they know it so they are desperately trying to keep that leading by calling whites racist and calling republicans racist is deplorable, talk about deplorable. i don't know that i ever heard a president of the united states stoop so low with personal attacks. stuart: i will be watching, you will be watching, the world will be watching. see you soon.

britain's prime minister johnson facing pressure to resign. who is trying to push him out and why? >> is it time to go? senior tories say boris johnson should resign after he admitted attending a drink party during a lockdown. that party was held in the garden by may of 2020. johnson said he joined colleagues for 25 minutes to thank staff members during the pandemic and believing it was the work of them but the prime minister has apologized for the way he handled this event and said he understood the public's rage over it. the results of an independent investigation will be released next week but the pm is not budging. on the covid front england will drop mandatory face coverings in public places and covid passports. the guardian newspaper reported the british government could be

set to announce all covid restrictions could end in march. the keyword is could. we will see. stuart: bring boris over here. would like to see that in march or february. the nasdaq is now in correction territory, 14,400. show me las vegas sands, they are by ubs, they think macau is tighter, casino controls will be good for the company, las vegas and had a great run with other companies this week. look at this. it is a robe by mohammed ali in 1965. could be yours for a half

million dollars. it is at auction and we have other items to show you as well. governor of florida ron desantis clashing with trump over the 2024 elections. is this a story cooked up by the liberal media or is there really bad blood between the two? i will ask lera trump next. ♪♪ he hassle of lugging your gear through the airport. with ship skis, you're just a few clicks away from having your skis, snowboard and luggage shipped from your doorstep to your destination. with unrivaled pricing, real time tracking,

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stuart: wouldn't you like to be there? miami, florida, 71 degrees. spotsify you can find all the music played on the show this week. check those markets. a bunch of reading all over again. susan is looking at the numbers starting with gaming stocks. >> performance from microsoft, the day after the huge $68 billion deal with microsoft paying out to buy activision blizzard, the biggest deal in 6 years since the dell emc merger taking 12%, playstation's

console faces deeper competition against x box as they bring in call of duty and candy crush and i saw 3 downgrades on activevision, one upgrade, from the other publishers, electronic arts upgraded by atlantic equity and worth $160 in their view. stuart: cybersecurity, what's the story? >> looking for performance on the market and this is where i find the most screen because the chipmakers and chip services names have not reversed. you have crowd stripe, not a lot of stocks specific news. work from home trend with omicron means greater need for cybersecurity in this era of cyber threats, cyber is down 40% from 278 level we saw in the summertime. stuart: it is hard to find winners in a down market. thank you very much indeed. florida governor desantis says backing donald trump in 2024

is, quote, too much to ask. lara trump is with us. that sounds pretty conclusive to me. mister trump wants a clear run in 2024, you wants the backing of all republicans. if he doesn't get it and he's not getting it from ron desantis there is bad blood. this is not a made up story, is it? >> donald trump hasn't said that he's running in 2024 so let's start there. the idea that you could give support to someone who hasn't said they are running i'm not totally sure about. as far as i know there is no bad blood between donald trump and ron desantis. isn't it interesting the media is not focusing on the 40-year inflation, embarrassment on the world stage and major issues in this country, they are focused on this. i would say the republican party is cohesive right now and

focused on taking the democrats out of control because at this point i think we can all agree one of my two dogs could do a better job running the country than the current leadership. a broken clock is right twice a day and we don't even get those odds with the democrats and president biden so anyone would be better than who is currently running the show but as far as i know there is no issue between my father-in-law and ron desantis. give the guy and opportunity to announce he is running for president of that is what he decides to do. stuart: desantis says asking him to support trump in 2024 is too much to ask. he's denying, your father-in-law, support. >> let's give him another opportunity. perhaps he did not mean exactly how those words are being interpreted.

i haven't spoken to ron desantis about that. i don't know. stuart: do you think mister trump will pick up the phone or mister desantis will pick up the phone and sorted out? >> i'm sure the two of them will be together at some point to discuss things and if donald trump is the nominee in 2024 anyone else would have to be crazy to try to jump in that race on the republican side. he's done this job before, he knows what is needed and if we have a country left at the end of the term of president biden and kamala harris we need somebody who knows how to clean up this mess to get in immediately and do it and who better if he runs than donald trump to do so. i think you see support continue for him, look at the rally just had in arizona. i love ron defenses, the governor of the state of florida, you showed the shot of miami. i'm not far from that. it is a great state to live.

one of the few bastions of freedom left in america. let's let everybody figure out what they are doing and go to tit for tat all the stuff. we want a big press conference this afternoon held by president biden. i remember your father-in-law how he used to hold press conferences. he would take control and run them himself, take any and all questions, wasn't afraid of anything. i remember when he walked up and down the rope line almost every day, utterly controlling the media. i really miss it but i'm not going to see that this afternoon, am i? >> the good old days when we had a transparent president and knew what was happening and would take any and all questions at not read off of the card who he was allowed to call on, you will see a very

different situation this afternoon from president biden, the bar is so low if he comes out and says his name the media will applaud him and call it a day and that's a wrap. but the framing thing that you continue to talk about the entire show today i'm watching which is we've not heard from president biden in almost 80 days in a press conference format and that is frightening when america is in such a bad place, the guy at the top, the person running the show should be answering questions, able to answer any and all questions, let's see what he gets pressed on, if he's calling on peter doocy. my bed is he will stay away from any tough questions and try to get out as quickly as possible but no doubt that with the people of donald trump or hated him in the press when he was president he was a ratings machine, they are probably desperate to have him back because it will be get your coffee ready to stay awake later. stuart: thanks for joining us,

appreciate it. usc, the ultimate fighting guy made a big change to their covid protocols. we will tell you what is happening. tom brady rookie card from 2000 expected to sell for $1 million at auction and catching a pass from brady. we will tell you about that too. ♪♪ i'm searching for info on options trading, and look, it feels like i'm just wasting time. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests.

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stuart: no bounce back after yesterday's big drop. nasdaq down another 80 points. novak djocovicz purchased 80% of a danish biotech company developing a medical treatment

for covid and djocovicz has bought in. sports memorabilia that we feature with 10 golden. you have a winter auction going on. i want to start with what you call the tom brady touchdown experience. what is it and how much? >> this is different for us. we are auctioning experience with tom brady, something he's doing for charity. what you get is two tickets to a bucks game, you go to naples, florida on april 2nd, you will be photographed catching a touchdown pass from tom brady and meet with you and you will sign and personalize the photo of you catching it. it is a meet and greet, 1-of-a-kind unusual experience

and we are excited about it. stuart: it goes to 25,$000 at auction. stuart: the bidding, the opening bid is 6000 so it is a 6000 big, we expect it will sell for 25,000 and it goes to this too shall pass, it goes to charity including the new york project and any others listed on the website. stuart: a few moments ago i was talking about the signed rookie card from the year 2000. will that sell for $1 million? >> it will sell for more than 1 million. going after tom brady, only made 100 of these, the championship ticket. he was not heralded rookie at the time, only made hundred of them and 8 in 10 autographs and we expected to go for

$1.2 million. stuart: the value will go up more if he wins another super bowl. >> he has artie won a lot but people love success. stuart: the chicago bulls uniform, a lot of michael jordan, what is special about this one? >> this is a photo match which comes with a letter from the chicago bulls, it is photo matched with an actual game during the 97-98 campaign which is the last campaign, the jersey worn during that season, we expect this to sell 300,000. by comparison be sold brady jersey for 180,000. jordan has an opportunity. stuart: would you say jordan

memorabilia goes up in value for further from the career you move. >> jordan has consistently got up every year year-over-year since he retired. stuart: what about brady? up and up and up. >> if i was taking two individuals, it would be michael jordan and tom brady because they are contemporary and worldwide, multiyear champions. stuart: i know you have a lot of items for auction, nominally's walkout in 1965. looking at that picture, knocked him out. >> the knockout, green match, the first time he changed his name from cassius clay to mohammed ali, and all we are doing is greatest of all time, michael jordan, tom brady and

the original greatest of all time but ali. this is unique and comes with a letter from the wdc which sanctioned the fight. it is photo matched and we expected to go 500,$000 and ali would've would've celebrated his eightieth birthday. stuart: ken golden, you seem to have a lock on important sports memorabilia and thanks for telling us what you've got. it is your commercial. >> golden.ceo. it closes february 5th, over 5000 collectibles. stuart: that is another story. see you soon. back to the market, the dow 30, sense of where we are, a lot of

selling going on and all the major indicators are down again this wednesday morning. covered cases down 39% the last week. does this mean we are past the peak or close to it? senator bill cassidy joins us. he is a doctor and he will take on peak covid next. ♪♪ care. it has the power to change the 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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available now for comcast business internet customers with no line-activation fees or term contract required. see if you can save by switching today. comcast business. powering possibilities. stuart: the ufc announced fighters and corner people who were fully vaccinated during fight we, those vaccinated will have to test negative before arriving in prior to departure. unvaccinated people will have to be tested twice during the week and quarantined. that is a relaxation of covid rules at ufc. new york city 38,000 new covid cases reported tuesday but that is 34% down from the previous week.

senator bill cassidy joins us, does the drop in cases mean we are past the peak of the surge? >> past the peak of the surge, they are quite likely another variant. this is like a fight. a ufc fight. get the fighter down and not get them back up. stuart: with so many people, everybody i know has had covid. do we now have heard in the unity? >> a lot of people were infected with delta, immunized previously, who still got omicron. even though the infection is much milder it is infectious. we will see what these variants, the billy to you. natural protection and there will be a superinfection but

less symptomatic? stuart: are we in for jab after jab forever? >> we hope this is the end of it. you don't let it up. stuart: never been to a ufc fight. last one on covid. you are a doctor, seems a variants as we go through are getting weaker. can we expect the weaker trend to continue? >> john barry rota great novel about the influence of the epidemic of 1918, that seems to be the pattern, the valance goes down but infectivity goes up until it settles into the background. there are still people dying from omicron. this is not something to relax about. be vigilant, get your vaccine if you are not vaccinated, take precautions but as much as possible get back to living life.

stuart: what you said so far seems like good news. i will move on to politics. the democrats voting reform measure, is it dead completely? >> we are having a vote at 6:30 eastern time, first on the bill itself which will fail and then the nuclear option for the legislative filibuster and i hope it fails. i hope we preserve the filibuster. that is how the united states for 200 years has forced common ground that meets the needs of all stakeholders and not a highly motivated fringe group. stuart: i do not understand why you have to have id to do just about everything, the democrats don't want you to have id to vote. >> they want ballot harvesting in all 50 states where you can pay someone to go to a nursing home or a homeless shelter, gather votes, discarding votes for the other candidate, a way

to bring incorruption to our election. stuart: i know it is a busy day but thank you for taking time with us. there is a related note here. starbucks has next there vaccine mandate. this follows the supreme court ruling that blocked the federal vaccine mandate on businesses, businesses can shoes, starbucks says no to the mandate. 11:55, the trivia question. what is the highest grossing, highest grossing r-rated film ever? see if ashley knows after this. for rich returns.

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stuart: here we go. what is the highest grossing r-rated film ever, r as in restricted. four choices on the screen. ashley, i haven't got a clue, and i haven't seen any of those four movies on the screen, so what do you think is the highest grossing? ashley: ted is a talking teddy bear, the revenant is about a fresh -- flesh-eating bear. i'll go with the matrix. stuart: i would go with the joker on the grounds -- [laughter] there you go, you see. all you've got to do is wait a few seconds. $1.07 billion around the world, it's the only r-rated movie to reach the billion dollar threshold. now you know. thanks, ash. the market, very quickly, we're still down -- we're down

on the nasdaq again, 18 points lower. don't forget, please. send in your fan friday videos. all you've got to do is take a video of yourself, tell us your name, where you're from, and this is the important part. you have to say you're watching "varney & company." if you do that and you're not careful, you'll see yourself on tv. you don't need me to wrap up the markets, you need david asman who is filling in for neil. [laughter] dave:ed i just can't believe you never saw ted. it's one of the funniest movies i've ever seen. you would like ted. forget about the joker, you would really like ted. i recommend it for weekend viewing. stuart: thank you. david: stuart, thank you very much. welcome to "cavuto coast to coast", i'm david asman in for neil. happening right now, the nasdaq entering correction territory. tech stocks still sliding. we'll tell you what's behind the sellingoff. meanwhile, housing targets with an unexpected boost in december. not only is the